Topic: Helped my neighbor to purchase some Bitcoins - page 5. (Read 684 times)

Don't forget to tell him how risky it is to store your bitcoin in an exchange for a long time, this is the riskiest thing to do and as a newbie, you should teach him wallet security and exchange usage and risk.
But on a commendable level you took the right step of choice instead of misleading the ops to invest in some shitcoins you opted to buy Bitcoin but the only challenge is the purchase is done via Binance which is an exchange.4

If you helped your friend buy BTC and also helped them move the BTC to their own self cutody wallet, then maybe that your friend shouldn't be holding BTC now because they can easily lose their money. I wouldn't buy BTC for anyone for many reasons, it is better to go on a long teaching with them on how to buy, sell, hold BTC, the risks in it, privacy, the best wallets to use, etc, after sometime and if the person still shows interest, they will buy BTC themselves without any assistance.

If you buy BTC for your friends, they may blame you later if they lose it, or when the price plunges. With even experienced bitcoiners making mistakes and losing their BTC's, i always believe people should hold fiat until they believe within themselves that they can hold BTC themselves and control their money.

I hope you have screamed the ugly side of keeping digital asset safe and also the volatility to this neighbor of yours. This is the only way you can be held less responsible if anything bad happens, I only bring in stubborn and self-ready people into Bitcoin investment, I always make sure to scare the heck out of them, to make them want to quit. This is the only way to find the strongest at heart among those who want magic investment without any risks.

For some reason, I wouldn't lead idealistic thinking toward newcomers. I'm certainly not against the general rule of thumb of the self-custody wallet concept, just don't wanna be the one to blame one day especially talking about the rather high transaction fees that most newcomers aren't completely okay with. Teaching the advantages and rikss of each holding method may be better first, then letting them make their choice.

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.