Topic: Advise to a friend - page 2. (Read 1014 times)

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.

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.

Saving is safe but investing is the way to grow money. And it is natural to take risks in making these investments. There is nothing wrong with giving someone investment advice. If you advise someone but he fails to invest according to your advice then that is not your fault. For those who don't know about it, we can only help them by informing them about it, but managing money is at their own risk. Investment should always be done after understanding the market, rushing here will never bring benefits.

Investing is not just about having good financial backup, investment knowledge, financial backup, risk taking, patience, market analysis, etc. are all necessary to invest. A person with good financial backup but no investment knowledge will not be able to do much in the field of investment. And that's why I said to be patient because many times it is seen that after investing, the invested money loses some amount, as a result of which there are many new investors who cannot accept the losses, so they are forced to sell their investments.
Our main objective of investing is to earn some profit from the investment but if we sell our investments due to some temporary loss then we will never see the profit.

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.

If he is really open about crypto investment, then it's easy to convince him without actually telling him directly to buy Bitcoin although he already had a bad experience with altcoins. You can discuss him about Bitcoin (and you've mentioned that he's already aware that it's not a get rich quick scheme, he probably have understand Bitcoin). But instead of persuading him to buy Bitcoin (cause it might sound like an investment scheme), tell him that he can study about it by himself and decide whether he wants to risk some of his savings or not. Don't force your friend if he decided not to. But if he decided to invest and asked you for some advice then it's good.

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.

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.

@op For my part, it is better not to wish to give wisdom to others. Since he has suffered losses once it is better not to advise him a second time. If there is an accident, he will blame you for the rest of his life and he will say that my savings were good.
Finally I would like to say if he wants to buy then definitely recommend investing in Bitcoin. However, hardware wallets and software wallets must store bitcoins. If you keep it for a long period of time, you can definitely reap huge benefits from here.

My personal oppinion is, you can advise your friend if you want but you should not force him to invest, because I think it is better not to impose your decision on your friend's personal decision. But if both of you want to take risk together then the matter will be considered differently. If you think she will take your advice then you can give her advice but keep in mind that it should be a long term plan.

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.

Your friend is saving money in the bank because it is his personal desire and he is satisfied even if he gets less profit from it. But you cannot give him financial advice that if he invests in Bitcoin he will get us profit and he should invest 40% of his savings. Because if he loses his hard earned money somehow he will blame you and you will be responsible for that. So refrain from giving financial advice to anyone.  You can tell him about Bitcoin and of course you should also inform him well about the risks of Bitcoin investment.

for me personally advice from friends is one of the encouragement for bitcoin investment yesterday I asked friends for advice about when is the right time to invest in bitcoin and my friend gave advice not to buy bitcoin yet wait until the market improves he said and I listened to it as time went on my friend's advice was right it was not the right time to buy bitcoins had i not asked my friend for advice i would have lost a lot of money.