Topic: Advice to a Friend (Read 313 times)

For the fact that Rome wasn't built in a single day then that should be enough inspiration for your friend not to try to assimilate all he needs to know about Bitcoin on a single day, as it is a gradual process and the earlier he understand that, the better for him in his journey to learning all about Bitcoin. But I can only suggest if only each day he can just pick a particular Bitcoin related concept and tries to understand what its all about, how it works, i'm sure in next 6months or a year, he should be grounded with all he needs to know about Bitcoin, it's related terms & meaning, best safe wallets and e.t.c

And you can equally introduce him to this forum, as this forum has got all the best content he should need in his crypto journey and 24hrs available Bitcoin experts always readily available to offer solutions to whatever challenge he might be facing.

The task is on you that knows about bitcoin through this community's, from my perspective its your duty to give he or her all the necessary information he needed concerning bitcoin, so therefore I believe that bitcoin information is not hidden its something you get through Internet, but since your friend very curious to know of bitcoin and its investment, I. My own opinion will like in a situation whereby you introduce your in bitcointalk and share some links where bitcoin has been discussed concerning its development and its technology and in same time let the person know the disadvantages and advantages of bitcoin, so that whenever lose manifest during his investment you will not be blame

Do not try to learn everything especially if you are a newbie. That will not help you at all. Instead, focus on what’s more important to learn because that will guide you to not to commit maximum mistakes and losses in the market. After all, once you have gained a lot of experiences in the market, that will help you to gain a lot of knowledge as well.

He should only focus on what’s important and disregard those that come along. If he tries to put everything in focus, I bet he will have a problem coping up with everything. But if he’ll focus on the basics and improve himself as time goes by, then he’ll not be bothered at all. While it’s good to learn and acquire limitless knowledge, but for noobs it’s good to focus only on the basics and let your experience in the market do the rest.

If he really wants to learn, information is abundant. There's really no excuse in that part. My best recommendations are learnmeabitcoin[1] and Andreas' work[2]. If he can spear an hour after work, that's more than enough. If he struggles grasping a term, there is Bitcoin forum and stackexchange.

[1] https://learnmeabitcoin.com/
[2] https://github.com/bitcoinbook/bitcoinbook

Initially, if you try to juggle multiple things, it's likely that you may become overwhelmed and delayed in learning the essential aspects of Bitcoin. Therefore, it is advisable to prioritize your focus on understanding Bitcoin thoroughly before branching out into other areas. There is a considerable amount of knowledge to acquire specifically regarding Bitcoin. Once you have a solid grasp of the fundamentals, you can then explore learning about other concepts such as smart contracts. It is recommended to dedicate your attention to Bitcoin for now, as it will provide a stronger foundation for your overall understanding of cryptocurrencies and related technologies.

As long has the interest to learn still lives, then I don't  think he will have any problem of missing out on these new developments, besides the easiest way to catch on all things crypto is to be a follower of these big crypto news sites like coindesk and the alike then he can be guaranteed to be in the know!

Just a side note, our friend should not  feel pressured to knowing everything that's their to know, let him pick what he can make use of at the moment and the rest will sort itself out,Good Luck:)

In every building, the foundation is one of the most important parts of the structure. It is on it that other materials will be laid. That is why it is important to make your foundation solid to avoid the collapse of the building. Your friend must learn about the basic of Bitcoin because he can be deceived. You did well to expose him to the foundational concepts of bitcoin. Bitcoin education continues so you still need to teach him more. It is not bad to learn more about new inventions and discoveries about bitcoin and others. Your friend should be aware that the Bitcoin space needs patience and constant advancement in knowledge.

It is not bad to have the zeal to learn current affairs in the industry, so his behavior is not abnormal. My advice for you is that you should tell your friend to take it easy. Let him know that thier is high risk when dealing with any crypto currency except for Bitcoin. Before he invests in this sector he has to do his research. He should also get information from trusted platforms and not from the social media that is control by individuals that can easily give false information.

These are two distinct aspects of cryptocurrencies that he should not mix. As a beginner to the world of bitcoin, he will definitely want to know every single piece of news that comes with the trend in order to stay current, but some of them are simply distractions that he should avoid.

FOMO exists, and the case of BRC-20 is only one example. For the time being, let him concentrate on becoming more familiar with the fundamentals of bitcoin because if he misses out on it, particularly on its privacy and security, he may be disappointed in the consequences of not fully understanding it before involving himself in other aspects of cryptocurrency.


He simply reaped the benefits of his investments as soon as they arrived. I won't say whether he's clever for doing so. With this, I'm confident he'll speak positively about bitcoin rather than negatively. But I believe that if he had been smarter, he would not have sold everything and would have kept some for later use if at all he needed the money urgently, which pushed him to sell everything when he made a profit. You don't have to tell him to buy at $26K again; he might blame you if the market doesn't go well for him again. Allow him to learn and invest when he is ready.

It's better to bow out when the ovation is loudest. That's all I can say on this. You advised your friend to buy and they did and made profit the first time. Don't prompt him again. Otherwise, if he does and loses he won't remember the first time he profited from it. Humans are like that. He will bemoan his loss and blame it on you.

