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

[Hardyrobust]

depending on Bitcoin alone as your only source of income is really risky especially for daily needs. Bitcoin is good for long term value but bills, food, rent & emergencies cannot wait for the market to go up if Bitcoin is your only income you will be forced to sell even when the price is low & that defeats the purpose of holding. Having another business/job gives you breathing space, you can pay your expenses w/o touching your coins & instead of selling you can even buy more during dips. For me Bitcoin works best as a store of value or secondary income not the only pillar.

I don't see it as something that is possible to depend on bitcoin as a source of income. Before we think of starting to invest in bitcoin we should have a source of income because without having a source of income investing in bitcoin won't be that possible. Even if we have reach the fuck you status we're our bitcoin holdings is in good shape . There should still be need to have other sources of income or we can even start to diversify into other assets to secure our income from risk.

[SmartCharpa]

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.

Have you ever seen someone claim that their source of income is bitcoin investment? If you have see someone before, I haven’t seen anyone say that before, so Bitcoin investing is like saving money for the future, not something you will need it anytime soon. Bitcoin is not something you should rely on, which is why it is says that you should have a source of income where you can be comfortable with investing in Bitcoin.

However, I agree that everyone enters a business to make profit, whether in investment as well. Nobody wants a lose money, so you should have an income that help you to cover some expenses, because you may end up selling your investment if you don’t have other source of income, as the market operates on its own, not the way we expected it.

[Antotena]

depending on Bitcoin alone as your only source of income is really risky especially for daily needs. Bitcoin is good for long term value but bills, food, rent & emergencies cannot wait for the market to go up if Bitcoin is your only income you will be forced to sell even when the price is low & that defeats the purpose of holding. Having another business/job gives you breathing space, you can pay your expenses w/o touching your coins & instead of selling you can even buy more during dips. For me Bitcoin works best as a store of value or secondary income not the only pillar.

I don't see it as something that is possible to depend on bitcoin as a source of income. Before we think of starting to invest in bitcoin we should have a source of income because without having a source of income investing in bitcoin won't be that possible. Even if we have reach the fuck you status we're our bitcoin holdings is in good shape . There should still be need to have other sources of income or we can even start to diversify into other assets to secure our income from risk.

I don't think there is any serious person that depend on Bitcoin as source of income unless they do it the smart way. There are some earn yield on some centralized exchanges, instead of allowing your Bitcoin stay idle, they deposit this coin into the exchange and lock it as liquidity and in return the exchange gives them some APR when the Bitcoin is unlocked, if you are not doing this then there is nothing I think that can bring any source of income unless you hold and even this locking is risky.

If you are not trading Bitcoin that I will say you are doing the right thing, then there is nothing you can even do than hold the Bitcoin. Trading is even risky and you can lose your Bitcoin in the process of trying to look for quick profit. It's better you don't trade Bitcoin if you don't have what it takes to be a trader. I once lost everything on me because of trading, I was looking for daily bread after watching some YouTube videos, don't be like me.

[Issa56]

I don't see it as something that is possible to depend on bitcoin as a source of income. Before we think of starting to invest in bitcoin we should have a source of income because without having a source of income investing in bitcoin won't be that possible.

If you are investing in bitcoin, then there is no way you will be depending on only bitcoin investment for survival. If you are holding bitcoin, then you will have to be selling your bitcoin for survival, then it’s of no use investing in the first place since you going to be selling it back. and if you don’t have another source of income, you won’t be able to make money to invest in bitcoin. 

The only people that I know that do depend on bitcoin for survival are traders. I have seen some people that don’t have other source of income than trading, I will say it’s completely a bad idea, depending on trading doesn’t make any sense, we are suppose to have multiple sources of income, incase if anything happens to one, we will be able to fall back, but if you depend on trading alone, if anything happens, then you going to be in trouble.

[terrific]

If you are not trading Bitcoin that I will say you are doing the right thing, then there is nothing you can even do than hold the Bitcoin. Trading is even risky and you can lose your Bitcoin in the process of trying to look for quick profit. It's better you don't trade Bitcoin if you don't have what it takes to be a trader. I once lost everything on me because of trading, I was looking for daily bread after watching some YouTube videos, don't be like me.

