Why Nigerians should Combine Bitcoin accumulation journey with other businesses.

[Olotu20]

There is great need for us Nigerians to have additional sources of incomes and not solely depend on Bitcoin as either an investment or a source of income. We should have multiple streams of income as Nigerian considering the times that, we find ourselves, yes it's true that, Bitcoin has been helpful to us Nigerians as a wealth builder especially in the face of our unstable economic situation. Coupled with the Naira which has been dwindling and so has been losing value almost on a daily basis. Bitcoin has been helpful to us as it has been used as a tool that, has been a guide against the effects of Nigeria economic problems, however there is need for us Nigerians not to depends only on Bitcoin but should try as much as possible to diversify our sources of incomes and investment.
Reasons why we should not only depend on Bitcoin.

Bitcoin’s Price Is Extremely Volatile

Bitcoin can rise massively, but it can also crash suddenly One month you may see profit the next month your portfolio could fall by 30–50%.This volatility makes Bitcoin great for long-term growth not daily survival or household income. Rent, food, school fees, and transport require stability, not price.

Nigeria’s Economic Reality Demands Stable Cash Flow.

With high inflation rate and rising cost of living with an unstable job market,weak naira purchasing power.it’s crucial to have income sources that produce consistent cash, not just speculative profit.

Bitcoin Does Not Create Monthly Cash Flow

 Unless You Convert It, Bitcoin is an asset, not a job or business.You cannot pay bills,eat,transport etc.with unrealized capital gains you still need active or passive cash flow sources the need to diversify your income generation channels.

 Skill Development Is More Valuable than Any Asset.

Bitcoin can multiply wealth but skills create wealth.A person who build a digital skills such as business skills,professional skills can earn in dollars, naira, or crypto flexibly.so it's important that we should prioritize skills development while in our Bitcoin accumulation journey because there is no sustainable wealth creation without you developing yourself.

Real life Nigerian Challenges Need Fiat
Electricity, housing, healthcare, transport, and food are still naira based in daily life.

It is important to know and understand the environment that you live in and that, is Bitcoin or Crypto alone can’t cover everything  in the country in as much as crypto has been on the rise in the country we have to face fact and that is that Bitcoin is something that, alot of Nigerians are trying to accept in Nigeria today.you can't use crypto or Bitcoin in paying bills, transportation and even going to the market is very rear. So to me the best approach when it comes to Bitcoin should be For the purpose of
A longterm savings asset.
A hedge against inflation.
A tool for future wealth.
Investing in Bitcoin should be targeted with the mentality of a future prospects because Bitcoin works well when Left for a long period of time.One thing that I have come to understand about Bitcoin as an asset and investment prospect is that, Bitcoin is like planting an Economic  tree like Cocoa, Palm tree but while waiting for it to grow so you can harvest it and sell and make money you still need food, shelter, and income today to survive.

Skills + Bitcoin = financial power.
Bitcoin alone = financial gamble.

[Agbamoni]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

[BIT-BENDER]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

[Jubilee58]

Investing in bitcoin is a wise decision to be taken by any investor, considering bitcoin potential and adoption. However their is need for diversification of investment. Bitcoin is a good and lucrative investment on the long run, but depending on bitcoin alone as a source of income is not advisable, should Incase  of any unforseen circumstances that might affect your bitcoin investment. When you diversify your investment, you are thesame time spreading your risk of investment, if one investment is affected, the other one might be saved.

Apart from Bitcoin investment, you can also invest in other assets like real estate, stock or even bonds or better still, you can develop yourself in some skills that are lucrative in other to avoid over dependence in bitcoin.

It is also something very good to invest in oneself. Investing in yourself enables you to have wide range of ideas. They say knowledge is power, your knowledge and ideas can be converted to money. As people seek for your knowledge and profession or skills, they pay to gain your services.

[Dick Long]

Come to think of it, if someone during the pandemic who was a company worker and has no other means of income to shoulder his or her responsibilities and many other business fellow who only rely on a stream of Business. It will really affect such a person.
Same thing apply to being an investor only in Bitcoin which happens to be an investment, savings, and the only means to pay bills, it will definitely slow down long time target of achieving more if there are other source of income.
It's good to make available other source of livelihood while we investments and save our Bitcoin.
This will also help to reduce tension of selling stocks when it should be reserved for more gains in the nearest future.

[Cryptomultiplier]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

One of the reasons why Bitcoin is called a digital gold is because just like gold, it needs to be kept safe like an appreciating asset that would be expensive after sales in the future.
That is why people hammer on it as a way to plan for retirement or gather enough wealth to be diversified into real world asset and wealth that can be passed down from generation to generations.

Accumulation of Bitcoin doesn't stop other cryptocurrency or real world investment and it is always adviced to explore other options for wealth guarantee.

