Topic: Digital Bitcoin Classes Ongoing. (Read 320 times)

Don't worry, I'm not judging you nor what you do, it's your choice. I do believe that you have good motives behind this move, and honestly it's a decent intiative, it's just that from what I've observed, these people haven't grasped the idea of cryptocurrencies, thus, it's safe to assume that they don't understand how Bitcoin works. Not only as an investment, but as a currency and its whole purpose, what blockchain is and how transactions work, it's much more complicated than what you can actually show them. Anyway, I wish you good luck and be careful, it would suck having someone blame you for their mistakes.

I hope you will be by everyone's side and help everyone.

I know you because of the class you created to educate people around you. Now you are continuing again and I am happy to know this.
If you only explain one, the result will be flawed. With the experience and knowledge you have now because you are among great people, I am sure you can be the right teacher for them.

I agree with you, because we don't want to be blamed if the investment they make is not as expected. Because the price of Bitcoin is not easy to predict and this is one of the things they must know because many factors can change it and these factors we do not know in advance, and this problem must be explained according to previous experiences or problems and anticipate the future that is likely to happen unexpectedly or beyond predictions and try to convince and also tell what to do and what to do because they will definitely panic which has the potential to make the wrong decision. So it would be better if they want to jump into Bitcoin of their own will or initiative, and with this you only need to tell or explain according to your abilities and if there are some people like that you can do or create Bitcoin education because of their curiosity and you can seek help from experts to help you. And I think if all of that happens of their own accord, you will feel comfortable without any pressure when giving them all the knowledge about Bitcoin, and besides that if you need help or want to ask a friend or someone who is more expert, surely an expert will ask whether they want to jump into Bitcoin of their own accord or because there is an invitation, because they also don't want to be blamed or make people lose because Bitcoin is indeed not easy to predict which will have negative potential when negative things happen unexpectedly because they don't have any experience.

this is a good initiative but the only issue i have with it is telling them to invest before leaning. think considering the extent of volatility of the market, investing should come at the time the individual has understood a lot about bitcoin investment, and they should have enough knowledge to the extent that they can buy bitcoin comfortably and would not need your help before doing so. so far, bitcoin has been pretty stable around a certain range of price and even if it takes them three weeks to get the knowledge first before even investing, nothing much would have changed about bitcoin price.

if i put myself in their position, i might not be too comfortable investing when i have not learned that much and if i put myself in your shoe, i would not like to put myself in a spot where i have to answer a lot of questions when their investment is taking too long to yield expected returns though at the end, it depends on the kind of individual you are dealing with and how matured they when it comes to dealing with staying patience for a long term investment.

bitcoin education will help in facilitating the rate and speed of adoption of bitcoin globally and by educating the people around us on how bitcoin works and how they can key into it numerous advantages of owning bitcoin, we play a good role in exposing bitcoin to more people which is a plus to the bitcoin ecosystem.

I like being in charge when it comes to anything that has to do with money, because on several times that I tried leaving someone else to be in charge, they messed up because of greed, so for you to have decided to take the financial commitment as a sign of readiness and motivation to them since they are newbies, it makes sense at least this will force them to remain on the tracks of learning and monitoring the portfolio.


Ops you have done well and from all that I read from this I can see that you have failed to take serious steps on your risk management, I would advise you that you shouldn't promise them anything like potential profits or losses, just let them know the market and teach them through and you play the role of mentor to them.

I get it was an unfortunate disappointment for both of you, when his laptop was stolen, if he is telling the truth, since he can still chose to invest later on if he is really interested. Anyway aside that, please don't forget to cover the profile pictures of those you communicate with when sharing the chat online.

In Nigeria, it can be easier to buy the bitcoin from a trusted vendor than using any CEX for the p2p, he can act for the main time as a trusted vendor for them to get the unit of bitcoin they wish to buy and then also lecture them about the risks around p2p and why they should be careful on who they buy or sell for and best way to go about using CEX for p2p.

From what I can understand here I see OP has a very good intention to teach people around him about Bitcoin or investing in Bitcoin. That is something I really respect. And from some of the replies from Bitcoin experts and those who are already reputable in this forum, for some reason I think the people you teach should invest on their own terms and at their own risk. Sorry if I am wrong but I think accepting money from them to invest does not make them understand the benefits and risks of crypto investment better.

And about investment I agree with @Darker45 and @EFS, investment is not for those who still can't meet their basic needs. Sorry if anyone is offended but I think investment is you using your cold hard cash and not the money you should be using for your daily needs. Last point, as @EFS said, you just show them the basics like creating a wallet and trading on an exchange. After that you can filter out people who are serious about learning or not.

I agree with your advice. "Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime" is a similar advice.

If they want to invest in Bitcoin or just want to have experience with Bitcoin blockchain, they must do things by themselves: buying, storing, recovery, selling. It is important for them to learn and practice with their money.

Another big reason to don't do this, is if they don't experience steps by themselves, they will blame everything on you if you make mistake. By experiencing it, they will know about risk, loss like small or big, and knowing that it's risky in every step, and they can sympathize mistakes of others.

It's their money, and you should never do anything with their money on behalf of them.

