You did what a good friend is supposed to do for his friend by telling his friend to invest in bitcoin instead of saving his money inside the bank for a long that won't yield profit for him. Even though I've given my friends similar advice, I did so by first explaining the value of investing in bitcoin and the associated risk to them. I didn't try to convince them to buy bitcoin or compel them to do so. I just let them make that decision on their own before investing in bitcoin for them because trying to persuade friends or family members to invest in bitcoin is the worst thing anyone could do. So I would advise you to do the same
Advising someone in any financial endeavor is a very difficult task. In this case, if someone succeeds, then they can praise you, on the other hand, if they fail, they most probably destroy their relationship with you. In financial activities usually your own relatives may also misunderstand you. That's why you must have given a good decision. If those people are given a good idea about Bitcoin, they will be willing to invest in it by themselves. There is no need to advise those people to invest. Also, since you will not get any of their profits, why you do the things that deteriorate the relationship. Always refrain from giving investment advice. 
Topic: Advise to a friend (Read 1014 times)
You did what a good friend is supposed to do for his friend by telling his friend to invest in bitcoin instead of saving his money inside the bank for a long that won't yield profit for him. Even though I've given my friends similar advice, I did so by first explaining the value of investing in bitcoin and the associated risk to them. I didn't try to convince them to buy bitcoin or compel them to do so. I just let them make that decision on their own before investing in bitcoin for them because trying to persuade friends or family members to invest in bitcoin is the worst thing anyone could do. So I would advise you to do the same
As people, the only thing we can do is to remind them and not force them to do what we want, of course it's not like that and it's not good either. Now, it's up to your friend to trust or believe what you say, because that's the way we have friends who don't understand everything we say right away, they can understand but for sure it's later.
Giving advice to friends who need it is not wrong, it is true that accepting or not receiving advice depends on each individual's rights. Therefore, when giving advice, we should do it well and explain it easily so that our friends can easily understand it to make their own decisions.I agree giving advice is different from pushing your ideals to the person. So in giving advice we should observe and do things in moderation. Just give him the needed information about Bitcoin and give an example of why it is necessary. We don't need to push hard and convince them since they have their own mind to balance things out and think for the solution for their problem after getting the necessary information.
In addition, it is also important to understand that every problem faced by someone can be different and therefore the advice we give may not always be suitable or relevant to their situation and thoughts, we must try to explain again. we also need to understand their situation well before giving advice. As friends who care, we must always be ready to listen and support our friends in explaining something, especially when it comes to investing. Sometimes, providing emotional support can be more helpful than giving unsolicited advice. The point is, don't leave your friends alone who don't understand investing.
Nope, the advice you must give must be related to the person's problem. If we are the ones giving advice, we should be carefully learning the situation so that we can give good advice to the person. If your talk about unrelated stuff to the person's problem then it is better to just keep quiet. Talking non-sense might be an insult to the person who is seeking advice since it means you are not giving or paying attention to him at all.
You know, if he had understood well about bitcoin including the high risks and the high volatility that will cause the price fluctuations, then he will decide on himself even without convincing him. After all, getting rich quick is not an issue for him so he might decide to try investing in bitcoin from his money sleeping in the bank. I guess you’ve done your part there, educating him and giving him all that he should know. It’s up to him if he will bite and follow what is right, it’s his money so his own decision rules.
As people, the only thing we can do is to remind them and not force them to do what we want, of course it's not like that and it's not good either. Now, it's up to your friend to trust or believe what you say, because that's the way we have friends who don't understand everything we say right away, they can understand but for sure it's later.
Giving advice to friends who need it is not wrong, it is true that accepting or not receiving advice depends on each individual's rights. Therefore, when giving advice, we should do it well and explain it easily so that our friends can easily understand it to make their own decisions.In addition, it is also important to understand that every problem faced by someone can be different and therefore the advice we give may not always be suitable or relevant to their situation and thoughts, we must try to explain again. we also need to understand their situation well before giving advice. As friends who care, we must always be ready to listen and support our friends in explaining something, especially when it comes to investing. Sometimes, providing emotional support can be more helpful than giving unsolicited advice. The point is, don't leave your friends alone who don't understand investing.
Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.
I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.
The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.
The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
There's nothing to be afraid of because if you look at it this way, life is all about risk so by now he must have known what it takes to get a good profit from investing on Bitcoin.
To me I'd advise you to go to him and tell him all about it (Bitcoin), the good and the upset of Bitcoin, let him be aware of everything he needs to know.
Since you're his friend is best you lead him through this investment than for him going out to meet someone who would want to scam him. He has the patience that means he ain't going to rush into it immediately (like using all his cash because he wants a bigger return), is just best you guide him. It will really hurt you more if he falls in the hands of scammers, so don't wait.
There isn't a foolproof answer to this question... Personally, i have never tried to convince anybody to invest in anything. Not my parents, not my brother, not my friends...
