Other businesses and Bitcoin investment.

[Reatim]

Bitcoin investment should only be a side hustle. Find a regular job first or establish a solid business first so you can sustain your bitcoin investment.

Even if it is trading, you still need to start somewhere. You are going to need the money to kickstart your bitcoin journey. You can’t invest in bitcoin if you have no money to start with. I also would not recommend getting loans just to invest in bitcoin. If you can’t afford it yet then do something so that you can. Make your own money and invest it in bitcoin.

The only time I see people do full time trading is when they have enough savings and a separate set of money for trading. It is incredibly risky to drop everything and focus on trading/investment without a plan b.

[Abbatty]

Some people see Bitcoin as a source of income and they wait patiently for it to grow so they can sell and it profit especially those who are traders, a lot of people see it as there only source of income but we forget Bitcoin is very volatile and anything can happen at anytime one can be expecting to get a huge profit 3 years to come from Bitcoin and Bitcoin falls, this has caused a lot of people depression and it is advised that will use our Discretionary Income to invest in Bitcoin.
Some people says before investing in other business you must make sure you have accumulated enough Bitcoin but that's not it one can still invest in a business that will give you income while accumulating Bitcoin especially for those who are not long term Bitcoin investment.
When you build another business that brings you good profit it will help you grow your Bitcoin more bigger.
Building another business while accumulating your Bitcoin is not a bad idea, and is very much possible, let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

The thing is we are human and we all have different mindset, some people are just naturally risk takers and there are some that don't even calculate the risk they about  to take before engaging in it. So like I always say it is advisable to always have another source of income before investing in bitcoin, like have somewhere you can always leave on with your daily spendings, because the thing is bitcoin requires patience so without you having a steady flow of cash or income  you will be forced to sell your investment due to some emergencies, so always have another source of income before investing in bitcoin or any other type of coin.

Again some people will put all their savings into bitcoin investment hoping that within a very short period of time the market will pump and will sell and make alot of gain but the maket is unpredictable and they are force to sell with lose, some will even go to lend money to invest and will still end up selling at lose that why it always advisable to always have another way of income before investing in bitcoin or crypto as a whole.

[Richbased]

Bitcoin is a profitable investment. But relying on it solely to give you a major source of income, that would be impossible. Know that it's highly volatile, and anytime your investment may suddenly drop its value and would still take quite a longer time before recovery. Which means, you cannot assure when you'll be profitable on it. So if you rely on it alone for survival, surely you and your family will end up hungry.

I like your opinion here because due to the fact that the price of bitcoin experiences an uptrend most of the times, some investors often forget about market volatility with the believe that when they buy the price will just skyrocket so soon that's why most investors do panic selling when the price is falling. A good investor should know that bitcoin is not a get rich quick scheme where they invest and expects profits almost immediately that is why anyone investing in bitcoin should not focus their entire life in it, instead focusing more on the source they use to invest in bitcoin will be better so that they won't feel pressured to sell their bitcoin at any point especially when their investment is not yet matured or when the market is moving sideways.

Bitcoin investment should only be a side hustle. Find a regular job first or establish a solid business first so you can sustain your bitcoin investment.

Even if anyone should be so committed to their investment in bitcoin, they should focus more of their energy in the jobs or businesses they do to raise funds that they use in investing in bitcoin because without solidifying those sources it will be difficult to continue with their investment in bitcoin.

[Mr. Magkaisa]

Some people see Bitcoin as a source of income and they wait patiently for it to grow so they can sell and it profit especially those who are traders, a lot of people see it as there only source of income but we forget Bitcoin is very volatile and anything can happen at anytime one can be expecting to get a huge profit 3 years to come from Bitcoin and Bitcoin falls, this has caused a lot of people depression and it is advised that will use our Discretionary Income to invest in Bitcoin.
Some people says before investing in other business you must make sure you have accumulated enough Bitcoin but that's not it one can still invest in a business that will give you income while accumulating Bitcoin especially for those who are not long term Bitcoin investment.
When you build another business that brings you good profit it will help you grow your Bitcoin more bigger.
Building another business while accumulating your Bitcoin is not a bad idea, and is very much possible, let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

          -       If you yourself know that you are a long-term investor, for sure you will do the DCA method most of the time so that you can accumulate bitcoin little by little. And because you are willing to wait a long time, it is of course an advantage that you have another source of income, and it can be a business or a salary from being an employee.

