Topic: Educating unemployed friends about Bitcoin - page 7. (Read 1310 times)

What is your country's actual stance when it comes to Bitcoin or cryptocurrencies in general? Is it banned, or totally illegal? Or it is just not legal? If it's banned or illegal, I don't think it's a good idea to involve your friends or anyone in it since if things go wrong, you could get in trouble as well if they inquire about the person who is behind teaching them about it.

But still, if you want to go ahead with this, just make sure that you tell them each and everything involved, let them know that there are always two outcomes, their investment will either gain value or lose value with time, and that they should not panic or blame you when the market is dropping and they should have patience and keep holding until it recovers.

Since you claim you are the first person in your area who is involved with Bitcoin. If so, you can spread your idea to everyone. You will select those who are interested in learning about this for your teaching. But I think more people in your area may be involved with Bitcoin since you said that in your country other digital currencies including Bitcoin are totally illegal so maybe others in your area who are involved with Bitcoin may not have exposed themselves till now that they are involved with Bitcoin. The matter is kept secret. Since you plan to discuss Bitcoin with your friends, your move is very commendable

Teaching Bitcoin doesn't require a separate classroom as you can simply teach them through a phone or laptop. Since they will be new to crypto currency it may take some time for them to learn these things and you need to have maximum patience to teach them about Bitcoin.

And I think it's a good decision not to involve those who have expressed interest in investing so quickly because according to you they have no idea about investment so far, only because of the discussion that you have discussed something about investment, they have expressed interest in investing. Share whatever idea you have about investment with them first and also suggest them to get some idea about investment from different social media. You advise them to invest when they have some idea about investing.  Hope you have discussed the investment risks and all the rules with your friends beforehand. And explain to them well that the risk of money is not your responsibility if your friends' investments suffer later and then ask them to decide to invest.

I think it's good to get them interested in investing in you. But since your friends are unemployed they have less money. You told them to invest is not a good idea at all. Because your friends couldn't be more educated about cryptocurrency. Your friends will be new to investing but they will be addicted to get-rich-quick investing. Before you invest them in bitcoins, you must understand them about the volatility in the market. You need to make your friend understand that investing in bitcoins has risks and benefits as well as profits. So before investment discuss in detail about Bitcoin investment including trading and advice for later investment.

Investing in Bitcoin is highly risky when we expect short term returns so it makes not really suitable for someone who is not stable in their financial status. But if they have nothing to lose then why not give it a try cause trading can be started with less capital which makes its possible for everyone to start, so it can be a good thing to have side hustle and for people with huge capital it can become revenue generator with no effort at all.

OP, your friends need opportunities to work and not to invest. First they have to work, so they can acquire enough money to start investing. Maybe you can enlight them regards the opportunities of virtual jobs paying in BTC on the internet. You can encourage them to find freelance jobs if they have the necessary skills to execute such tasks. Furthermore you can mention bitcointalk forum and the possibility of earning money here through campaigns in general.

On the other hand, it's not so easy like it may sound at first. For many people it's still easier to find jobs opportunities outside crypto industry and outside the internet. It really depends the person and the reality they live on their respective regions and countries.

I think you know about that, and I'm glad you have explained them not only the pros, but also the cons of Bitcoin, so you might take these points I mentioned above as well next time you talk to them about this matter.

What's there more to know about bitcoin, they're investing and not trading. Traders are the individuals that have to be researching daily to understand they dynamic of the market. As an investors, you only need to know how to buy Bitcoin and how to hold them safely in our personal wallets. Investors can stay updated with the market but they don't have to be bother about the price volatility.

If the OP has told his friends the known pros and cons of the market then they're set to start investing into Bitcoin, because we think the cons will drive away people from investing doesn't make it right not to tell them. You have to let them know what they're getting involved.

It’s risky to take the opposition and educate people based on what you have seen about bitcoin when the whole country is against your own opinion. So to free you from regretting in the future, try not to educate or even influence people about bitcoin. Though you can share them some of your views about it, but let them do the details. The moment they’ll see it profitable as an investment, I’m sure they’ll be eager to learn from it and invest in it without you knowing.

This topic has look like one of the topic that I've come across in the forum concerning teaching children Bitcoin you can teach any person you feel like to teach bitcoin but the problem is that because they have the capital to buy bitcoin for investment because teaching is very easy but the process of practicing what you needed to know

I hope that won't bring that situation and it was OP's responsibility to guide them and must not encourage them to commit loans just for they seek to start investing in Bitcoin. Perhaps, OP has the good intention of helping his friend and even though it was illegal in their country, he still did it. Might not be used this time but I still consider this as a sort of preparation for the future because some countries had already supported crypto and this might happen to them as well. They can invest silently, though not really safe but if it is not yet banned or restricted, that's still okay.

How sure are you? There are so many people who seem to have a basic understanding of bitcoin, but they seem to keep it to themselves due to government regulations for bitcoin in their country or because they prefer to maintain their anonymity regarding bitcoin. It is never now open that someone who has a basic understanding of bitcoin will try to say out for the entire world to know.

OP I like it when people try to educate their friends about bitcoin, but I don't like it when they try to convince them that investing in it would make them rich. OP That is the impression you want your jobless friends to have of bitcoin. There is no justification, in my opinion, for your assurance to your friends that their unemployment will stop if you all invest in bitcoin.

Consider what would happen if your unemployed friends invested in bitcoin on the basis of your promise that their situation would improve. How long do you suppose they will wait for that to occur? Will they continue to be unemployed until the day bitcoin helps them find employment?

It's better to tell your friends the truth that bitcoin is not an unemployment solver. It takes time and patience for someone to earn from it. Putting unemployment to an end requires a whole lot of money for investment for it to bring about financial freedom.

