Should I depend solely on Bitcoin?

[Bitcoin_people]

If you invest in crypto, then you must rely only on Bitcoin and not on all other coins. However, if you rely only on online platforms, then it is not good for you at all, rather, you can do any business from which you can be very successful. If you want to do a general business along with Bitcoin investment, it will be best, because it is not right to rely only on crypto. Although Bitcoin is the best coin of all time and it has become the king of the world at present, you still have to have a permanent job or business, it will be good for you. If you have enough money, then you can not only invest in Bitcoin, but it will be for a long time, if you want to be successful by investing in Bitcoin, you must wait for a long time. Moreover, I think Bitcoin is definitely the best for investment and you can rely on Bitcoin the most.

[Mate2237]

If you invest in crypto, then you must rely only on Bitcoin and not on all other coins. However, if you rely only on online platforms, then it is not good for you at all, rather, you can do any business from which you can be very successful. If you want to do a general business along with Bitcoin investment, it will be best, because it is not right to rely only on crypto. Although Bitcoin is the best coin of all time and it has become the king of the world at present, you still have to have a permanent job or business, it will be good for you. If you have enough money, then you can not only invest in Bitcoin, but it will be for a long time, if you want to be successful by investing in Bitcoin, you must wait for a long time. Moreover, I think Bitcoin is definitely the best for investment and you can rely on Bitcoin the most.

While we encourage people to invest in Bitcoin because of the benefits that it's has depending solely on it is what I don't personally encourage people should have other side hustles because Bitcoin should be a long term investment plan that should be done depending on Bitcoin should not be encouraged that much because you may have some emergency needs which may arise and you will need some type of emergency money to solve such problems.



Doing other business will give you the opportunity to always have something that to be there for you this will help you to take your mind off your Bitcoin investment which will even be good for a long term investment purchases

[AmaGold70]

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

It is never a wise decision to put your eggs in one basket and your friend is doing the same thing and I'm afraid of the outcome for him, putting all your funds into one asset like Bitcoin and depending solely on it is very risky and its volatile nature could impact his financial stability negatively as the market can fluctuate rapidly making him to be on the loosing side. To be on the safe side I think you should encourage your friend to keep his other businesses, I'm sure most Bitcoin investors diversify their investment to make extra money and because one of the best way to make good profits from Bitcoin is using the long term strategy and it is wise to have other businesses by the side so that you won't be tempted to pull out your Bitcoin's investment at the wrong time.

[Issa56]

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

Why did your friend leave the business which he was doing? Investing in bitcoin won’t really stop your friend from doing his business, so I just don’t know why he decide to leave the business, and focus on only bitcoin investment. I don’t know maybe it’s late already, but you can still advise your friend to go back to the business which he was into before putting his money into bitcoin, I don’t think bitcoin investment will stop your friend from running his business.

It’s just better we have multiple sources of income, having just one source of income doesn’t make any sense, and how will your friend even be surviving? Is your friend a trader or an investor? If he is a trader, then he will be making money which he will be using to take care of his daily expenses, but if he is an investor, then he will have to look for other source of income which he will be making money from, because the bitcoin investment is suppose to be a long term investment.

If your friend is a trader, and he is making money now, he should come to think of when he won’t really be making much money from trading, maybe during bear market, how is he going to be surviving? I knew some people that made similar mistake, and they ended up regretting at the end.

[alastantiger]

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'll have to correct your friend because having all your investments in one basket is wrong due to alot of things that can happen to that investment and you lose everything. Always diversify into investment that are legit and not scams by doing thorough research before putting in your money because it would had been better to lose all your money your trying different investment than when you out them all in one scam investments. Diversifying helps you in time when you're in need of urgent cash then your investments come to save you. But when they're all in one, you might be at lose but won't be getting any choices here because you can't sell at a lose.

[Onyeeze]

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.

Bitcoin should be our side hustle not the major hustle because if you depends on bitcoin to feed on, you may definitely lost out, because you will be withdrawal your investment or when bitcoin is on bearish season you may suffer because they will not be profit, so in crypto investment we are not suppose to depend on it, because it fails, the best thing to do is to make sure that you have what you are doing because if have what you are doing, you will not be affected when investing Bitcoin, because you will not depends on bitcoin all alone, bitcoin investment should a support to what you are doing already

[Questat]

Bitcoin is a highly risky investment, no one would argue with that and tell others it’s still a safe haven. So the thought of focusing into bitcoin without thinking of diversification in the future, that scares me the most. Bitcoin is never fixed, and is always volatile, always uncertain and unpredictable. And with that, I don’t think any responsible investor will depend solely in bitcoin without adding another investment for future multiple income.

