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

[Woodie]

When it comes to any investment not just Bitcoin, it's not about having an alternative source of income but how much you are willing to sacrifice from available resources no matter how small... besides with Bitcoin it's actually even easy to plan for it as you could be buying in bits the DCA way and this way it won't put pressure on your pocket/budget!
Anybody pulling the alternative income card isn't just interested in investing in crypto tbh, and btw very few can buy cryptos if they aren't millenials as this generation likes to buy things they can see, say for example gold, or a collector's car... otherwise anybody given the information about Bitcoin and how it works and if they are convinced they certainly will invest without any fuzz.

[Stable090]

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.

So after things are hard for your cousin, he’s looking for a way to invest in bitcoin. You should tell your cousin that after investing in bitcoin, he shouldn’t be expecting a daily, weekly, or monthly return. If your cousin is investing, he should make sure his investment plan is long term and not short term because things might end up not going well for him. If your cousin wants to invest in bitcoin, then he should get himself a job.
 
He needs a job to earn money so that he will be able to use the money for survival, but if he doesn’t have any source of income, even if he invests in bitcoin, he will end up selling the bitcoin back whenever he is in need of money.

[AVE5]

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.

It's rare to find someone who couldn't diversify his source of income to other areas when he was prettily doing financially well than when struggling to survive with no more source of incomes. I can tell you that if you get involved in such cases of my cousin, then you should get yourself ready to be blamed because he can't afford to starve himself and unables to pay his bills when he have funds there in his bitcoin investment.
So you can imagine if he gets choked up and needed to sell on emergency purposes at when the market price seems low even to a point he can't recover his capital, what'd you think will be his state of emotion? Of course all blames would be on me.

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 neXdjheds 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.

So right there you could find necessary reasons why my cousins case intentions of picking late interest on Investing on bitcoin seems to be void.
He thought is that he was going to make it quick rich to sustain his financial needs since he has lost his job. I just can't be part of that so, it's better I leave the whole blames to him than worrying my conscience to had mislead him knowing that his portfolio isn't capable to undergo a demanded long time holding like bitcoin before you can make some profits.

[Franctoshi]

People have so many reasons why they want to invest in bitcoin, Some invest for their retirement time, Some invest for hedging against inflation, whereas some are looking for quick profit returns, but whichever way or purposes the end goal is realizing profit, is quite unfortunate that your friend lost his job, However I kind of think that since he didn't invest when he has a job when you first told him about to buy Bitcoin and now coming back to invest,  it means he's looking for a quick profit which is not in line with Bitcoin investment beacause there's no 100% certaintity that the price of Bitcoin is going go up immediately .Therefore one thing you should let him know is that Bitcoin is not a get rich quick business, so he don't put the only available cash he has thinking that the market will shoot up tomorrow.

[Fiasem20]

Your cousin misused the opportunity he had to invest on Bitcoin, although I can't tell if his income was enough but if it was then he really misused it.Money is never enough yeah we know but with some people's source of income they can provide for themselves the basic necessities of life and get an emergency fund and the rest should go for an investment it could be Bitcoin or whatever,the goal of Bitcoin investment is to secure wealth in the future.I don't see alt income related to what your bro is facing, though it's good to have other source of income as a result of the economic instability (Inflation) but in this case he shouldn't rely on Bitcoin investment as a source of income because his not gonna get his desired profit.

[SOKO-DEKE]

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.

I don't think this is the best time for your cousin to invest in bitcoin after he has lost his job. He really needs to have a source of income if he really wants to be successful in bitcoin investments. Bitcoin investment will not give him profits weekly or monthly; it can be a long period of time before it may even see an opportunity to take profit in bitcoin, so I am just wondering how he is going to survive for the long term after he has invested part of his money in bitcoin investment, as you mentioned that it is not currently easy for him now.

Due to the volatility of Bitcoin, we are always advised to always invest what we can afford to lose, but the way this story came up, I don't think he can really have the amount of money he can afford to lose. Currently, it has been tough for him, so if this kind of person should invest in Bitcoin and the Bitcoin market is down after he has invested for some time, I doubt this type of person will not sell their Bitcoin investment when they need the money, which they may even lose. 

[milewilda]

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.

I don't think this is the best time for your cousin to invest in bitcoin after he has lost his job. He really needs to have a source of income if he really wants to be successful in bitcoin investments. Bitcoin investment will not give him profits weekly or monthly; it can be a long period of time before it may even see an opportunity to take profit in bitcoin, so I am just wondering how he is going to survive for the long term after he has invested part of his money in bitcoin investment, as you mentioned that it is not currently easy for him now.

Due to the volatility of Bitcoin, we are always advised to always invest what we can afford to lose, but the way this story came up, I don't think he can really have the amount of money he can afford to lose. Currently, it has been tough for him, so if this kind of person should invest in Bitcoin and the Bitcoin market is down after he has invested for some time, I doubt this type of person will not sell their Bitcoin investment when they need the money, which they may even lose. 