The OP doesn't have to openly educate him like having a special class, but since he just wants to teach a friend then of course face to face is the best way to do it. Regardless of whether bitcoin is illegal in the country for cases of its use as currency, but I don't think learning bitcoin is a big deal that should be prosecuted. The OP can tell that P2P trading will help if the government bans them from trading bitcoin, but they still have to weigh the legal risks over the return.

Many countries have now started to consider softer regulations on bitcoin such as not banning bitcoin completely. I can give an example of my own country, the government only prohibits cases of using bitcoin as a currency, but I can trade it legally. So maybe, in the future bitcoin will also get the green light for the country the OP is currently occupying.

I bet @OP had told them the pros of investing in Bitcoin, these people won't be interested in investing in Bitcoin if they are not told about it.  It is that @OP also told them the cons and possible risk if they engage themselves in Bitcoin investment.


I don't think these guys know everything about Bitcoin, even we who has been in the Bitcoin community for some years don't know everything about Bitcoin and we keep on researching and studying the updates and development and yet we always come short in knowing all aspect of Bitcoin.  They should dig more and understand the market together.  It is fun to learn Bitcoin in group so I guess @OP and his friend will enjoy exploring the what-abouts of Bitcoin.

Regardless of the legality of Bitcoin in your country, your relationship with your friends and colleagues remains unchanged. You are willing to assist them without concern for the legal implications surrounding Bitcoin. Although Bitcoin is also illegal in my country, I have friends and colleagues who are involved with it, and we frequently engage in discussions about Bitcoin. Through mutual support, we have managed to keep our Bitcoin activities hidden from the government's knowledge.

I guess it’s not your obligation OP to educate them and provide them the best information they deserve to have. You’ve done your part already and let them do the rest. Learning is made easier right now as everything they need to learn are already available online and they’re free so I think if they’re really eager to know more about bitcoin, then they should learn on their own too. You would not want to be blame in the future if these friends of yours will lose on their investments and made you responsible for their losses. So free yourself from pressures, let them do their own part.

It's a good thing you're not only telling them about the positive side of investing in Bitcoin and all the profits that will come in the future if you keep on holding and safely store your Bitcoin in your personal wallet. Telling them about the negative things like the price volatility, the risk of losing your Bitcoin to scammers or hackers or mistakingly sending them to the wrong address etc.

They have to know everything so the can be prepared and don't put the blame on you in the future if they were to make a mistake and lose their Bitcoin or they get stolen due to their negligence. Keep up what you're doing because you're doing it perfectly for this particular part.

Bitcoin is an asset which has more opportunities to invest now, for a future usage, a user must prove. And you should tell them to be careful, because if you don't know exactly what you're doing, the risks of investing at a loss are relatively high. Tell them not be fooled by rhetoric and online feedback. You should educate them on the subject as much as you can.follow them up with this link https://cryptolinks.com › learnmeabi...
Learn Me a Bitcoin - Learnmeabitcoin.com - CryptoLinks and this one: https://bitcointalksearch.org/topic/newbies-read-before-posting-1689727

It’s hard to educate people about bitcoin when in the first place, bitcoin is illegal in your country. You could be put in jail in the end if you keep insisting on how to make profits with bitcoin. That is why do not put yourself in danger. You can tell your friends that if they really want to be educated on bitcoin, have their own diligence in studying about it as there are a lot of free resources online that are reliable and will give them legit information about bitcoin. Investing has its own risk, so they should not invest immediately without even preparing for it and gained adequate knowledge with bitcoin and with the crypto market as well.

As a person, if we meet today you will argue 100% that I have never heard anything about Bitcoin nor will ever be a member of this forum, so you saying you are the only one who has a basic understanding will be a little overboard because you don't have any means of identification for a bitcoin investor. Your friends are unemployed and their savings for now is the means of livelihood you want to advise them to invest in Bitcoin, if they invest, will they sell in the next six months, how do you want them to leave? My advice for you to give your friend is to get a regular source of income, save and invest in Bitcoin.

Kudos, mate! You're not just wrapping your head around this Bitcoin thing, but you're also sharing the 411 with your pals. Feels like you've stumbled on an X marks the spot and you're rallying your crew for the treasure hunt. Before you cannonball into this crypto ocean, don't forget that Bitcoin, or any digital doubloon for that matter, isn't a slam dunk to a job or the lap of luxury. It's packed with risks, and it's key to get the full picture before you risk your hard-earned loot.

Thinking of enlightening your mates? Start with the ABCs. Break down blockchain tech, how Bitcoin deals go down, and the ups and downs of crypto. The net's chock-full of resources - blogs, articles, free lessons - for you to tap into. As for the law, it's a sticky wicket. If Bitcoin's on the naughty list in your country, dabbling could land you in hot water. Plan B? Zoom in on blockchain tech in general. It's not just about crypto and could open doors in software dev and data crunching. Keep your nose clean; legal drama is a headache no one needs.

Stay frosty and best of luck, chap!

Whether it is illegal or not, bottomline is they are unemployed and yet you'd want them to engage into an investment. Investment will always have its own risk and that would also mean you are somewhat digging a deeper hole for them if the unfortunate would be the outcome. It is okay to share the idea but given their circumstances, they'd more likely be expecting much from it. It won't always be winning in this industry. But I do agree that they should be more advised to get a job which would give them a stable income and from that, they could as well engage to investments. In such way they'd be more capable of handling things and managing the risk of being on a worse situation. The idea that there are people who made fortune from this industry is the misconception 'coz behind their success are huge number of people losing. This simply means that nothing is assured in terms of profit making in this industry so better be careful still.