Disadvantage of depending on bitcoin as your only source of income/trade

[Strongkored]

I believe every business one goes into is to make profit but as it is widely said two good heads are better than one, so owning two sources of incomes isn't a bad idea no one prays for loss or any unexpectancy but if any arises it should not reduce your market value, because you are built on one piller, depending on bitcoin mainly as your only source of income will make you constantly selling your coins to meet up your bills and basic daily human need but owning other businesses will enable you to buy more bitcoin and exercise more patience because your daily life challenges and bills will be taken care of by other businesses you do giving you more time to prolong and increase the rate/amount of your bitcoin, it will interest you that the more years passes by the more inflation becomes more fatal than ever and the only answer that will be left will be you brother that owns an atom of bitcoin because only you can receive or send huge money without anyone coming to break your home and taking you away in sunlight with any government badge, that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

First, Bitcoin is not a business or a source of income, but an investment.
I understand your point, which is diversification, and this is for investing.
Is diversification good? Of course, but there are factors that influence it. Diversification can't be achieved simply by randomly choosing something other than Bitcoin without studying other coins you might want to consider as alternatives.
However, I believe diversification shouldn't be done on the same platform. If you invest in Bitcoin, other options include gold, stocks, not other cryptocurrencies.

[BlackBoss_]

First, Bitcoin is not a business or a source of income, but an investment.
I understand your point, which is diversification, and this is for investing.
Is diversification good? Of course, but there are factors that influence it. Diversification can't be achieved simply by randomly choosing something other than Bitcoin without studying other coins you might want to consider as alternatives.
However, I believe diversification shouldn't be done on the same platform. If you invest in Bitcoin, other options include gold, stocks, not other cryptocurrencies.

People can invest their money in Bitcoin wisely and get good profit, take it, so that they can consider it as a sort of income. It's achievable or not, depends on how they invest their money in bitcoin, and which strategy they use for buying bitcoin, taking profit and using money as income.

If they consider Bitcoin as a thing that can give them money as income weekly or monthly, it's impossible to do because Bitcoin market does not always rise weekly and monthly forever. It has up, down, bull and bear markets so there will be times without profit even many months which is when people can not take profit too often.

However if they invest money in bitcoin for long term, they can have good profit and they can use profit taken each market cycle as their source of income in next one, two or three years, it's how Bitcoin investment can turn to be their source of income.

[WatChe]

First, Bitcoin is not a business or a source of income, but an investment.
I understand your point, which is diversification, and this is for investing.
Is diversification good? Of course, but there are factors that influence it. Diversification can't be achieved simply by randomly choosing something other than Bitcoin without studying other coins you might want to consider as alternatives.
However, I believe diversification shouldn't be done on the same platform. If you invest in Bitcoin, other options include gold, stocks, not other cryptocurrencies.

If we talk about investing in crypto then there is no best coin other then Bitcoin. The price of alts are very much linked to price of Bitcoin and they go up only in case Bitcoin goes up. That's why better option is to invest in Bitcoin alone not in alts.

If you have spare cash then other sectors like gold and stocks can be considered good for investments provided you have proper understanding of these sectors. These sectors are also capable of giving you good return. For me, investment is all about Bitcoin and even if I have spare cash I will prefer to invest that in Bitcoin.

[alastantiger]

I believe every business one goes into is to make profit but as it is widely said two good heads are better than one, so owning two sources of incomes isn't a bad idea no one prays for loss or any unexpectancy but if any arises it should not reduce your market value, because you are built on one piller, depending on bitcoin mainly as your only source of income will make you constantly selling your coins to meet up your bills and basic daily human need but owning other businesses will enable you to buy more bitcoin and exercise more patience because your daily life challenges and bills will be taken care of by other businesses you do giving you more time to prolong and increase the rate/amount of your bitcoin, it will interest you that the more years passes by the more inflation becomes more fatal than ever and the only answer that will be left will be you brother that owns an atom of bitcoin because only you can receive or send huge money without anyone coming to break your home and taking you away in sunlight with any government badge, that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

The primary way to gain profits with Bitcoin is to hold it for a long term, anyone investing in Bitcoin just has to know this basically. If you are now depending on what is suppose to be long-term for better profits you can see how that is limiting the full benefit. Another thing is that holding long term with that mindset as well helps with impulse decisions, like if you are constantly looking at your profile to withdraw for day to day activities, there is also a chance of you one day panicking and making impulsive decisions. If you are investing, you should invest with a long term mindset and avoid anything that will make you redraw or touch your portfolio untill it reaches your maturity date, only then can you then withdraw or do whatever you want.
.