It doesnt have any sense that you would really be making some investment on which at the moment that you dont have any job. Come to think that investment on crypto isnt a solution on the current financial struggle that you are currently that experiencing on which we do know that we do still need that constant and secured salary on day to day or coming from other income sources. Dealing up with crypto space
doesnt really guarantee that you could really be able to make profits on which is why it would be not a good option for you to take on such situation. As for having that kind of advice then it would be better on telling them about the basics about investment on crypto or even just say with Bitcoin on which it cant really be able to bring out that immediate profit on which he/she might really be that expecting something
big profits on the moment that he would be putting up some money on which we know that this isnt how it works.

Trying out to make it as a band-aid solution into that current jobless condition you are in? You are potentially making things even more worst.Plus, come or bare in mind that market movements arent that something that could be predicted. If you would tend to make up some profits out of those movements then better think not or having none of those considerations because market reality
would really be just that make you disappointed.

[Renampun]

an unemployed person is not worthy of being a bitcoin investor, remember bitcoin is a very volatile asset, it is certain that an unemployed person will not be able to withstand emotional stress when the price of bitcoin goes down, he will definitely sell the bitcoin he has when the price goes down or when he needs money then that bitcoin is not suitable for unemployment. look for a job first, increase your income then you deserve to be a bitcoin investor.

[lalabotax]

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.

One of the things that is quite risky and important to prepare is indeed related to the maturity of preparation before birth. Because if you are not really ready, then there will be certain fears or worries that befall someone. And we don't need to rush them to quickly invest in Bitcoin if they are still unsure and not ready. because that will actually make the risk much higher.

Investment is not just about investing money and taking profits. But also emotional management is also what makes a person ready or not for various existing conditions, both mental and financial readiness.

And in my opinion, it's normal if you're not ready to invest in Bitcoin because you feel your financial condition is still unstable and you can't set aside it yet. Instead of forcing yourself, it will actually be at a higher risk. So, just think about it first, make sure whoever is really ready with everything, so that they don't worry or panic easily when making decisions.

[Richbased]

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.

Some people don't really understand how bitcoin investments should be followed up with as they just think that Bitcoin investment is just about buying when you don't have a source of income to take care of your other needs and maybe buy more using the DCA. Bitcoin investment is not a get rich quick scheme whereby you are promised to double your investment within a short interval which in most cases are scam projects and if not that Bitcoin has passed that stage of being referred to a scam projects, you can agree with me that cryptocurrency are associated with various risks so I won't advise anyone to persuade anybody to invest in Bitcoin except they have a good source of income and the income should come on regular basis so that they can be able to be patient enough and allow their investments to grow in the long term.

[Russlenat]

People have so many reasons why they want to invest in bitcoin, Some invest for their retirement time, Some invest for hedging against inflation, whereas some are looking for quick profit returns, but whichever way or purposes the end goal is realizing profit, is quite unfortunate that your friend lost his job, However I kind of think that since he didn't invest when he has a job when you first told him about to buy Bitcoin and now coming back to invest,  it means he's looking for a quick profit which is not in line with Bitcoin investment beacause there's no 100% certaintity that the price of Bitcoin is going go up immediately .Therefore one thing you should let him know is that Bitcoin is not a get rich quick business, so he don't put the only available cash he has thinking that the market will shoot up tomorrow.

Well, seeing the fact that he suddenly become eager to invest now because he has lost his job, it’s clear that his main purpose is to achieve quick profits, but unfortunately he’s in the wrong investment as no one gets immediate profits with bitcoin. Long term hodling is the best key for bitcoin, if he won’t submit to that, he’ll definitely end up losing and regretting. No wonder why OP cannot support his way of investing right now, because he’s definitely into the thought that bitcoin could cover up all his bills and make him instant rich in the process.

[Sandra_hakeem]

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's messing up Big time.. tell him that if he doesn't wanna blame you at the end for introducing him to something as unproductive as Bitcoin is (ofcourse that'll be his fate since he's out there, hoping that his investment appreciates in a space of no time) he better get his ass a Job to sustain himself. Investing in Bitcoin with your savings, without doing anything else to keep life going smoothly, until it gets to a good selling period is as good as wagering on casino games with borrowed funds - both will lead you to unending problems.

The process of HODLing takes and time and requires patience; there's no way he's gonna be patient enough for, let's say, 2 year or so, to be able to get an ATH price tag regardless of how much it'd be.
Edit;
P/s: This is not even a good time to buy, especially for little capital base since the market is bullish.

[AmoreJaz]

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's messing up Big time.. tell him that if he doesn't wanna blame you at the end for introducing him to something as unproductive as Bitcoin is (ofcourse that'll be his fate since he's out there, hoping that his investment appreciates in a space of no time) he better get his ass a Job to sustain himself. Investing in Bitcoin with your savings, without doing anything else to keep life going smoothly, until it gets to a good selling period is as good as wagering on casino games with borrowed funds - both will lead you to unending problems.

The process of HODLing takes and time and requires patience; there's no way he's gonna be patient enough for, let's say, 2 year or so, to be able to get an ATH price tag regardless of how much it'd be.
Edit;
P/s: This is not even a good time to buy, especially for little capital base since the market is bullish.

