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

[Unity for Humanity]

I am somewhat disappointed by your discussion as I have heard enough about the positive aspects of Bitcoin that I became interested in investing in Bitcoin. I don't have any experienced people around me from whom I can take help in this matter so I took this forum to know and learn about Bitcoin. I will definitely take the risk of money but if the market only goes down after I invest then the outcome will go against me which I will find very difficult to accept.

[EFS]

Don't give investment advice to anyone. If they lose money, they will blame you. If they make money, they will blame you for why they didn't take more risks, why they didn't invest more money.
Investing in Bitcoin is a good choice regardless of alternative income streams. Investing is done with surplus money that you don't need at the moment. If you are using emergency money for any kind of investment, you need to anticipate the consequences in the event of a negative situation.

[jcojci]

Suggesting investing in Bitcoin with someone who has no income is not a good idea. He still has difficulty making ends meet so he will definitely have difficulty investing in Bitcoin. Most people who are in that condition will not want to invest in Bitcoin and will prioritize meeting their living needs first. That is why we have to be careful when explaining investment in Bitcoin, and we have to make sure that he already has a steady income so that he can manage his finances and have money to start investing in Bitcoin. We also don't need to force him to invest in Bitcoin because it is a choice.

[Gaza13]

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

That was your cousin's first mistake, why he didn't want to invest even though he was still earning or working. I see your brother has a very high fear of losing his money.  What makes your cousin want to invest in Bitcoin? Is your sibling pressured by his necessities because he doesn't have a job anymore? If you at least know that your sibling is no longer working, the step or action you should take is that you must strictly forbid your sibling from investing. This is not recommended by anyone, if someone has no income but wants to invest then it is very risky for their finances.

[jrrsparkles]

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

Not just bitcoin, but any investment in this world will not be enough for someone who just lost their life now wanted to continue their same lifestyle for certain period of time only with the returns they get from investing on to something.

I would say it's better to keep the savings for the cash flow that is going to be required to meet the needs meanwhile you find a job that can give you the same salary package that you were receiving earlier. Bitcoin is not quick rich scheme definitely not for someone who is in desperate situation of money making since any kind of investment needs patience and it should be long term to get the actual returns.

[coolcoinz]

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

[harapan]

At this point of time almost everyone considers bitcoin as an investment method and investment should be done only when we have met our basic necessities and have savings that can be invested with affordable risk.
So considering your friend's situation we can say that since he doesn't have a job right now, it wouldn't be wise for him to invest in bitcoin at this point of time.
If he had been earning then it would have made sense but right now the time is to find a job and then start earning and then may be consider investing in bitcoin.

He's just going to make things more and more difficult for himself even after putting all that efforts.Bitcoin investments is not quite something that you should do without proper knowledge of the understandable features.
You could have options to consider,and there are risks of losses attached to it,because you could lose everything,its going to be a great loss for him to make such a wreckage.
Investing in bitcoin is not for the weak,also when trying to suggest to someone to invest in bitcoin,ensure that the information don't sound coerced so he doesn't regret his decisions.

[Dr.Osh]

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

Well, the fact is that investing is very risky, which is why the profits offered are so large. If someone had said it like that, they really didn't want to take the risk. However, many people want to take risks when they realize that investment is important, and taking risks when we still have a source of income is something that is highly emphasized, especially when we are still far from financial freedom.

[Xcode7]

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

Well, the fact is that investing is very risky, which is why the profits offered are so large. If someone had said it like that, they really didn't want to take the risk. However, many people want to take risks when they realize that investment is important, and taking risks when we still have a source of income is something that is highly emphasized, especially when we are still far from financial freedom.

This all goes back to knowledge about investing in Bitcoin, if someone never knows about investing in Bitcoin of course they won't dare to do it especially with the potential for big risks.
If you have to wait for financial freedom to invest in Bitcoin then not many people can do it, I think slowly we have to invest in Bitcoin from a young age because if we already understand the potential for big profits in investing in Bitcoin in the future then there is no longer any hesitation in doing that and no more excuses.

[Nothingtodo]

Yes it is true that if an investor has no alternative source of income then he should invest in Bitcoin wisely. An investor definitely invests for future protection and good profit but if he is insolvent and has no source of income then after investing he will sell as per need instead of holding. It may happen that after investing in bitcoins he is forced to sell, so in this case he will face loss instead of profit. So an investor should invest when he is wealthy and has alternative sources of income or he can be advised to invest.

