Helped my neighbor to purchase some Bitcoins - page 2.

DoublerHunter

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Quote from: _BlackStar on February 17, 2023, 03:44:02 PM

Quote from: The Cryptovator on February 17, 2023, 03:15:04 PM

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

Nice to hear that someone is willing to help others understand bitcoin.
But instead of using it as currency I guess they are just interested in the possible benefit. Trading and investing is what new users are most interested in, and it has become such trend among the people that they even just ask to be taught trading instead of the technical knowledge.

^The reason behind this is the profit that they get in BTC not how it will use.
That is a part of us as human beings, if we know that we can benefit from such things we simply adopt and use them.
The same thing on BTC, that is what they heard from the start to get profit and the reason they adopted it. However, keep spreading this to those people close to you or your loved ones is a great initiative idea on how to promote BTC. We should be we explain the good side and the bad side so that they will not blame us in the future especially since BTC is a very volatile asset.

Distinctin

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Quote from: GeorgeJohn on February 13, 2023, 08:45:59 AM

The basic things to do is to purchase Bitcoin, but the recipient should at least know the elements or the rudiments of Bitcoin before venturing into Bitcoin investment. It's admirable to purchase Bitcoin but it depends on the kind of investment you want to venture into, either long term investment or short term investment, i believe that Bitcoin investment you have scrutinized very well before you can as well venture into Bitcoin investment in order to avoid all the necessary mistake of the lost over investment.

Trying to invest or venture into something new needs more time to make thorough research and even look for feedbacks if that certain investment goes well in the long term. But we know for bitcoin, it’s a certain fact that it will be profitable in the long term. But trying to invest in an abrupt way will add more risk to the investment alone. Probably, your neighbor must have done a thorough research first and obtain knowledge before buying his first bitcoin. At least, you don’t want to be blame if ever his investment fails in the future.

_BlackStar

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Quote from: The Cryptovator on February 17, 2023, 03:15:04 PM

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

Nice to hear that someone is willing to help others understand bitcoin.
But instead of using it as currency I guess they are just interested in the possible benefit. Trading and investing is what new users are most interested in, and it has become such trend among the people that they even just ask to be taught trading instead of the technical knowledge.

kawetsriyanto

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Quote from: Nwada001 on February 13, 2023, 05:44:28 AM

~I told him it's simple but the risk is huge. made him understand that holding Bitcoin is simple, but the risk of losing your starting capital is high, and that before you can consider buying and holding Bitcoin, you should prepare your mind to count loss sometimes, which can later turn to profit if you don't sell out of panic. Ask him to go and think about it first before rushing into it, and when he has come to a conclusion and is ready to accept the risk and take responsibility for anything himself, he should let me know.

It is the right way to let him know about the big risk of Bitcoin investment. To be successful in Bitcoin investment isn't as easy as people think. The price of Bitcoin is very volatile and it is sometimes unpredictable. Your neighbor needs to know how big the risk of Bitcoin investment, so they are aware of the potential risks in the future if he is ready to invest in Bitcoin. And let him invest with his own will, so he won't blame you if he fails then.

Quote from: Nwada001 on February 13, 2023, 05:44:28 AM

The crypto was deposited into his funding wallet. since he was already participating in airdrops and had a crypto wallet on his phone. I asked him to copy out all the phrases from the old wallet into his mobile wallet and back it up in a safe place where he would be the only one to access it. When he was done, I asked him to wipe the app data, and the mobile wallet was as clean as a new wallet. switch off the internet connection and create a new wallet again. After the successful creation of the wallet, I asked him to write down the new phrase and safe-keep it again, which he did successfully. We then generated a new Bitcoin address, which was used to withdraw the purchased Bitcoin to his private wallet, over which he has control.
He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced.

So, finally, in what wallet he keeps the Bitcoin? I know you said that he keeps it in a private wallet, but what wallet is it? Makes sure you choose a safe private wallet like Segwit or hardware wallets. Better to avoid keeping it in new app wallets, or to hold it in the wallets of new crypto projects. Only choose trusted private wallets only!!