We can't do the DCA if we don't have another source of income; even if we don't have a business or a regular job, we can create another sideline that we can get income from.

[tygeade]

The thing is we are human and we all have different mindset, some people are just naturally risk takers and there are some that don't even calculate the risk they about  to take before engaging in it. So like I always say it is advisable to always have another source of income before investing in bitcoin, like have somewhere you can always leave on with your daily spendings, because the thing is bitcoin requires patience so without you having a steady flow of cash or income  you will be forced to sell your investment due to some emergencies, so always have another source of income before investing in bitcoin or any other type of coin.

Again some people will put all their savings into bitcoin investment hoping that within a very short period of time the market will pump and will sell and make alot of gain but the maket is unpredictable and they are force to sell with lose, some will even go to lend money to invest and will still end up selling at lose that why it always advisable to always have another way of income before investing in bitcoin or crypto as a whole.

Yeah, if you are not worried about the money that you are dealing with in bitcoin because you have an income already and if you lose all the money in the bitcoin then you will be still solid thanks to your income somewhere else, then you should be taking bigger risks or even do better in general because you are not worrying. I have seen a lot of people who have millions of dollars, and put in about 50-100k into bitcoin and they did better than anyone else.

Because they had millions, they didn't worry about losing this, and that made them better since they didn't had irrational fears that made them do wrong moves. As long as we can do that, it is going to be fine and we are going to end up with a good result without a doubt.

[justdimin]

Some people says before investing in other business you must make sure you have accumulated enough Bitcoin but that's not it one can still invest in a business that will give you income while accumulating Bitcoin especially for those who are not long term Bitcoin investment.
When you build another business that brings you good profit it will help you grow your Bitcoin more bigger.
Building another business while accumulating your Bitcoin is not a bad idea, and is very much possible, let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

Basically what microstrategy is doing, they have a business and they make profit from it and then they use that profit to buy bitcoin. It is not a bad idea at all, and allows you to grow your capital a lot faster as well. Then, you can either keep on getting more, or you could just use that to get your company even bigger, so that you can buy even more bitcoins later on.

I think any business can do that, even something as small as some bakery shop can do it, it doesn't have to be as big as microstrategy, it can be a company that makes just a thousand dollars, as long as you are in profit then you should put your profits into bitcoin. Obviously most of them barely survive, they do not make that much to invest, but it would be smart to save some aside for bitcoin.

[adzino]

Some people see Bitcoin as a source of income and they wait patiently for it to grow so they can sell and it profit especially those who are traders, a lot of people see it as there only source of income but we forget Bitcoin is very volatile.

-snip-

No one should be expecting bitcoin to be the only source of income. The currency is very volatile. The price might go up at the middle of the month, but when the price goes down at the time of you having to pay your bills, how would you be doing that? Would you be willing to take a hit and sell it at a loss to pay your bills? Then what's going to happen the next time you are going to pay the bills? Will you have enough coins to generate enough profit to pay the rent and bills? You get a steady flow on income by doing a job or setting up a business that is less volatile.

-snip-
Anything can happen at anytime one can be expecting to get a huge profit 3 years to come from Bitcoin and Bitcoin falls, this has caused a lot of people depression and it is advised that will use our Discretionary Income to invest in Bitcoin.
Some people says before investing in other business you must make sure you have accumulated enough Bitcoin but that's not it one can still invest in a business that will give you income while accumulating Bitcoin especially for those who are not long term Bitcoin investment.
-snip-

If bitcoin is causing anyone mental issues like depression and stuffs, then that person shouldn't be investing or be involved with crypto currencies. Its totally not worth damaging your mental peace for some profits.

