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

[$weetne$$]

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 by protecting your cousin from investing in a desperate way, currently he is in desperations to get a new source of income because his old source of income has ended and this can make him to make irrational decisions that will make him to lose money and you are going to be the individual to receive the blame despite the fact you were doing something good for him because you introduced him to investing in Bitcoin. Let him first look for a new job then he can invest in Bitcoin and save up money to be investing more in Bitcoin to prevent him from not having another source of income to rely on if he was to lose the job again. He has already learnt his lessons and he would not behave in the way he did when you first told him about investing in Bitcoin. Experience teaches us lessons that will help us to make better life decisions.

[justdimin]

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. 

Yes, I am one of those people and even in this case I ended up selling anytime there was a medical emergency, even as recently as three days ago when mother in law was taken to Intensive Care, I had to spend 900 dollars that I didn't had, but took a loan out basically.

So all in all, sometimes the poor can't just invest, because at the end of the day we can't even survive with the income we have, and because of a few things our whole life gets crumbled, and there isn't anything I can do about it. We try, I do try to put anything I can, even if it's a dollar I will invest, even if it's 10-20 doesn't matter if I find a few cents then I would invest that, as long as I do not give up, I trust that one day I will have a good amount.

[batang_bitcoin]

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.

He can always buy with any amount that won't empty his pocket and salary if ever his cousin has already a good job. It's hard to rely on it if he doesn't have alternative source of income and it's a good suggestion to let him find first something stable for him to do whatever he can and won't be affected a lot by the market's volatility. Many quits because they didn't anticipated the high volatile of the market because they thought that it will be easy for them.

[Betwrong]

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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

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good  Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

[passwordnow]

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

I'll avoid also accountability with these kind of people. If they're going to pass the responsibility to me or they'd make me feel guilty, I don't like that. You just did the right thing to tell that you're not accountable what will happen to his investment and you're not involvement whether he profits or not. In my experience, with these people, they're likely to blame you just for the volatility of Bitcoin but when they're in profit, they'd happy secretly and won't even credit you for helping them.

That's why I avoid talking to friends and relatives that I know their motives and attitudes towards something. If they can't take it on their own, they should better get away and stay off the market because no one is going to save them with their losses. I don't like people who likes to blame because they'd make you feel bad at all times and with little losses that they'd get, they want to make you refund it to them as soon as possible.

Otherwise, they're going to tell you that you shouldn't tell them what to invest or pushed you to invest where in fact that you've told them that you shouldn't blamed for their investment because they were the ones decided to invest and not you.

[EluguHcman]

For those who blamed the OP that he wouldn't had asked the cousin to invest in Bitcoin in the first place, I don't think if OP really deserve the blames.

Of course Bitcoin is  lucrative form of investment which all of us here knows and it does not seem bad when you learn about such opportunity and could not lead your relatives know about knowing quite well that the current state of your relatives can bear the volatile conditions of the industry. Probably they could be financially bouyant then which significe that they would not be emotionally traumatized when the market flops low.

OP did the right thing detaching himself when his cousin came back to him for the investment. Clearly based on OPs narrative, the cousin did not realize the advice from the OP as a regret instead the cousin is directly coming in to give it a try hoping he would generate income on usually basis which Bitcoin is not supported to the possibility of that.

[Marvell1]

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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

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good  Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

I think it's better not to give any investment advice to others even if that person has a stable economy and they say they are willing to take risks. There is no guarantee that if they lose money they will not blame us, they say they are ready just because they want to make money and they ignore the risks we mentioned. But if unfortunately their investment fails, they will most likely blame us. That's why I always avoid giving bitcoin investment advice to anyone, including my relatives.

Investing in bitcoin is not just about holding for a few months to make a profit, but sometimes it can take several years to generate profits because bitcoin is unpredictable. No one can predict anything or know in advance what will happen.

[AVE5]

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.

Oh yes I've opted out of it so I'm definitely not part of it if eventually he insisted of investing after all sanctions. My conscience has been cleared.
I don't actually find him as one who came late to invest on the bitcoin by the time he came being ready but he actually came at the wrong time if factorizing it on his financial being at the current level.
Whether he'd ignore my advice as told not to invest on it for now or not, I know he'd definitely learn on the hard way. Although bitcoin investment isn't the only option for him to hedge against his future outbreak of inflation or source of income but that'd had definitely proferred him a hold to hopefully rely on.

[Hamza2424]

Most of people just like to show off, that if they knew anything about Bitcoin and crypto they would pretend like they are the only pro in that domain, as for Bitcoin I've seen many people just making random comments about it without knowing about the core concept. Haha, even I've seen people who think of some shit meme coins replacing Bitcoin in the crypto market by the end of the cycle. On a random discussion a couple of days ago, I did recommend one of my fellows to make some entries in Bitcoin in order to get some short-term profits and have a plan for long-term accumulation as well, and he replied with a shit coin that he's interested in that coin for the long run because it can replace Bitcoin haha like really.

The most interesting part is that he's not a newbie he's quite familiar with he crypto market and the latest trends as well, anyway we cant force anyone but giving a recommendation is not wrong with a disclaimer of DYOR, because if your recommendation can allow someone to explore something new to earn living and get some short/long term profits there nothing wrong with it.

[Magic-Money]

Bitcoin investment is not a get rich quick platform, but get rich is sure if you can have patience to hold for a long period of time, because Bitcoin price keep increasing every four years of circle of Bitcoin halving has already occurred. Since the person wants to earn in Bitcoin, you can introduce him on a spot or future trading expect to under go cryptocurrency trading training platform, is easier to make more profits if he can analyze crypto market movement.