The Cryptovator

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Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

ektotanes

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It's inspiring.
You did a good job and you should be proud of yourself. I hope that someday I will also help someone buy Bitcoin.

mvdheuvel1983

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Buying Bitcoin is just the beginning the true test of your friendship is what you do after you have assisted him him investing in Bitcoin. It is such a wide ecosystem that you have to first in my opinion teach him about the security risks involved and how to protect his assets before anything else.

doomloop

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I wouldn't, I knwo that makes me sound like a crazy person and probably made you feel like I am a bad neighbor as well. But the fact is that I can't take that risk, even if they come to me begging to learn how to buy some bitcoins, that would still not be good enough reason to help them.

Because, I would be fearing that if they buy and the price goes down and they lose money, the relationship we have may never be the same and they may think that I did something wrong by letting them have it. I know you will say "if they wanted you to help, why would they be mad at you?" but that is just how humans are, it has happened to me once, and I won't do it ever again.

noormcs5

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Quote from: Rigon on February 16, 2023, 06:30:02 PM

OP Thank you, for giving a newbie an idea of investing and getting him into bitcoin investing. But one thing you did well was to make him aware of all the warning words of Bitcoin beforehand. Actually Bitcoin investment is something that has many ricks. There are many new people who express interest in investing and after investing they lose patience when the market goes down a bit. I say to those who invest and hold, you should never lose patience in investing. Keep it up for a long time and you will see great success from here.

OP you must provide him with a secure wallet. Ask him to keep his private key in a place where no one but him will know so that the wallet he invests in cannot be hacked in any way. If necessary you can suggest him to collect a hardware wallet.

Yes, that is the best thing which everyone can do and that is to help our near and dear ones and people around us to buy cryptocurrencies, more importantly bitcoin.

I would expect more people will follow the same and take this example as an idea on how to spread more awareness about bitcoin. Everyone's contribution will eventually make bitcoin being used widely and it will help in adoption of bitcoin.

Rigon

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OP Thank you, for giving a newbie an idea of investing and getting him into bitcoin investing. But one thing you did well was to make him aware of all the warning words of Bitcoin beforehand. Actually Bitcoin investment is something that has many ricks. There are many new people who express interest in investing and after investing they lose patience when the market goes down a bit. I say to those who invest and hold, you should never lose patience in investing. Keep it up for a long time and you will see great success from here.

OP you must provide him with a secure wallet. Ask him to keep his private key in a place where no one but him will know so that the wallet he invests in cannot be hacked in any way. If necessary you can suggest him to collect a hardware wallet.

yudi09

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Quote from: CageMabok on February 16, 2023, 08:05:51 AM

Quote from: yudi09 on February 16, 2023, 07:18:39 AM

I agree with you that we strongly support efforts to warn each other to keep Bitcoin assets well and as safe as possible in wallets that provide security not in wallets that can be controlled by others such as exchange wallets even though the exchange has a big name.
Inviting people to a better direction is certainly very pleasant but not in a forced state. Whoever they are, as long as they want to go in a positive direction, we must support them.

This kind of thing obviously must be supported because the direction is good, especially if the person is doing a good thing based on his own intentions and not because of coercion from others. I also agree with what you say because I also like to support people who do good and want to direct more people to good things. One of them is like telling people to keep Bitcoin safe and also giving advice not to sell it at a lower price.

Maybe because there are one or many factors that force them to sell when prices are cheap because the benchmark for cheap Bitcoin prices depends on when they get Bitcoin. But advising against selling includes advice to consider considering the future of Bitcoin will be great.

For me, choosing to sell or not to sell depends on each individual or it is privacy.
But we admit that holding is a better decision than letting go when the price is low.