[MarjorieZimmermanGinger]

Bitcoin is a highly risky investment, no one would argue with that and tell others it’s still a safe haven. So the thought of focusing into bitcoin without thinking of diversification in the future, that scares me the most. Bitcoin is never fixed, and is always volatile, always uncertain and unpredictable. And with that, I don’t think any responsible investor will depend solely in bitcoin without adding another investment for future multiple income.

It's impossible to invest all our money in Bitcoin, and how should we prepare for Bitcoin's volatility? Almost no one recommends relying entirely on Bitcoin because in life, there are many things we need to consider. Bitcoin is indeed a great asset to invest in, but we also need to consider our life path, as no one knows for sure what will happen. There's no need to rely entirely on Bitcoin; it's much better if we can earn money from other sources and create a consistent investment plan. Meeting daily needs and investing responsibly is everyone's hope.

[Abiky]

It's impossible to invest all our money in Bitcoin, and how should we prepare for Bitcoin's volatility? Almost no one recommends relying entirely on Bitcoin because in life, there are many things we need to consider. Bitcoin is indeed a great asset to invest in, but we also need to consider our life path, as no one knows for sure what will happen. There's no need to rely entirely on Bitcoin; it's much better if we can earn money from other sources and create a consistent investment plan. Meeting daily needs and investing responsibly is everyone's hope.

Diversifying your investment is the only way to protect yourself against volatility. Stablecoins do wonders when it comes to securing your profits during a bull market. There's a long road ahead before BTC stabilizes enough for us to depend solely on it. Not to mention, merchant acceptance is still low compared to Fiat.

A wise strategy would be to have multiple income sources and invest the money into yield-bearing assets. I've read lending platforms (both decentralized and centralized) provide attract rates for stablecoin holders. The OP's friend can keep his active income (by selling his artwork), while complementing it with a passive income system (stablecoin lending, staking PoS coins, etc). Only then, he can achieve true piece of mind. With a great strategy, nothing can go wrong.

[Sonia_123]

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 you feel is the best for you to solely rely on bitcoin, there is no problem,  but solely relying on bitcoin is not the best because it is risky, anything can happen at anytime.
Having additional business or investment will serve as a backup for you, so that your life will not be dependable on only bitcoin, and you will be able to focus more on increasing your portfolio without any distraction in other to reach your accumulation target without having to sell at any point in time whenever challenges arise.
Getting all your personal needs and expenses from bitcoin investment as a new investor will make your process of holding slow and put you at the risk of becoming a low or no coiner quickly which will eventually lead to losing interest in bitcoin.

[tread93]

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.

I agree, you need to have diversification. I am currently contemplating converting more of a certain asset into a bitcoin instrument and I am so bullish on bitcoin. I am sure in the next few years it will go parabolic. You've just got to commit and hope and pray that youre in a better place after all of this. My hope is to get my money up and then reinvest in more stable and diversified funds after I ride the wave in this one instance where I am contemplating transferring my IRA shares to IBIT 

[Swordsoffreedom]

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.

I agree, you need to have diversification. I am currently contemplating converting more of a certain asset into a bitcoin instrument and I am so bullish on bitcoin. I am sure in the next few years it will go parabolic. You've just got to commit and hope and pray that youre in a better place after all of this. My hope is to get my money up and then reinvest in more stable and diversified funds after I ride the wave in this one instance where I am contemplating transferring my IRA shares to IBIT 

Whether or not to diversify your portfolio depends on the situation. Because for those who don't have much capital, focusing on a single investment like bitcoin isn't too bad either. It may be a bit risky but they will have a better chance of making a profit. But it would be bad to depend entirely on BTC and think that it can bring income to meet our daily needs. Therefore, we need to have a stable business or source of income, we should not depend only on bitcoin like what OP's friend is doing.

Diversification is more effective for people with more capital. But I think if you already own real bitcoin, you don't need to invest more in bitcoin ETF shares. You should invest in assets and markets unrelated to bitcoin to minimize risk.