[kingvirtus09]

You will only panic about volatility if you don't understand it for sure, but if you understand the depth of it, you won't feel worried about losing your investment. To be honest, this is usually the primary purpose of Bitcoin and other cryptocurrencies in this business industry.

In my situation, most of the time I get profit from altcoins, and with the other earnings I get from altcoins, I also buy other altcoins that have potential in the future, and I also buy a few bitcoins.

[bettercrypto]

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 by protecting your cousin from investing in a desperate way, currently he is in desperations to get a new source of income because his old source of income has ended and this can make him to make irrational decisions that will make him to lose money and you are going to be the individual to receive the blame despite the fact you were doing something good for him because you introduced him to investing in Bitcoin. Let him first look for a new job then he can invest in Bitcoin and save up money to be investing more in Bitcoin to prevent him from not having another source of income to rely on if he was to lose the job again. He has already learnt his lessons and he would not behave in the way he did when you first told him about investing in Bitcoin. Experience teaches us lessons that will help us to make better life decisions.

It's just that his cousin was so complacent when he had a job that he thought there would be no problem, so he didn't care about what we were doing. Then, when he lost his job because he was having trouble with no source of income, he suddenly said the same things to his cousin.

But even so, if he shows and insists that he is really interested in learning about bitcoin or cryptocurrency, there is no problem there as long as he is prepared for what he can really face here, because it is not easy to understand or learn.

[Betwrong]

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Investing in bitcoin is not just about holding for a few months to make a profit, but sometimes it can take several years to generate profits because bitcoin is unpredictable. No one can predict anything or know in advance what will happen.

At least we can say that that used to be the case many times in the past. Today, when many predict $200k+ in the future, and I personally agree with that, we still can't say when it will happen. I'd say, it is very likely that at some point next year we'll reach that price, but still I wouldn't say I guarantee that to anyone. The best advice, as always, invest only what you can afford to lose, or, in the case with Bitcoin, invest only if you can afford to lose half of your investment.

[Blitzboy]

That is why I say, "Dont put all your eggs in one basket." Bitcoin is the best investment in the world, but its not a cure-all. In unpredictable economic times, everyone needs a consistent income, a safety net. Build a stable foundation before adding things. Bitcoin is the great, but the investment needs a good foundation.

Your cousin's struggling. He's scrambling after missing out on Bitcoin's heist. Not too late. Still, he must invest wisely. Start modest: dca, and dont panic sell when markets fall. Most importantly, he needs a new career, a side gig, or something to get money. Bitcoin is a long-term investment. Wealth is built over time, not quickly.

[0t3p0t]

I think he needs to prioritize his stable source of income for now and investment would be his next target as it is way too risky if he will do it at the same time as he has a family to feed and bills to get paid. If he has extra money that is the signal for him to invest because risking the hard earned money we have especially if oir loved ones depends on us is like gambling it all in casinos.

[Wakate]

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.

He can always buy with any amount that won't empty his pocket and salary if ever his cousin has already a good job. It's hard to rely on it if he doesn't have alternative source of income and it's a good suggestion to let him find first something stable for him to do whatever he can and won't be affected a lot by the market's volatility. Many quits because they didn't anticipated the high volatile of the market because they thought that it will be easy for them.

I think we need to tell people about what Bitcoin investment is all about. There is need for the information to be passed to the person that wants to invest because when that's less knowledge about it, it could make investors to panic a lot seeing their funds depreciating in price which supposed noy to be. Bitcoin investments is quite risky and we need to know what we are doing so we don't have to keep complaining of lost funds because of less information about it. Anyone can lost money in  cryptocurrency no matter whether you are pro new to it.

[Volimack]

If you don't tell people about bitcoin investment they will never know about bitcoin. Bitcoin investment can be advised but they should know the investment risks first. If they know all the information about the market they will never panic and if they keep it at the right time they can make good income from bitcoin. A certain percentage of your income should be kept for investment.

[Rabata]

Giving financial advice is definitely a tough job. If one does not have an alternative source of income then inviting him to invest in an investment platform especially Bitcoin can be a big mistake. It is very simple that Bitcoin is a currency of high volatility. There is no guarantee of return on investment. Investors who live or need to live on their investment money should never be encouraged to invest in any such platform.

Undoubtedly Bitcoin is a good platform for investment but only those who have financial support to invest. If the price drops after investing in Bitcoin, those who have alternative support are the ones who is worthy to invest. If someone is advised to invest in Bitcoin, he must discuss the negative and positive aspects of investing in Bitcoin. Bitcoin is definitely a good investment but it definitely requires long-term planning. If an investor has the ability to invest for the long term then he can invest in Bitcoin.

[AVE5]

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.

You've made a lot of points but while we specify this to secure alternative source of income is that if you're to invest on bitcoin with your savings when there's no source of income then you can not be able to DCA and once you've Invested and you've exhausted your savings which there's no source to account incomes of course you'd have no choice than to sell your assets.
It's unfortunate that we times goes you'd finish spending your asset funds and since theirs no source of income you'd become bound to no income and running bankrupt.

[Mate2237]

This has been my advice for every new investors in the cryptocurrency market. I had created a similar thread in the local board and telling people that they should not invest of they are not in any way having or something to survive because definitely he must touch the investment money to solve one problem or the other if he is not doing anything to support himself. One can enjoy bitcoin investment if he is doing something so that he would be hodling the coins till the bull or All Time High. And many people don't o ow this things and all what they want is to invest and make profit.

And those who are working in the government and business people are the good people to invest in bitcoin because they have steady income. Though others can also invest if they planned well.