Should I depend solely on Bitcoin?

[Despairo]

It's obvious your friend are a trader.

Becoming a trader not require a huge amount of money, but living by just solely depend on Bitcoin investment will require huge amount of money.

It's risky to invest in one asset, but I did that and after 5 years, it doesn't look risky. But, you can't solely live by depend on Bitcoin, your active income is the most important thing. So, try to make your active income higher instead of thinking about investment.

[Abdulzuruku01]

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

My source of income comes from my artwork, that is where I earn to invest in Bitcoin. Given the nature of this business, I doubt that you will have stable Bitcoin investments if you don't use DCA strategy and invest for the long term. and you can't expect to make a quick profit overnight like you claimed your friend did, which is not  guarantee when you invest in Bitcoin. I believe anyone involved in this artwork business would agree to this.

Source of income and investment are two different things. If you don't have any source of income, you can't invest in Bitcoin or anything else. For example, this your friend that quit his artwork after making a quick profit, how will he proceed with his Bitcoin investment? The more money you invest in Bitcoin, the more profits you'll have, provided you make long-term investments.

However, when it comes to investing, I can depend solely on Bitcoin without diversifying my assets to any other investment because I already know the benefits and risks involved in investing in Bitcoin, and Bitcoin decentralized nature is a reason for me to depend solely on Bitcoin.

[avikz]

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

If your friend has found success in an asset, that's great! But it doesn't guarantee that you will also find success in it. The very basic of investing is - always diversify. So I would not recommend to depend solely on Bitcoin.

If you have income sources from business or job, continue investing in multiple types of assets like precious metals, stocks, bonds, real estate alongside Bitcoin. It is very important to keep a balance.

Depending on single asset may bring unnecessary hassles and increase the risk factor. I personally wouldn't recommend that!

[Die_empty]

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.

For you to get the right advice,  you would have to explain what he is really doing with Bitcoin.  Is he a Bitcoin trader, hodler, or gambler? For him to depend solely on Bitcoin as a trader, it might mean that he is very knowledgeable and has been making profits. It is unlikely to achieve quick success as a hodler because you would have to keep Bitcoin for a long time to make a profit. He might be able to depend solely on Bitcoin if he invested a large sum and made a good profit. Gambling is highly risky and I doubt if someone could survive on it as a major source of income.

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

It is possible to live only on Bitcoin if you are a long-term hodler. The profit you make from Bitcoin in a bull run can sustain you for another four years if you have a large chunk of the asset. However, it is advisable to diversify your assets.

[bangjoe]

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

Storing all your assets in Bitcoin is a bold and daring move, but I don’t think it’s wise, because you’ll encounter fluctuations. You’re right about what you said about your friend, sir. Relying on Bitcoin for 99% of his assets means he doesn’t have a stable economic mindset or is a Bitcoin maximalist. I don’t judge whether he is right or wrong in what he does, as it ultimately depends on his own circumstances. The question is, does he have the mental fortitude to endure for the long haul? Because we are currently in the final phase of the Bitcoin cycle.

Is he a trader or an investor today? Because those are two different things.

Unless he is still selling his art and has active income from his business, then he saves the remaining profits from his business in Bitcoin after his needs have been projected to be met.

[peter0425]

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.

No matter how much he has, if he wants his bitcoin to keep growing he should just leave it alone and not keep getting from it. Without a source of income he will just keep getting money from the stash of his bitcoin until there is almost none.

[CryptSafe]

A wise man once said, "Do not carry all your eggs in one basket." This could be applicable to all spheres of life including business. As a smart businessman, diversification should be a must because not all sources of income can be that stable not to talk of when it has to do with cryptocurrency. We all know how the crypto market could be volatile which means it can not guarantee you a stable price as it fluctuates frequently.  