[WillyAp]

I think any business can do that, even something as small as some bakery shop can do it, it doesn't have to be as big as microstrategy, it can be a company that makes just a thousand dollars, as long as you are in profit then you should put your profits into bitcoin.

You haven't had the pleasure to have a business, have you?
A business making a few thousand $ has liabilities to pay.

[hyudien]

There's nothing wrong with what you're saying, but if you have to keep waiting and make sure everything is financially stable, then how long will you own bitcoin? Don't get too hung up on fluctuations take risks and take every decision into your own hands. Besides, everyone knows that there is a halving every 4 years and that cycle should be a big indicator of when you should take profits and when you should accumulate. I think bitcoin investment is not complicated if we are able to simplify the concept of investment with our own customised finances.

If you don't believe me or don't get it, I don't have time to try to convince you, sorry

https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

[GigaBit]

Bitcoin is a profitable investment. But relying on it solely to give you a major source of income, that would be impossible. Know that it's highly volatile, and anytime your investment may suddenly drop its value and would still take quite a longer time before recovery. Which means, you cannot assure when you'll be profitable on it. So if you rely on it alone for survival, surely you and your family will end up hungry.

Bitcoin investment should only be a side hustle. Find a regular job first or establish a solid business first so you can sustain your bitcoin investment.

Yes, we all know that Bitcoin is one of the best platforms for investment but it can never be a good decision for one to depend only on Bitcoin investment. Bitcoin is one of the most volatile cryptocurrency in the world that any time an investor can lose his wealth at the same time gain multiples of his investment.

A person must not only wait for this uncertain profit but should do some other reliable business. If one can get an established hand in his business then he will have the opportunity to keep more money in his investment business depending on that business. There are many investors who are interested in holding Bitcoin for the long term, they can earn from their businesses and can invest in Bitcoin for the long term. By this strategy On the one hand they are expanding their business and on the other hand they are also ahead in investing in Bitcoin.

[retreat]

-snip-
let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

The reason why someone panics when the price of Bitcoin drops is usually because they take Bitcoin investment too lightly, they are not sure about their investment, they just follow what people say, and they invest with money that they themselves are not willing to lose. Moreover, if someone understands how to invest in Bitcoin, they should not panic and sell their Bitcoin when the price drops, because the price of Bitcoin does not always drop, there will definitely be a point where the price increases. The point is that someone will not lose anything if they do not sell.

[lepbagong]

-snip-
let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

The reason why someone panics when the price of Bitcoin drops is usually because they take Bitcoin investment too lightly, they are not sure about their investment, they just follow what people say, and they invest with money that they themselves are not willing to lose. Moreover, if someone understands how to invest in Bitcoin, they should not panic and sell their Bitcoin when the price drops, because the price of Bitcoin does not always drop, there will definitely be a point where the price increases. The point is that someone will not lose anything if they do not sell.

The main problem is someone's lack of understanding when investing in Bitcoin, where Bitcoin will always move up and will go down at any time. If you understand, there should be no excessive fear, to the point of having to let go because you are afraid of a loss. In fact, when selling at a low price it results in unwanted losses, even though in time Bitcoin will return to increasing.
I agree, if someone understands Bitcoin investment, there is no need to panic when seeing the price drop from when you bought it, because it is true that Bitcoin will come back to be able to rise.

[Dr.Osh]

Bitcoin investment should only be a side hustle. Find a regular job first or establish a solid business first so you can sustain your bitcoin investment.

Even if it is trading, you still need to start somewhere. You are going to need the money to kickstart your bitcoin journey. You can’t invest in bitcoin if you have no money to start with. I also would not recommend getting loans just to invest in bitcoin. If you can’t afford it yet then do something so that you can. Make your own money and invest it in bitcoin.

The only time I see people do full time trading is when they have enough savings and a separate set of money for trading. It is incredibly risky to drop everything and focus on trading/investment without a plan b.

