Discussing about Bitcoin to Friends and Relatives.

Bitcoin Smith

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Quote from: kentrolla on November 05, 2023, 03:50:06 PM

It's not an easy task to convince people from India and other surroundings nations to believe in stuffs like Bitcoin or crypto in general.

I would categorize them into two type as follows:

1. Technology freak: They are very adaptive to any new technology let it be crypto or digital marketing or whatever is new in the industry and always try to be a part of new technology or innovative and want to be a market leader or expert in those domain, these are mostly friends and colleagues.

2. Old school negative people: This set of people will always question whatever you propose and try to proce that whatever you are pshating is a scam and they will even pursuade you to wuict about what you are explaining to them. Mostly some relatives.

It's easy to explain Bitcoin to the first type of people as you just have to explain them about the reason why Bitcoin emerged and the financial freedom it gives us. They themselves will do research and take it forward but the second set of people it's better not approach them.

I want to highlight this will applicable to so-called developed nations too. The great example can be Warren Buffett , is rich and know as most successful investor in this world, still he is not accepting bitcoin as real asset. So people are ignorant about all over the world.

I can tell why old school people from India behave like that because they used to the most conservative mindset because they passed the difficult era's like 1960's, 70's ,80's and so. And bitcoin is exact opposite of their investment principles because it's highly volatile asset so its understandable that new generation are adopting to it than elders.

TheUltraElite

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Quote from: pawanjain on November 05, 2023, 11:55:04 AM

And that's what makes bitcoin. The freedom from government and the ability to control your own money.
With great power comes great responsibility. Owning bitcoin has it's associated risks which people forget about.
This negligence costs them a lot sometimes and that is why we have to make people aware of the risks first if we suggest them to buy bitcoin.

Wallet and device security is what I emphasize on for any new user in this field. Without them your hard-earned money is open and lit up like a Christmas tree. But a newcomer might not be able to cope up with this pressure of cyber-security which we cannot comprehend. In case they lose money they will blame it on the person who introduced it to them.

Quote from: kentrolla on November 05, 2023, 03:50:06 PM

-snip-

I dont feel like bragging but since you brought it up, I come from a work background which is very non-technological and I am an old school jerk, but I am into crypto for like 7years now.

kentrolla

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It's not an easy task to convince people from India and other surroundings nations to believe in stuffs like Bitcoin or crypto in general.

I would categorize them into two type as follows:

1. Technology freak: They are very adaptive to any new technology let it be crypto or digital marketing or whatever is new in the industry and always try to be a part of new technology or innovative and want to be a market leader or expert in those domain, these are mostly friends and colleagues.

2. Old school negative people: This set of people will always question whatever you propose and try to proce that whatever you are pshating is a scam and they will even pursuade you to wuict about what you are explaining to them. Mostly some relatives.

It's easy to explain Bitcoin to the first type of people as you just have to explain them about the reason why Bitcoin emerged and the financial freedom it gives us. They themselves will do research and take it forward but the second set of people it's better not approach them.

pawanjain

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Quote from: TheUltraElite on November 05, 2023, 01:08:39 AM

Quote from: pawanjain on November 04, 2023, 12:15:07 PM

Yes, bitcoin is risky but so is every other asset. It's just the amount of risk is higher when investing in bitcoin because it is not regulated by any single government.

A government may attempt to curb bitcoin but they know its futile - look at Bangladesh and Nigeria and how people are evading bans on bitcoin there. These countries have the highest amount of campaign participants in this forum and are earning well which itself is a form of investment into bitcoin.

Still government's non-lenience is a negative factor, a deterrent from people openly investing into bitcoin, but these will change gradually and by not starting early they will be the ones missing out. Dont force them but allow them to understand their actions.

