ASK LEO: IS IT SAFE TO EARN SOLELY IN CRYPTOCURRENCY?
Hello everyone,
As someone whose main source of income is via crypto, I get to ask myself this question everyday "Is it safe?" and I’ve come to a conclusion that it isn’t to some extent. I had no problem earning through cryptocurrency alone when the market was good and the value was high but this bear market has open my eyes to see the need to have another source of income for raining days like this.
In my opinion, cryptocurrency isn’t the best way to earn passive income though you can. If you are ready to study the charts very well and understand the analysis of it rising and falling. You can make daily little profits by buying and selling but that requires more stress and dedication as you’d have to stay on the charts to study them well almost every day. In order to avoid this stress, I believe cryptocurrency is best as a long term investment. You buy the crypto or earn it and hold unto it for a period of time preferably a long period of time and allow the value to grow. Then you can sell and make your profits. I have friends that want to start investing in crypto ask me how soon they can start earning? I make sure to let them know it’s a long term investment and not a short term one.
Now if that is the case, I think it’s only best and wise to have another source of income aside crypto through which one can earn daily or monthly. If it now happens that crypto is the only source of income like in my case, Another thing to do is to set aside some amount of crypto that one will be holding and another for selling. Take me for example I’m into crafts, NFTs and blogging here on this blockchain. I decided to hold unto my earnings here and some of my earnings on Opensea. Now I have joined another gallery called Objkt on the Tezos blockchain and I mint some of my drawings there which are not too expensive. Part of the sale from these pieces are the ones I decided to sell to meet my needs. Soon I will be joining other gallery like Foundation and knoworigin. If I'm able to have my works up there and I'm earning in all these gallery, it will be an additional advantage for me.
In summary, I think it’s best to have various sources of income and not depend on one. I remember when I was serving few years back, I attended a seminar and the person speaking said “It’s only a fool that will decide to have just one source of income”. I’ve held unto those words since that day and make a conviction never to be that fool. As each day passes, I try as much as possible to see other opportunities and other ways to earn and invest. I’ve set lot of goals for myself and I’m not ready to let them waste away.
THANK YOU SO MUCH FOR TAKING TIME TO READ MY POST. DO HAVE A FULFILLING DAY.
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IMHO, cyrpto is little more than a innovative ways of making payments.
Yes, it was possible to earn money from crypto in the first few years of this new market.
However, for crypto to be viable in the long run, people need to find ways to break out of the confines of cyberspace and into the economy at large.
So, not only should people see income outside of crypto. It is imperative for people to find ways to use crypto outside of cyberspace. If crypto stays isolated, it will all collapse.
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I totally agree with you. I think it will be of best interest to integrate crypto outside the cyberspace. That will give it a stronger backbone as time goes on and I see this happening in future if not happening already. Its just difficult to achieve in some countries that aren't ready to be developed like mine but I'm hopeful that's going to change soon.
Thank you for your comment
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Crypto is a very good investment but one need to be very careful when investing ,it is available not to put all your income into it because it might be very risky it is advisable to invest what you can afford to lose ,thanks for sharing with us your opinion
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Sounds like you have a good plan and strategy living off crypto :) That is awesome!
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One need to be wise about this things if one doesn't want to be at the losing end. Thank you so much for your comment and the LADY. Really appreciate it.
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That is true, we need certain strategies to be in good situations when the market behaves differently.
You are very welcome and have a great weekend ahead :)
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