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
Exactly and getting to convince people to invest in a very highly volatile asset like cryptocurrency is a very risky one because at some point, you might be blamed directly or indirectly if things don't go as planned.
If I'm not wrong, you said you already told him about bitcoin and it's difference from other altcoins as well as the risk involved and how bitcoin isn't a get rich quick scheme, then I will say that you've already done more than enough and there is nothing you're expected to do again, anything you do after now, might seem like persuasion and at some points, he might want some sort of guaranty which I'm sure you don't have to give except you're willing to repay him if he loses money.
Just let him make his decisions and possibly don't talk about it again to him except he ask and you can pick it up from them and if he finally gets interested, then you can teach him how to go about it and the safety tip with wallets and also possibly introduce him to the forum.
Just my opinion though.
The real deal on here is on how you would be able to make yourself commit on engaging with this too volatile world or market. Just dont make any guarantees or any assurances whether you would be telling it to a friend or would be other person because it would really be ending up that you would be finding yourself to be that getting blamed on the time that you would really make out some assurance.
We know on how this market works and on how it do behaves.Neither you would be telling or convincing your friend on joining into crypto or would solely voluntarily be doing this on his/her own.
Tell him/her about the basic principles and let him do on whats the rest because other learnings could really be acquired through real experience.
Usually relationships been destroyed if we do talk or speak about money on which we should really be trying out to avoid as much as possible.
It is his money and he is supposed to take the decision. We need to help him with different choices available. Whether the investment is huge or low when we suggest and if the same wasn't able to provide good profit then this could hurt us. Many such incidents have taken place in real life and even you and me could've experienced it. What's the need of such kind of hurting. So, let them learn, understand and further choose from the available list.
Yes, precisely mate! It doesn't have to be in a way where we will be the ones who will convince them to invest in a specific field where we can see them gaining profits like cryptocurrencies just because they've got a lot of funds just sitting in the bank waiting to be withdrawn and then spend with whatever they want. We surely do not want to get in the middle of all the blame if ever things go wrong, we just have to let them know that there is a way to make a passive income rather than just keeping it in a bank.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
For the fact that you have explained everything he needs to know about Bitcoin, as not a get-rich-quick scheme, and a digital currency whose price is volatile, I will rather advise you that you should always try to let people know about the use, benefits and importance of Bitcoin, but never you persuade anyone into buying it without their full conviction, because if market happens to go wrong now you are the first person to be blamed for haven introduced them to it and they end up losing their funds. He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
To me this intention of yours is not bad but the implications might be disasterous because it might not end well, it would have been better if this person approach you for this advice then you have to tell him what is obtainable, making him to understand that investing in Bitcoin or whatever does not guarantee a good return and most times your capital might depreciate when you have finally decided to withdraw, the best option on this is to allow him to make decision on his own so that whatever comes after he takes with good faith instead of blaming any person for his misfortune.
You’re intention is really good but always remember that bitcoin is still not 100% safe and secured investment as it could end up zero value when we least expect it. So always play it safe, and never decide on someone’s money no matter how good or sure you are with bitcoin. Let him learn and decide on his own. If he lose, that’s part of investing, but if he decides to buy your idea and invest on bitcoin, then good for him but always remind him that he should always be responsible of his own actions, and not that you will take the blame in the end if his investment did not work.
you just nailed it there, people should learn how to minimize advice when it comes to investing money. this could ruin your relationshipwith people, instead of telling them to invest in any investement your in, be bold to tell them the risk in it too, no investment is sure, its a risk taken.not only Bitcoin. the best way to advice a friend is to teach them the way, allow them to make the decisions in case of any outcome you will not be blame. however, is not al investement you should inform your friends about, some friends doesn't like cypto, so you avoid them. know what your friends like s a better way to keep good relationship.
You’re intention is really good but always remember that bitcoin is still not 100% safe and secured investment as it could end up zero value when we least expect it. So always play it safe, and never decide on someone’s money no matter how good or sure you are with bitcoin. Let him learn and decide on his own. If he lose, that’s part of investing, but if he decides to buy your idea and invest on bitcoin, then good for him but always remind him that he should always be responsible of his own actions, and not that you will take the blame in the end if his investment did not work.
Your only role is to educate him about bitcoin and its market, but never reach to the point of finally convincing him to invest in it because you might be obliged to take the blame when everything didn’t work as planned. His money, his rules, and would never be yours. Besides, let him do such mistakes once, if that what it takes to make him learned and would never repeat the same mistake again. After all, one should never fear having mistakes and losses because they’re always be inevitable when you enter the world of investing.
I will say that if your friend is not personally convinced about investing in Bitcoin don't force it, from the illustration you gave he is working hard to make the money you claim he is saving, and for that kind of person seeing the money idle is better than them seeing the market in its volatile nature.
Giving investment advice to someone is also not a wise thing because even ourselves have no guarantee that our investment will definitely return. So, depending on the object and relationship, giving appropriate advice, IMO.