[wxa7115]

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.

edited

I hate to say this but your cousin is setting himself up for failure, he has expectations out of bitcoin and investing in general that are completely out of place, not only that, he plans to start his journey at the worst possible time for himself as he has lost his job.

So when you add all of those factors up, there is almost not chance at all for him to attain the success he looks for, also you need to be careful as well, as even if you have give to him a stern warning against investing in bitcoin, you should not be surprised if he blames you for his losses and this fractures your relationship with him.

[Minor Miner]

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

Agreed that everything has risk and nothing is completely safe, but comparing losing our car or having our house burn down to investing in bitcoin is pretty lame. Incidents such as fire and theft are only rare incidents when we are careless or caused by mother nature and are very rare in life. Meanwhile, investing in bitcoin is much riskier because the market is like a battlefield, investing means you are on the battlefield and it will be much more intense than when you are at home.

Investing in bitcoin is a smart choice but if you are not ready then you don't need to invest in it and there are many other options available to you. Just like if you don't have enough skills to participate in the battlefield and stubbornly participate, it will only cause you to quickly lose your life.

[Alone055]

Well, the fact is that investing is very risky, which is why the profits offered are so large.

That's not always the case, there are a lot of investments that are very risky but they don't offer large profits and even if they do, the possibility of getting those profits is very low. Take meme coins as an example. They are extremely risky when it comes to making investments in them, but the possibility of their investors getting large profits isn't always high even though some of them might manage to get that it's just like a jackpot in a casino which is given to a few specific gamblers in a period and all others won't be able to get their hands on it.

A cryptocurrency investor needs to understand that high risk doesn't always means high reward, but high risk only increases the potential profits one can get from the investment they are making.

Remember, profits are never guaranteed in this industry. 

[michellee]

It is difficult to advise someone without income to invest in Bitcoin. At least he can have an income first and then consider an investment. This investment will serve as something that can help him in the future so that he does not have financial difficulties.

If he can't have an income yet, suggest getting a job first. This is important because he can meet his needs first and think about saving or investing by having an income. Many people don't realize this and are only interested because of other people's invitations.

They don't think investing requires capital separate from their daily needs. If not, his daily needs will be disrupted and his investment will not run smoothly. If your cousin is willing to invest his previous salary, at least he can still survive when he is no longer working.

[Xampeuu]

sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

You potentially could lose everything you own. It's possible for your house to burn down, your bank to go bankrupt, your car to be stolen. Are you afraid it will happen? Are you losing sleep every night thinking about it? I sure don't.

Yes' there's a chance to lose everything when you buy bitcoin, but there's also a chance to lose it all when you continue to hold fiat money.
IMO buying bitcoin is one of the smartest things you can do in life.

Agreed that everything has risk and nothing is completely safe, but comparing losing our car or having our house burn down to investing in bitcoin is pretty lame. Incidents such as fire and theft are only rare incidents when we are careless or caused by mother nature and are very rare in life. Meanwhile, investing in bitcoin is much riskier because the market is like a battlefield, investing means you are on the battlefield and it will be much more intense than when you are at home.

Investing in bitcoin is a smart choice but if you are not ready then you don't need to invest in it and there are many other options available to you. Just like if you don't have enough skills to participate in the battlefield and stubbornly participate, it will only cause you to quickly lose your life.

Therefore, it is necessary to have knowledge first before investing in Bitcoin. Without knowledge, the risk will be greater. If we want to develop, we must also be brave enough to take risks, but it is a risk that can be measured with knowledge. While we don't have it, it's better not to come close, or we'll gamble. Many people are smart in seeing the future and opportunities, so many of them choose Bitcoin to save their money

[AVE5]

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.

the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it.

This is not about alternative source of income, but how much money he can set aside to invest which will not affect his monthly spending, this is why people who want to invest something need to have emergency funds.

If he only have one job that pay really well, he don't have to looking for alternative source of income.

Bitcoin never produce any dividend, if Bitcoin can produce dividend or generate more coins, it's clear you're hold your coins in centralized exchanges, holding in CEX is bad for security.

Maybe you didn't read the passage which I stated that he has lost his job where he leaned on his monthly salaries.
So with such person who count Invest in the bitcoin during when he had a job of eaning, I bet if he can afford a dime of his savings to invest after much he lost his job. Besides, his thought of coming to invest in the industry now isn't because he needed to Invest but because he needed a source of earning which would be expected a quick scheme of producing incomes.
I hope that get you cleared Apocollapse?

