Topic: Helped my neighbor to purchase some Bitcoins (Read 687 times)

Very nicely said, but we constantly see a lot of investors come into Bitcoin and they buy Bitcoin. That doesn't mean he can be a real and successful bitcoin investor. Because if he doesn't know anything about Bitcoin then after a few days he will lose his wealth and disappear from here. Before investing in Bitcoin, you should have a good knowledge about Bitcoin. Otherwise, you will only lose your own money by making the wrong investment.

Nice job by the OP who buy bitcoin for his niegbor please teaching him more about the crypto space investment will help him to know more potential an benefits about bitcoin welcome to bitcoin club his now a member of the club.

Agree with you, that teaching more about bitcoin is a good thing, especially in terms of security, the most important thing is to secure their bitcoins, if this is ignored, the risk will be loss, even disappointment of friends about Bitcoin, because bitcoin holders are surrounded by so many fraudsters, if you are consumed by fraudulent advertisements, it is very difficult if your friend is consumed by the lure of the advertisement, because the good solution is to introduce this forum to broader knowledge and will get lessons from several members of this fourm.

Thanks to you, the cryptocurrency community has acquired another member. It doesn't matter that it's a small amount, thanks to you, this person will now know that it's easy to buy bitcoin. Over time, he will learn how to transfer and swap it. It remains for you to explain how to store passwords and phrases correctly, because the most important thing is security. Now we will be waiting for you to bring this person to the forum so that he can develop further.

That mentality is a poor mentality how can there jump to the conclusion that because you are engaged with your phone means you are into fraud, this is bad because the world is moving from physical to online and everything is going digital and it is because of lack of knowledge and education that will limit someone into making a general judgement.
The internet is a great tool for this our generation, and every opportunity such as Bitcoin and the rest of the other good development that comes along with the internet has made our remote work easy, that is to say working from home and with devices.
That mentality is a third-world mentality and we have to fight to break out of that because it will limit a lot of positive things from happening around such an environment due to the energy.

Instead of teaching someone to trade who has the risk of losing and not being prepared for the loss, it's better for us to teach them to learn about investing in bitcoin so they don't have to learn more, especially if they are new to trading. By teaching them about investing, they only need to learn to determine when to increase their investment and that can be done when the market is declining or doing a DCA strategy.

By learning about it, they don't need to learn to analyze price movements because that will make them confused. But if they really intend to learn about trading, they will have to study harder than anyone else because trading crypto has fast fluctuations and can make the price move anywhere.

If they want to use bitcoin in a trading platform, his neighbor must understand lots of things about trading. Trading is not just about the price of it getting high and low. He needs to study and learn how the price of it change, what are the things that has impact on it, when to buy and sell it. Because if he don't do that, I can say he has a high chance of losing his money. I already know lots of people loses a lot of their money who enter in trading without knowing how things work inside of it. Those people get attracted because of some successful people in trading that they see online. They only see the fruit of the hard works but they dont know what those people been through in the past to achieve that position in life. So its still always better to do your own research to avoid regrets in the end.

I think the best is we don't help them rather teach them so that they could know how to go about the whole process, if they proceeds it themselves is more better than anyone being involved, being involved means if there's any hack or lose of funds the next is to called the helper who assisted them to buy the bitcoin. I am on the opinion that you should give them all the steps if possible a video should be downloaded from YT after you leave then they continue than being around them while they purchased it.

Being an investor in bitcoin is a good thing, and the majority of people believe that if you are using a phone or laptop frequently, you are engaging in fraud. However, the fact that your neighbor was exonerated will make it clear that you are not engaging in fraud when using these devices. You should also inform your neighbor of the risks associated with investing in bitcoin and explain the security measures that apply to not your keys, not your coins. Once your key is gone so are your assets in it.

I agree, informing other people about the opportunity in the Bitcoin industry is a good thing but encouraging them to invest in it is another thing.  The willingness to invest must come from the person that will buy Bitcoin and not because we convince or encourage them to put money into buying Bitcoin.  Please take note that when the investment is not successful, the people that we convince may blame us.  I have seen several events that when the investment goes southward, investors often put the fault to the person that make them invest.

So I think, to be on the safe side, let's just limit our concern to informing or educating them about Bitcoin.  Whether they invest on it or not, let them decide for themselves.

Educating newcomers before owing their first bitcoin is very important and to say we must take note of the various risk levels associated with Bitcoin and what their stand to gain, because if for instance, a newcomer bought Bitcoin in January - February if they are not properly educated on the volatility of Bitcoin at this moment there would have lost motivation by now where the price of bitcoin dip down to 20k and below in the last few days.

I believe also that teaching others about crypto is appreciable but it is not good idea to encourage them to buy. Because newbies don't know the basics and market very well and there is high risk to loss capital. Personally I tell my neighbors about crypto. If they have intention to know more, they can do research more. Thus they will be able to learn where, when and how to invest.