And that's what makes bitcoin. The freedom from government and the ability to control your own money.
With great power comes great responsibility. Owning bitcoin has it's associated risks which people forget about.
This negligence costs them a lot sometimes and that is why we have to make people aware of the risks first if we suggest them to buy bitcoin.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: pawanjain on November 04, 2023, 12:15:07 PM

Yes, bitcoin is risky but so is every other asset. It's just the amount of risk is higher when investing in bitcoin because it is not regulated by any single government.

A government may attempt to curb bitcoin but they know its futile - look at Bangladesh and Nigeria and how people are evading bans on bitcoin there. These countries have the highest amount of campaign participants in this forum and are earning well which itself is a form of investment into bitcoin.

Still government's non-lenience is a negative factor, a deterrent from people openly investing into bitcoin, but these will change gradually and by not starting early they will be the ones missing out. Dont force them but allow them to understand their actions.

pawanjain

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Quote from: cafter on October 22, 2023, 09:15:17 AM

Hello everyone,
I had like to ask you a question that How often Do you talk about Bitcoin and cryptocurrencies with your friends and relatives?
It is something I have been thinking lately. When I think of sharing my excitement about crypto with people I care about. I often wonder about two things:

1. Is Bitcoin Risky?: One major concern that holds me back is the perceived risk of Bitcoin. What if people invest and end up losing their hard-earned money?
How do you approach this aspect when talking about crypto?

2. Beating Inflation and Earning Profits: On the other hand, I also see the potential for people to beat inflation and make decent profits from cryptocurrencies.
So, should we consider discussing the financial benefits as well?

Have you had similar hesitations or successful conversations about crypto's potential risks and rewards with your friends and Relatives? Share your thoughts!

Yes, bitcoin is risky but so is every other asset. It's just the amount of risk is higher when investing in bitcoin because it is not regulated by any single government.
But at the same time, the higher the risk, the higher the reward.
So we should make things clear when we suggest anyone to invest in bitcoin.
One should know all the pros and cons before he invests in any asset.

TheUltraElite

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Quote from: Bitcoin Smith on November 03, 2023, 01:57:55 AM

This way, I can preserve the integrity of my personal relationships and ensure that financial decisions are made with full awareness and consent.

A very important point indeed. You can end up damaging interpersonal relations if you pressurize them, which is absolutely meaningless to do anyway. They may have a different mindset and an opinion that you might not agree on and you have to respect that because they are respecting yours.

Quote

Mixing relations and finance will always go wrong in my assumption so I won't put myself in such position. I believe that financial decisions, especially investments, should be made based on the individual goals, risk tolerance, and understanding.

Risk appetite is not the same for everyone and knowledge lacking might contribute to that. That can be countered by teaching and allowing them to take the first initiative as they gradually see the buzzwords on media more and more.

Bitcoin Smith

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I had conversation with them about bitcoin as well as the returns but I don't think I forced them to invest on bitcoin and also I won't pressure or advise them to invest unless they express a genuine interest and seek my assistance. This way, I can preserve the integrity of my personal relationships and ensure that financial decisions are made with full awareness and consent.

Mixing relations and finance will always go wrong in my assumption so I won't put myself in such position. I believe that financial decisions, especially investments, should be made based on the individual goals, risk tolerance, and understanding.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: elevates on October 25, 2023, 12:33:41 AM

My understanding is that everyone in the present generation is aware of Bitcoin and its benefits. Those who question it are our Uncles and Aunts, that is why it is better to leave them.

The less people get involved in bitcoin the better for us bitcoiners as well.

Think of it this way, if you are the one accumulating bitcoin and not your friends a time will come when they will also need to buy but have no sellers available. Then you can dump on them for a huge price. Its like a hidden wet dream of many bitcoin users, which may not actually happen but is always possible.

elevates

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Quote from: LucyFurr on October 24, 2023, 11:00:02 AM

I am not really type of person who is giving financial advice to anyone because investments always associated with risk factors so insisting them to invest on investments can backfire at us if it didn't go well.