This was exactly what came to my mind when I read the OP. Except OP's friend is more interested in going into Bitcoin development, I don't see why he should be bothered about its development more that throwing his cash on it and acquiring it now that it's very affordable.

Actually, you do not need to hurry too much in learning with the crypto world all of the things take time for you to learn and adopt to the current environment I recommend to don't give up and continuously learning and as you are saying its your friend and ints a good thing that you have a companion would like to learn more about bitcoin itself somehow sooner or later both of you possible get a new knowledge so you can share to each other, help those people who want to learn instead wasting time to those you want to learn but they arent interested at all.

It is surprising to read that your friends is concerned about the growth of Bitcoin saying, it is advancing so fast meanwhile that's not what is happening. Bitcoin advancement is very slow but I guess others who had told you that in the earlier replies so there's no need for me repeating what they have said. My little addition is that your friend should just buy Bitcoin, he should forget about all that's happening around Bitcoin. His main concern should be buying and securing his Bitcoin so it doesn't get stolen as there are reports of hacks happening even in supposedly self custody wallets.

He should join the forum and spend few hours reading on the forum either before he goes to bed or when he wakes up to prepare for his work. He should concentrate on the Bitcoin related boards (Technical discussion board and Bitcoin discussion). He can stay up to date with things happening in the industry while he continues with his regular day jobs. Nobody should stay outside the industry as been ignorant shoudn't be an excuse. He shouldn't let the new advancement of Bitcoin network to discourage him instead it should motivate him to learn more about Bitcoin.

BRC-20 tokens gained their popularity only through hype which is now slowly decreasing. A natural thing we should know that if the price of Bitcoin reduce in the market, no coin will be able to hold its value. A new investor must be careful in investing but if a new investor invests in Bitcoin then it is definitely considered as the best investment. I advise my friend to choose only Bitcoin for investment in cryptocurrency. If you want to reduce the risk, there is no alternative coin to investing in Bitcoin.

Bitcoin is like our everyday life, you keep learning as it advances.
The problem comes when you want to forcefully learn everything in just 1 day, learning should take stages.

Advised my friend about bitcoin or bitcoin investment when bitcoin market was around $17k. My friend invested around $500 at that time but when the market rose to around $22k my friend sold all the bitcoins he had invested. Now I'm not going to give any advice on whether or not my friend should invest around $26k.

I think your friend is trying to kill many birds with one stone which is not possible. He should just focus on one as he has started with bitcoin, he should concentrate on bitcoin and should not complicated things for himself. Getting much of it to study or learn about might get himself more confused on the right thing to do which might end up making him miss out from some important events which he was suppose to catch up with but if being divided, i do not think he can be able to meet up. Tell him to narrow down his thought and engagement to bitcoin since he has already invested in it so he could be able to follow up with the bitcoin market and other unfolding development on bitcoin.

To understand bitcoin is not a day job but it is a continuous learning. Knowing the latest terms in bitcoin is nothing but just the preamble of the blockchain. If really he is studying bitcoin he has to go deep on bitcoin blockchain software and if possible to the white paper so  lot of things will be revealing to him. Tell him that he should not give up and let him be patient since has started investing in bitcoin, he has to learn perseverance and risk taking.  If he tries to rush the learning process then he will miss out many things that he would have known before that level.

If your friend can't keep up or slow to learn then why not take the time to learn more instead of rushing. Being hasty will only result in loss of profit if your friend invested in crypto without enough knowledge how it works and how to keep your crypto safe. That's the advise that I can give to your friend. Since you said he is a noob then you should also give your friend and answer some questions if he ask you something.

You definitely have an answer that can be given to your friend, it's just that you are confused about which one to explain first, if he wants to invest then teach him how to invest so he doesn't make a mistake in doing so.

He couldn't resist something new when he said his attitude towards investing in bitcoin, what he needed to do was continue to learn something needed to support his development in investing. Whether it is slow or not is not a problem as long as he continues to study, there is nothing complicated about investing in bitcoin and new technical things that will happen to bitcoin can be learned by adding some reading in it regarding this matter.

But the basics about bitcoin is something he needs to learn first as it will lead them to the knowledge stage around how to invest. Don't be too obsessed with new things because the focus must remain on investment, while new things that will emerge can be learned on the way later.

It’s simple keep to a thing and make sure you get better on or even get the basics first before going into another  thing. There’s a saying the ‘Jack of all trade is sometimes master of none’. Concerning cryptocurrencies he should stick to bitcoin only because just like there’s the hype now around BRC-20 there will be  new tokens trying to better off bitcoin in future. This are mostly scammers way of luring people into their Alticoins by promising to go beyond what bitcoin is for. Your should be aware that there are more than 1,000 altcoins currently and none has come close to bitcoin. So he shouldn’t bothe i really don't think there is a need to always be informed about everything and know and understand everything about something, why? After all, technical details aren't for everyone anyway.
In order for someone to benefit from bitcoin, one does not really need to understand all the details, but it is important to understand what is the purpose of bitcoin, what is its potential and to know how we can best use this potential. I really wouldn't worry too much about the rest.
If your friend invested money in bitcoin, then the only important thing is that he knows how to analyze market movements, that he knows the basics of investing, that he has a concrete investment plan and a clear exit strategy.