[Donneski]

Bitcoin is a powerful asset but it’s not a salary and for a country like Nigeria where daily spending is a necessity to survive, diversifying into other engagements like business, helpful skills of high demand is a must for anyone who wants to grow their bitcoin assets and succeed in their bitcoin journey.

 Daily life in Nigeria runs on naira and cash flow and volatility alone makes it risky to depend on BTC for survival. Skills, businesses and steady income are what keep you afloat while Bitcoin does its long-term work.

[Donk1]

Basically bitcoin isn't a source of income except from all those bitcoin traders who tend to make profit daily apart from that, I do not see it as a source of income More or less the situation of the country is getting worse every day and, as country people we gat to dey active when it comes to making money. That's why apart from bitcoin investment we still have various investments like land and so on, well it's easy to say bitcoin is just an alternative to our financial crisis.​While investing in bitcoin and holding for the long term is good, but then as cryto enthusiast we should never put all our hopes and focus on the digital world, while neglecting the real world. No that's whould be very wrong indeed. There isn't any work in our country, but you yourself can open a business and become and entrepreneur.
​Overall bitcoin is a very good asset but as citizens of Nigeria, we should never rely on bitcoin only. It's said that opportunity opens doors, but then it's up to you as an individual to make use of the opportunity. That's just it, bro's

[Agbamoni]

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

Obviously, that's what I've been trying to let OP know. For you to be able to accumulate Bitcoin successfully, up to the date of maturity, you must have something that supplies you with enough capital to invest with. The money does not fall from the sky. Meaning, the possibility of doing only Bitcoin is below 5%. It is even likely impossible for you to become successful with Bitcoin only without having anyother thing to do.

[Rockson1]

Of course you are on point, Bitcoin as an asset may serve as an investment and asset but this kind of business is not something we should rely on for short term gains, so we will be definitely needing a business or different job that will help us in acumulating our Bitcoin and taking care of other needs, I think this is even the reason why most people fail in Bitcoin, they misunderstood the whole thing, they see it as everything and invest their all in it without getting a refill for their pucket, Bitcoin is very excellent, but we must know that Bitcoin has it's own purpose, other business has there own purpose and thats why we should act widely and smartly.

[Zackz5000]

Before any one can start accumulating Bitcoin i believe the person might have other means also of generating income, having some useful skills and some other business will even help you to grow fast with your Bitcoin accumulation, if we should only depend on our Bitcoin it definitely means we can't hodl our Bitcoin for long before selling.

Another reason we also need to other source of income is that Bitcoin doesn't guarantee us success anything fit happen market fit drop and you loss everything so from our business we can figure out if we have a discretionary income that we can using the accumulate Bitcoin with the DCA strategy and hodl for long.

[Progress101]

I will agree with your perspective, especially on the distinction between Bitcoin as a long-term wealth tool versus daily cash flow. The way many Nigerians view crypto, it often becomes a shortcut to “quick financial relief,” but the reality is that its volatility makes it unreliable for everyday expenses. Treating Bitcoin purely as a hedge or future-oriented asset aligns with how it can realistically serve financial planning. That is why having skills alongside your crypto holdings is very crucial. Skills give you a steady way to earn in dollars, naira, or crypto, while Bitcoin works quietly in the background like a long-term investment. In other words, Bitcoin plants the tree, but your skills are what keep you fed while it grows.

[Dr.Bitcoin_Strange]

Bitcoin is a great investment and talking about combining it with a business or a skill leads me to ask if you can actually invest in Bitcoin when you don't have a real source of income? How does it work? To even be able to invest into Bitcoin, the person must already have either a business, a job or a skill that is already generating sufficient income to them. Someone that is not earning won't really want to invest on Bitcoin yet, they will first think of how to survive before investing. So, I think before someone is investing on Bitcoin, they already have one or two places they are earning from.

[DiMarxist]

Before any one can start accumulating Bitcoin i believe the person might have other means also of generating income, having some useful skills and some other business will even help you to grow fast with your Bitcoin accumulation, if we should only depend on our Bitcoin it definitely means we can't hodl our Bitcoin for long before selling.

Another reason we also need to other source of income is that Bitcoin doesn't guarantee us success anything fit happen market fit drop and you loss everything so from our business we can figure out if we have a discretionary income that we can using the accumulate Bitcoin with the DCA strategy and hodl for long.

Depending solely on Bitcoin without having other sources of income can put a lot of pressure on an investor, most especially when bills and daily needs depend on one asset, it becomes difficult, most especially during market downturns, and that is why having skills, or a business alongside Bitcoin accumulation is very important. Multiple income streams provide stability and flexibility. And atimes when we see the market drops, instead of panic selling, you able to stay patient because your basic needs are already covered elsewhere. You right that Bitcoin, like any investment, doesn’t come with guaranteed success.

