Should I depend solely on Bitcoin?

[CamilaStar]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

[bhadz]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

You're right about the worry and concern you have for him. But if he knows what he's doing, then you just wish him luck and just give him some tip about the risk. I guess that he has planned it well and solely depending on Bitcoin I think that he's doing some trades if he's stopped already his artworks selling and other businesses. Because the context of solely depending on Bitcoin is either, he's sold a lot of it and the profit he's made could be a lifetime money that he has on as a budget or he's got some other things that he's doing that makes him earn more Bitcoin.

[Royal Cap]

In my opinion, it is not reasonable to leave everything and depend only on Bitcoin. And how can a person invest all his money only on Bitcoin. Yes, you should invest in Bitcoin, but not all the money, you hold as much wealth as you want to save in Bitcoin. That does not mean that you will leave all your work and only hold Bitcoin and run your life from there. Since he has done it, I wish him all the best.

[Shadiq]

How did your friend become successful so quickly from Bitcoin? Did he invest in Bitcoin? Or did he trade with Bitcoin? Bitcoin can never make a person successful or rich quickly. I think your friend is gambling or trading with Bitcoin. Otherwise, it is not possible to achieve success so quickly. If you think that the way to become successful quickly from Bitcoin is to gamble or trade with Bitcoin, then I warn you. Your friend may be going to face losses very quickly. There is no way to become successful quickly from Bitcoin.

Never take any big steps even after seeing the short-term success of others. First read about Bitcoin and study how Bitcoin works. I think you may be telling a fabricated story or your friend has taken a risky step, where your friend is lucky and has not started losing money yet. Maybe it will happen very soon. Because, there is no way to become successful quickly from Bitcoin. Even keeping all your money in Bitcoin is a riskier move.

[sokani]

Is your friend one of the bitcoin OGs? Does he have a very large bag that can take good care of him and his family for the rest of their lives? If not, it's a dumb idea to discontinue his business. Accumulating Bitcoin cannot stop someone from running a business or working for other persons. Also, going all in on Bitcoin is not such a smart move. It is good to diversify on stocks, real estate, gold, etc. Incase it goes south, you can have other investments to fall on.

[Merit.s]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

You did not tell us what he did that he got rich so quick  just because he is into bitcoin. Bitcoin is not a get rich quick scheme and I don't think that it's possible for anyone to buy bitcoin and make millions overnight. Leaving his skill and decide to involve only in his bitcoin affairs is alarming because he will regret his actions in the long run as a trader. Investing in a long-term is the only way that you can make good profits in the future.

Why didn't you ask your friend what he's doing because it's not everyone that claim to be a bitcoin trader that's one. To diversify into other asset is not compulsory especially, when you don't have the knowledge of any asset which you can diversify into.

[justinlamode]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

May I know how your friend became so successful in Bitcoin within a short time, is he trading Bitcoin? I know if he is buying to hold, it will take time for him to make big profits. Bitcoin does not stop him from doing his business so he could have combined both of them and still do very well. He will end up becoming bored with Bitcoin, it is a matter of time. Since I'm holding, Bitcoin is seen as passive income for me and it hardly interfere with my career.

[Wapfika]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

Your friend has an artwork business which gives him a source of income. He doesn’t fully depend on Bitcoin rather he invest part of his earnings from artwork and let Bitcoin gave him the majority of his finances.

Even if Bitcoin is a good investment no one should depend in it fully and neglecting a source of income.

Bitcoin is a long term investment while we have daily necessities.

[FortuneFollower]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

Your friend has an artwork business which gives him a source of income. He doesn’t fully depend on Bitcoin rather he invest part of his earnings from artwork and let Bitcoin gave him the majority of his finances.

Even if Bitcoin is a good investment no one should depend in it fully and neglecting a source of income.

Bitcoin is a long term investment while we have daily necessities.

I agree.

We need to diversify in order to stay abroad and stable, no matter what.

[criptoevangelista]

Looks like your friend got into the world of Bitcoin the same way most of us did, by buying at the top . In other words, during a bull market, when everything is hyped up, people are happy, and someone jumps in thinking they’re going to make a ton of money and solve all their problems. That’s what leads many people to ruin: buying the top. Why? Because Bitcoin eventually corrects, the person gets traumatized, exits the market, and starts speaking badly about it. Understand this, Bitcoin is about fundamentals, and it’s the fundamentals that carry you forward, not the price. The screen price is just that: the screen price. And it’s very easy to get disappointed by the screen price. Hopefully your friend won’t go through that and will truly understand what Bitcoin is and what it represents.

[kotajikikox]

My question is did he trade or did he just buy at a right time then sold at a right time? I think you should inform him that bitcoin is doing really well right now because it is currently on a bull run but there are possibilities that bitcoin will not be doing so well later on. Sure, it can recover but there would be hard times. Regardless whether how good bitcoin has been treating him, I do not think we should only depend on one source of income. We should always have safety nets.

[fikrett]

My question is did he trade or did he just buy at a right time then sold at a right time? I think you should inform him that bitcoin is doing really well right now because it is currently on a bull run but there are possibilities that bitcoin will not be doing so well later on. Sure, it can recover but there would be hard times. Regardless whether how good bitcoin has been treating him, I do not think we should only depend on one source of income. We should always have safety nets.