[pawanjain]

I believe every business one goes into is to make profit but as it is widely said two good heads are better than one, so owning two sources of incomes isn't a bad idea no one prays for loss or any unexpectancy but if any arises it should not reduce your market value, because you are built on one piller, depending on bitcoin mainly as your only source of income will make you constantly selling your coins to meet up your bills and basic daily human need but owning other businesses will enable you to buy more bitcoin and exercise more patience because your daily life challenges and bills will be taken care of by other businesses you do giving you more time to prolong and increase the rate/amount of your bitcoin, it will interest you that the more years passes by the more inflation becomes more fatal than ever and the only answer that will be left will be you brother that owns an atom of bitcoin because only you can receive or send huge money without anyone coming to break your home and taking you away in sunlight with any government badge, that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

Do we have any real example of a person depending only on bitcoin as a source of income ?
Firstly, as we all know, we should have multiple sources of income to live peacefully and attain financial freedom earlier.
So this means we should have an income source apart from bitcoin as well and automatically eradicates this scenario of depending on bitcoin alone.

In my opinion, we should have a day job and make our expenses through that and save some money to invest in bitcoin and other assets.
Then find another source of income which we can use to step up those investments whenever we receive the money.
This way we will be able to compound our investments while not depending on one source of income alone.

[Localhostspeed]

I don't think you actually know what you are saying or maybe the you actually presented your statement. I don't think if it is even possible to have bitcoin investment without a source of income. I think what you are trying to say is that it isn't safe to put all one income in one asset that is bitcoin. It is wrong to put all one assets in bitcoin however as a newbie I think it won't be a good idea to begin to think about diversification especially since we are still trying to build up our portfolio. Thinking about investing in other assets when we are still in early phase of our bitcoin accumulation isn't a good idea

You just nailed it. Bitcoin is expensive right now, you can't even buy small amount of Bitcoin and think you have arrive, you need some good money to be able to accumulate any amount you choose. However. I think want OP is saying is different, he is saying that if you are investing on Bitcoin, you should make sure you have another source of income, don't rely on it in order to avoid selling it later when your source of income could have handle the problem.

There is no way you can enjoy holding Bitcoin when you have a lot of problems lining up waiting for you. You can't even blame OP for giving this advice because there are people that have been holding Bitcoin for long period of time and this coins are worth millions and billions but they didn't sell it for any reason even as they have problems around them, this is made possible because they have source of income that help them to solve those problems.

[virasisog]

I believe every business one goes into is to make profit but as it is widely said two good heads are better than one, so owning two sources of incomes isn't a bad idea no one prays for loss or any unexpectancy but if any arises it should not reduce your market value, because you are built on one piller, depending on bitcoin mainly as your only source of income will make you constantly selling your coins to meet up your bills and basic daily human need but owning other businesses will enable you to buy more bitcoin and exercise more patience because your daily life challenges and bills will be taken care of by other businesses you do giving you more time to prolong and increase the rate/amount of your bitcoin, it will interest you that the more years passes by the more inflation becomes more fatal than ever and the only answer that will be left will be you brother that owns an atom of bitcoin because only you can receive or send huge money without anyone coming to break your home and taking you away in sunlight with any government badge, that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

How do you expect to survive if you would only rely on trading crypto?
How much capital does one need to do it?
If you would convert everything in crypto how would you cover your expenses?
It would be hard to live relying only in crypto specially if you consider how the market moves, it is so unpredictable and so does the profit and lose in trades.
Trading, airdrops and other things that could accumulate free crypto, those things doesn't really guarantee profit or earnings.

[Ziskinberg]

Actually I don't know who will conceive the idea of making bitcoin the only source of their income. How?

Bitcoin is not owned, it is acquired either by mining or investing in bitcoin. Therefore, you have to buy bitcoin to invest in it.

So how would someone have bitcoin as one line of investment, how many bitcoin can they acquire? In fact, those who have acquired lots of bitcoin are already wealthy and diversifying into bitcoin investment.

The question is how do you make profit from bitcoin, it is either trading it, buying and hodling for profit taking but most of that don't profit you always. You lose in trading and while hodling in your wallet, the price keeps fluctuating, raising and falling. So bitcoin is not a safe heaven for one source of income.

It can still act like a side hustle that gives you a decent amount whenever there are opportunities to make profits, but never a safe main source of income since that won't give regular and sustainable amount of profits monthly.

But knowing how highly profitable bitcoin is most especially if it reaches another all time high, so its a still a must investment for everyone but for future retirement, not on a monthly or yearly basis.

[Samlucky O]

I am just wondering how Bitcoin is a source of income. I know that you lack some basic knowledge about what Bitcoin is all about, if not you would not see it as a source of income. I agree with that Bitcoin is profitable in a long run but that doesn't in any way makes it to be a source of income. A source of income is what brings a passive income either weekly, monthly or annually. This money can then be invested in Bitcoin, either weekly monthly or lump sum. Depending on the amount you've received.

