Beginners, you don't need Bitcoin first

[kryptqnick]

Having a source of regular income (including, but not limited to a job, as it can be a grant, a scholarship, stable freelance work, etc.) is a good thing to have in life before putting any money at risk (and investment is a risk, even if it's Bitcoin we're talking about). However, if someone unexpectedly gets some money (either as a gift or by winning it), I think it's fine to buy Bitcoin with such money, even if a person doesn't have a source of income yet. IMO, it's actually the kind of money people can be ready to lose, as they weren't supposed to have it in the first place.

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[Lorence.xD]

Well I started as a student studying Bitcoin and my extra money from my allowance were straight into investment, when I've studied and experience the potential of Bitcoin, that's the time that pushed me to have part time job for extra money for investment. Because to be honest, it's true that is not advisable to ask for money from your parents for investment, it's like they would have an expectation to you plus the guilt itself if your investment did not work or profited. If you lack financial that you really need to provide for your needs I think investment is not your priority first. Only if you have spare money for example in your part time job so it wouldn't be hassle for you to avoid overthinking.

[Inwestour]

On the one hand, if we are talking about those beginers who live with parents and can collect some amount from pocket money, then there is nothing wrong with buying bitcoin with this money, in the future it can bring good results.

But on the other hand, if we are talking about beginners who are starting an independent life, then first of all, of course, you should think about a stable source of income, and make sure to create a cash reserve that will always be available to you in case of unforeseen circumstances. After that, you can safely proceed to the accumulation of funds and the purchase of bitcoin. It seems to me that these are important points that everyone should learn who starts their journey as an investor.

[imamusma]

On the one hand, if we are talking about those beginers who live with parents and can collect some amount from pocket money, then there is nothing wrong with buying bitcoin with this money, in the future it can bring good results.

As long as they can save money, it is always good to choose bitcoin as an investment asset over other assets such as gold or other valuable assets. It doesn't matter if they don't have a steady job where they can make money, but when they do have the interest to invest it will have an impact on their financial future. Children need to be taught about saving and investing, as well as those who are not yet financially independent.

Anyone can invest in bitcoin even if they don't have a steady job. As long as they can save money when they have it, then they can safely choose bitcoin as their long-term investment asset. But if you have a steady source of income, then it will help you develop a better strategy especially in terms of accumulation.

[isaac_clarke22]

Anyone who’s irresponsible enough to borrow amounts of money that could negatively impact their life if they can’t pay debt anymore is gonna cause big time wreckage to their financial and personal life. It’s just a ticking bomb tbh.

Even a job won’t be enough. If you borrow money and lose your job, what do you do? Borrowing is risky business, it’s always been like that. Responsibility isn’t a joke, you need to calculate risks and possible outcome. Is it worth risking to live a shitty life just for a couple grand of non-guaranteed profit? If you take the risk and fail, live with it lol.. you agreed by investing in the first place.

This was what I was telling a lot of people that they shouldn't loan if they are less likely to pay it off within a certain timeframe given. Even if you earn something from your investment anyway, it might end up just being something you will need to pay for the borrowed amount.

Usually people just loan when they're building a business since it has better chances of earning profit within your control. If we're going to invest into crypto, just make sure that all those investments we made are definitely just fine to be a loss, not like it is worthless but something that wouldn't make you homeless tomorrow.

[Merit.s]

Good point OP, you have said the fact on what is needed before you start your bitcoin journey. I read of a forum member that said he is trying to convince his parents to invest in bitcoin with their pension,so that he can keep the bitcoin in his custody. When I read that I was amazed and said to myself that one can't use someone else's investment as his and also take the risk involved. If you don't have a source of  income, this means that you will not be able to be a successful investor,because there are some unforseen challenges that will befall you which you wouldn't have any hope than to sell off your bitcoin.

