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

[FanEagle]

Whatever your point, if someone earns/owns Bitcoin, they need to have an income that can cover their basic needs and also allow them to accumulate more.

If they rely solely on their Bitcoin, they will likely sell it to meet their needs, and this could prevent them from maximizing their asset.

Unfortunately I am in that exact situation. My salary is paid in bitcoin and I have to pay for many needs and because of that I sell almost all of my bitcoins, sometimes I sell all of them, sometimes I get to save a small sum aside. I even sometimes avoided paying debt that wasn't urgent, like I can pay next month and no problem, so I put that money on bitcoin, and then paid another time that way keeping bitcoin, like credit card debt. When you earn just bitcoin only, you have to cash it out and hope there is some left.

They need to have some emergency funds and an income to cover monthly expenses without touching Bitcoin for a long period of time, at least one or two cycles, only then can they fully benefit from Bitcoin's long-term potential.

We cannot be sure about what the current and upcoming cycles of bitcoin will bring to us. Bitcoin tested ~20k in 2017 but the current price is just 5x growth of 2017's ATH in almost 8 years of time. I mean that we need to adjust the estimations of long term holding benefits as bitcoin is not doing 10x for every cycle.

[Proty]

 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

[ejikeme24]

Unfortunately I am in that exact situation. My salary is paid in bitcoin and I have to pay for many needs and because of that I sell almost all of my bitcoins, sometimes I sell all of them, sometimes I get to save a small sum aside. I even sometimes avoided paying debt that wasn't urgent, like I can pay next month and no problem, so I put that money on bitcoin, and then paid another time that way keeping bitcoin, like credit card debt. When you earn just bitcoin only, you have to cash it out and hope there is some left.

Sure, I could imagine how difficult it is for those that earn through Bitcoin to stack enough stash, Sometimes before month ends there will be so many bills on our table that need to settle. So when we get paid we would be forced to sell our Bitcoin to clear those bills, and sometimes after clearing the bills we would be Left with zero or a little stash. That is the reason why it is good for an investor to have a different cash flow  more especially those who are earning in Bitcoin so as to avoid selling when it is not your will.

[batang_bitcoin]

I don't think if it is even possible to have bitcoin investment without a source of income.

It's possible if someone just gifted it to you but it's never happening into these times. No one is generous anymore when the price of Bitcoin is high that it can change someone's life.

That is the reason why it is good for an investor to have a different cash flow  more especially those who are earning in Bitcoin so as to avoid selling when it is not your will.

I agree, if we're investors it's needed to have a source of income and both of you are right that it's unlikely that someone will get invested into Bitcoin without having a cash flow or source of income.

[Easteregg69]

It's on dca nothing i can do to help it.

[Easteregg69]

You know that baking machine i mentioned?

[Easteregg69]

Kenwood is in kitchen machine.

Like the old hifi amps.
 
I would set the adjustments as i like-- On syntax. Perhaps i look in for the miss conception.

[Hypnosis00]

Bitcoin may be a good investment, but its not a reliable one. So I don't suggest making bitcoin as a main source of income, because it won't guarantee any fixed time or date when will you be making profits, sometimes you'll gain, sometimes you'll lose, that's why its never safe to have bitcoin as a main source of income.

Instead, find a real job that will guarantee regular income. And look for additional investments, be it gold or real estate that will provide you another income when bitcoin at the moment isn't making you profitable, and is not providing you food on the table.

[Easteregg69]

Bitcoin may be a good investment, but its not a reliable one. So I don't suggest making bitcoin as a main source of income, because it won't guarantee any fixed time or date when will you be making profits, sometimes you'll gain, sometimes you'll lose, that's why its never safe to have bitcoin as a main source of income.

Instead, find a real job that will guarantee regular income. And look for additional investments, be it gold or real estate that will provide you another income when bitcoin at the moment isn't making you profitable, and is not providing you food on the table.

You can not show up with a mining rig telling it's the best idea in the world. I got that.

Edit. It's on yest and home bake so far!

[Nothingtodo]

The only problem in my case is that if I rely only on Bitcoin without making alternative income arrangements, then the problem in my case will be that I will not be able to hold Bitcoin for a long time. That is, to hold Bitcoin, you must depend on business or job in addition to earning Bitcoin. If you rely on Bitcoin without making alternative arrangements, you will not be able to store Bitcoin in your wallet. Because when you accumulate some Bitcoin in your wallet, if you have a serious need, you will be forced to sell that Bitcoin because in this case you have no alternative income arrangement, that is, you will have to solve the problem only through Bitcoin.

[Easteregg69]

The only problem in my case is that if I rely only on Bitcoin without making alternative income arrangements, then the problem in my case will be that I will not be able to hold Bitcoin for a long time. That is, to hold Bitcoin, you must depend on business or job in addition to earning Bitcoin. If you rely on Bitcoin without making alternative arrangements, you will not be able to store Bitcoin in your wallet. Because when you accumulate some Bitcoin in your wallet, if you have a serious need, you will be forced to sell that Bitcoin because in this case you have no alternative income arrangement, that is, you will have to solve the problem only through Bitcoin.

The only problem is people doubt that you are the enemy.


You save that by stick to things.