Inwestour

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Quote from: CageMabok on February 16, 2023, 08:05:51 AM

This kind of thing obviously must be supported because the direction is good, especially if the person is doing a good thing based on his own intentions and not because of coercion from others. I also agree with what you say because I also like to support people who do good and want to direct more people to good things. One of them is like telling people to keep Bitcoin safe and also giving advice not to sell it at a lower price.

I am more inclined to believe that a person needs help only if he asked for it himself. If you initiate such a conversation and subsequently a person will buy bitcoin, but due to his knowledge, he will not be able to wait for a profit, and will sell earlier at a loss, then he will only blame you for his losses.

This is the case when you can say that the initiative is punishable. Of course, if a person trusts you and you control his every step, then in this case something good may turn out for him, but do you need it, do you want to be a nanny for someone?

Everyone’s business, maybe someone likes this, but if someone started telling me about bitcoin without my interest in it, then it would alert me.

CageMabok

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Quote from: yudi09 on February 16, 2023, 07:18:39 AM

I agree with you that we strongly support efforts to warn each other to keep Bitcoin assets well and as safe as possible in wallets that provide security not in wallets that can be controlled by others such as exchange wallets even though the exchange has a big name.
Inviting people to a better direction is certainly very pleasant but not in a forced state. Whoever they are, as long as they want to go in a positive direction, we must support them.

This kind of thing obviously must be supported because the direction is good, especially if the person is doing a good thing based on his own intentions and not because of coercion from others. I also agree with what you say because I also like to support people who do good and want to direct more people to good things. One of them is like telling people to keep Bitcoin safe and also giving advice not to sell it at a lower price.

Questat

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Quote from: Nwada001 on February 13, 2023, 05:44:28 AM

...
He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced.

It is good to see that some of our locals have the courage to invest in crypto but they also need to educate themselves before committing to such a thing otherwise, this could bring them losses and even blame you. In this case, it was you who could help them and make a way for them to fully understand the DOs and DONTs. It is really a big challenge for you but I believe you can do it. What they need is guidance from an experienced trader or investor because many people wanted to invest in crypto but due to a lack of knowledge and skills, they lose confidence and even quit.

yudi09

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Quote from: Natalim on February 14, 2023, 08:14:15 AM

Quote from: yudi09 on February 14, 2023, 06:52:59 AM

Quote from: Nwada001 on February 13, 2023, 05:44:28 AM

That's a good explanation of the question. Storing assets such as Bitcoin in exchange wallets is highly discouraged by various considerations that can make assets disappear without a guarantee. What's worse is that assets can be frozen despite the stability of the coins stored.
Continue to convey various knowledge about Bitcoin to anyone who is deemed necessary to explain including how to keep Bitcoin safe.

It could be their choice but yes, we have to educate them about the risk of storing our funds on the exchange because even if it was a known and reputable exchange like Binance, we can't assure that our money is safe from possible hacks and not even sure if they will refund if that will happen. Considering this situation, we better secure it with our controlled wallet which I think was safer than we keep on an exchange wallet.

I agree with you that we strongly support efforts to warn each other to keep Bitcoin assets well and as safe as possible in wallets that provide security not in wallets that can be controlled by others such as exchange wallets even though the exchange has a big name.
Inviting people to a better direction is certainly very pleasant but not in a forced state. Whoever they are, as long as they want to go in a positive direction, we must support them.

Tony116

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Quote from: Nwada001 on February 15, 2023, 05:07:59 PM

Quote from: sheenshane on February 13, 2023, 09:52:19 AM

Thou you mentioned the golden rule of storing Bitcoin "Not your key, Not your coin" but seems it's risky because you are using a mobile wallet which is still prone to scams, most especially personal mobile phones that every day you've used.
Hardware wallets have strong security features on their own and that's worth it to store your asset, not on the phone or more worst custodial wallet/exchange.