[Asuspawer09]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

We all know that cryptocurrency investment is a high-risk investment so it is not recommended to just invest all of your money into cryptocurrency most investors are going to recommend only investing the money that you could afford to lose, which is probably most of the newbies mistakes where they easily jump into an investment without thinking of the risk just because they know someone that get luck on cryptocurrency and able to earn a good amount of profit, they think that they might as well earn.

You are right if you really want to get rich what you actually need is multiple sources of income, and the most stable income where you could easily start is to get a job, if you have skills and experience you could easily land a high-paying job that could give you a stable source of income, most of the people will say to start a business but to do that what your gonna need is capital, and you could get that from the savings that you get from your salary. Remember to make sure to complete your savings, insurance, etc. If you already have multiple sources of income you could start investing in cryptocurrency because it's the riskiest investment that you could make.

[michellee]

It is true that for now, one must have a job that can make money first before starting to invest in Bitcoin. After getting a job with a salary that can meet the needs of daily life and save some money, someone can decide to start investing in Bitcoin. It would be even better to set aside some of his salary for emergencies and invest in Bitcoin regularly.

But if you don't have income every week or month, you don't need to force yourself to buy Bitcoin because it will be too heavy for you. You may borrow some money from relatives, parents, or even moneylenders. And that will cause problems for you because we don't know when the price of Bitcoin will increase.

What is important is that if you want to invest in Bitcoin, you must have money first and that is money that is not used for anything else. So you have nothing to risk and only the risk of a decrease in the value of the Bitcoin price where the value of the Bitcoin price can increase again one day.

[nelson4lov]

You don't need Bitcoin first, What you need is a JOB, work on that first.

It's not a one size fits all but the path of having something to fall back on is the most reliable. It doesn't always have to be a job. A business or an in-demand skill is good enough. The market isn't always going yobe taking upswing. Many periods will be slow and yield zero to no returns. That's the time those skills/businesses will come in handy.

My advice: Invest aggressively in yourself first and the best time to do so is when you don't have a lot of responsibilities.

[Yatsan]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

This is jumping into conclusion. First thing first; not all people are the same. Some would struggle but there'll be those who can save money for the things that they wnat and if investment would be listed on that category even with the young mind, then that would be better. Yes the amount won't be huge for people having no job at all but their decision of saving money and alloting it into any form of investment is already a huge step towards better future even if it is not in this blockchain. Not all people would have that initiative which a mentality they grew up with. It takes courage to invest and if you have it, simply learn how to manage the risk.

[Nwada001]

Taking money from family members and friends all in the name of investing in Bitcoin is never a good idea. There is a saying in my local "Pesin way, dem carry 4 shoulder, no suppose dy carry another Pesin," meaning someone who is dependent on another person to survive is not supposed to be accommodating another.
 
Investment should be done from one's pocket and not from that of others, at least from the little you have been able to save, which you might not be in a hurry to use. Having a stable cash flow is what will help. Someone holds his investment for a very long time; your payment is what you will use to foot your day-to-day bills, as your investment in Bitcoin might be considered a locked savings account that can't be accessed anytime, so in a time of dip, the person won't consider selling off out of panic.

[Nrcewker]

Investing on other people’s money will be the worst decision in anyone’s life. Be it Bitcoins or any other sort of investments, if it’s not your money then don’t invest with it. Everything will look great as long as you see the investment in profits, once the table turns and red enters, you will panick as you won’t have money to repay back the loan or amount that you have borrowed. So yes first priority is to get a job and a stable source of income. Then follow the 50:30:20 rule, 50% of the salary for monthly needs, 30% investment in Bitcoins or any other investments and 20% of the amount as savings.

[Renampun]

...
Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

often our success comes from unexpected things, the advice you said must be carried out by those who still depend on their lives from work but the majority of them also want to change their future through bitcoin, I know your advice is very good but I still recommend that beginners set aside their money to save in bitcoin (don't invest in bitcoin with all the money or debt).

nowadays successful people do a lot of work to make money and investing in bitcoin can be an alternative for everyone especially beginners, investing in bitcoin is really guaranteed and its value tends to increase every year.

