Never depend on cryptocurrency as your only source of income.

[GiftedMAN]

Crypto trading cannot be used as a main source of income unless you have large capital to be able to cover losses if the choice does not go according to plan.

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

[erep]

Crypto trading cannot be used as a main source of income unless you have large capital to be able to cover losses if the choice does not go according to plan.

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

Some short-term traders can make daily profits but they have to use high capital to take profits and some try the risks of futures trading but are very risky with losses, so in my opinion there is no need to rush for daily profits but make sure we get profits in the weekly term and always avoid risks loss.

[Mpamaegbu]

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea

The advice shouldn't be on not making cryptocurrency ones only source of income. It should be on general. No one should've one source of income. Diversify your earnings. It's good to do so as it will keep one out of uncertainty and poverty. The general principle is that no man who wants to be rich holds just one business line. They always diversify.

Secondly, your friends weren't traders in the real sense of it. Otherwise, whether bear or bull; the real traders make money trading. Your friends were merely hodling in expectations that price keeps going up. That's why the bear season affected them. Those who trade for a living, either short or long trades at every given opportunity.

[Renampun]

...

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

if we give a percentage then only a few traders are able to do that. if we look at the experience and skills of the OP's friend, then we can see that he does not have these skills, so making trading his main income is very risky.
those who are currently able to enjoy life from trading must have had a hard experience before achieving it all, it is better if a newbie trader uses a little capital and also has sources of income from other places to cover his expense if the capital he uses for trading runs out.

[isaac_clarke22]

~

Even being a good trader might need to be lucky just to earn. I read someone in this thread that "trading is not for everyone" and I must re-echo that statement. There would be days that the market won't be in your favor and there is nothing we could do about it.
If I was actively right now just like what I was doing back in 2018-2019, I might be stressed out right now but nah I just quit trading since it does not work out for me anyway. It is still preferable to have another source of income that is reliable indefinitely.

[nakamura12]

This has happened to many people where they think crypto is the only main source of income. I always said that never think of crypto as a source of income and shouldn't quit job because of cryptocurrency. Even professional at crypto also experienced loses but didn't have problem with source of income since they didn't quit their job and even some bought something that they can keep to sell later if needed money like a property for example.

[Rockstarguy]

...

I disagree with you. Crypto trading can be used as a major source of income if you are good at trading and not a greedy trader, a lot of people depend solely on the incomes they make daily through trading for survival this is because they have acquired so much knowledge on the time to trade, mastered their trading signals and they have known when to start and pull out in a trade people who have had several years of experience need little funds to trade and they can utilize little capital to make more profit in trading.

if we give a percentage then only a few traders are able to do that. if we look at the experience and skills of the OP's friend, then we can see that he does not have these skills, so making trading his main income is very risky.
those who are currently able to enjoy life from trading must have had a hard experience before achieving it all, it is better if a newbie trader uses a little capital and also has sources of income from other places to cover his expense if the capital he uses for trading runs out.

Taking cryptocurrency as a source of income is not advisable,  it is very risky expecially for beginners and it should not be a plan beginners must consider. Traders who work with exchange can take cryptocurrency as a source of income,  but anything aside exchange is very risky. Cryptocurrency is always volatile that no one can predict what next can happen in the market. Because of the unexpected movement of the market it is better not to depend on cryptocurrency as a source of income.

[Viscore]

Never think of using cryptocurrencies as your only source of income; always have Alternatives for it, if really you don't want to endup in nothing. See what happens to my friends for making crypto as their only source of income.

When my friends started cryptocurrency few years ago, they seriously engaged in trading, but I knew nothing about trading then, I was just learning from them, during this last bull run, some of my friends that started trading, decided to quit there job just because they believe the money they are making from trading is sufficient for them and they don’t have to be stressing themselves going to office everyday since they can make enough money from cryptocurrency without going out. I advised them not to quit but they didn’t listen to me, now that we are in bear market, all of them have been frustrated since they are not making money from cryptocurrency and they already left their job and is not really easily for them to secure a new job, currently coins are down and this is the best opportunity to buy more coin but unfortunately for them they are selling the coins the already bought to keep for long term just to take care of themselves.

making cryptocurrency your only source of income is a bad idea, you should be expecting money just from one source, is a really bad idea, most people can’t really hold there coins because cryptocurrency is their only source of income, which whenever they are in need of money they endup selling the coins which they purchase to hold for a long period of time, but if you are having other sources of income whenever you are in need of emergency money, you won’t sell your coins, you can get money from those other sources of income you are having. So even if you are into cryptocurrency fully, I believe you should have other business which you will be running to support your cryptocurrency investment, and with that you will be financially stable, if you are holding a coin you will be able to overlook it for long period of time without selling because you don't only depend on it for survival.

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

Being fully dependent in crypto will not guarantee sustainable profits especially in a bear market where chances of making profits is less possible. The reason why we need to have a stable and secure job other than crypto so that when our investments in crypto do not work, at least we won’t end up seeing ourselves financially broken. Or let’s say build another business in the real world that will give us decent profits aside from crypto.

[_BlackStar]

Taking cryptocurrency as a source of income is not advisable,  it is very risky expecially for beginners and it should not be a plan beginners must consider.

But I don't think making crypto the main income would be completely wrong. There are lots of people out there who have managed to make huge profits trading, while they no longer working full time. Trading also doesn't need to be done all day because those who understand, will only take advantage of the opportunities that exist in the market and come out with profits. Obviously this will require large amount of funds, and beginners are strongly discouraged from doing this if they don't understand.

So I will not forever believe that relying on crypto as the main source of income is a mistake. We can't generalize all of them the same, and we never know how many people are actually safe without working for years after profiting from crypto.