[HelliumZ]

A person has an income source and supports his family from that income source and if he is involved in earning Bitcoin, then he can easily hold the Bitcoin he earns. Because in this case, he has enough means to run his family or run other expenses.
But how can someone who does not have a job or has no other way to work and has to rely solely on the income earned from Bitcoin hold Bitcoin? The difference between these two will make the concept of holding and spending easy to understand.

[Makus]

it is good to always diversify your income instead of relying on just one source. Even though bitcoin seems to be very profitable there are some factors to be considered, one of them is the instability of bitcoin, the price of bitcoin isn't stable and most people that invest in bitcoin usually run a long term investment so if you don't have anything else that generates money i6 might be difficult to keep up. There are other tokens you can invest in but you must make sure you do proper research

[Alpha Marine]

Who even depends on Bitcoin as their only source of income? How is that even possible? I can only think of early adopters who got wealthy through Bitcoin and Bitcoin traders. If you have bitcoin as your investment, it would take years for you to have a reasonable profit, so for those 3-6 years you were waiting for it to get to a good price, what do you survive on?
This is like telling a person who bought shares of a company not to depend on his shares as his major source of income.
There are situations where a person uses his bitcoin holdings, but that is not because he depends on his bitcoin as his source of income; it could simply be because life happened to him, like losing his job, a medical emergency or just desperate for cash. The goal was not for the bitcoin to be his only source of income; life just happened.

that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

So what would you use for your day-to-day life? Will you have to sell Bitcoin to fund your day-to-day life? Isn't that what you were advising against?

[Fiasem20]

Having a business along side with your bitcoin investment is a crucial aspect for one to hold for the long term.Bitcoin isn’t meant to be relied on as the only source of income,though most traders risk it.Whether investment or trading,it’s required for you to have a backup business that would prolong your long term investment goals because when you don’t have an alternative you’d always want to withdraw from your portfolio even if you haven’t made enough profits from it.Before diversifying into other businesses it would be more better if you gain knowledge about the business in other to manage the risks associated with the business.

[Jostern]

How can bitcoin possibly be a source of income, this is quite a laughable statement, well maybe you’re referring to someone that is a trader, I believe it’s people that are traders that will only refer to bitcoin as their only source of income and I believe that is totally an awful thing to do by referring to bitcoin as your source of income, when you’re buying and trading bitcoin, that is how you’re eventually missing out on a lot of opportunities while trading bitcoin, the best way to invest in bitcoin is holding for a long term, holding Bitcoin for a longer term of 4-10 years there is a good chance you will have a good number of profit which is widely accepted by me and not only me most people would prefer holding bitcoin for a long term instead of trading.

Someone who is depending on bitcoin as a source of income, what if your bitcoin doesn’t give you any profit when you buy, and the there is a price dip and you loose some money, and you can’t trade immediately or you take your money, because you can’t predict Bitcoin because of it’s volatility.

What do you do in this situation why you loose money and there is no profit, because as a trader you can’t have profit all the time, unless maybe you know how to time the market, and nobody is perfect with that as well with predicting the market of Bitcoin price.

[SOKO-DEKE]

I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

I don’t think it is a good idea to convert everything you have to invest in Bitcoin, because Bitcoin also has its own risks. Doing that can lead someone to always overthink and stay in a constant state of worry, as Bitcoin is a volatile asset. During periods when the price of Bitcoin is down, someone will be very worried, no matter how much knowledge they have about Bitcoin.

The best way to invest in Bitcoin is through discretionary funds and while having other sources of income. Every month or week, whenever someone receives their salary and has taken care of all essential expenses, the remaining money can be used to invest in Bitcoin. Gradually, as someone continues to accumulate, they will later be able to gather a reasonable amount of Bitcoin.therefore, converting everything to invest in Bitcoin is not a good idea; it is often driven by eagerness to make it quickly through Bitcoin.

[irhact]

it will interest you that the more years passes by the more inflation becomes more fatal than ever and the only answer that will be left will be you brother that owns an atom of bitcoin because only you can receive or send huge money without anyone coming to break your home and taking you away in sunlight with any government badge, that aside I understand how important bitcoin is now that I want to convert everything I have to bitcoin.

I have to agree with everything you have said because when an individual puts his mind to one business and only does that business he gets so invested in it that he begins to do something wrong, with that he does not know when he gets it wrong. An investor should focus on investing in different businesses and also own some yourself, Bitcoin is an investment that you are not guarantee of when the market will pump up or the market with dump, the market can move volatilely in any direction it's once and you as the user trading is going to either get profit or you get some losses. When you have other businesses that you're doing and the market decides to fall, you can decide to take profit from your other businesses or use the cash flow coming from there to sustain your life and not depend on the market totally but when all your investment are in the market and the market is dumping you might get so frustrated that you might decide to sell some of your Bitcoin just for you to have some fiat for you to use for your day to day needs.