But I helped them with their purchase once, by helping them to introduce to an actual exchange and how to buy it also explained the risk factor and taxation aka everything they need to careful. Also recently my uncle asked me how my investment in bitcoin is doing I said for the recent past weeks bitcoin is being highly bullish and he was happy about that.

I asked him whether he want to invest or not?

He clearly said no, and he is the kind of business person whom I respect and let him be his way.

Not everyone understands Bitcoin investment, I generally do not inform random individuals about Bitcoin. My focus is to introduce Bitcoin to those within my circle or family members who know about it but have a few questions about it. Our media has already done a lot of negative publicity for a few years now about Bitcoin. As of now, they have started talking about some benefits of Bitcoin after the new tax law was introduced by the government. My understanding is that everyone in the present generation is aware of Bitcoin and its benefits. Those who question it are our Uncles and Aunts, that is why it is better to leave them.

LucyFurr

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Quote from: cafter on October 22, 2023, 09:15:17 AM

Have you had similar hesitations or successful conversations about crypto's potential risks and rewards with your friends and Relatives? Share your thoughts!

I am not really type of person who is giving financial advice to anyone because investments always associated with risk factors so insisting them to invest on investments can backfire at us if it didn't go well.

But I helped them with their purchase once, by helping them to introduce to an actual exchange and how to buy it also explained the risk factor and taxation aka everything they need to careful. Also recently my uncle asked me how my investment in bitcoin is doing I said for the recent past weeks bitcoin is being highly bullish and he was happy about that.

I asked him whether he want to invest or not?

He clearly said no, and he is the kind of business person whom I respect and let him be his way.

Tiger Fist

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Quote from: TheUltraElite on October 24, 2023, 12:42:26 AM

Quote from: Tiger Fist on October 23, 2023, 08:00:53 AM

Because if you do not give them a warning, they may blame you later.

True, its easy for newbie traders even if from your own family to point the finger on you and blaming you for their loss.

It's human nature, buddy. Average people do not research after they get any suggestions. They see how it sounds, and if a suggestion seems good, they will take it without thinking about the possible negative impact. It happens especially in India. Also, Indians are master (Especially west bengals) to blame others for the mistake they made.

TheUltraElite

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Quote from: Tiger Fist on October 23, 2023, 08:00:53 AM

Because if you do not give them a warning, they may blame you later.

True, its easy for newbie traders even if from your own family to point the finger on you and blaming you for their loss.

The best method is to wait for them to come up with the idea of investing, you will then guide them on how to proceed instead of you force-feeding them and ending up being a tinfoil hat person. Grin

Tiger Fist

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Quote from: cafter on October 22, 2023, 09:15:17 AM

One major concern that holds me back is the perceived risk of Bitcoin. What if people invest and end up losing their hard-earned money?
How do you approach this aspect when talking about crypto?

Please do not encourage them to invest in Bitcoin if they have no knowledge or very little knowledge about Bitcoin. Let them learn first about Bitcoin. It's like the stock market but better than the stock market in some ways. You can try to explain to them from your knowledge but don't force them to convince them to invest in it. If they understand, you will notice they will ask you how to invest. Always give them the warning that there are risk of losing their money as well if you can't hold it for the long term. Because if you do not give them a warning, they may blame you later.

Whenever I talk to my friends about Bitcoin, I tell them it's a long process. If you expect that it will make you rich overnight, don't invest in it. You are not at a loss if you hold it. That is an unrealized loss. If you sell it, you have to sell in loss. Unless you still have the same amount you bought a month ago.

pakhitheboss

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Quote from: cafter on October 22, 2023, 09:15:17 AM

1. Is Bitcoin Risky?: One major concern that holds me back is the perceived risk of Bitcoin. What if people invest and end up losing their hard-earned money?
How do you approach this aspect when talking about crypto?

