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

[Viscore]

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.

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

[Antotena]

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.

At this stage of Bitcoin, I wouldn't bring someone with saving account to come and invest in Bitcoin, I wouldn't give strategy or any advice, just make sure he stay away as possible because of their expectations. A person who has money in his saving account is probably doing it to keep the money for something important in the future, advising such person to buy Bitcoin is giving him hope for tomorrow that Bitcoin will appreciate but how many percent do you think he will get on his saving account.

At this level of Bitcoin price, if you can't hold for long time so that Bitcoin will grow, you wouldn't make much. We aren't below $10k where you can make much profits. However, if you have plenty of cash to invest, I mean something that can afford a Bitcoin, then you can earn something better but anything less than that, you will earn little or even make little, that's why it's advisable to buy for long term for long profits.

[AmoreJaz]

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.

Steady and other alternative income are indeed important if someone wants to explore his opportunities in crypto market. As this market has no guarantee when will you make profits, it is best to secure you have other sources to pay for your monthly bills and other important expenses. Because if you are relying on your crypto assets, you won't know when will you get profits out of it. And so the chance of selling it prematurely will be there if you find yourself tight in budget.

[Nothingtodo]

Before recommending Bitcoin investment to someone, one should consider whether they can handle the risk of investing in Bitcoin. There are many investors who invest in multiple coins, including Bitcoin, but in that case they can master all the risk management strategies themselves. Moreover, those investors who have no alternative source of income should not be advised to invest in Bitcoin because they will be forced to sell the investment if the source of income decreases after investing in Bitcoin.

[kotajikikox]

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.

Wherever one is working, whether he or she is a doctor, a lawyer, an engineer, or a teacher or whatever it is as long as he or she has money to invest then it’s highly suggested that he or she invest it in the right assets and crypto would be one of them.

The problem is a lot of people see crypto as a job, not as an investment option to get back to when you’re old and ready to reap its rewards.

[Essential10]

If your cousin was investing while he was job I think he would have withdrawn his bitcoin money now because he is now unemployed and needs money to meet his family needs. now If he invests all the money in Bitcoin, he will panic and sell at a loss when the price of Bitcoin falls. You can give your brother a suggestion to find a way to earn his income quickly, add you to the forum to learn about Bitcoin, or you can give advice yourself in various ways. If prosperity returns in his life then you should encourage him to invest because he interested to be invest Bitcoin.

[ChiBitCTy]

I mean no one should be investing in heavily speculative and volatile assets/investments/commodities unless they have the money to do so.  Everyone should be trying to invest in their future, but for the vast majority of those people, doing so means doing so responsibly until one builds up enough assets that sets them on track for retirement but has additional money they could be investing, then investing in alternative assets such as bitcoin could make sense.

[Marvell1]

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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.

But when you tell them what happened in the past, predicting bitcoin will reach 200k USD means you are giving them suggestions and intending to advise them to invest in bitcoin even though it is not advice direct.

That's not necessarily too bad, but I think you need to emphasize the risk more to them instead of just talking about the returns they will get when they invest in bitcoin. Giving the advice “only invest what you can afford to lose” is certainly indispensable but what worries me is whether they will actually follow your advice or will they invest with borrowed money or money that cannot be lost. For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

[Bravut]

For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

You are right. The pressure is real, they can borrow, invest all, go far just to invest and expect return in second, of which when it turns out that it did not go as expected, they would put the blame on another and drive themselves to emotional imbalances. So the need, for clarification before we advise them to invest should be prioritize, when it comes to investing one must have a source of income first, nobody can invest in an empty stomach or account and believe that such investment would yield any great result. The reason why many people cry, regret and call Bitcoin Market all sort of names is because of this underlining factor, people investing with high hopes, impatience, expectations far from normal.

[Pandu Geddon]

You are right. The pressure is real, they can borrow, invest all, go far just to invest and expect return in second, of which when it turns out that it did not go as expected, they would put the blame on another and drive themselves to emotional imbalances. So the need, for clarification before we advise them to invest should be prioritize, when it comes to investing one must have a source of income first, nobody can invest in an empty stomach or account and believe that such investment would yield any great result. The reason why many people cry, regret and call Bitcoin Market all sort of names is because of this underlining factor, people investing with high hopes, impatience, expectations far from normal.

I prefer not to advise anyone. because of someone's financial condition, we won't really know. but if they come and ask me, then I will give them some advice before they invest in Bitcoin.

More people ask me and are interested in Bitcoin because of the news on social media. they see Bitcoin investment and trading as something very safe but don't see the risks. There are even those who see Bitcoin as a way to make quick profits. In fact, those who asked actually already bought instantly on the stock exchange. and they are without basic knowledge.

[Huppercase]

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

All quick get rich investment are scams as I have never in my life see anyone that works, the ones that stood it time to work don't exceed maximum of 2 months before they fold and then disappear. If you must invest into anything, you have to understand that you need patience and the return on the investment must be moderate but I guess because Bitcoin and crypto has spoilt a lot of people because of these profits, we don't look twice before making mistakes on any investment.

I'm not the type that will bring anyone to invest in Bitcoin but if they insist that I should help them, I will not reject because if you do, they will feel you don't want to put them through but my first cautions comes before anything, I will tell them the risk involves and things they will likely see in the future and if they accept, then we can proceed with whatever they tell me to teach them about Bitcoin.

[moneystery]

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

many people think that investment can be used as their main income and a way to get rich quickly. they do not understand that investment has a risk that at any time someone can lose the money they invest because of an unstable market, especially in crypto investment. this is the reason why investment requires alternative income, where the money can be used to get profit from the investment market. someone who wants to invest should think about it and consider it carefully, because the wrong mindset about investment can be a bad thing for them.