Well, when we don't have a good enough income or source of income, we should avoid forcing ourselves to buy bitcoin or trading. Many people force this and take out loans that they can't pay. As a result, it really affects their finances.

You're right, if you want to focus on bitcoin or trading. We should have a lot of savings or a business that has provided a good enough income. Or at least we have a monthly income. Because I also think that this business can provide us with a large source of income, but it would be better if we had another source of income.

[itorai]

-snip-
let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

The reason why someone panics when the price of Bitcoin drops is usually because they take Bitcoin investment too lightly, they are not sure about their investment, they just follow what people say, and they invest with money that they themselves are not willing to lose. Moreover, if someone understands how to invest in Bitcoin, they should not panic and sell their Bitcoin when the price drops, because the price of Bitcoin does not always drop, there will definitely be a point where the price increases. The point is that someone will not lose anything if they do not sell.

the need to understand how to invest in bitcoin, with a good understanding and adequate insight, you will not worry if the price of bitcoin falls, and or vice versa, it is indeed a process that you must accept, the need for thinking in that direction because every investment must be ready to accept the risks that will arise in the future.

[Unknown Op]

Some people see Bitcoin as a source of income and they wait patiently for it to grow so they can sell and it profit especially those who are traders, a lot of people see it as there only source of income but we forget Bitcoin is very volatile and anything can happen at anytime one can be expecting to get a huge profit 3 years to come from Bitcoin and Bitcoin falls, this has caused a lot of people depression and it is advised that will use our Discretionary Income to invest in Bitcoin.

The truth is that bitcoin is a volatile asset, and that is the more reason we should invest in it without considering the downside of it. As a matter of fact the positive side of it should be considered. The most fascinating part about bitcoin is taking the advantage of the dip and accumulate more. Though most people will like to consider other form of business due to the shock they receive from it downside but that is cause by them because they put all their hope in bitcoin. Despite bitcoin is a volatile asset, we shouldn't invest or put our entire money there and hope for miracle to happen otherwise we get disappointed. It is better we invest as little as we can expecially the amount that is not needed for a long time.

You are absolutely right. Bitcoin is best asset to invest if you want to be millionaire and billionaire because no asset will give you returns like that . Bitcoin can change your life if you buy Bitcoin when market is crash anf most of the people are selling the Bitcoin,that is best  time for you to buy that asset and hold it for 5 years. If anyone follow advice ,he will be rich in future and one another thing one should invest his money in cypto which he don't need and he has living expenses and and he should not sell anything to by Bitcoin or he should not invest the money which may be need in near future.Bitcoin is best investment if anyone has knowledge of cryptocurrency and have financial freedom and did not Invest all money in Bitcoin.

[GeorgeJohn]

Bitcoin can be your source of income when you're independent in bitcoin, we need to understand that bitcoin is not a government work that you will receive a monthly payment from bitcoin, it depends the kind of investment you have with bitcoin that will make you to decide that bitcoin will be your source of income

The investment of Bitcoin is of two kinds, neither you engage in trading or you engage in long-term investment, both of the is not guaranteed that when engaging in any of them you will be sure making daily earn, I will not tell you to keep all your trust in bitcoin investment, because  sometimes it fails, it clear that not everyone who is into bitcoin investment is successful, bitcoin is all about risk business,  you might be successful for your investment with bitcoin or not, but is not certain that all investment of Bitcoin you made will be profitable, so in summary don't keep your hopes survive with bitcoin investment or trading.

[reagansimms]

This is the reason why it is highly recommended to use money that you are prepared to lose when investing in Bitcoin because it is safer and can help mitigate risk. Panic can be prevented by using the DCA strategy because it can help investors get an average price, besides it can reduce stress when a decline occurs. Without having a large fund, you can already invest in Bitcoin, DCA can help you invest consistently, income support from other sources to meet primary needs is very necessary so that investments can run perfectly.