Helping people is very good but we need to be very careful how we go about it. If the person we are trying to help finally lose money then we may be hold responsible for such attempt. I am very careful when I advise people on switching to Bitcoin investment. I always advise people on the risk that is involved in investing in Bitcoin so they will know what it takes to be a Bitcoin investor. We should not forget telling people about Bitcoin and we should also be ready to take them through the steps that is involved in making sure that there investment is risk free letting them know the risky aspect.

our neighbour is newbies and you teach them some initial step but may be he has no knowledge about its worth, about its price chart and more other features so it will take time. Newbies cannot understand it easily there will be more complications with him when he think about its selling according to price of market.

I think that telling someone about bitcoin is very helpful for others but newbies does not get the point quickly so if they do mistakes and due to these mistakes he loss cash then surely he will ask you first about his money because that's was you who put his money in crypto.

So giving knowledge about crypto is appreciable but then giving them details that if they unfortunately loss their cash then it will not be your mistakes as the market is not guaranteed.

You have done pretty well "op' trying to purchase Bitcoin for your neighbor is a good thing though, but I want to ask a question,  please have you taken your time to teach or tell your neighbor how Bitcoin works? If you haven't I assure you that if anything happens to his capital it's gonna generate problems for you and it might destroy your reputation in your neighborhood.

Please I would want to let you know to be very careful while helping him because I believe if anything goes wrong you have to be held responsible why?
He might not be as careful as you are knowing the importance of bitcoin and the usefulness of it. He might just be overwhelmed or over excited of holding bitcoin and mistakenly involved another person who may knows more than him and from then his secret phrase can be revealed and fund might get stolen. At this point he might get back to you thinking your response for what happened without knowing it was his errors. Please I would want you to pass to him this information ( he has to be greedy with his phone, device and any other gadgets in other to maintain a long term holding otherwise he might got his phone stolen).

You did well OP to have given an assist to your friend in  purchasing bitcoin as a first timer. This is what we want to be seeing, telling each single one individual around us about bitcoin and how it works. This will aid to the fast adoption of bitcoin globally.  I like it the fact that you told him to think about it before coming back to you because that shows he has made up his mind and was fully convinced that bitcoin is real and genuine. For this you have done I applaud you.

The incorrect impact of cryptocurrency on my neighbors is full assurance of gains rather than worry about risk mitigation and loss. Because of the market's extreme volatility, many view cryptocurrency as a get-rich-quick scheme that is completely undesirable. Sharing daily cryptocurrency advice with my neighbor was one of my more difficult experiences because they are beginners and you have to explain everything to them on their level before they can fully comprehend what you're attempting to teach them. Serving assistants who have assisted some of them while some of them make poor decisions and lose money as a result.

I think it is actually quite common for people to first learn about cryptocurrency through ads, especially when they talk about the potential for huge profits. If you are not well-versed in finance or economics, these ads can be very enticing. In fact, a lot of people buy into crypto because they see other people doing it and they want to get a piece of the action. But the problem with this is that if you don’t understand what you are investing in, then you could easily lose a lot of money. Having someone you can trust to guide you through the process can definitely help.

It really is a little hard to believe that a lot of people only know about crypto from ads...  I'll admit that a couple of my friends only got into crypto to buy SAFEMOON after seeing ads and being convinced it would be the next big thing.  I don't think they ever got into BTC either and now think crypto is a scam.

Kudos to you for helping your neighbor to get his hands on some BTC as well as informing him on the proper way to safeguard it from centralized services.  Slowly but surely I think the world will be convinced to put at least a little bit of their savings into Bitcoin.

^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.

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.

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.

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.

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!!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 .

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.

Yes, a mobile wallet is way safer than an exchange. In a bitcoin wallet, you have control over your assets but in exchanges there is nothing you can control from your side, no matter how big or trusted the exchange is. With the recent incident of one of the biggest exchanges, I don't think it is a good idea to keep your assets on the exchange.
Well, if he has a computer you can help him to install an electrum wallet, it is safer than any exchange or online mobile wallet.

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.

And if in that case, bitcoin doesn't go up and their investment loses, how would you explain it to them? Why try to lie to them? What benefit do we get from that? You will be a scammer if you don't talk about the risks of investing in bitcoin, not only that it can damage bitcoin's reputation.

Yes, it is the safest cryptocurrency in the crypto industry, but what proof do you have to show them bitcoin is absolutely safe and risk free? In the past, bitcoin has always increased in price after every drop, but is there any evidence that bitcoin will increase in price in the future? We don't have that proof.