[CageMabok]

If your cousin was investing while he was job I think he would have withdrawn his bitcoin money now because he is now unemployed and needs money to meet his family needs. now If he invests all the money in Bitcoin, he will panic and sell at a loss when the price of Bitcoin falls. You can give your brother a suggestion to find a way to earn his income quickly, add you to the forum to learn about Bitcoin, or you can give advice yourself in various ways. If prosperity returns in his life then you should encourage him to invest because he interested to be invest Bitcoin.

Your suggestion does sound worth considering, but what makes me a little surprised is how do you know if someone's relative is feeling panicked due to the decline in Bitcoin prices or urgent life needs? Because I see personal things such as daily needs in other people and feelings of panic in someone, it is also not easy to know even though someone is running an investment like Bitcoin. The person's family or relatives really need to encourage them so that they don't become careless and panic when investing if they themselves really like Bitcoin and this must continue to be encouraged because their siblings don't choose the wrong investment for themselves.

[Marvell1]

You are right. The pressure is real, they can borrow, invest all, go far just to invest and expect return in second, of which when it turns out that it did not go as expected, they would put the blame on another and drive themselves to emotional imbalances. So the need, for clarification before we advise them to invest should be prioritize, when it comes to investing one must have a source of income first, nobody can invest in an empty stomach or account and believe that such investment would yield any great result. The reason why many people cry, regret and call Bitcoin Market all sort of names is because of this underlining factor, people investing with high hopes, impatience, expectations far from normal.

I prefer not to advise anyone. because of someone's financial condition, we won't really know. but if they come and ask me, then I will give them some advice before they invest in Bitcoin.

I would do the same, I don't want to give advice to anyone unless someone asks me about bitcoin. But what I can give them is the basic knowledge, the necessary documents, and they should take the time to learn it all before making an investment decision.

More people ask me and are interested in Bitcoin because of the news on social media. they see Bitcoin investment and trading as something very safe but don't see the risks. There are even those who see Bitcoin as a way to make quick profits. In fact, those who asked actually already bought instantly on the stock exchange. and they are without basic knowledge.

But in this case, do you give them any advice or still choose to stay silent and let them experience buying bitcoin without basic knowledge and see it as a get-rich-quick scheme?
If it were me, I would stay silent and let them experience and learn their own lessons after the loss. For those who have no knowledge but rush to invest in bitcoin thinking it can make them rich quickly, advice will not work for them and experience is what they need. .

[AVE5]

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.

Untill it's realized that the nature of bitcoin investment is not a get rich quick and isn't one of the MemeCoins that's subjected to coins surprising increase based on marketing hypes strategies, then beginners would bear it in mind that there coming to invest on bitcoin would require a long time holding which only an alternative and stable source of income would let you achieve your investment goal.
Considering a good life the reasons why invest, we can't have the money growing somewhere there while we're dieing on hunger and medical cares. Of course non alternative income would always disrupt our bitcoin holding while waiting to make profits.

[Z_MBFM]

You must have enough money to invest.  Investment is a type of savings. You can save only when you have the source and ability to earn enough money. Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility.  Because if you invest you have to take risk. If someone asks me for advice, I will never give financial advice to anyone.

[Dr.Osh]

You must have enough money to invest.  Investment is a type of savings. You can save only when you have the source and ability to earn enough money. Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility.  Because if you invest you have to take risk. If someone asks me for advice, I will never give financial advice to anyone.

Well, I feel that investment depends on the type so that it can be said that it is a type of savings. However, in crypto, I think this is a risky type of investment, and perhaps I feel that it can be considered a savings if only choose popular crypto. Apart from that, I don't think having money is enough, but we need to have other sources of income to help us when we encounter risk problems from this investment. Many people are reckless in investing in crypto, such as selling all their assets, or taking out loans with quite high interest. however, when they incur losses from these investments, they find it difficult to repay their loans because they have no other source of income.

[Adams0001]

Investments do not guarantee instant profits, you need to make it work first before you can see essential profits. So if you are investing in order to get rich quick, you are on the wrong track. And if you invest and have plans to rely on it for survival, it won’t certainly work in all angles. Investing should come as an additional source of income, not as a major source for survival so that you won’t see yourself starving to death in the end.

many people think that investment can be used as their main income and a way to get rich quickly. they do not understand that investment has a risk that at any time someone can lose the money they invest because of an unstable market, especially in crypto investment. this is the reason why investment requires alternative income, where the money can be used to get profit from the investment market. someone who wants to invest should think about it and consider it carefully, because the wrong mindset about investment can be a bad thing for them.

You are correct because I see some of my friends investing as a source of income, which is not supposed to be because bitcoin is volatile and no one can predict it. I usually advise someone not to invest if he does not have another way of generating money because he will never succeed in crypto if he does not have other sources of income. Because if you don't have any other source of income and have invested with the funds you have with the intention of selling when you make a profit, you will be stuck with it for a long time. And you opted to leave it for the long run, and an emergency came up, and you don't have any source to solve your problem definitely you will sell your coins and solve the issue and probably the coin can be is lose or profit. But you haven't chose you rather sell it and deal with the difficulties yourself. And your investment is already miserable therefore it is best to get something done that will help you financially without affecting your investment.

[OgNasty]

I received my first couple BTC by selling a video game code that came with one of my graphics cards. Looking back, it’s funny now that those BTC turned out to be so valuable. However, it isn’t a bad way to get your hands on some Bitcoin. Surely you must own something that someone would be interested in buying from you using BTC.

[JusticeSolus]

I received my first couple BTC by selling a video game code that came with one of my graphics cards.

Funny you mentioned that you got your first BTC from selling a code to an actual video game.  I'm trying to convince these people we need a videogame board/child board but it's slowly killing me as we speak.