Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income

[Salahmu]

There is nothing wrong if he choose to come back to Bitcoin investment, perhaps that's why they say that every change in behavior or acceptance is as a result of experience so perhaps he has realized that if he had diversified his part of the salary into Bitcoin he would have gotten an investment to fall back on since he has lost his job but however if his motive on Bitcoin is to become rich overnight or an alternative of making money on a weekly basis is obvious he may not be ready yet because it will be very difficult or impossible achieving that, however I realized that most people who have not really venture into Bitcoin has a very wrong impression on Bitcoin investment because they feel that is very easy to start and begin to make money immediately.

The reason why I'm saying this is because it was not quite long ago when I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, I became surprised were he might have gotten such idea, so perhaps that's why in a case like this we should really know the intentions of the person for choosing to invest on Bitcoin to avoid coming back later and start blaming you if he did not see what he was expecting on his investment.

[Baban twince]

 I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, The advice I gave to my cousins was not to invest in bitcoin but to save in bitcoin.
Many of that are scared to avoid coming back later, I told him that even the security before investing is a problem.. I encourage him to a o have a job and pure that u earn before investing in bitcoin..

[kawetsriyanto]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

[GideonGono]

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

[Questat]

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

Telling people to invest in bitcoin is never my type, although I have been in crypto for quite long now. That’s because I know how risky it is to invest in such a volatile coin and an unpredictable market as well, and certainly, bitcoin is not for everyone. Most especially if you have no stable job to count on, and your plan is to rely only on the future profits of bitcoin, well that won’t really do with bitcoin. It can be profitable but it takes years first of long term hodling before you can achieved it, so you need to have your own job first before you decide to risk your funds into bitcoin. Otherwise, you will starve to death first before you will experience profitability with bitcoin.

[Lida93]

You were the ones who first told him about investing in Bitcoin and now when he's ready to invest in Bitcoin, you're trying to run away from him. I know his situation is different now because he has lost his job but you can still help him to start investing in Bitcoin.

His reasons for refusing to accept his cousin's decision to agreeing to invest in bitcoin right now, for me it's cogent and understandable. The cousin who refused to invest when he could have been comfortable for him to invest is now agreeing to when everything is falling apart with him as a result of losing his job (source of income). The impression is that he's now in dare need of a source of income that shouldn't take much time to manifest in returns and that's not how bitcoin works being an asset with much volatility we can't say for sure when profit will be made, and what if it has to take till next year before the bull run take a full shape to ATH. Can he wait? For someone without a job. If you suspect that by introducing anyone at all to invest in bitcoin will mount unrequired pressure on you from that person as time goes on, it's best to run away from it. Peace over drama.

[Spaceman1000$]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

There are two factors your cousin has explain about his inability to invest in Bitcoin, first he said he is afraid not to lose his money upon investment, the second one is that he is a contented man who is happy with his salary.
For him to fall back to you in respect for him to invest, seems like coming to get a quick fix on his financial situation, so it then means he doesn't really understand how bitcoin works, so he needs to first build his knowledge about Bitcoin. For his kind of person, if he gets another salary job, he will jetterson the whole idea of Bitcoin investment the way i see him, because it's not looking like Bitcoin is his thing or something he can patiently wait for to increase in value as required for investors, except he wants to be a short time investor.
So in helping him, he needs a steady stream and DCA method to follow through for the period he wants to invest.

[EL MOHA]

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

This is truly the right advice to give to anybody, I mostly tell people that you should hold you savings in bitcoin as it is an hedge against Fiat inflation and if they ask me about the returns I tell them it is more less a bonus for them but I still warn them that the volatility that increases the price usually also dumps but a long term holders do have the advantage of avoiding this loss but yet still not guaranteed.

There is nothing wrong if he choose to come back to Bitcoin investment, perhaps that's why they say that every change in behavior or acceptance is as a result of experience so perhaps he has realized that if he had diversified his part of the salary into Bitcoin he would have gotten an investment to fall back on since he has lost his job but however if his motive on Bitcoin is to become rich overnight or an alternative of making money on a weekly basis is obvious he may not be ready yet because it will be very difficult or impossible achieving that, however I realized that most people who have not really venture into Bitcoin has a very wrong impression on Bitcoin investment because they feel that is very easy to start and begin to make money immediately.