[reagansimms]

Luck is not always on the side of Bitcoin investors because the market is known to be very volatile, your concerns are very basic because Bitcoin investment never guarantees profits, especially if he starts to depend on Bitcoin by leaving his business even though it is classified as a small scale. Everyone involved in the crypto market, especially Bitcoin, certainly knows how its price has developed and increased compared to the past. However, we also need to take a more realistic look at how the Bitcoin market is moving. Therefore, you need to find or have other sources of income to finance your living without having to disrupt your investments.

To achieve success in Bitcoin investment, it is necessary to determine the right strategy and manage risks well, which is why it is highly recommended to use cold money for investing. You can also apply the DCA strategy to accumulate the amount with money earned from other businesses or jobs if your investment goal is long term.

[X-ray]

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

A true bitcoin maxi right there .

But I agree with you though, if your friend can keep up with the artwork business he should do it on the side, nothing wrong with having more than one source of income. Moreover, bitcoin is cyclical. If it happens that there is another bearish cycle, he can buy at the bottom forget it and distract his mind with his business.

I see that as a perfect strategy to make profit on both activity but maybe your friend is just so bullish about bitcoin .

[betswift]

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

A true bitcoin maxi right there .

But I agree with you though, if your friend can keep up with the artwork business he should do it on the side, nothing wrong with having more than one source of income. Moreover, bitcoin is cyclical. If it happens that there is another bearish cycle, he can buy at the bottom forget it and distract his mind with his business.

I see that as a perfect strategy to make profit on both activity but maybe your friend is just so bullish about bitcoin .

Yep, because putting - ALL - faith in BTC wouldn't be good in the long run: we need a stable source to keep getting more of BTC, and we wouldn't be able to live off from it entirely, imo..

[shinratensei_]

When it comes to this I'd consider his profit, if he's getting good profit from bitcoin alone, why not?
If I can generate about $100k from bitcoin alone a year I'd abandon my full time job but i'm still far from doing that.

Maybe he doesn't really like doing business and found his passion in bitcoin, that's all fine.
I'm sure even if things goes south he can just do his thing again in no time. He got all the experiences already.

[bubilas]

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

He shouldn't have done that. I know an artist who also got into crypto after previously only drawing on a tablet. Now she's a part-time investor, but she said that it's not her plan to do just one thing. There are 16 hours a day outside of sleep, and that's enough to have several incomes and a hobby. If someone starts doing crypto while being able to draw, that's the wrong choice.
We need to diversify our hobbies.

[purple_sparkles]

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

He shouldn't have done that. I know an artist who also got into crypto after previously only drawing on a tablet. Now she's a part-time investor, but she said that it's not her plan to do just one thing. There are 16 hours a day outside of sleep, and that's enough to have several incomes and a hobby. If someone starts doing crypto while being able to draw, that's the wrong choice.
We need to diversify our hobbies.

Any business loves attention. Bitcoin is more related to investments and work, and drawing can be attributed to a hobby, especially if it is not monetized. But it is still important for everyone to have a creative hobby, it allows us to realize our soul needs and be happy. As for investing all assets in one direction, this is a very risky step. I would definitely not do this, even if we are talking about bitcoin.

[fikrett]

Any business loves attention. Bitcoin is more related to investments and work, and drawing can be attributed to a hobby, especially if it is not monetized. But it is still important for everyone to have a creative hobby, it allows us to realize our soul needs and be happy. As for investing all assets in one direction, this is a very risky step. I would definitely not do this, even if we are talking about bitcoin.

There are things we love and things we need to do to.

It's good when it's a 2 in 1 deal, but usually, hobbies are where we love to be and love to do them, but they may not be related to our work, per se, I agree with you 

[Synchronice]

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

Does your friend trade with Bitcoin or does he hold it? I assume, he trades because you can't stop working by just holding. Quitting your job and starting full-time trading is a very, very risky decision to my mind because you can easily lose your whole capital and then when you are also without a job, you are in a very bad condition and that's not far from being homeless, potentially forever. If I were into his shoes, I would invest in Bitcoin but I wouldn't say no to my business that has been earning me the money because when you are newbie in something, your future isn't decided, you can make such a bold decision when you are pro in something, not when you are new in something.