Should I invest in cryptocurrency or start my business?

[Luzin]

Why not do the both thing at the same time? I think we have to clear a misconception here as I have noticed, some newbies also asked this question before.

I think choosing one would be better. This is if you are a beginner in business and crypto. If you have an expert one then walking together probably won't give you a headache.
Starting with one will keep you focused and trained. Once trained then you will be an expert. Once expert then you can do it easily. After that I think start with the one you think you can. Because dividing the concentration in two different paths I think requires a lot of effort. So start with one by one It would be better the result.

[cheezcarls]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Before you decided to enter crypto, ask yourself first. This applies to Bitcoin or altcoins.

1. Are you ready to take risks?
2. Are you financially literate?
3. Do you have backup funds or sources in case your crypto portfolio goes down due to the bear market?

If you can answer these questions above (and/or someone would add something here), then you are emotionally ready to buy crypto despite the market volatility, no promises or astronomical returns, etc.

I can relate to you because I’m a crypto freelancer myself and saved enough money too. Despite that I have lost 7 figures in total of crypto since I began my journey, I still managed to sustain myself by keep doing more gigs on the side. It gives me more motivation to do more even with the huge losses I have rather than whining and crying all day.

[Kelvinid]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

If I were in your position, I will run a business and continue working. Investing in crypto is also a good choice but that should be in limitation and only if you have excess money after establishing your business. But during this bear season, investing in them will take long before you will gain a profit, so if you are not comfortable with waiting long then better not to do it. Crypto investment can't give you a profit everyday, unlike in a business at least you can get some returns every day.

[KiaKia]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

It's better to establish a business, crypto is here to stay and it's comfortable if you are making money and use part of the money to invest in crypto.

Do not forget how risky crypto investment is that's why it will be a wrong move if you use the money to invest in crypto.

[Sanni_w]

You should go for business and when you start making profit in your business, you dca into btc. Your business will guarantee you a steady source of income . And do not invest in altcoins, you might lose all your savings

[Mr.right85]

The both options at OP are good. I'm not going to say cryptocurrency is all you need right now, NO. It's a good investment too but not all you need.  Cryptocurrency is unstable and there are chances that, you might make profit within a defined time frame or not. Now the thing is, this time frame isn't predefined by you and as such, your in for a long wait that you can't even tell how long.

In all the wait time, business is the thing that can keep you going. That's if you do your homework right as to what business to start. You get to survey your locality or zone to site your business, know what's lacking, know what they just aren't getting enough of, know what quality services that isn't being rendered and you provided them. Have a proper management plan and you just might have a successful business.

Also, you've got to know that crypto is the future and diversify. Ensure you have some of your portfolio in crypto and your good.

[Sanitough]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

You can always chose the less risky investment and which will give you high chances of making profits, and definitely establishing a good and in demand business will do. Once you are gaining good profits from it, those extra profits can be a good start to invest in cryptocurrency. But never invest for short term as cryptocurrency particularly with bitcoin will always be profitable if you invest in it for long term.

[Russlenat]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

If you have a good business in mind, that guarantees good profits even for short term, then make it as your top priority. You can always add another investment like cryptocurrency if you are already making extra profits from your first business. But for now, focus on your first business and work on it so that it will give you your expected profits and even go beyond that. Crypto is also a good investment but the risk is too high that it can’t give you guaranteed profits.

[royalfestus]

Every decision has consequences and I think you need look at it very well. The decision to invest in cryptocurrency should not be sentiment but very rational, base on good and enough information. If you want business, do business and if it is crypto, do it but out of sound understanding of what you are getting into. The risk is very high and the reward is also high but it is important not to put all your egg in a basket, especially with cryptocurrency. For whatever reason for a volatile market invesment always have a business to fall back to

[CryptoPanda]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

I would like to note you mentioned cryptocurrencies and not bitcoin. There is a big difference in vitality and credibility. Looking at your post history, it’s obvious you strongly believe cryptocurrency is a key to riches because a friend suggested so. In the near future you will come to find that there are a lot of “experts” and “friends” who will lure you into ponzis masquerading as trading platforms. A lot of good advice have been given, as for me I wouldn’t tell you what to do but I can tell you this, the first three to four altcoins you buy in this crypto business, how you handle the losses, will dictate how you proceed in this space. So you make a decision.

[Ryker1]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

You can always chose the less risky investment and which will give you high chances of making profits, and definitely establishing a good and in demand business will do. Once you are gaining good profits from it, those extra profits can be a good start to invest in cryptocurrency. But never invest for short term as cryptocurrency particularly with bitcoin will always be profitable if you invest in it for long term.

People here talked about the Dollar-Cost Averaging ^[DCA] upon investing in bitcoin and which is I think the ideal decision for making a profit for the intended in a long term. That is right --bitcoin investment was intended for a long-term investment or set a goal amount that you can take profit, time does not matter not unless you will hit the goal of making a profit.
You can choose both depending on your budget, if you have a large sum --investing and doing business related to bitcoin is always the best choice.

[coolcoinz]

It depends on whether you'll be able to start a business and put some money into bitcoin. Don't buy altcoins if you don't have bitcoin, that's one of the things that I tell people who ask me about "crypto". Owning altcoins isn't a bad choice, but bitcoin should always come first and be the largest part of your portfolio. If you want to know why it's because becoming exposed to altcoins exposes you to bitcoin too, but not the other way round.