I don’t think we need to reason anything about this because it is crystal clear that the person in question is looking for a source of income to balance up his Former lifestyle and bitcoin is certainly not that investment. The problem is that the kind of narrative that people have about bitcoin and cryptocurrency is sometimes bad; many people see this as a get rich quick scheme and once they have problems they refer here to double their investment which isn’t. So I don’t blame OP for the advice he dished out

[dunfida]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Alternative isnt the issue on here but rather money or fund management would really be the key. Its not bad on making up some suggestions into other people but make it sure that you have explained it well too when it comes to the risks involved because if you do find yourself that explaining all the good things but forgotten the bad ones then you are just basically putting up yourself on getting blamed at the moment that the market
will really be that fucking up someone that you had introduced or someone you have taught about it. We do know that people do loves on blaming someone on the moment that they are losing money.
This is why it would really be that best on the moment that you had explained to someone then tell them about the risks and never ever make some sugar coated words on investing to crypto because
everything can't be talked about assured or guaranteed profits.

If you do have single source of income then you could still be able to allocate a little portion of that income and could be able to invest but of course you shouldnt really be forgetting the primary
rule here on crypto investment is that you should really be that invest on the amount on which you can afford to lose as always. There's no such guarantee that you can make money out of this market.
So better prepare yourself in terms of mind and emotion because this wont really be a smooth sail ride.

[sulendra12]

It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Based on that story, if you have a fixed job then you should save some of your money to emergency funds just in case you lose your job. We don't know what would happen in the future, better be safe than sorry I would say.   If you have affordable money to invest on any investment method out there then go ahead, otherwise please don't you just make yourself worse. Investment is not a quick rich money making method.

[Assface16678]

It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Based on that story, if you have a fixed job then you should save some of your money to emergency funds just in case you lose your job. We don't know what would happen in the future, better be safe than sorry I would say.   If you have affordable money to invest on any investment method out there then go ahead, otherwise please don't you just make yourself worse. Investment is not a quick rich money making method.

In these days or era if you only rely on one stable job then you will only live enough, I mean with the continous inflation rate sooner or later your stable salary or income will mot be enough thats why investing, having business or finding side hustle will be a good alternative, if you still can do then having another source of income will make you the cut, and one of it is investing in crypto currency or bitcoin, but also not all people could do bitcoin because there is a risk, even though the investor will only use extra money, fhe impact of losing it all to bitcoin will have a great impact to them financially, so if you cant and cant manage to handle the complexity of bitcoin then bitcoin is not for you, there are more ways to earn through ceypto currency a person just need to explore.

[btc78]

but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

That's his first mistake. Investing in bitcoin is not and should not be treated as an actual job. If you want to invest in Bitcoin, it should have happened when he had the stable income. Relying on bitcoin for your daily needs would be a disaster. It's a good choice that you decided not to get involved. Bad decisions after bad decisions.

[Yukyzu]

but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

That's his first mistake. Investing in bitcoin is not and should not be treated as an actual job. If you want to invest in Bitcoin, it should have happened when he had the stable income. Relying on bitcoin for your daily needs would be a disaster. It's a good choice that you decided not to get involved. Bad decisions after bad decisions.

Investing in Bitcoin without having real income is of course not very good and it will not be possible to carry out the investment well, because of course we have needs that we must fulfill and to be able to get satisfactory results in investing in Bitcoin we must be able to survive for a period of time. for a long time and it is very unlikely that we can invest if we cannot meet the needs we need and it would be better for us to have a source of income that can meet the needs we need before we can decide to invest in Bitcoin, don't let us listen to other people's advice then we continue to decide to invest, of course this is a very bad decision.