Furthermore, we need to give fair advice, meaning you need to tell him all the pros and cons of investing in bitcoin, not just say to him about the profits and ignore the risks.
For me, I won't give any advice, if someone wants to invest in bitcoin, the only thing I can do is give them basic knowledge. The rest, all decisions are up to them, I don't want anything to do with their investment, and I don't want to be blamed.
I think there is nothing wrong on giving an advice and it does not directly mean about the future of our investment but it's also about how can we secure our coins or wallet so that it won't get hack on our hodling journey.Furthermore, we need to give fair advice, meaning you need to tell him all the pros and cons of investing in bitcoin, not just say to him about the profits and ignore the risks.
For me, I won't give any advice, if someone wants to invest in bitcoin, the only thing I can do is give them basic knowledge. The rest, all decisions are up to them, I don't want anything to do with their investment, and I don't want to be blamed.
There are some who are confident on giving advices because they are not new in that field anymore and they already gained a lot of profits. They are still confident that their investment will bear them another profit in the future. They are too kind because they let others know about it and want them to join the ride as well. Overall, no one is forced to give advice but if some of your close friends and family approach you, will you still have the guts to ignore them?
I don't dare to convince other people in the crypto world because in the crypto world the risk is high, most people who want to invest don't think about losses, but people only focus on profits. for investing in the crypto world.
Cryptocurrency is risky, and convincing a friend to invest in it is inappropriate. What if things don't go as planned? Crypto has a different point of view. You must have benefited from bitcoin, but when your friend attempts to invest, Bitcoin crashes and his money vanishes, it is not your fault; rather, he is aware of the risks involved and is eager to take them. Let's take a positive approach: what if bitcoin pumps and he makes substantial profits? He'll be thrilled and grateful to you for showing him the way to make money with Bitcoin. It can be trading or buying and holding for the long term. if I really had to convince a friend I wouldn't do it by saying to invest, investing in bitcoin or other cryptocurrency is risky if you don't know how to move! rather I would advise him to study the bitcoin protocol and how it works, then he will decide himself whether or not to invest in bitcoin! I would never want to be labeled by a friend as the one who made them lose money
I don't dare to convince other people in the crypto world because in the crypto world the risk is high, most people who want to invest don't think about losses, but people only focus on profits. for investing in the crypto world.
Cryptocurrency is risky, and convincing a friend to invest in it is inappropriate. What if things don't go as planned? Crypto has a different point of view. You must have benefited from bitcoin, but when your friend attempts to invest, Bitcoin crashes and his money vanishes, it is not your fault; rather, he is aware of the risks involved and is eager to take them. Let's take a positive approach: what if bitcoin pumps and he makes substantial profits? He'll be thrilled and grateful to you for showing him the way to make money with Bitcoin. It can be trading or buying and holding for the long term. 
I don't dare to convince other people in the crypto world because in the crypto world the risk is high, most people who want to invest don't think about losses, but people only focus on profits. for investing in the crypto world.
If I see you are hesitant or don't want to be tied down in convincing others to invest in the crypto world. Yes, convincing others to invest in the crypto world is not easy if it's true. If you are praised, if you are wrong, you will definitely be blamed because of your presence, especially if he is just entering and doesn't really understand the cryptocurrency world which is very volatile and unpredictable, making it a high-risk investment.
Instead of persuading others to invest in cryptocurrencies altogether, I think it may be more effective to educate them about the potential risks and benefits. By giving them a balanced perspective, they can make decisions based on their own risk tolerance and financial goals.
There isn't a foolproof answer to this question... Personally, i have never tried to convince anybody to invest in anything. Not my parents, not my brother, not my friends...
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
Exactly and getting to convince people to invest in a very highly volatile asset like cryptocurrency is a very risky one because at some point, you might be blamed directly or indirectly if things don't go as planned.
If I'm not wrong, you said you already told him about bitcoin and it's difference from other altcoins as well as the risk involved and how bitcoin isn't a get rich quick scheme, then I will say that you've already done more than enough and there is nothing you're expected to do again, anything you do after now, might seem like persuasion and at some points, he might want some sort of guaranty which I'm sure you don't have to give except you're willing to repay him if he loses money.
Just let him make his decisions and possibly don't talk about it again to him except he ask and you can pick it up from them and if he finally gets interested, then you can teach him how to go about it and the safety tip with wallets and also possibly introduce him to the forum.
Just my opinion though.
don't dare to convince other people in the crypto worldI because in the crypto world the risk is high, most people who want to invest don't think about losses, but people only focus on profits. for investing in the crypto world.
That comment is indeed correct , why do we need to lure them inside when it is notour money that they are using , instead of asking them or encouraging them to invest
in crypto , why not help them understand this first completely and so it will be their decision to make in the coming days.
I remember when i was first told about this market and indeed , i denied couple of times,
until time happens that I realizes my missing and yes from then I start investing and actually gambled a lot.
learning many bad things before the good things and yes , we need to experience those for betterment of our investing.
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