Quote from: SOKO-DEKE on Today at 09:03:40 PM

Quote from: AVE5 on May 27, 2024, 03:21:18 PM

He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

I don't think this is the best time for your cousin to invest in bitcoin after he has lost his job. He really needs to have a source of income if he really wants to be successful in bitcoin investments. Bitcoin investment will not give him profits weekly or monthly; it can be a long period of time before it may even see an opportunity to take profit in bitcoin, so I am just wondering how he is going to survive for the long term after he has invested part of his money in bitcoin investment, as you mentioned that it is not currently easy for him now.

Due to the volatility of Bitcoin, we are always advised to always invest what we can afford to lose, but the way this story came up, I don't think he can really have the amount of money he can afford to lose. Currently, it has been tough for him, so if this kind of person should invest in Bitcoin and the Bitcoin market is down after he has invested for some time, I doubt this type of person will not sell their Bitcoin investment when they need the money, which they may even lose.

It doesnt have any sense that you would really be making some investment on which at the moment that you dont have any job. Come to think that investment on crypto isnt a solution on the current financial struggle that you are currently that experiencing on which we do know that we do still need that constant and secured salary on day to day or coming from other income sources. Dealing up with crypto space
doesnt really guarantee that you could really be able to make profits on which is why it would be not a good option for you to take on such situation. As for having that kind of advice then it would be better on telling them about the basics about investment on crypto or even just say with Bitcoin on which it cant really be able to bring out that immediate profit on which he/she might really be that expecting something
big profits on the moment that he would be putting up some money on which we know that this isnt how it works.

Trying out to make it as a band-aid solution into that current jobless condition you are in? You are potentially making things even more worst.Plus, come or bare in mind that market movements arent that something that could be predicted. If you would tend to make up some profits out of those movements then better think not or having none of those considerations because market reality
would really be just that make you disappointed.