Challenge of Bitcoin as the only source of income

[Merit.s]

It is easy, whoever ask you how do you get funds since you are not leaving the house. Tell them that you work from home and you are into online marketing, I believe that will clear every doubt. One thing that you must know is that bitcoin cannot be the only source of income, because it is not a get rich quick scheme and bitcoin will not give you profit if you don't buy and hodli for long. So you need a means of income either business or a job to take care of your needs. Even people that are in signature campaigns here in the forum cannot say that they have a job because they are paid weekly. The reason is that it is not all the time you will be in a signature campaign due to the company pausi g or stopping the campaign, how will those people cope. You see in life you need to have a source where you get paid weekly or monthly regularly. It is when you have accumulated enough Bitcoin in a long time that you might start depending on your bitcoin investment.

[laijsica]

In recent times many people are engaged in various online based professions to diversify their source of income. Freelancing, Graphics Design and other online careers. If you don't want to promote anything related to Bitcoin, then call it an online based profession. Basically you have to be strategic in the way of life which changes with time. If you live a good life, many may object and annoy you, but you must be firm in your ways. But you must have a source of alternative income so that people get a positive impression of your identity.

[Ever-young]

For clarification purpose Bitcoin can not be an only source of income, it is a business that a person needs to invest money in on a long term before they can get reasonable returns on investment. A person without a job or a source of income can not hodl it, unless he or she  has made a lot of money from Bitcoin that they are surviving on. Cryptocurrency is volatile and even people that are into crypto trading are advised to have other sources of income because of the risks of loses in trades, there is no guarantee that a person must make money in a trade. It is possible for someone to stay in their house and make money in cryptocurrency, they just need to have funds to trade and invest with. Besides cryptocurrency, people make money in their houses engaging in other businesses like TikTok. As for what people will think about your constantly staying indoors, I believe that so far you're not doing something illegal, then you don't have to worry about it.

Yes you are very correct because if you use Bitcoin as your source of income without having another source of income it will makes you not hold your Bitcoin for a long term, because normally Bitcoin investment is always good when you have another source of income that we be giving you money every day so that Incase of if you have a emergency you would be able to manage and solved your problem without touching your investment.

That's true, as it will really affect our investment because we will find it hard to invest for the future purpose.

So the only way to make this work and actualized our dreams it's just by having or doing another work or job that will be giving us money on a daily basis in case of emergency like you said, if we have another source of income, we will be able to save for long term as we want and it will save us the stress of exchanging the coin into fiat for our own consumable. So we should try doing another or have another side hustle to help us from unwanted embarrassment, disgrace etc.

[liasbaa]

You can choose Bitcoin as a medium of investment/deposit which can expect high returns for the future. Bitcoin should not be your only source of income. It is important to have multiple sources of income and keep it diversified if you want to live well. If you only work from home you may face various health problems so you should focus more on alternative income besides accumulating Bitcoins to handle family financial stress.

[Zigabel]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

I don't know how well you are going to explain to people who are not into cryptocurrency to understand that its very possible to live a live as such without actually having to go out daily for a job or a business and still be comfortable to a great extent and that is why it will be good to be conservative with your life style generally and not to start portraying a very extravagant life when you know your source of income is such that needs too many explanation and not everyone is even acquainted with it in this country. honestly even as a bitcoiner, if i ask you what you do to earn an income that affords you such a large life style and you say to me its bitcoin, I'm going to have some atoms of doubts except you add some specifics such as saying you a bitcoin trader then i will be sure you are actually making the most of bitcoin but even an investor in bitcoin may not tell me all they do is invest in bitcoin and they do no there thing yet they are living so large at every moment, not especially as i understand the dynamics of investing in bitcoin.

[goldkingcoiner]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

Bitcoin is a good idea but having only a single source of income is a bad idea.

If you want security, make sure you have multiple sources of income, so that if a single source fails for any reason, then you will still have the other sources.

[Sonia_123]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

It has been said severally not to rely on Bitcoin as your only means of livelihood, you have to engage yourself in another business in other for you to be on safe side in case of any problem while investing, it also serve as a backup funds for you. Having another source of income gives you an edge over financial challenges, but Incase you don't have money to set up business, you can start with whatever your little income you get from campaign signature after becoming a full member  . Sitting down at home always and making your money from Bitcoin is not always adviceable be you can be mistaken for yahoo yahoo or any other criminal act ,no matter little your business could be, you can still do your Bitcoin from your shop/office.

