Quote from: DoublerHunter on August 18, 2023, 10:12:37 PM

Quote from: Bushdark on August 18, 2023, 07:16:01 PM

Quote from: worle1bm on August 16, 2023, 09:52:51 PM

Quote from: lionheart78 on August 16, 2023, 09:39:55 PM

In short, it is our effort that brings food in our table. Bitcoin is just one of the currencies we received from that services so I think it isn't correct to think that it is the Bitcoin that gives our food to our table.

In real life also we have to earn food for ourselves like by working and earn money similarly for Bitcoin also you have to do some work or put efforts to acquire it any way you find possible whether it's investment or you want to earn it.It is a currency as well as investment asset which can bring you anything you want we can measure in terms of money.

Bitcoin investment should never be seen as a major source of our income or else we might have some problems when the price going bearish and we are not able to make gain that will still make our portfolio to be intact. Just like cryptocurrency and how risky it is, Bitcoin investment is also very risky and we should always have other options for the inflow of money so we are not going to be bothered about the market volatility which could make us to sell part or all our Bitcoin when the market is going bearish.

The best way to invest in Bitcoin is to buy and hold for as long it will take the market to go bull for us to make extra profits from our holdings. The rich are the ones that are always making good profits from the market because they have enough to invest and enough to put in other investment putting there eggs in different baskets.

^ Diversification is a key strategy in managing risk when it comes to BTC and other investments. Relying solely on BTC for income could expose one to unnecessary financial risks if the market turns bearish. For me, having multiple sources of income and investments, as you mentioned, is a prudent approach to ensure financial stability and avoid the impact of market volatility.
It could be the concept of (buy and hold) was suitable with a long-term investment strategy, where investors aim to capitalize on the potential for the market to eventually shift into a bullish phase, allowing for greater profit potential.

First of all, bitcoin is just an investment and it can bring us profit or loss. We should not consider it as a source of income to maintain our daily lives. Second thing, once we get a job with a steady income, investing in bitcoin alone is not so bad. I mean, if we don't have a lot of money and only a limited amount of capital, there's no point in diversifying. That just dilutes our investment and doesn't give the best return.

For example, you only have 5k to invest, and if you diversify with gold, bitcoin, stocks, I'm pretty sure it won't increase your investment significantly. But if you invest all in bitcoin and hold until the price increases, you will get the highest return. Diversification is when we have a lot of money and a lot of capital but if limited capital, diversification does not help us.