Your friend should not just pack up his wonderful career just because he found crypto to be a reliable source and has gotten a fortune from it, he should see it as an alternative source of investment while he continues with his work so as not to let it just die like that. He doesn't know what the future holds and a such should be enough reason for him to hold onto his business while he takes crypto investment as an alternative. He packing up isn't a wise idea but rather I would say he is just testing the rivers which I think is not safe for him to take such a step.

[cr1776]

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 guess it depends on what you mean by "depend solely on bitcoin".  For your friend, I'd say: keep selling the artwork etc and just let his bitcoin grow.  As was purportedly stated by Andrew Carnegie: "put all your eggs in one basket and then watch that basket."

[m2017]

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

If the business is successful, why stop doing it? Why deprive yourself of a reliable source of income?

Either your friend is not quite sane, or your story is not quite truly true.

Regarding "making all bets on bitcoin", you are right, it is quite risky and for this purpose diversification was "invented". No matter how promising bitcoin (or any other asset) is, it is wiser to invest only part of your income in it, and divide the rest into other types of assets (real estate, gold, business or even a bank deposit or a wad of money under the mattress).

[Cityhunter34]

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 are absolutely correct that is the real truth about it because a good investor that knows what Bitcoin investment is all about would never in any way try such thing. Honestly speaking what he did was totally wrong decision because what actually makes you a good investor is having another source of income that would be fetching you money, so that Incase if any emergencies arise you would be able to withstand it without touching your Bitcoin investment.

[Nwada001]

I don't know when the OP is going to come back to answer a few questions, as there is no clarity as to what your friend does with Bitcoin, whether it's investing in Bitcoin or day trading it, which is where he makes his money from, because if it's investing and holding for a short period of time, your friend can't even think about leaving every other job he does for that, based on the type of profit that he will see, and he might not consider it to be enough.

[Odogwu-Blockchain]

The step your friend took to buy Bitcoin with the money he had off artwork business is a pretty good decision, which every intelligent Bitcoin trader will do for sure, but the fact that he left artwork isn't a good decision at all, that's a deadly risk that would leave him financially derail. He still thinks Bitcoin remains positive forever and that's the mentality he has at the moment which isn't accurate.

Also, he isn't a trader yet, so what exactly is he doing with Bitcoin, just watching the price increasing and decreasing while leaving his artwork skills? That's a total waste of time and energy on what doesn't really matters.

My advice to him, go back to doing his artwork, buy Bitcoin from the profit gotten from it, and keep going doing that.

[Lida93]

Bitcoin or not, it's not advisable to throw all your resources into a single investment. For in the same way we advise people to find themselves into more than one means of making income that is how it has to be with investment assets. You have to spread it to other areas while you still have a source of income to cover for daily needs. Op, your friend have to realise that there are bearish season with bitcoin and how does he survive in those periods since he has quit his artwork which was a source of income he once used to invest into bitcoin from the beginning.

[leonair]

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

Bitcoin is an investment asset. There is no big advantage to being completely dependent on it, but if someone gets enough money from it to manage his later life, then he can give up his other work. But if someone does not have enough wealth to manage his later life, then he should not decide to manage his life only from the profits of Bitcoin. If your friend has got such an amount of money that he will never go into a financial crisis. Then his decision is right. And Bitcoin is something that if you hold on to it, there is no possibility of losing.

[death69]

Depending solely on Bitcoin is like living in a world where the only color is orange. It is brilliant, but you will miss the blue, the red, the silent greys. e protocol has poetry in it, the scarcity has elegance, the freedom it gives has fire. Bitcoin is resistance.  It is the rejection of the world where your work is bled out by inflation and manipulation. I would trust it more than any fiat hallucination on offer.

But, take a deep breath, risk is not evil, it is oxygen. Bitcoin was born as an act of rebellion, not as a safety blanket. Every block mined, every transaction, every node, these are acts of defiance, but also acts of exposure.  When you are all-in you are all-exposed. A crash can come at midnight; a pump, at sunrise. No central bank is coming to smooth the ride.