My answer to your question OP is yes, invest in bitcoin, but don't go all in. Even if you decide to build your business, put 5% into btc. We not only regret things we do and fail, but also things we don't do

[Sandra_hakeem]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Hahaha......
I don't even know why this funny to me ... Uhmm first of all, when you say the term "crypto currencies" what exactly poops up on your mind? What token has really made you decide to invest in cryptocurrency ?... Cus yes, we have alot of tokens out there.
I won't advise you to take that step cus it sounds as if you wanna invest everything you got innit and expect to get a proportional return but in Bitcoin specifically, sometimes it gotta pull your legs vigorously as it's uncertain to make a living outta it. I:e it pays on due course, when the market is right..... But if you ain't planning of giving everything into it, then it's really fine as the leftover would build a business that you could rely on....untill whenever

Sandra 🧑

[sulendra12]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Start your own business of course you have to gain more experience first in order to make your business growing instead of dying in first few months, by talking to more experienced people and go into the field to check what is going on related to your type of business. After that the profit of that business you can spend it to invest on Bitcoin for more passive income.

Lot of stuff to do but to be honest growing up your business is really good while also you can inherit the business to your kids once they are grown up. It's really worth it.

[Pandu Geddon]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

Start your own business of course you have to gain more experience first in order to make your business growing instead of dying in first few months, by talking to more experienced people and go into the field to check what is going on related to your type of business. After that the profit of that business you can spend it to invest on Bitcoin for more passive income.

Lot of stuff to do but to be honest growing up your business is really good while also you can inherit the business to your kids once they are grown up. It's really worth it.

I guess he saw the growth of the cryptocurrency market and got interested. but your suggestion is correct. it's better to start the business he wants first than to enter the crypto market without good knowledge and it could make him lose the capital he has collected so far.
when he is focused on his business and starts doing quite well, it can allow him to learn more about the crypto market. although it does not rule out, some people are lucky with the crypto investments they make recklessly.

[isaac_clarke22]

~

Considering that freelancing is already a business that you are building which I kinda made the misconception from my previous reply in this thread, I must say that s/he already is doing the business part since in freelancing you are entirely offering services to your clients outside. Businesses is not all about selling goods anyways, since I kind of remembered there were some IT solution companies that offer their tech service and troubleshooting to people either inside/outside their country.
Once OP's career in freelancing goes off, now is the time to put those "extras" in crypto.

[LogitechMouse]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

20% of the small businesses fail in the first year and in the 5th year, 50% of the businesses fail and in the 10th year, 65% of the businesses fail. LINK

I'm not into business and I know myself that I'm not succeeding into business, and I know that there are some people who already know which works for them and which aren't and for me, business isn't for me. If you really want to start your business, capital isn't enough, but know if you really are capable in building one because there are many factors that might affect your business. Location, competition, how you market/advertise your products, services etc.

As for me who isn't into business, being a freelancer and investing a portion of my monthly income into cryptocurrencies is better, but both of them have pros and cons. If you already build a successful business, you can just continue being a freelancer while doing your business if you can do both. Getting rich in being a freelancer and investing takes longer time than being into business.

Overall, it's up to you. You can try and build a business if you want to try but be sure that you are ready for the worst. You can still invest into cryptocurrencies while building for business so why not try both?

[Finestream]

I have been working as a freelancer for years, and I have saved some reasonable sum of money. now knowing the full potential that cryptocurrencies have, I am now confused on what to do if is to invest in cryptocurrencies or to establish a business while still working as a freelancer, I don't know the one I should do at moment, if to invest in cryptocurrencies or to establish my business.

That is for you to decide. Just think of the high risk you can find investing in cryptocurrency. The market is unpredictable and the profits are not guaranteed, so would you still want to prioritize it? However, if you can keep crypto for long term, I must also say that the profits are huge and incomparable. But if you are still starting and would want to make some guaranteed and quick profits, I suggest establish your business first and when it’s working and profiting already, then you can start investing into another business like cryptocurrency. That way, your profits will not be compromised. And definitely, invest in crypto on the money you can manage to lose to avoid future regrets.

[Kasabus]

Don't just see the potential for profitable crypto, but you also have to really understand the potential risks that will arise if you don't really understand what you are doing. Investing in cryptocurrencies is not as easy as you think, the risks that will be incurred will also be very large if you are not prepared with everything and some basic knowledge. starting your business in crypto also depends on regulatory issues set in your country, don't violate the rules that have been made. If crypto is legal and allowed as an official transaction then many businesses that you can build with crypto, not just trading but business goods and services can be integrated with crypto.

In all businesses and investments, risks will always be present. But if you are just a beginner, learn to weigh the risks first and chose which one has less risk. I suggest focus on your business first and work for it to achieve good profits. If you think you are already doing good at it and has gained good amount of profits, then re investing might do. This time, give it a chance for crypto and stick to bitcoin. Set your goal for long term, in less than a year or two, for sure you can gain significant profits already. Just stick to your goal and never lost your patience, that way you will succeed in your investment.

[Welsh]

If you're asking this question, you probably aren't ready for either. A business requires a ton of work, regardless what line of work it is. Investing in Bitcoin takes a lot of patience, and isn't with any sort of guarantee. Both are risks, but it's generally accepted you could make a passive profit with Bitcoin if it continued to go up. A business, that's unlikely to go the passive route, especially if you're freelancing. There are some businesses which earn passively, I'm not saying that.

I generally think you shouldn't be convinced to invest in Bitcoin for the potential return. Instead, you should do your research, and determine what you'll do by the features of Bitcoin, and whether or not you think it'll go up based on those features.

Do you think people will generally become less trusting of banks, as an example?