[FinneysTrueVision]

Bitcoin is one of the best investments someone could possibly make but it will not make you rich by simply holding it and waiting for the price to go up. It might happen over a long enough period of time, but we should always anticipate a sudden crash that can impact the value of our investment and therefore we should always have a consistent source of income so we can still support ourselves.

Creating and managing a business is not for everyone. You can still earn a living through employment and diversify your investments beyond cryptocurrency.

[Princess Leah]

Some people see Bitcoin as a source of income and they wait patiently for it to grow so they can sell and it profit especially those who are traders, a lot of people see it as there only source of income but we forget Bitcoin is very volatile and anything can happen at anytime one can be expecting to get a huge profit 3 years to come from Bitcoin and Bitcoin falls, this has caused a lot of people depression and it is advised that will use our Discretionary Income to invest in Bitcoin.
Some people says before investing in other business you must make sure you have accumulated enough Bitcoin but that's not it one can still invest in a business that will give you income while accumulating Bitcoin especially for those who are not long term Bitcoin investment.
When you build another business that brings you good profit it will help you grow your Bitcoin more bigger.
Building another business while accumulating your Bitcoin is not a bad idea, and is very much possible, let's all stop seeing Bitcoin as a source of income because it may cause panic when ever there's a dip or fall in Bitcoin.

The idea of building a business while still accumulating your Bitcoin is not a bad one, however for the trajectory of Bitcoin and the growth bitcoin has attained over the years, I have not seen anybody that has invested for 3 years and hasn't gotten any profit as you postulated in your text.
There is no business investment that has profit margin that is not volatile, so making it sound as if Bitcoin volatility is one heavy disadvantage for investors when you know you can always manage your risk by investing with your residual income so that you won't grow panic attack, especially if your somebody that hasn't grown a thick skin when investing. So you have to invest within your capacity and overtime you can increase it as time goes. although despite this volatility, the growth of Bitcoin since it Inception has been astronomical, and that is why you see more investors coming in everyday.

Bitcoin has turned into a good asset class thereby attracting lots of investors into it over the years and that has been possible because of it's ability to increase overtime which makes it a very good asset for investment. Well it's a nice idea to accumulate more than enough Bitcoin against the future cause it has the potential of going higher than it's current price.

 However people shouldn't forget that Bitcoin might be a good asset class but it's not the only asset for investment and one can still accumulate Bitcoin and still diversify into other good investments like Gold, Real Estate etc the idea of accumulating enough Bitcoin before diversifying is optional it's not a must for every investor.

 Moreover there were people who's been investing on other areas before Bitcoin got introduced but then diversified into it cause they saw it has potential and that doesn't mean they'll focus all attention to bitcoin and leave other investments behind. All they need to do is set aside some percentage of the income they generate from different investments and accumulate as much Bitcoin as possible overtime using different good methods.

[Iranus]

You are absolutely right. Bitcoin is best asset to invest if you want to be millionaire and billionaire because no asset will give you returns like that . Bitcoin can change your life if you buy Bitcoin when market is crash anf most of the people are selling the Bitcoin,that is best  time for you to buy that asset and hold it for 5 years. If anyone follow advice ,he will be rich in future and one another thing one should invest his money in cypto which he don't need and he has living expenses and and he should not sell anything to by Bitcoin or he should not invest the money which may be need in near future.Bitcoin is best investment if anyone has knowledge of cryptocurrency and have financial freedom and did not Invest all money in Bitcoin.

Admittedly bitcoin is the best return investment but saying it will make us millionaires or billionaires I really doubt it. Bitcoin no longer gives returns in the thousands or millions of percent, those days are gone. I want to know how can you become a millionaire by investing in bitcoin these days? How much capital would you need to invest in it and become a millionaire?

Bitcoin cannot even make us rich if we only invest a few thousand dollars in it, it can only help us make significant profits from our initial capital if we know how to invest properly.

It is an illusion to think that just by investing in bitcoin and without working hard you can become a millionaire or billionaire.