[SOKO-DEKE]

You have given nice advice, but it should not be only when we get a job or stable sources of income that we can start our Bitcoin investment journey. Someone can buy Bitcoin when they have some amount that they believe they don't want to make uses in a short period of time, especially some students that do have some extra money with them and are still depending on their parents. They can invest that money instead of saving it in their local banks.

But honestly, in order to benefit from their Bitcoin investment and experience proper growth, everyone must first have dependable, steady sources of income. Rushing to invest with the little money someone may have in hand at that time and it does not have any other sources of income it never a good idea because it will undoubtedly be sold at any time, and due to the volatility of Bitcoin, the price may be down when it may have the use of the money and it may end up selling it at a loss, which is never the goal of investment.

[Weawant]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

You don't need Bitcoin first, What you need is a JOB, work on that first.

Investing in Bitcoin become easy when you have a job, you don't have to be bothered about the the market movement when the price goes up and down as the market is very unstable. When you have a job, you'll be covered and won't be depending on Bitcoin for daily income.

This gives your investment the opportunity to grow very well and when you do sell in the future, you'll be very profitable unlike someone else that's depending on Bitcoin to live. Bitcoin shoudn't be your job instead it should be an investment that you're doing for the future.

Using of pocket money to buy Bitcoin isn't a bad idea but that amount won't be enough to get you enough Bitcoin to better profits from the increase of price leading to new all time highs. You should get a job and use the income from the job to invest in Bitcoin and other things.

[aoluain]

I think the statements by the OP are very general. There are scenarios which could contradict
some of the points made in that OP.

What if someone is living at home getting aid from the state, or with a part time job or
no job but earning money playing music, making art or any other side hustle?

Having a job doesnt necessarily mean you will have disposable income, the chances are higher
but shouldnt be a foregone conclusion

[mk4]

Also, the fact that your job/income doesn't need to be from bitcoin/crypto. Yes, earning bitcoin is great, but also remember that you can simply just earn filthy fiat and use that filthy fiat to buy bitcoin.

[panganib999]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

While I hailed from a poor teenager living under my parent's roof underaged so I couldn't really take up a job especially in 2015, I would say with 100% diction that it's really imperative that you get a safety net when you make investment choices like bitcoin. The worst that could happen is, well you won't have a problem with the money cause you didn't put it up on a debt, the best is that the money is all yours with no one holding you back. I loved giving back to my parents, they were good and supportive about my craft and all that don't get me wrong but I believe some of us here live in situations that are a little less fortunate than mine, so for your peace of mind it's always best to just find a job, and use it to fund your investment portfolio instead of asking for shit.

[TheGhostMan]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

     I agree with the advice and more when talking about a person who lives under the same roof, let's say that family and the only "source of income" is the money that their parents give them. Before investing in any asset, including Bitcoin or other cryptocurrencies, it is essential to have a solid financial foundation and a reliable source of income. Market volatility is significant and thinking about investing with borrowed money, without a stable financial footing, can be more risky and stressful. This not only implies monetary losses, but also loss of confidence in those who gave you the loan, and may even trigger conflicts.

On the other hand, if you have a secure source of income and you are determined to invest in BTC, you assume the risks responsibly. If you were to lose, it will be your money and you will not have to explain yourself to anyone. You can get up and move on to seek profit. Good post, friend.

[Blitzboy]

I see your side of the argument, but there are gray areas, too. While it is true that having a stable income before buying Bitcoin makes the process easier, this is by no means required. Risk tolerance is a real concept. The excitement of going all-in on black in the cryptocurrency market is what drives certain people. Knowing your own risk tolerance is more important than gambling recklessly.

People that dared to go against the grain and take the plunge were behind some of crypto's biggest triumphs. This isnt meant to promote careless spending, but rather to bring attention to the fact that there are other ways to achieve success without following the herd. In other words, make sure your lifeboat is ready to go, but also be prepared to sail off into the unknown if thats your thing.