[Barikui1]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

First of all not having any other sources of income is really not good for your holdings, because you will have to fall back to your holdings for survival which is not a good idea, as long as you really want to have a good stash of Bitcoin in possession and you are actually thinking long term, not doing anything will make you eat up your investment bit by bit till it runs out.

Secondly, talking about you staying home all day and be doing nothing, bro, we all know the society we find ourselves, especially in Nigeria,  once you are at home doing nothing, and you are living a good live, spending extravagantly, you will definitely be seen as a yahoo boy, so in a situation like the one you pointed out, I would advice that you do all your crypto job or anything you are doing online that pays your bills, you do it in the comfort of your home,  though I would advice you let one or two people that are close to you know what you does for a living, so that in case of tomorrow, they might be able to speak on your behalf, and even in your absence, but as for the constant pressing of phone, I suggest you do it mostly indoor, so that you won't be seen as a fraudster.

Lastly, control the way you spend money, especially in the presence of those your neighbors, let them not start thinking you are into fraud.

[Roseline492]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income
 

Well the truth is that I no that we all love Bitcoin investment because we believe that in the future it could give us another good story line but that doesn't mean that we should see it as the only source of income because is not actually meant to be so, if perhaps that is your motive I will strongly advised you change that narrative because the only way you will enjoy your Bitcoin investment is if you have other means of sustaining yourself while your Bitcoin investment is running, actually don't get me wrong because the reason why I'm saying this is that if for instance you see your Bitcoin investment as the only source of your income is obvious you will be tampering with it whenever you have any serious need but in other words if you have other means you will see that you be able to hold without having any difficulties.

[Olatundespo]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income
 

Well the truth is that I no that we all love Bitcoin investment because we believe that in the future it could give us another good story line but that doesn't mean that we should see it as the only source of income because is not actually meant to be so, if perhaps that is your motive I will strongly advised you change that narrative because the only way you will enjoy your Bitcoin investment is if you have other means of sustaining yourself while your Bitcoin investment is running, actually don't get me wrong because the reason why I'm saying this is that if for instance you see your Bitcoin investment as the only source of your income is obvious you will be tampering with it whenever you have any serious need but in other words if you have other means you will see that you be able to hold without having any difficulties.

Most of the investors can start depositing their bitcoin in their thick funds at the end of the month after daily expenses for their family. But they may forget that they may need urgent need in the future, such as need for emergency treatment or losing jobs or other factors. For these reasons he may need a lot of cash. The decision to invest the entire money in disposable money without having to arrange cash in your hand may prove wrong at that time. Because they may not have any option for without withdrawing their valuable resource Bitcoin at an urgent need. So it is better to keep partial cash without investing your entire money every month so that you can spend the family of the family for 3-6 months. According to this plan, if your investment can be sorted to the future, you will reach your goals which increases the size of Bitcoin holding.

[Zanab247]

Since you know where your source of income is coming from, you don't need to worry about what people are going to say about your source of income because you don't know who is after your life or wealth which you need to keep the secret to yourself.

 If you don't want to be staying at home for people to think you are not working, you can look for a job that will be allowing you to have time for your BTC business, and it will make people in your environment to conclude the source of your income. I don't care what people will going to say about my source of income, because nothing will make me to tell people in my environment the source of my income because all eyes will be on me in the environment, and It can make me not to walk freely like the way I used to work freely in the environment, because I  have exposed my source of income to people.

[AYOBA]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose.

There are many people's that are classified a Bitcoin as their way of success of income, and there are some that don't take it so, but what some people's do is take the money that they earn in this Bitcoin they take it into another way that will generate them money. Because this world is like a ball, it can turn you at any moment since we only know today, but we don't know tomorrow. That's all about this world, which is why some people don't take Bitcoin as their permanent source of income. Actually, not everyone we can tell our way of generating money, but there are some people we've to tell them to avoid them thinking negatively.

so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

Normally, it happens in some environments that if nobody knows what you're doing, they will be thinking badly about you, especially those that are in this forum. We know that there are some that they didn't have other work to do, like handwork. Even though they're into Bitcoin, not all people's will know accept the people he shares his conversation with. But you see those that didn't have any hands work apart from the Bitcoin; there are people's that some will be thinking negatively about them with the way they spend money in the environment.