[Darker45]

I noticed this is common behavior. I might also be guilty of the same. Whenever you have a good source of income and you even have extra money, you don't think of making more money. You probably think of spending, of how to enjoy your money. So instead of thinking of how your money would give you more money, you focus on the pleasurable things your money can afford. It's only when your source of income becomes problematic that you scamper looking for other ways to earn. I, too, am battling against this tendency.

[reagansimms]

His awareness grew when he no longer had a monthly income generated from his job, if at that time he wanted to follow your invitation, he would find it easier to accumulate Bitcoin by setting aside part of his salary to invest in Bitcoin. Investing when he no longer has a source of income will greatly affect his emotions and he may blame you when the value of his assets decreases due to Bitcoin market fluctuations that occur all the time.

Point him to all the risks that come with investing in Bitcoin without proper knowledge and impress upon him the volatility that always occurs in the crypto market. Your job is only to direct and inform him of all the possibilities that could happen in crypto investment, let him determine his own path without any more reason for him to blame you when he experiences risks while investing.

[blckhawk]

Truer qords never been said before, you can't keep up an investment if you've got nothing that would help you survive in the real world. Bitcoin is supposed to be for the long-term and if investing in it can lead you to more hardships that would leave you no choice but to get back that investment to supplement your daily expenses then you're doing it wrong. But this doesn't have to be the case as always, even if you have no other income, you can always consider leaving a really small percentage of your salary to invest in bitcoin, even that $1 dollar would count if you do it consistently and for the long-term.

[Die_empty]

I noticed this is common behavior. I might also be guilty of the same. Whenever you have a good source of income and you even have extra money, you don't think of making more money. You probably think of spending, of how to enjoy your money. So instead of thinking of how your money would give you more money, you focus on the pleasurable things your money can afford. It's only when your source of income becomes problematic that you scamper looking for other ways to earn. I, too, am battling against this tendency.

This is a common problem among some high-income earners. They are always comfortable with what they earn since it can cover their expenses and give them other pleasurable things. Most of us fail to understand that nothing lasts forever, so there is a need to plan for the future. A friend once told me that I should save from my income every month, no matter how small, and this is what I have been doing with Bitcoin.

Applying the DCA investing pattern I ensure to keep some amount of Bitcoin monthly. The sum might not be big, but it gives me some level of satisfaction that I am investing in the future. It has not been an easy task because I have had to forgo many activities or things that once gave me pleasure to keep buying Bitcoin.

[Sebas.tian]

That attitude is very common among some people to ignore their opportunity but once their job is terminated, it's then they will come back to their senses to remember what you have told them about Bitcoin and they will be serious to invest. But if you have other sources of income that will be helping you to solve other challenges not to sell your Bitcoin, it will be easy for you to make a huge amount of income from your Bitcoin investment when bullish season appear, because you have other sources of income that is boosting your confidence. well, is never too late for your cousin to be part of Bitcoin investment, and all you need to do to help him is to educate him about Bitcoin investment before he can use small capital to start.

[Dr.Osh]

Well, actually you were right to recommend that he invest while he still has a job. In fact, I also thought like that, and at that time I was forced to invest. However, when I lost my job, I really felt the benefits of the investment. However, this could be a lesson for him that while he still has income, he needs to think about what things are good to invest in and not be quickly satisfied with his income at that time. Investments will help us when we have no source of income. Currently he has no source of income, and wants to invest in bitcoin which has quite a high risk of investing if you don't have a source of income. I suggest looking for income first, because I still adhere to the principle that don't invest using money you don't want to lose.

[Hewlet]

Should he be talking about getting started in making an investment after he has lost his job? The decision to think towards coming into the Bitcoin investment sector at the time he's supposed to be thinking about getting a new job is totally wrong and will only serve to land him in a big mess if he tries getting started at this stage and phase of his life.

So since he's still struggling financially, how does he intend setting out an amount that's going into DCA and another that's going to serve as his emergency funds and still have enough to take care of his general upkeep? Sometimes we need to be realistic enough to know that even when some decision are the best to be made, if you make certain decisions at the wrong time, you're going to end up putting yourself at a very tight corner and in a situation were you live the rest of your life regretting ever taking such an action.