[Odogwu-Blockchain]

Bitcoin is a great investment and talking about combining it with a business or a skill leads me to ask if you can actually invest in Bitcoin when you don't have a real source of income? How does it work? To even be able to invest into Bitcoin, the person must already have either a business, a job or a skill that is already generating sufficient income to them. Someone that is not earning won't really want to invest on Bitcoin yet, they will first think of how to survive before investing. So, I think before someone is investing on Bitcoin, they already have one or two places they are earning from.

You may be even going far, e get business wey i dey do for here, i dey trade gift cards to naira, i get customers wey dey run am on a steady, wetin i con do with this business na to add buying and selling of bitcoin into the business. No be everybody sabi buy and sell bitcoin, them dey pass am for me make i run am for them, by doing that i collect my own percentage wey don help me scale through with my business.

Wetin i dey try talk, even if person never get many streams of income, even if person no sabi reading chart for trading, make person sabi buy and sell bitcoin for p2p, add am with en small scale business and be going, you go see say e go start to dey make sense.

[ejikeme24]

You can't even rely only on Bitcoin as something you would want to use to build wealth. Let's lay emphasis on the only Bitcoin. You can not achieve anything if you only want to use Bitcoin the escape poverty, even if you are a trader you will still need to have some funds to trade with, so for you to be able to accumulate Bitcoin you will need to have another thing doing for yourself.

This  can only work for those folks that intend to invest for short term which is unlikely to work for them because you and I know that Bitcoin is not a short term investment or a get rich quick scheme or blah blah blah. So I want to agree with you that folks don't only need to rely on Bitcoin investment or use it to build wealth in the near future, whoever that is investing into Bitcoin building wealth should expect the wealth to come in the future and not in the near future which is why it is advised to only invest with our discretionary income that's the money Left after all expenses is been carried out so that let it not be that we are investing money that is meant for other important things into Bitcoin investment.

[Zackz5000]

Before any one can start accumulating Bitcoin i believe the person might have other means also of generating income, having some useful skills and some other business will even help you to grow fast with your Bitcoin accumulation, if we should only depend on our Bitcoin it definitely means we can't hodl our Bitcoin for long before selling.

Another reason we also need to other source of income is that Bitcoin doesn't guarantee us success anything fit happen market fit drop and you loss everything so from our business we can figure out if we have a discretionary income that we can using the accumulate Bitcoin with the DCA strategy and hodl for long.

Depending solely on Bitcoin without having other sources of income can put a lot of pressure on an investor, most especially when bills and daily needs depend on one asset, it becomes difficult, most especially during market downturns, and that is why having skills, or a business alongside Bitcoin accumulation is very important. Multiple income streams provide stability and flexibility. And atimes when we see the market drops, instead of panic selling, you able to stay patient because your basic needs are already covered elsewhere. You right that Bitcoin, like any investment, doesn’t come with guaranteed success.

Anyone that is solely depending only on his Bitcoin investment can't even hodl his Bitcoin for a longer time without him selling it off or definitely will stop accumulating Bitcoin at a point due to no more discretionary income to keep the accumulation ongoing.
We shouldn't put on hope on what is not guaranteed to make us successful in the future there should also be other alternative other options incase Bitcoin fails we can still have were to rely on.

[Mekie21]

It’s just like asking, did you carry hoe along while going to the farm, it’s a necessity to have a plan so that you’re not pressured to sell your coin when emergency comes up and sell at loss. We are all optimistic about Bitcoin growth but you should well be equipped. Some might not want to buy the deep other will buy via the DCA method, so you need a constant flow of income.

These business or your place of work provide you with discretionary funds to keep your investments afloat, Bitcoin as already known is long term investment, some one that wants to invest should have it in mind he or she is not expecting a good profit in minimum of 6 months or 1 year, rather 3-5 years interval.

[Asiska02]

I expect anyone investing in Bitcoin to have something, a skill, a business, or anything that generates capital for them. That is how it should be. Unless you are saying they should have more business, and also to diversify into other investment opportunities to be at a safer side.

If that's what you meant, then it is true. Relying only on Bitcoin as a preparation to build wealth is not a good practise. Anything can happen ( loss of asset, tampering with the portfolio very early due to live occruances etc) to the investment.

Not having another source of income as a bitcoin investor pose a very high risk on the person’s investment because sooner or later he’ll use that investment as a gateway to solve pressing issues he may come across, most of his emergency needs will be channeled there and he will most certainly not have a good investment journey.

Having a source of income after investing in bitcoin can help you in many ways;
1- You’ll avoid investing money meant for urgent needs like rent, foods, basic amenities and emergencies.
2- It will help you not to make wrong decisions.
3- It serves as a shield against your mental health, not consistently thinking about your investment.
4- It will help you concentrate on DCA consistently.

[Princesslelee96]

With the current situation in our country, getting a better paying job is something tough and depending just on bitcoin is a massive limitation to our portfolio regarding the steady billy and expenses in our daily lives, that’s why been an entrepreneur is highly required or better still,  getting some skills to help us build our brand while our investment grows , off curse  we truly need a Backup so we can be more successful in our investments