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

[khalidkhan82118]

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

Absolutely, having knowledge before investing in Bitcoin is crucial. I'm curious, what resources or strategies have you found most helpful in building that knowledge?

[Dr.Bitcoin_Strange]

Snip

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?

Well, I don't have any cousins in such a situation, but above, I have already stated my opinion, which is what I think can equally be done. 

If, for example, you had a job before and were receiving a better salary, then it is possible you must have savings, right? So, if peradventure the job ended and you were jobless at that moment but you already have about $5k or $10k in your savings balance, I would advise you to either invest 40% in Bitcoin, 35% in some daily business, and 15% for personal use to sustain yourself till you probably get another job, then theremaining 10% can go into a savings balance in case of emergencies. 

If you don't have an idea for any business, then you can invest more in Bitcoin and also keep enough savings that can better sustain you until you get a better job. 

Depending on the availability of jobs in your country, you can predict how long it's going to take before you get another job. 

If you want to wait till you have a better financial status, then my question is, why did the person not invest in Bitcoin at an early time when they still had their first job? While waiting till they were jobless before they had the idea to invest?. 

[peter0425]

Absolutely, having knowledge before investing in Bitcoin is crucial. I'm curious, what resources or strategies have you found most helpful in building that knowledge?

Personally I find that this forum itself is a good way to start your crypto journey. Sectioned in different boards, one can easily navigate their way through and find what they are looking for. They can also post and start a thread about a topic they are heavily curious about with lots of real people with real experiences. I like how it is community based unlike articles where there’s a tendency for the article to be biased.

[crwth]

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.

You should let him know that there is potential wins as well for this one. There's always going to be a risk with investing and you should risk what you can afford to lose.

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.

He is contented with the salary but he lost his job. That's a terrible experience for sure. If he is worried too much about that, then maybe it's really not good to let him invest. Don't push the person if he doesn't want to. I don't think he would like it as well if he is going to invest in crypto because he might be thinking about it too much and cause some problems physically or something.

[Bitinity]

Why do people need to have alternative source of income to invest in bitcoin? As long as people can manage their money wisely, I do think it is fine to invest in bitcoin. Lets say someone has 1 source of income only and he can save some after he pay for all he needs IRL, it should not be a problem to invest in bitcoin with the remaining money (not all will be better). Of course having alternative source of income will be much better because we can use it for investment while our main income will be used for daily needs but it does not mean that having alternative income is a must.

[Ricardo11]

You asked him to invest in Bitcoin while he had a job, he turned you down, now he comes to you to invest, when his job is gone. Such people cannot achieve anything big. Because they don't think about the future. At that moment, if he had thought about the future and invested as you said, he would not have seen this day, because he would have already had some good money, with which he could have stood his life in a good position even in this difficult time. But at the moment he has no job and no investment.

So right now he should look for a good job, right now he will get nothing by investing in Bitcoin. Because Bitcoin investment requires you to keep some funds for emergencies and have a trust of separate earnings, then you can make your investment last longer, and we all know that it is not possible to earn from Bitcoin if you do not invest in Bitcoin for a long time. So ask him to find a job now.

[fuguebtc]

Snip

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?

Well, I don't have any cousins in such a situation, but above, I have already stated my opinion, which is what I think can equally be done. 

If, for example, you had a job before and were receiving a better salary, then it is possible you must have savings, right? So, if peradventure the job ended and you were jobless at that moment but you already have about $5k or $10k in your savings balance, I would advise you to either invest 40% in Bitcoin, 35% in some daily business, and 15% for personal use to sustain yourself till you probably get another job, then theremaining 10% can go into a savings balance in case of emergencies. 

If you don't have an idea for any business, then you can invest more in Bitcoin and also keep enough savings that can better sustain you until you get a better job. 

Depending on the availability of jobs in your country, you can predict how long it's going to take before you get another job. 

If you want to wait till you have a better financial status, then my question is, why did the person not invest in Bitcoin at an early time when they still had their first job? While waiting till they were jobless before they had the idea to invest?. 

As you said above, it depends on the employment situation of each country, and finding new jobs is very difficult and we cannot guarantee exactly when we will have new jobs. Is investing 40% or 70% in bitcoin a wise and correct idea?
I have seen many people fall into unemployment for more than 1 year and if in that case they invest their savings mainly in bitcoin and the investment still does not make a profit, then what will happen?

