What To Do Now If You Entirely Depend On Cryptocurrencies To Survive?
It is no news right now that the crypto market is currently in shambles and while is easy to focus on the color red, I think that I would rather focus on a solution, especially for those who survive on cryptocurrencies.
A few months ago, I decided to quit my job due to several reasons, and since then, I have survived entirely on my hive earnings which is something I consider myself lucky to be able to do but, with hive currently plummeting like most coins in the market, it is essential to figure out what to do to survive during this bear market.
WHAT TO DO DURING THIS BEAR MARKET?
I feel like it is easy to panic right now due to the fall, but panicking doesn’t provide a solution so what should you do right now?
Continue with your day-to-day life on hive: if you write daily, simply continue with that, because I have realized that when the bear market happens, most people lose their consistency and this can have negative impacts because who knows when a bull run will happen.
Do not panic and sell: During my first bear market, I panicked a lot and sold some of my assets which I regretted so, I’ll advise you not to sell anything.
Find other sources of income: Well, this is personal advice to myself because as much as I have been doing great on hive, I think that it is unwise to have one source of income so I will advise those who survive on hive entirely to find another means of income because this is definitely not going to be the last bear market.
Diversify: I have sung about diversification for a while and even though I have struggled to do that, I think it is important to share your investments; for example, as Nigerians, while hive might be falling, the dollar is increasing so that could be a means of sustenance to someone.
Cut down your spending: For those who haven’t planned in advance like me, I will advise you to cut down on your spending because we don’t know how long this might last and you wouldn’t want to exhaust your finances.
Regroup, and Rethink: I feel like now is the best time to invest if you want to, and make moves if you want, especially if you haven’t.
IN CONCLUSION
I know this period can be very hard for those who survive entirely on hive and crypto, but I guess when there is a storm, there most likely would be a rainbow after it, so be calm and eventually everything will be fine.
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Good advices.
Thank you, I am also trying to advise myself.
I only do hive and bitcoin now. I’m tired of everything else and I feel confident about the future of these two. So it’s just a waiting game…😴
I totally understand, the crypto market can get tiring, but at least you have those that you trust which is essential.
I do only hive and I have been wanting to diversify in crypto, I guess this is the right time.
Yes ma! I take your advice because yeah, I'm depending on Hive for a lot of things I have to do offline... The price is almost at ground level already but with these tips you've shared especially with cutting down my expenses... I'll go through this 😊
Kepe the engagement up 💪
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I am also depending on hive, it feels crazy at this point but I guess it is pushing me to get a 9-5 if I can.
We will all be fine.
I hope you do get one soon
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Hopefully.
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Yeah that's is absolutely correct. All points well noted.
Thank you 😊
Wonderful advice you've poured out there... Panicking is not the right thing to do now neither is worrying going to solve anything.
Thank you, I wouldn't blame people who panic, but it isn't the right thing.
I have been thinking about this..I decided to continue doing what I am doing.. Diversifying is a great plan too
Exactly, if you have something doing, then keep doing it.
Now will be a better time to focus more on building rather than selling.
It will be a struggle for most people for sure, myself included but it's going to be worth it when the market hits the bull zone.
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Exactly, building is the plan right now.
This just came at the right time. To be honest, I have been panicking and the thought of selling has been on my mind.
Great to have stumbled on this.
Please don't, you will lose a lot and you might regret it.
The last bear, it didn't get this low but it was bad and after a few week, hive was at 2 dollars.
Thank you for this advice
You are welcome.
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If you didn't take profits and store a bit away, I think the options you stated are probably your only options. I do suggest getting some stable coins in the future and have it farm yield if you want to keep it working.
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I didn't take out profits at all, I think it was part of the FOMO, but I've learned and ill do better, thank you for the advice.
Good post, blessing <3
Thank you.
You should only be selling if you really need to have some FIAT.
There will be plenty of ups and downs for the next while.
One thing this slump has reassured me is that HBD is fantastic. Like it or not bitcoin should be in people's portfolio it was and still is far more reliable than many other coins.
Focus on building and researching, and seeing what else pays in dollars rather than just focusing on crypto.
Great wee article Ophelia:)
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I am actually glad for HBD because that is what I've been selling these days, not hive but I try not to even unless necessary.
You are also right about there being highs and lows, it's inevitable.
Thank you so much for reading @tengolotodo 😊
I tell you what, HBD is really awesome and the 20% in savings is cool. Well unfortunately needs must and if you need to sell, it can't be helped.
My pleasure I do read your posts, sometimes it takes a while though🤣
Enjoy the rest of your weekend😁
Exactly, no matter how much I try, some needs must be met.
Thank you so much for reading, have a great weekend too ❤️
Yes if you have to, you have to :)