Why Nigerians should Combine Bitcoin accumulation journey with other businesses.

[Olotu20]

There is great need for us Nigerians to have additional sources of incomes and not solely depend on Bitcoin as either an investment or a source of income. We should have multiple streams of income as Nigerian considering the times that, we find ourselves, yes it's true that, Bitcoin has been helpful to us Nigerians as a wealth builder especially in the face of our unstable economic situation. Coupled with the Naira which has been dwindling and so has been losing value almost on a daily basis. Bitcoin has been helpful to us as it has been used as a tool that, has been a guide against the effects of Nigeria economic problems, however there is need for us Nigerians not to depends only on Bitcoin but should try as much as possible to diversify our sources of incomes and investment.
Reasons why we should not only depend on Bitcoin.

Bitcoin’s Price Is Extremely Volatile

Bitcoin can rise massively, but it can also crash suddenly One month you may see profit the next month your portfolio could fall by 30–50%.This volatility makes Bitcoin great for long-term growth not daily survival or household income. Rent, food, school fees, and transport require stability, not price.

Nigeria’s Economic Reality Demands Stable Cash Flow.

With high inflation rate and rising cost of living with an unstable job market,weak naira purchasing power.it’s crucial to have income sources that produce consistent cash, not just speculative profit.

Bitcoin Does Not Create Monthly Cash Flow

 Unless You Convert It, Bitcoin is an asset, not a job or business.You cannot pay bills,eat,transport etc.with unrealized capital gains you still need active or passive cash flow sources the need to diversify your income generation channels.

 Skill Development Is More Valuable than Any Asset.

Bitcoin can multiply wealth but skills create wealth.A person who build a digital skills such as business skills,professional skills can earn in dollars, naira, or crypto flexibly.so it's important that we should prioritize skills development while in our Bitcoin accumulation journey because there is no sustainable wealth creation without you developing yourself.

Real life Nigerian Challenges Need Fiat
Electricity, housing, healthcare, transport, and food are still naira based in daily life.

It is important to know and understand the environment that you live in and that, is Bitcoin or Crypto alone can’t cover everything  in the country in as much as crypto has been on the rise in the country we have to face fact and that is that Bitcoin is something that, alot of Nigerians are trying to accept in Nigeria today.you can't use crypto or Bitcoin in paying bills, transportation and even going to the market is very rear. So to me the best approach when it comes to Bitcoin should be For the purpose of
A longterm savings asset.
A hedge against inflation.
A tool for future wealth.
Investing in Bitcoin should be targeted with the mentality of a future prospects because Bitcoin works well when Left for a long period of time.One thing that I have come to understand about Bitcoin as an asset and investment prospect is that, Bitcoin is like planting an Economic  tree like Cocoa, Palm tree but while waiting for it to grow so you can harvest it and sell and make money you still need food, shelter, and income today to survive.

Skills + Bitcoin = financial power.
Bitcoin alone = financial gamble.

[Agbamoni]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

[BIT-BENDER]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

[Jubilee58]

Investing in bitcoin is a wise decision to be taken by any investor, considering bitcoin potential and adoption. However their is need for diversification of investment. Bitcoin is a good and lucrative investment on the long run, but depending on bitcoin alone as a source of income is not advisable, should Incase  of any unforseen circumstances that might affect your bitcoin investment. When you diversify your investment, you are thesame time spreading your risk of investment, if one investment is affected, the other one might be saved.

Apart from Bitcoin investment, you can also invest in other assets like real estate, stock or even bonds or better still, you can develop yourself in some skills that are lucrative in other to avoid over dependence in bitcoin.

It is also something very good to invest in oneself. Investing in yourself enables you to have wide range of ideas. They say knowledge is power, your knowledge and ideas can be converted to money. As people seek for your knowledge and profession or skills, they pay to gain your services.

[Dick Long]

Come to think of it, if someone during the pandemic who was a company worker and has no other means of income to shoulder his or her responsibilities and many other business fellow who only rely on a stream of Business. It will really affect such a person.
Same thing apply to being an investor only in Bitcoin which happens to be an investment, savings, and the only means to pay bills, it will definitely slow down long time target of achieving more if there are other source of income.
It's good to make available other source of livelihood while we investments and save our Bitcoin.
This will also help to reduce tension of selling stocks when it should be reserved for more gains in the nearest future.

[Cryptomultiplier]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

One of the reasons why Bitcoin is called a digital gold is because just like gold, it needs to be kept safe like an appreciating asset that would be expensive after sales in the future.
That is why people hammer on it as a way to plan for retirement or gather enough wealth to be diversified into real world asset and wealth that can be passed down from generation to generations.

Accumulation of Bitcoin doesn't stop other cryptocurrency or real world investment and it is always adviced to explore other options for wealth guarantee.

[Donneski]

Bitcoin is a powerful asset but it’s not a salary and for a country like Nigeria where daily spending is a necessity to survive, diversifying into other engagements like business, helpful skills of high demand is a must for anyone who wants to grow their bitcoin assets and succeed in their bitcoin journey.

 Daily life in Nigeria runs on naira and cash flow and volatility alone makes it risky to depend on BTC for survival. Skills, businesses and steady income are what keep you afloat while Bitcoin does its long-term work.