When your friend invests all his soul, sweat, memory and survival in this single revolution, he is no longer immune, he is vulnerable. Bitcoin is the king as it is the only one, but the humans who use it must have more than one pillar to stand on. These are the basics of art, craft, skills, which make sovereignty worth anything.

Digital freedom should never enslave you to one result. Stack stats, make art, run a node, plant a garden, tell a story. Do not trust, verify, then diversify. The revolution is here, but even revolutions need backup plans.

Ask yourself: How many ways can you win? That is where the real freedom lives.

[red4slash]

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

All forms of anything depend on your own choice when you are sure then do it but when you doubt then never force your condition to start because it will only make you more indecisive and it could be that failure is plastered in front of the eyes.

Not that in this case I don't want to give rebuttal or support to bitcoin but we must realize that being in a choice we cannot just rely on the advice of others because it can be gambling especially we are not sure of the choices we make.
Especially if the choices we make are only based on others as you have discussed in the OP because after all, the success of others can only create a false shadow when you decide to be in it because the initial intention has been seen not from belief in bitcoin but seeing other people succeed and you join fomo which makes you unable to decide correctly what you want to do because you don't know about how to work in bitcoin like what but only see profit as a benchmark.

[Natalim]

There is so much risk investing in bitcoin, so I wouldn’t suggest to invest all in. Your friend is doing the scariest move, trusting all his resources into bitcoin, which we do not have guarantees what will be the future price of bitcoin or how long will it stay in the market.

However, I would admit that bitcoin is the most profitable crypto investment so far, but due to its volatile nature, the risk to lose is always high especially if you don’t know how to practice proper risk management. It’s better to still look for a main source of income and just make bitcoin investment a side hustle.

[Cryptohygenic]

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

Maybe you can expect something different from that your friend who shutdown his reliable and quick return of source of incomes for bitcoin that the tendencies to earn income is uncertain of when it will come. I would not want to engage on quoting you or your friend wrong rather, I am on the stance to know if is your friend feeling good with the decision he made or not? Because I know as human we ought to need that regular provision of Incomes to sort out need which I know the uncertainty on bitcoin investment could not make provisions for those short term needs.
So I tend to ask, how have your friend been feeling since the While? I think your response would define it you are correct or wrong.

[SuperBitMan]

Bitcoin is a very good investment and one of the best in the world right now, Bitcoin is a very good asset however I really don't support someone having Bitcoin as his or her only investment but if you are still growing your Bitcoin investment I don't think is a good idea to diversify to another investment immediately because you will lose concentration at some point and if you are not careful you will end up losing your Bitcoin investment and the other investment you decide to diversify into, so is better you focus and build your Bitcoin investment to a certain level and then you diversify to another investment.
I'm not saying one should diversify because I don't trust in Bitcoin is because having only one investment is not a good one, no one can tell what may happen in the future so having different investment will help you keep your wealth going, there are some people that where very rich before but right now they are poor and the reason why they are now poor is because there only investment failed, so is only better to have different investment it gives you more money and also give you confidence in life.

[Ryu_Ar1]

I think the word about depending on bitcoin is not right because even though the average does that indirectly but we realize that bitcoin remains in a placement where we only invest or trade in it.

We certainly who do things like investing have the same thoughts to support the future for the better but to depend on life obviously we need to work for it.
Bitcoin is one of the assets that is very valuable to be released but when there is someone who does not want to be in bitcoin or is not too sure about bitcoin it is also a fairness because being here is only an option not a necessity.
So in this case, I, you OP or all of us are free to do whatever we want regardless of whether we are in bitcoin or not it depends on the choices we want to make because being in bitcoin must be with the awareness and responsibility of each considering this is a risky investment because of its fluctuations.

If indeed we want to be in bitcoin then that's pretty good but if indeed we don't want it either it doesn't matter depending on our own beliefs and don't let us only focus on the success of others in bitcoin, even though it's good enough for a motivation but we still have to have our own beliefs before actually being in it.