[Getmon]

Even rabbits with three holes in the bushes can be hunted. The lesson is, we cannot depend on a single source of income if our goal is to achieve financial freedom.

When I entered into crypto space, I invested into mining and trading but I did not quit my job. Because I knew trading is a risky job, it has its highs and lows. The crypto space is very volatile that mining has its own risks too. When hardships struck my family during a bad market, I had to sell my hardwares and together with our savings, it rescued us.

Maintaining our normal job is the easiest form of earning money. It has no financial risks involved. We can only quit our normal jobs and focus on another but less risky activities when we have big savings enough to cover us for years and not just months or a year.

[Bhig Daddy]

Even if you're an experienced trader, it's foolish to rely solely on cryptocurrency because anything can go wrong and you have no control over it. It's a decent side job, but if you want to earn more money, look for a better one paying more. Although it's difficult, you can't rely just on cryptocurrency. After making a poor investment, many people already experience rekt, especially if they own shitcoins.

[Ziskinberg]

Even if you're an experienced trader, it's foolish to rely solely on cryptocurrency because anything can go wrong and you have no control over it. It's a decent side job, but if you want to earn more money, look for a better one paying more. Although it's difficult, you can't rely just on cryptocurrency. After making a poor investment, many people already experience rekt, especially if they own shitcoins.

I can't say they are wrong about relying on crypto as their single source of income, they are expert and experienced trader which mean that they are earning more than what a normal person does and probably even more than the salary of an office job. Of course, it was not safe but if you are very confident to manage yourselves in any market condition, that seems no problem at all.

But honestly, to become financially stable we need to have multiple source of income and we can consider trading as one of them.

[Anguwa]

Due to market fluctuations, cryptocurrency cannot be completely relied upon because if you do, how will you survive now that the market is unstable and you live for investing in cryptocurrency? Even though we can use cryptocurrency as a side business or investment because it pays when the market is in good shape, we still need to have other sources of income.

[NeuroticFish]

but if you are very confident to manage yourselves in any market condition, that seems no problem at all.

Trading is risky. It clearly depends on skill too (although many just gamble it), still, bad days can happen and if your family's income depends only on that,... it can be sad.
Some some backup funds and also diversification are always a good idea.

While OP is correct in general (and I do agree with this rule), the world evolves and people start getting paid in crypto for their daily jobs. So no rule is absolute.

[Magic-Money]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

Your point is very clear to understand, that is the same challenges my friends is facing here, because of the bear market way to survived he has sold off many of his coins only to take care his self. Thank you for your advise.

[Asiska02]

My advise to all newbies is that when we join crypto space, don’t quit your job just because of the amount you are making from cryptocurrency, we should always try our possible best to have another source of income so that whenever things goes wrong we will always have backup.

Always remember that Rabbits are always having 3 holes in the Bush to escape Incase you blow smoke for him to suffocate him and make him Run out...

They simply missed out on a terrific opportunity and made a life-changing error. I hope they obtain another job soon to make up for this bad decision they made in their life. Perhaps they misunderstood the message: Bitcoin was designed to fulfill the same purpose as fiat banks in a decentralized system, not as a destination for investment. True, people make big money by investing here, but the sole purpose is not for investment because the risks involved are significant and must be carefully considered before investing.

This is a crucial point that should have been communicated to every newcomer to the cryptocurrency realm. Instances like this push individuals away from using cryptocurrencies, unaware that they did not receive the correct information and what to do; ignorance also kills. Not only bitcoin, but any venture or business one wishes to do in this world need adequate knowledge from many sources to guide them along the path.

[jrrsparkles]

Anyone who relies on the single source of income for their survival then they are taking big risk so it not just only applies to cryptocurrency field just applicable for working class people as well. Because we live in a society the job security is not there like before and you may get fired at anytime so the best way is to make multiple sources of income and cryptocurrency trading can be on if them because it doesn't need 24/7 for someone who is doing it as part time and also they can make money by simply holding but it only possible when they have other income source when cryptocurrency market is down.

[Razmirraz]

Your friend defines the word "success" in different ways. They think success can only be obtained when they dare to take one or several risks in life. What they have in mind is that people who are not willing to take risks will not be able to achieve success. The wrong perception has made them regret their decision, their step of wanting to make money in Cryptocurrency is very right, the mistake is for quitting their job.
They ventured out of their comfort zone to earn huge profits, I can understand their goal, but their decision to Depend on cryptocurrency as only source of income was a mistake.

[Marykeller]

Having just one source of income is not recommended given the state of the global economy. Not to talk of depending on what you don't know about her future tomorrow. One of the faults people might make in the cryptosphere is to depend entirely on it to get through. If you should, make sure you are established and have a sizable sum saved up that will sustain you during a bearish market. Even though I have friends who rely on cryptocurrency trading, what keeps them going is the money they saved during the bull market.

[Finestream]

Your friend risk too much without thinking some alternative if things go south and cryptocurrency trading is not for everyone. We should not rely on a single source of income especially in cryptocurrency because of its unpredictability due to high volatility movement.

Just ask this to yourself or to your friend "what makes you think you can survive in crypto space?" Especially if your knowledge is too limited to trading only, there are people who did this, some did great while some didn't make it the same as what happened to your friend.

Trading is not for everybody.

As long as the crypto market remains unpredictable, crypto trading will never guarantee financial security, that is why never leave your job in exchange for cryptocurrency. Though we have heard lots of successful traders’ stories but let us not assume that it happened to them instantly. Of course, they struggle and lose a lot of money at first, and if you don’t have backup in trading, you can never sustain yourself from trading alone. It’s always better to have a good stable job at one point and you also do crypto trading for additional source of income.