Waiting will only be worth it if you have other income-generating activities on the other side. But if you are just waiting for your assets to grow, it would be like waiting in vain as you don't know if you will be earning profit or not. At least, if you have other side jobs, you are not totally depending on your assets. Life goes on while waiting for your assets. It means, you have other expenses to pay for or monthly bills you need to pay.

[bettercrypto]

The bitcoin should be on purpose not because you were told, you got hyped, or you just keep up with it because you see a lot of people are interested in it, it's better and better that you understand what Bitcoin is and what it really is it can bring to human life in this age.

Because for others, one of the reasons why they invest in Bitcoin is because it is proven and tested in long-term investment, which for me is also true, second, there are as many merchants or companies in the whole world now really recognizes this as a mode of payment or investment.

[Vinaa77]

The bitcoin should be on purpose not because you were told, you got hyped, or you just keep up with it because you see a lot of people are interested in it, it's better and better that you understand what Bitcoin is and what it really is it can bring to human life in this age.

Because for others, one of the reasons why they invest in Bitcoin is because it is proven and tested in long-term investment, which for me is also true, second, there are as many merchants or companies in the whole world now really recognizes this as a mode of payment or investment.

That's right, it's not good for someone to decide to invest in Bitcoin because they're just following the hype or other people telling them to, of course this will be detrimental to us if we do that and it would be better for us to understand it first before deciding to invest.

Investing in Bitcoin has indeed been proven and they will benefit from holding Bitcoin in the long term, the large number of large companies that have used Bitcoin certainly makes us more confident in choosing to invest in Bitcoin in preparing for a better future.

[AVE5]

an unemployed person is not worthy of being a bitcoin investor, remember bitcoin is a very volatile asset, it is certain that an unemployed person will not be able to withstand emotional stress when the price of bitcoin goes down, he will definitely sell the bitcoin he has when the price goes down or when he needs money then that bitcoin is not suitable for unemployment. look for a job first, increase your income then you deserve to be a bitcoin investor.

I truly agree with you. For a better caption, bitcoin investment is ought to be an alternative source of income and not a primary based to rely on because on everyday life, we'd always been in need to facilitate on monetary commodities and expenses which bitcoin can not offer the privileges to execute them at when we needed it.
Bitcoin investments is bets regarded for future bargain because the fertility of bitcoin is basically (time) which may long or longer magnitude and the strategic (DCAing) accumulations.
Otherwise, the investor would end up labeling bitcoin a scam while it was out of how investment misconducts and inability to stick to the system demands.

[YUriy1991]

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.  

There is an interesting point from what you have said above, namely "He should get a job first before investing". Well, I think this might also apply to everyone who has the will to invest, especially BTC. Normally, all of that has a beginning before entering and investing in BTC from various sources of income.  Whether from following several campaigns in this forum or from other sources of income either daily/monthly salary.

[Barikui1]

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.

That's just it, I agree to your sentiment bro, you don't practically need another source of income for you to be able to invest in Bitcoin, what is actually mandatory is having a source of income that comes in regularly then I believe that you are good to go, because as long as you are paid weekly or monthly, the logical thing to do is to invest an amount you can do away without through the DCA accumulating strategy, with that, you can still sort out your monthly expenses, so with that method it would be must more easier to invest, as long as it's an amount you can do away without.

So I would advice that your cousin to first of all look for a job, then after that, depending on how much he is being paid, he would have to remove like 10% or 15 % from it as long as it's an amount he can do away without, with that, I believe that he can start his accumulating journey till he is quite ok with the stash of Bitcoin in his possession.

[CODE200]

You've already made yourself unaccountable to whatever happens next, I think that it's time that you shut up about it with your cousin, and you should've known not to advised him to invest in bitcoin in the first place if you already knew that your cousin is already hanging by a thread with that temporary job. I feel like you've screwed up big time OP and you're just trying to tone what's happened to you and your cousin because if the money will get lost because of the panic, I'm pretty sure that there's bound to be a fall out somewhere that would lead to you saying things like this, that's the thing that makes me think is happening in this one. I guess your advice is a good one given that it does make sense that you don't really want to prioritize investing when you don't have any money to spare for it, and when the choice is between not starving and investing, most would recommend you the former.

[Zoomic]

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.  

There is an interesting point from what you have said above, namely "He should get a job first before investing". Well, I think this might also apply to everyone who has the will to invest, especially BTC. Normally, all of that has a beginning before entering and investing in BTC from various sources of income.  Whether from following several campaigns in this forum or from other sources of income either daily/monthly salary.

It is not all about getting a job first, it is all about investing for the right reasons. The young man is only interested in making quick money just to fund his expensive lifestyle. Considering how volatile bitcoin  price is, he might get disappointed if things don't go as he envisioned it. Getting a job first is not the solution because he can dumb the idea of investing in bitcoins once he gets another job and starts earning money. There are several things to consider before investing in anything at all.They include:

• Risks involved and your ability to tolerate those risks
• Your financial plan

From OP's post above, the young man doesn't seem like he is willing to take the risks. He isn't investing with amounts he can afford to lose neither does he have any other plan aside wishing to double the money he is investing. Investments needs a committed investor, the young man lacks it and that is why he might get little or no returns from his investment.