I see that you are doing this in good intentions. But instead of buying Bitcoin on their behalf, I would show them which exchange they can use to buy coins and which wallet they should store them in. If they are serious about investing in Bitcoin then they can do these two things easily. Then you can continue classes with them. If they can't even do these two simple things, don't waste any more time with them.

Okay let me explain it in detail. As the second image I have uploaded clearly shows that, I thought the guy everything he wanted to know about bitcoin investment. Asked him to download both self-Custodial Wallet and exchange or face to face to buy bitcoin and after everything, he just abandoned everything and do business. So I have to change methods. It is only those who are in the teaching field understand what I am saying and not those who are only telling people to invest in bitcoin. Let me tell you again, in teaching there are many approaches and the one that the students understand is the best to continue. So if this method is not good enough I will still change it. Telling them to invest has nothing to do with the teaching but to encourage them to invest and be serious about the investment. And as it is, I have more than 30 students that are serious and investing in bitcoin through my help and teaching. When a student does well, I am happy as well. I don't force anyone to invest. If I tell someone to invest and he didn't, I leave until he is ready. But if they asked me any questions on cryptocurrency I still answer them. There is different between telling someone something and teaching them. Guy you are not in my shoe so you won't understand. When they see bitcoin in their wallets and you teach them from there, they will understand it even the more. Even in the investment process I show them everything.

We won't see the full picture anyway - but as I saw from the threads @Agbe mentioned, he is a reputable member of the space and can be trusted. I do hope everybody involved in the courses would get the most out of them and be ready to face the market with more knowledge under their belt.

The image doesn't say much to me; I'm not claiming to be an expert; quite the opposite, my knowledge is quite limited on the technicalities of Bitcoin. As @Darker45 already mentioned, you're telling them to invest in something they have zero knowledge in. Teaching them about Bitcoin is unimportant at this point, as you're basically not teaching them what it is but showing them how to set up their wallet; they don't know why they need a wallet, what it is, or how it works. Most importantly, they don't actually know what cryptocurrencies are. You can't start telling them about Bitcoin when they hardly know what cryptocurrencies are, let alone telling them to buy.

Bitcoin isn't for everyone, and so are investments, trying to persuade yourself and others of the opposite isn't going to end well.

DCA + a stable income + responsibility and knowledge  => great time on the market  I do agree with your points.
In any case, your cause is noble, OP.

Many believed that, when they invest in bitcoin their money is lost like ponzi scheme, so I used to tell them their funds are not lost to the air, it is in the wallet and whenever they need it they can get. and if they want to get it when the market is on low price, it is for their own risk. and I explain all that to them. please read the op well, you will understand more.

I would never advice a new in crypto to invest first before knowing anything about crypto and bitcoin and full risks involved. when you first said about investment. I thaught you are talking about your charges of teaching them about bitcoin. but then i realized it is about investing in crypto.
No matter how much you clarify them and tell them the risks factors. they gonna come back to you and hold you questionable anytime they lose their money. so I suggest you to first properly educate them about crypto. then let them decide by themselves if they want to invest or not.

Your intention is very good and it is appreciated, but I would prefer to just teach without forcing or asking them to invest either directly or by entrusting their money to me to buy coins. Teaching them but if they don't start investing is not a failure because everyone has a different perception, but you should still teach them without asking them to invest so that when they invest the results are from their own intentions and also because they understand the risks so that when they lose they don't blame anyone.

I might not agree with your approach.

You're practically asking them to invest in something they know nothing about. I'm afraid that's one of the top Don'ts in investment 101. Your method forces them to invest first, learn later. What if they aren't convinced after your sessions? What if they don't like Bitcoin as an investment after your sessions are over?

Secondly, some of them are unemployed and you're teaching them investment, long-term investment at that? That seems misplaced. They can't even afford mobile data.

The reality is that Bitcoin isn't for everybody. Investment, in the conventional sense, isn't for everybody. Those who can barely eat 3 times a day should avoid investing in Bitcoin. Those who can't provide a decent shelter for the family, education for the kids, comfortable clothing, and so on have no business putting money in Bitcoin.

Bitcoin investment should come from surplus. It's money one can afford to lose.

Bitcoin investments never works successfully with unemployed users because at some point in time, they may need you to withdraw them back their money for their upkeep. Civil servants are pretty much good for your journey in as much as they keeps on receiving monthly income to consistently purchase Bitcoin at certain percentage of their income.

Investing in Bitcoin works more better if investors get other means and streams of income so they wouldn't mind if the value of their assets is depreciating, every dip gives them the opportunity to even buy more but the unemployed can't meet up.

It's a laudable enterprise you have ventured in enlightening people of your community about bitcoin, particularly the young people but where am concerned about your decision of having to do the investment for them using their own money they give to you.

Why not allow them do that themselves, somehow they could learn better as it's said practice makes perfect. Let them practice what they have learnt it will help them gain a better experience. But before then it will be great you encourage them to do their own research addition to what you have taught them that they may very well understand the risk involved with the market volatility.

Lastly, in the image you shown, somewhere in your chat, you told your student that they can get back their money anytime they want it back. I think that's not the right way to put it, because what if they need the money when the market is in a dip after buying. What do you think may happen?