[Dr.Bitcoin_Strange]

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.


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

Well, yeah, you are right, though. There are some people who need to have other sources of income before they can successfully hold their Bitcoin for a longer period of time when the Bitcoin investment is very profitable to them.

It's easy to invest when you don't have another means of survival; the disadvantage is that such investors may not be able to hold until the bull market is reached. While there are some people too who don't have alternative sources of income and yet are still investing for a long period of time, such people are those that are still under the care of their parents or guidance.

For example, there are some teenagers, probably at the age of 18, who are already aware of Bitcoin and any money they get from their parents, uncles, aunts, and friends they will just invest in Bitcoin and hold it for a very long time. They will not bother to sell because they don't have any responsibility yet; they are still the responsibility of their parents.

But, for someone who is married, or perhaps the person is fully grown and has some financial responsibilities to care for himself or herself and care for the family too, it will be difficult for such a person to hold their investment for a long period of time.

In the case of your cousin, you have already passed on important advice, but I don't think he is going to remain jobless for the rest of his life. I assume he will definitely get another job, and while he is seeking to get another job, he can invest some of his savings from the old job. I believe he had some savings from that old job; let him invest some of it in Bitcoin. Let him also get another job or use some of the savings to invest into a business.

[Kelward]

Without income there's no way that anybody can do Bitcoin investment, because it takes money to convert to Bitcoin and hodle, and having atleast one steady source of income is important to be able to do DCA method. I've encountered a couple of unemployment youths who are looking for online jobs where they can make money, they'd ask my opinion about the potentials of making money in cryptocurrency, and I'd tell them that cryptocurrency is about trading and investments, that you need money to engage in either of them, so they're not a job for the unemployed.

The OP did the right thing by advising his cousin to invest in Bitcoin, when he had a steady income, when the cousin became broke and remembered Bitcoin, I think that the OP still did the right thing by letting him to understand that Bitcoin, is not a get rich quick scheme, he needs money to invest on the long term before he'll start to see ROI.

[m2017]

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.

Your cousin is making a mistake. It was necessary to invest in the “fed” years, when he had a job and surplus free money. Now that he has no permanent source of income, he remembered the “magic BTC-wand, which makes everyone rich”. Any investment always involves risks. First, your cousin should resolve the issue of his employment/earnings, and once he’s firmly on his feet, he should think about investing. Don’t think that bitcoin will solve all his financial problems when his problems are only getting worse.

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.

That's exactly what happened to your cousin. When he could afford to invest, he didn't. Now in bitcoin he saw a “lifeline”, completely unaware of the nature of btc, which is highly susceptible to volatility. Your cousin wants fast and easy money, not knowing that bitcoin is long and slow money.

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

You did the right thing, because otherwise, no matter what happens, you will become to blame for his problems. Even if you give sound investment advice, your cousin would be “deaf” to it due to the stress of investing almost his last money. He started a game that he is now unable to play.

[khalidkhan82118]

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.


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

Well, yeah, you are right, though. There are some people who need to have other sources of income before they can successfully hold their Bitcoin for a longer period of time when the Bitcoin investment is very profitable to them. 

It's easy to invest when you don't have another means of survival; the disadvantage is that such investors may not be able to hold until the bull market is reached. While there are some people too who don't have alternative sources of income and yet are still investing for a long period of time, such people are those that are still under the care of their parents or guidance. 

For example, there are some teenagers, probably at the age of 18, who are already aware of Bitcoin and any money they get from their parents, uncles, aunts, and friends they will just invest in Bitcoin and hold it for a very long time. They will not bother to sell because they don't have any responsibility yet; they are still the responsibility of their parents. 

But, for someone who is married, or perhaps the person is fully grown and has some financial responsibilities to car for himself or herself and car for the family too, it will be difficult for such a person to hold their investment for a long period of time. 

In the case of your cousin, you have already passed on important advice, but I don't think he is going to remain jobless for the rest of his life. I assume he will definitely get another job, and while he is seeking to get another job, he can invest some of his savings from the old job. I believe he had some savings from that old job; let him invest some of it in Bitcoin. Let him also get another job or use some of the savings to invest into a business.

do you think it's better for someone in your cousin's situation to invest in Bitcoin gradually as he stabilizes his income, or should he wait until he has a more secure financial footing?