Agreed through and through.

Even though BTC is stability, it's not the only thing that should propel us forward: we need sources to sustain our accumulation for sure.

[Pablo-wood]

Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

What if your friend does exchange?. There is obviously something motivating that friend of yours to depend solely on bitcoin, it could even be he/she has hidden investments that generates money which he/she decides not to disclose. I doubt any one exposed to bitcoin volatility will want to depend solely on price movement to make a living. It could just be that friend of yours is secretive and feel insecure sharing his/her investments.

[michellee]

If he can use Bitcoin as an investment and have a main job, that is better because he can earn money for his daily needs. If he depends on Bitcoin and uses it to fill his daily needs, he needs to have many Bitcoins and sell enough amount for his daily needs. Maybe he has that many Bitcoins so that is okay for him. We can not blame him for doing that because he should have calculation or considered before doing that. You are not wrong in saying that because you know about the volatility of Bitcoin.

[Bd officer]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

You said a friend of yours has just invested, now how did your friend succeed so quickly? When did your friend invest? We know that to be successful in Bitcoin you have to hold on long term. However, I don't know how much profit your friend has made, but congratulations to your friend. Now should not be completely dependent on Bitcoin. See Bitcoin as an investment, which will yield a good return in the future. But it is not at all reasonable to leave everything and depend on Bitcoin. You need to continue with the job or business and invest in Bitcoin. Never invest your entire money, try to invest as much as possible.

[KiaKia]

Depending on Bitcoin is impossible because....

Bitcoin can't give you daily income, it's not a job whee you get paid every month and maybe use that to settle your bills.

Your friend isn't telling you everything and you are the one trying to hard to make it make sense, even if there is a magic behind it what is your own there? Financially when someone is OK I won't be worried about them.

We are not kids on here, if whatever he is doing isn't favouring him he will leave it and go find something else, it is not your job to feel responsible for his financial decsions.

Here are what you might not know.

There is more to him just getting involved in Bitcoin, he might be trading Bitcoin or doing some job online and getting paid in Bitcoin, he choose to not tell you everything for a reason and I don't blame him.

[hyudien]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

I'm curious whether your friend success stems from long term investment or Bitcoin trading? And more importantly why should you rely solely on Bitcoin? Bitcoin isn't generally designed for quick riches meaning it takes a long time to generate profits. I'm not saying your friend move was wrong, he probably had his reasons but I don't think you should do the same. After all no one knows what the future holds for Bitcoin even though its potential is already promising.

[Floxynice]

A friend of mine just got into Bitcoin, lucky for him, his successful. Before he started Bitcoin, he was actually into a good business of selling artwork which wasn't so bad. So he got introduced to Bitcoin and had a quick success. It's actually a good and exciting thing to see someone progress fast like that, but he quit selling artworks and other little businesses that kept him going he stopped, he now depends fully on Bitcoin. Bitcoin is the king no doubt, but From my Point of view I think that depending fully on it might be risky to you financially. I don't recommend anyone to depend solely on Bitcoin or any single asset. Bitcoin can fluctuate rapidly and market volatility might impact your financial stability. It is actually very risky to invest in a single asset. The part that scares me the most is that my friend has put all his resources into this one asset. If am wrong please correct me. Thanks

Here are the implications:
Relying solely on your bitcoin investment can put you in a position where you either end up in losses or with very little or no profits at all. Such a decision will not be favourable during the bearish season where you are supposed to be accumulating bitcoins instead of selling off your bitcoins at unfavourable prices just to make ends meet.

The emotional stress of investing what you cannot afford to lose is another big issue. With the impacts of volatility, seeing your investment fluctuate can be mentally exhausting. It is never adviceable to put all your eggs in one basket.

[Joy- maker]

This story is not still clear to me, because I don't think if it is possible for someone to quit his or her business or job and then rely solely  on bitcoin i doubt. See less be realistic here, because no bitcoin investor will quit his or her business or his or her job and then rely solely on bitcoin, if any investor do that he or she will definitely sell his or her bitcoin investment at early stage of accumulation and in lost when emergencies arises and there are no emergency fund or back up fund to handle those emergencies. See even if someone had been successful through bitcoin is not still possible for the  person to scrab his or her business or job and  then rely solely on bitcoin, why because bitcoin is a long term investment if you want make reasonable profits from it, so you still need that your sources of income to be topping up your bitcoin on a weekly basis or monthly basis. You also need that your source of income be building your building your emergency fund and backup fund for those two funds are very essential when it comes to bitcoin investment.

[free-bit.co.in]

Investing in bitcoin does not generate a steady monthly passive income like traditional jobs or businesses, nor can it provide quick, short-term profits. We need to hold it for a relatively long time before we can make a profit. So anyone who goes all in and devotes all their time to it, and thinks they can get rich without doing anything else, is making a serious mistake. Or to put it bluntly, that's a stupid thought.

If you don't wake your friend up soon, he may pay a heavy price for giving up his current business and investing all in bitcoin. Bitcoin is not a get rich quick scheme, nor can it make someone rich just by investing in it and doing nothing else.