It can be said that there will be no specific answer to this issue and it will depend on a number of other factors as well as each person's decision. We can't give anyone specific advice on how much to invest in bitcoin and how much they need to save because we don't really know their situation. Personally, I will choose the safe path, I will wait until I find a new job before thinking about investing because I not only take care of myself but also have a wife, children and family.

[GeorgeJohn]

It's funny when for you to say potential loss, I think it's laughable, because theirs no investment that doesn't involve risk and loss, I know very well that anyone who is into cryptocurrency investment and mostly bitcoin will experience loss, even manual business, people do experience losses, and I know very well that a business can not stand firm without experiencing loss, so for me, anyone that wants to invest in bitcoin we should tell the person to make research and know the risk and advantages and disadvantages that is involved for bitcoin investment.

The we do whenever we want to venture into something else not to investigate properly before we invest, when you obtain information from someone, what you need is to ensure that you have make inquiries of the information if you are willing to move forward with the information, for the seek of not to venture into wrong investment, take time to peruse into the system and know what's necessary and what is not necessary to do, secondly, is not good to go into investment with pressure or because people is into it already, make your own research and find out your cogent information first.

[Miles2006]

Aside bitcoin investment, can anyone mention any investment choice that’s attached with the idea of getting rich quickly because I don’t get why most people consider investment as a get rich quick scheme for example land, real estate still needs time before one can yield income, except the person is referring to loan companies. Secondly there’s no risk free investment choice because most people can be so funny after stating that bitcoin investment is a long term investment they’ll judge without research. There’s no guarantee for an investor who want to invest without any source of income because the end result might be 50/50 when there’s no money to settle needs and other things they might come for the investment and sometimes the market might not be in the right position but when there’s no option they’ll have to sell in loss.

[albon]

If your cousin lost his previous job from which he used to receive a monthly salary, he should look for another job. As you have explained to him, the investment field is fraught with risks and is not a fertile ground for quick profits. Of course, having an alternative source of income to cover his daily and family needs will greatly contribute to the success of his long-term investments. If he needs money, he will find it from this source without the need to withdraw his capital from Bitcoin and leave the market, and he will also be able to increase the amount of Bitcoin he has constantly.

It is worth noting that sufficient experience and knowledge must accompany the source of income, as he is a beginner; without them, he may be exposed to fraud or lose his seed phrase, and he may invest at the wrong times. Therefore, he should take his time to learn and understand the basics and so on. I believe he will thank you one day.

[Yamifoud]

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.

Aside from that when we feel uncertain about their words like asking what if's... it is just to happen that this person will blame us later.
It is quite good to share and give a piece of advice to a person who shows interest and trust, those people who have an investment mindset because I believe that they are responsible people who are willing to listen and adapt to the situation. And for sure, they know what they have to do as they can stand alone.

That is why we must know who we are talking about. It is not about money but the behavior and mindset of the person who deserves to be taught.

[Finestream]

Why do people need to have alternative source of income to invest in bitcoin? As long as people can manage their money wisely, I do think it is fine to invest in bitcoin. Lets say someone has 1 source of income only and he can save some after he pay for all he needs IRL, it should not be a problem to invest in bitcoin with the remaining money (not all will be better). Of course having alternative source of income will be much better because we can use it for investment while our main income will be used for daily needs but it does not mean that having alternative income is a must.

I guess what OP means here is not actually an alternative source of income but most likely a main source of income since his cousin has lost his job now but has become eager to invest instead. I believe it’s really a must to have a main job or a regular flow of income prior to investing because the world of investments do not guarantee sure profits and you can’t completely rely on it to cater your basic needs. Hence, by having a regular income, regardless if your investment comes into profits or not, you’ll remain confident that your finances won’t be in troubled.

When it comes to alternative source of income, I don’t think that would be a requirement before deciding to invest. As long as you have a job that will support your financial needs, then you can proceed investing in assets with high potentials to succeed.

[Bravut]

Yeah, you're right OP. Before anyone think of any Investment decision the need for an in-flow of money is needed just to keep us in a place whereby we careless or worry about our investment holdings. Just like your Brother refuse to listen then because he was comfortable which lead to a bad end which isn't good either, now for him to invest it would a be quest to balance up his needs and as such affect his Bitcoin holdings.

In essence, OP is simply charging everyone to invest when we can, because nothing is certain than lavishing and not building our financial life.

[Awaklara]

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.