[Mate2237]

There are sometimes even you don't tell them they will still know unless you don't have people around your. Those who are close you probably you have told them and those people will also tell another person and from there news fly and spread. And naim make the information wey you never tell people naim be the secret you have and once you tell one person then e no be secret again. No trust anyone.

Bitcoin nis not a forbidden thing or digital currency in the country just dat di government want to collect tax from it but dem never know how to do am so nai make dem dey do all dis obnoxious law to ban di digital currency from some online Banking and dat one na di commercial banks dey do am because boys w no dey use main banks again. Telling people what you do if it is not illegal then it is not bad. Telling people that you are into buying and selling of bitcoin. It is not bad idea and it might bring customers to you as well.

[Egii Nna]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

Even you as a person will not enjoy only depending on bitcoin investment because when something happens, like a loss, you will find it hard to endure because that is only what you depend on, but that is not what we are to answer. Let's go to the question: as a man in Nigeria who is not going anywhere and is living a comfortable life in such a community, definitely he must be tagged with these two different negative thoughts: either they will say he is a yahoo boy or a ritualist. So to avoid all this, you gave up having a physical business. even though you will have no customers to patronise, just to avoid being a suspect in society. 

But to me, I will like to open a boutique where I will be selling shoes or caps, so if I stay there, people will definitely think that that is my source of income. But if you wish to stay without work, then definitely you will always go to the police station to settle different cases, even if you are innocent. 

[Marykeller]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation? 

Snubbed them, be vigilant, or have a change of environment to a secure and quiet place where everyone minds their business without poking nosing into other people's business. Our life and business security is what we all should be very mindful of without being struck by the unexpected.

Having said that, if you can't afford a place that is quiet or private. Some precautions need to be taken, such as not moving out late at night, not having your bitcoin stored in the phone or laptop that you go out with, having a separate gadget for it(not to move with it or telling anyone that your bitcoin stored on soso gadget).

These days one needs to be wise with their fellow beings. Not to easily open up their bitcoin worth or financial worth to their friends just because they thought their friends couldn't harm them or have them betrayed. Not knowing that it's close friends that kills first than enemies

[Juicyhome]

Bitcoin is a genuine and financial intensive business that has the potential of financial sustainability of a knowledgeable in the Bitcoin system as a career and only source of income but considering the nature of the world we are living today telling people the source of your income is not adviceable for security purpose. so if you are living in environment where people don't know that you are into Bitcoin, they don't see you go out for a job hunt or for business but know very well that you are living average life without financial stress while always indoor that will become to question your source income or start having negative impression about you and your means of surviving.
So, my question is, what are you going to do if you find yourself in this kind of situation?  

Even you as a person will not enjoy only depending on bitcoin investment because when something happens, like a loss, you will find it hard to endure because that is only what you depend on, but that is not what we are to answer. Let's go to the question: as a man in Nigeria who is not going anywhere and is living a comfortable life in such a community, definitely he must be tagged with these two different negative thoughts: either they will say he is a yahoo boy or a ritualist. So to avoid all this, you gave up having a physical business. even though you will have no customers to patronise, just to avoid being a suspect in society.

But to me, I will like to open a boutique where I will be selling shoes or caps, so if I stay there, people will definitely think that that is my source of income. But if you wish to stay without work, then definitely you will always go to the police station to settle different cases, even if you are innocent.

@Mata2237 this is low self esteem, because of what people will say you then use your money to open business you have no ideas for just to justify your innocence for people that don't put food on your table,  that's rubbish,  it's all about how you keep your self, if your a bitcoin miner or a trader, you have to be consistent in it, never mind what people will say, but you have to avoid to dress like yahoo boys or doing indigent act that will attract the police to you. If you are driving,  have all your papers complete dress proper and focus on your trade. Society pressure, should never make you go into business you don't want to do just to please them. My dear bitcoin is a recognised coin in the world, and this is what is putting food on people's table.  So don't be shame of it.

