There are people for whom the only way they have heard about crypto currency is from being referred to an airdrop by friends or through online ads, and this is my neighbor, who is one of them. I live in a rented apartment where others are also living. There is this guy who is kind of close to me. I'm always active online with either my phone or computer, which always made him ask me questions like, "What are you always busy doing online with your phone or computer?" Abi you don they do fraud?" I told him I'm a Bitcoiner, and I am also learning online. has ask how can he become a holder, 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.
Yesterday, while watching a Manchester United match together, he brought out the topic again and told me he had some spare cash he was willing to risk, which he called a "bold step."
Today I helped him purchase bitcoin using Binance P2P, and it was a success. 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.
Good thing that you open up all the important things before your friend got any trouble in crypto.
You mention the risk and what to expect on crypto unlike others who would just show the bright side of crypto investment.
You also taught your friend how to manage the fund by putting it on a wallet that he/she have a 100% control.
Most of the newbies doesn't have that kind of friend or teacher when it comes to crypto, so Kudos for it.