Any investment comes with a risk you cannot only point out that the risk factor only exists in Bitcoin investment. The solution to counter the risk factor is to inform the individual to whom you introduced Bitcoin, to invest what he/she can afford to lose. Like other investments, you won't become rich after investing in Bitcoin instantly. Bitcoin is not a quick rich scheme it is a technology based on cryptography and can used only when the internet is available. Always keep in mind that It would take time and would require a lot of patience to gain a high return on the investment in Bitcoin.

Quote from: cafter on October 22, 2023, 09:15:17 AM

2. Beating Inflation and Earning Profits: On the other hand, I also see the potential for people to beat inflation and make decent profits from cryptocurrencies.

I am not sure about cryptocurrencies but one thing that makes Bitcoin unique is its ability to be inflation resistant. The simple reason is that it has a limited supply, ensuring that its value will remain steady over time. Earning high profits cannot be guaranteed yet it can be achieved if anyone follows a systematic plan of investment in Bitcoin.

libert19

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I discuss with my friend, he got one airdrop with decent amount of money, got into margin trading, made good profits, since he's pretty talkative and outgoing, many friends and neighbors came to know about crypto through him as well.

My relatives are safe with their FDs, they ask sometimes about advise and want to investment in crypto, but I do not suggest them, I'd usually say, "whatever you invest, consider it already lost", they don't go further. I'm not that confident in myself with investments that I'd suggest others.

Much of my successes are due to luck, I try not to consider myself responsible for them.

Stedsm

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Quote from: cafter on October 22, 2023, 09:15:17 AM

1. Is Bitcoin Risky?: One major concern that holds me back is the perceived risk of Bitcoin. What if people invest and end up losing their hard-earned money?
How do you approach this aspect when talking about crypto?

Let me get straight to your questions without much ado.
Yes, Bitcoin is risky. But, you may first ask them that what doesn't consist of risks? Be it BSE, NSE, Gold purchase, or even a real estate. Nothing here is guaranteed, and Bitcoin being risky is because it comes from a highly different asset class, but it holds enough acquaintance among people and can easily be traded, even easier than stocks. Hassle-free. Show them the returns people have got, then talk to them about the mining aspect and then tell them about the current upcoming halving event and explain it to them. I'm sure they'll understand and invest something into BTC. One most important thing here, ask them to invest only what they can afford to lose.

Quote

2. Beating Inflation and Earning Profits: On the other hand, I also see the potential for people to beat inflation and make decent profits from cryptocurrencies.
So, should we consider discussing the financial benefits as well?

Definitely. It's better to keep both the sides in front of them, so it'll be easier for them to decide whether to go for it or not. There's nothing bad in telling everything to them, so that it becomes transparent to them and they get clear about this asset class.

TheUltraElite

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So anyway, I applied as a merit source :)

One common question I face, is that bitcoin does not exist in real unlike physical money. I try to explain that bitcoin can be acquired by spending physical money similar to what the barter system has been at one time. It is minted solving a math problem by the miners, but these things boggles the minds of non-techy people - how is that even possible is the next question I face.

Clearly we are ill-equipped to answer such questions. Lets make this thread a place where we can discuss about common problems and logical fallacies that we are facing when trying to spread the knowledge of crypto.

cafter

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Hello everyone,
I had like to ask you a question that How often Do you talk about Bitcoin and cryptocurrencies with your friends and relatives?
It is something I have been thinking lately. When I think of sharing my excitement about crypto with people I care about. I often wonder about two things:

1. Is Bitcoin Risky?: One major concern that holds me back is the perceived risk of Bitcoin. What if people invest and end up losing their hard-earned money?
How do you approach this aspect when talking about crypto?

2. Beating Inflation and Earning Profits: On the other hand, I also see the potential for people to beat inflation and make decent profits from cryptocurrencies.
So, should we consider discussing the financial benefits as well?

Have you had similar hesitations or successful conversations about crypto's potential risks and rewards with your friends and Relatives? Share your thoughts!

Topic: Discussing about Bitcoin to Friends and Relatives. (Read 202 times)