I still don't understand those folks that have been using their bitcoin for their trades. I know they can be profitable traders.
But you're putting the bitcoins you hold at risk by losing them with those trades.
You'll never know if the pairs you've chosen by it will be profitable. While it might be fine with a few stable coins.
Still, you'll have no idea when the market is going to have that surprising dip and will be against to your trade.

[Findingnemo]

People who say bitcoin is my source of income need to eloborate, bitcoin is money so money can't be a job because one needs to do something to make money so either they do trading which is a career, or mining or simply bought bitcoin with a lump sump and now using systematic withdrawal to pay their bills on the monthly basis.

[uneng]

People who say bitcoin is my source of income need to eloborate, bitcoin is money so money can't be a job because one needs to do something to make money so either they do trading which is a career, or mining or simply bought bitcoin with a lump sump and now using systematic withdrawal to pay their bills on the monthly basis.

To live on Bitcoin is just a catch phrase used by people who don't really understand how this industry works for real. It's a misconception which excites newbies, because they really think to be able to make their main income from Bitcoin, just by acquiring a portion of it once and selling it slowly along the time, or by doing day trading. Bitcoin is just one investment people should adopt among many other alternatives.

It's not advisable to rely on Bitcoin for a living due to its volatility and unpredictability. It works great as investment on long run and it does return a decent profit percentage over your initial funds, but we never know when we are going to profit from it, so it's necessary to have stable sources of income, like from a regular job or from managing a solid business which adds value to society.

[ThemePen]

People who say bitcoin is my source of income need to eloborate, bitcoin is money so money can't be a job because one needs to do something to make money so either they do trading which is a career, or mining or simply bought bitcoin with a lump sump and now using systematic withdrawal to pay their bills on the monthly basis.

Well, you are quite right that Bitcoin is not employer, but item, which is that one needs to take certain action, or verb, to change that value into money. Now people no longer just trade, but use Bitcoin to run high speed payment paths as form of Bot Business where they watch over AI bots that do tiny tasks 24/7 or price trade in 24/7 to get instant pay. Others are so-called digital landlords who make annual set profit of between 5 and 8 percent by locking their Bitcoin with Bitcoin Layer 2s such as Stacks or Babylon without having to sell first Bitcoin. Also, huge change in short term job market has included nearly 23 percent of global workers using websites such as Braintrust, LaborX, or CryptoTask to do normal job in coding or design, and skipping bank to be paid their entire pay in Bitcoin. At end, no matter if you are a miner keeping machines, or worker selling work, Bitcoin is tool that carries your money, although actual money is still your use, risk, or hard work.

[X-ray]

People who say bitcoin is my source of income need to eloborate, bitcoin is money so money can't be a job because one needs to do something to make money so either they do trading which is a career, or mining or simply bought bitcoin with a lump sump and now using systematic withdrawal to pay their bills on the monthly basis.

That's true and the sentences itself doesn't make sense. Bitcoin is only valid as a source of income if somebody is running a miner and they got bitcoin as a reward to solve block. In that case, the miner literally got paid in bitcoin for helping to run bitcoin. Bitcoin, in that scenario become source of income.

Getting paid in bitcoin for works like freelancing or even become a blockchain developer is the better word to describe it.

[GiftedMAN]

People who say bitcoin is my source of income need to eloborate, bitcoin is money so money can't be a job because one needs to do something to make money so either they do trading which is a career, or mining or simply bought bitcoin with a lump sump and now using systematic withdrawal to pay their bills on the monthly basis.

But either ways, Bitcoin could still indirectly be considered as a source of income, but the question should be how reliable is it as a source of income to you. For those who are trading, are you that good that you actually manage to generate good income from it consistently or is your profit epileptic. In my opinion, I believe people can only say that Bitcoin is a source of income when they’ve accumulated enough Bitcoin overtime and have reached a state of over accumulation and are now strategically withdrawing from it either price or time based.