[Bryan jessy]

Bitcoin is a source of income yes very true, but I do not think people should have it as the only source of income, because there are other things to engage in to get more incomes. Of course your neighbors are going to be suspicious of you always staying indoor and living a good life, like financially stable. It is advisable to have other investments apart from Bitcoin, yes you can still invest on Bitcoin and have either a business working for you or any other investment you prefer to engage yourself in.

Few years back when I had no idea about Bitcoin existence I have always been suspicious of some of our neighbors they were mostly guys, this guys does not go out they run their generator 247  it never goes off, and should in case it does they always refill it immediately it goes off and starts running it again, they lived a financially stable life without stress. I kept wondering what their source of income was and people around started suspecting that they are into Yahoo business, why because they had no other physical business they do.

[Derekfunds]

Bitcoin is a source of income yes very true, but I do not think people should have it as the only source of income, because there are other things to engage in to get more incomes. Of course your neighbors are going to be suspicious of you always staying indoor and living a good life, like financially stable. It is advisable to have other investments apart from Bitcoin, yes you can still invest on Bitcoin and have either a business working for you or any other investment you prefer to engage yourself in.

Few years back when I had no idea about Bitcoin existence I have always been suspicious of some of our neighbors they were mostly guys, this guys does not go out they run their generator 247  it never goes off, and should in case it does they always refill it immediately it goes off and starts running it again, they lived a financially stable life without stress. I kept wondering what their source of income was and people around started suspecting that they are into Yahoo business, why because they had no other physical business they do.

You absolutely correct Bitcoin investment is very nice and cool but that doesn't mean one should dive into Bitcoin Totally and forfeit other investment that can fetch one reasonable amount of money everyday, every week or every month as the case maybe perhaps it is very good to diversify our investment cause you don't know the one that will be more profitable by merely looking at it.

However, I believe most of the people we say they have money such as Dangote etc. He has different kind of investment cause he believed that some of his investment has the period and season they usually do well I mean bring profit heavily that is why they diversify and that is what ambitious people do. There's this saying that one shouldn't put all his eggs or orange in one basket the reason is that if your basket of eggs should tear definitely all the eggs will fall on the ground and break that is why it's not advisable for one to put all hope in one investment.

[Gozie51]

So, my question is, what are you going to do if you find yourself in this kind of situation? 

First, my brother if you say bitcoin na source of income then na how you mean? Except na trade you dey trade am then you dey make profit. Like as bitcoin price reach $73k and drop to $60k, that one na $13k difference in profit already but na how you want even take know say e want drop when the current expectations self na say e suppose begin rise more. That is even the challenge with trading. And to talk say na to hodl bitcoin na im be the source of income, omo that one no be true because na just like side pay wey persin fit get from time to time.

So to answer the question about wetin neighborhood go dey think if you dey make money while staying at home. That one no concern anybody and if you no comfortable with am then you fit dey go out from time to time or you open small business wey go also dey carry you go out.

[liasbaa]

Bitcoin is a source of income yes very true, but I do not think people should have it as the only source of income, because there are other things to engage in to get more incomes. Of course your neighbors are going to be suspicious of you always staying indoor and living a good life, like financially stable. It is advisable to have other investments apart from Bitcoin, yes you can still invest on Bitcoin and have either a business working for you or any other investment you prefer to engage yourself in.

You are correct. Bitcoin should not initially be considered as the only source of income which raises questions among neighbors. You should keep sources of income that are consistent with your normal behavior, such as alternative employment such as business, part-time jobs, or other occupations that are of a one of a kind identity. As well as the highest tendency to deposit your bitcoins which should be funded from your alternative income. Bitcoin allows you to make huge profits but you have to go through investments which are an alternative source of income for you. However you need to have an alternative income because its value may go down and you may suffer. Overall you should opt for holding Bitcoin as long term holdings allow you to make huge gains.

You absolutely correct Bitcoin investment is very nice and cool but that doesn't mean one should dive into Bitcoin Totally and forfeit other investment that can fetch one reasonable amount of money everyday, every week or every month as the case maybe perhaps it is very good to diversify our investment cause you don't know the one that will be more profitable by merely looking at it.

You should continue depositing for at least some more time which is 2 years or more to make the investment of Bitcoin profitable. Attitude is to initially build your portfolio to a decent level and then take advantage of the opportunity to sell at higher prices as you wish. Bitcoin allows you to expand your horizons but you should ensure its proper use which is a long term holding.