Actually, in a situation like that, what will your cousin invest when he has no income?

investing is not really about having an alternative income. but those who do should have enough to meet their needs and have more funds to invest.
This means that whatever your income is, when you have some leftover and when you invest it doesn't affect your finances then you feel ready enough to carry out your investment.

but with your cousin's thoughts, that's ridiculous. although he may still have savings that can be invested. but when he doesn't get income to meet his needs, the investment he makes will only fail when he needs money and there is no more money in his pocket.
I know what your cousin thinks, he thinks investing in Bitcoin is a get rich quick scheme.

[Kelvinid]

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.

That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing.

By the way, I also agree with you that the idea of investing while we are unemployed is a bad idea, and OP was clearly right in giving advice to his cousin.

It is to be noted that not all investments are good and suitable for everyone, some of them are not meant to be especially if we have a lack of interest and knowledge. We just imagine that not all investors are successful in this kind of investment but fortunately, they become successful in others. It has been the reality that investing depends on our risk appetite and we better not going to push through if we can handle the risk.

We have to remind ourselves that there is no quick returns investment (other than scams) and if we rely solely on our Bitcoin investment for our expenses, that is a big NO. It is a big mistake and a wrong investment plan as it has never been seen like that.

[AVE5]

So, if someone comes to you asking for advice on making investments in cryptocurrencies, you should let them know the risks involved and tell them what they don't know and then ask them to do their research before they take any step to avoid unnecessary losses.

Exactly, the concept of a bitcoin Investor communicating with an interested person who's willing to be part of the industry should be basically emphasize on the risky aspects because such is the period of time for the beginners to build their fragile emotions to be solid without panicking especially when the market price falls and also give them the privileges to go on research to learnt more about the industry by themselves would be very much necessary.

[MusaPk]

Actually, in a situation like that, what will your cousin invest when he has no income?

investing is not really about having an alternative income. but those who do should have enough to meet their needs and have more funds to invest.
This means that whatever your income is, when you have some leftover and when you invest it doesn't affect your finances then you feel ready enough to carry out your investment.

but with your cousin's thoughts, that's ridiculous. although he may still have savings that can be invested. but when he doesn't get income to meet his needs, the investment he makes will only fail when he needs money and there is no more money in his pocket.
I know what your cousin thinks, he thinks investing in Bitcoin is a get rich quick scheme.

When OP cousin has job he refused to invest in Bitcoin and after losing job he want's to invest in Bitcoin. Bitcoin is not a get rich quick scheme rather you have to invest and then patiently wait for the return. It can take months or years before you start seeing your targeted profit as there is no clear cut duration of Bitcoin bearish cycle. Those of us who have job, must invest whatever they can comfortably afford in Bitcoin as a financial cushion for crisis.

[Maslate]

Absolutely, having knowledge before investing in Bitcoin is crucial. I'm curious, what resources or strategies have you found most helpful in building that knowledge?

Personally I find that this forum itself is a good way to start your crypto journey. Sectioned in different boards, one can easily navigate their way through and find what they are looking for. They can also post and start a thread about a topic they are heavily curious about with lots of real people with real experiences. I like how it is community based unlike articles where there’s a tendency for the article to be biased.

To be honest, when I plan to invest in bitcoin, I spend most of my time exploring this forum and read every topic that attracts me. And in instances where I’m not satisfied with their answers, that’s only the time I’ll go for extended research but mostly, the forum itself is sufficient enough to provide reliable answers to the questions I have in my mind. The good thing in the forum is that we can find reputable members that offer us some useful links that will help us to get clearer understanding on the topic. I really appreciate those kind of people here.

[pawanjain]

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.

Not only bitcoin but any kind of investment shouldn't be done without proper knowledge and awareness about what you are doing.
If we put our money into anything without any knowledge then there is high probability that our money will be wasted.
Besides that, we should only make investments if we can afford to take the risk of losing money.
If we don't have any money to invest or are in need of money then we shouldn't be investing it at first place.

[Rockstarguy]

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.

He thinks bitcoin is a ponzi scheme that Is why he is so contented with his income and do not want to risk buying bitcoin because he doesn't believe in bitcoin. Him having this mindset about bitcoin,  it is all good that he never forced himself to invest in bitcoin. The mistake he made was he never give a try to seek for more understanding,  he was so comfortable with just the income that was coming.

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.

He just misunderstand bitcoin and their is need for him to get the right information of bitcoin, to know bitcoin is not a free money that people earn when they are jobless or investing in Bitcoin does not make people to become rich quick. You need to make him understand that what he needs right now is not bitcoin but a job which he can gain steady source of income. If people who depend on bitcoin to make them rich can be serious to think of how they can have steady source of income it will really help to gain more financial strength.