For the most part, is a mobile wallet not safer than an exchange wallet for someone who doesn't have a hardware wallet?
Even I, who directed and helped him purchase the bitcoin, don't have any hardware wallets at hand.
Assuming he is a PC owner, I could have guided him on how to create a desktop offline wallet.

Yes, we all know that a hardware wallet is the best wallet, but I also believe that many people don't own it for various reasons. In OP's case, the amount of bitcoins he bought is so small, how can he think of needing a hardware wallet. Second, many countries ban bitcoin, so buying a hardware wallet is very difficult. Meanwhile, if we are careful in using it, the software wallet also brings us safety. Safety is for us to decide, don't think that hardware wallet will never be hacked. Before I owned a hardware wallet, I also used a hot wallet to store bitcoins, and I never had any problems.

armanda90

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Seems OP helped his neighbor purchase some Bitcoin trough exchange market as Binance, better for up coming next time not focus with the exchange market only but also you OP should helped them how to use cold wallet or hardware wallet. First time purchasing with Bitcoin I think easy for teaching trough exchange market and next time you have educate them with another wallet use for investing in Bitcoin.

Beside have helped them with purchasing Bitcoin in exchange wallet, I think OP need to teach them risk have waiting for when investing in Bitcoin, not discuss or explain about profit only but also have transparent tell them about risk in Bitcoin.

CryptSafe

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Telling him the "not your keys, not your coin" phrase is a good thing you did. That would keep him conscious of the safety of his wallet and assets under his custody. I would also commend you for being open and plain to him as this was the conviction he had and that also played a major role in attracting him to purchasing of bitcoin and as well making him know that third party exchanges are not safe to hold bitcoin or other assets. If your friend can constantly take advantage of the current market situation buy buying in fractions, he can be able to accumulate a huge volume of bitcoin and i see you also told him to invest with money he can afford to loose which in the right sense you are on the safe track because if anything happens tomorrow as a result of downward market trend or maybe he suffers hack, he would not be able to blame or hold you responsible as you have already told him ahead of time.
Nevertheless, you should advise your friend to be mindful of links he clicks since he has his bitcoin stored on his mobile so as not to get prone to hackers because the experience is very devastating.

rodskee

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Quote from: Nwada001 on February 13, 2023, 05:44:28 AM

He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced.

Good act of kindness mate , you have helped Him to take His chance of getting piece of cake here in crypto.
and hope that since bitcoin today increases again? your friend will consider investing more seeing how His funds increases today because of market growth.

and Good also about telling Him not to leave coins inside exchange how trustworthy they are as the risk of losing is always there .

kro55

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Quote from: uneng on February 14, 2023, 09:50:58 AM

Quote from: kro55 on February 14, 2023, 05:08:20 AM

hough I know it's not a good idea to store assets on exchanges, I really disagree with OP's approach. As a newbie with small capital, they will not be willing and satisfied to accept such a loss, this will make them uncomfortable and very easily lead to negative thoughts. In my opinion in this case, if OP can't sell bitcoins directly to him, then we should leave bitcoin on Binance, and we will move them to the non-custodial wallet on the next purchase when the number of bitcoins our more.

If OP's friend start doing DCA, he will be constantly losing 50% of his investment every new purchase on Binance, due to fees on withdrawals. That is an impractical method to accumulate bitcoin holdings on long term. If OP can't sell him bitcoins directly, I believe he could find someone reputable here on forum who is constantly selling coins to take part in the negotiation, because to keep assets on exchanges can put OP in a bad position with his friend, in case something like what happened with FTX happens to Binance.

Really worried about this OP's method because if what you say is true, then OP's friend will soon get bored of investing in bitcoin. The huge fee will kill his faith in bitcoin.
@OP, can you consider the solution that @uneng is talking about? it would be best to sell bitcoins directly to him or find a reputable local seller to reduce his costs.
But I also want to say, the FTX crash doesn't mean Binance crashed, in the past, Mt.gox died but Coinbase still existed from 2012 up to now. OP should consider a good option for your friend.

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