When it comes to educating someone about crypto, it's very important that you let them know of the dangers that come with investing in this volatile market. Props to you for never missing that. It's more important being upfront about it and saving yourself of the trouble and the blame when shit hits the fan and he loses a considerable amount of money through investing than you keeping the truth from him just to reel him into the industry. In any case, since I reckon you're a seasoned trader, I suggest you help him as well with the ins and outs of investing so he could get himself a reliable mentor. I get where you're coming from but to me this doesn't look like fearmongering at all. If anything I'd do the same thing as him because first and foremost, you don't wanna lie on your friends let alone over money. Second, that sets his expectations up so he doesn't get any idea that bitcoin or investing for that matter is all rainbows and butterflies and winning huge sums of money over trading. There's a huge risk with money on the line here, it's just fair that you know what you're getting yourself into, pronto.

Op did a great job really by informing his neighbor first about the risks involved when investing into bitcoin. But I think it seems that his neighbor was quite aggressive to invest in bitcoin because he eventually purchased a portion of bitcoin even when he has not made a thorough research about it. I just hope that he won’t blame OP in the future if ever his investment will not work well because we all know bitcoin investment is not all about profits. Sometimes you have to endure some losses at first and when you have overcome all of those, eventually you will learn on how to invest for profits by hodling it long term and never get bothered by price drops.

If they heard crypto through the sources that you listed, then what is the difference of it from us when I think all of us do also started like that. Like me for example, I heard crypto through a friend but that didn't convinced me at first. I then saw it again on an ad online and that is the time I made a move to research and try it. But, sorry because I think your response about Bitcoin to your friend is wrong.

You shouldn't say that it was high risk because how can we encourage more people to join at it? Bitcoin is actually the most safest crypto because its value can always recover and it is decentralized so we are sure that no people behind it will pull the plug and scam the investors but I like the rest of your advice.

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.

And hopefully, his friend will take his advice to move his bitcoins to another wallet so he can keep full control over them. But many people still keep their bitcoins on exchanges in the hope that they can sell them for a profit. But indeed, whatever our decision about where we store bitcoins will be the responsibility of each, and hopefully, we will know which one we should choose for the safety of our bitcoins.

Perhaps, @OP can invite more people to use bitcoin and learn together to get more knowledge. It will be useful for him, and he can also start creating a group of people who learn about Bitcoin together.

He invested so little and is already asking about how and when to sell. You should encourage your neighbor also that asides the need to keep his bitcoins safe, there is also no need to be in a hurry to want to sell because bitcoin is not something to invest in for the short while. I commend you for your actions but encourage you to keep up with your neighbor, so he does become discouraged while trying to hold his bitcoins and also so he understands better that bitcoins is not something to turn someone into a sudden millionaire and if he is already gainfully employed, he should not have the idea of quitting to come face this new thing you have introduced to him. Good job OP introducing someone to bitcoins.

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.

Not good idea for thinking this as an alternative wallet since we know how it will end up even if they are reputable. We experience huge collapsed of famous exchange before so we don't want people get scam and experience this again. But since maybe this is just for a start since next step with that is they can start to learn how to trade, good thing they are in Binance since this is top one and reliable exchange at the moment where they could practice to learn more skills about trading their bought coin.

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.

Although 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.

Or he could use other means such as alternative coins with lower transaction fees such as XRP to transfer from one wallet to another. I know that there are some wallets that doesn't support XRP, but I think there are several trusted wallets that offers such features. Again, this is only my opinion and I agree with both of you that it is a bad start losing half of his investments even if we say that it is spare cash ready for gamble.

If the highlighted part means he imported the seed phrases from the previous wallet ^{[most likely it was a multi-cryptocurrency wallet (most of them aren't really safe)]} into a new one, then you should've instructed him to transfer or rather send whatever funds/coins he has to the new wallet instead ^{[regardless of what you've described in the latter part]}!

AFAICS, your friend doesn't have a spare phone and some of the steps you've taken, provide little to no protection if he uses the same device to connect to the internet and click on things he's not supposed to click.

Starting an investment by having to pay a cost that is half the value of the investment must be said to be a bad start, which is why I don't really like it when many people keep trying to teach the closest people to start owning Bitcoin but forget to teach things basic like that, but whatever it is that's the right of Op and his friends but I hope Op doesn't repeat that because it's detrimental.
Teaching those closest to you to start saving in the form of Bitcoin will be very good if accompanied by sufficient knowledge so that the goal of helping the community will actually be achieved.

Or more than that, actually some omissions can be a beginner's risk. Storing coins in a noncustodial wallet requires special lessons to really get not only the basic knowledge, but also their awareness of why it is important to do it on all occasions even if it's trivial. Moreover they have to create their own wallet without further guidance to maintain confidentiality.

It does look like merit hunting to me as well, since the story could just end right after he posted it here because there were no questions asked or asked the community if he did the right steps.
In fairness for the OP, posts like this could also be an encouragement for the others to go ahead and try to teach others, help them purchase their very first Bitcoin, if your they become interested in what you do.
Nevertheless, if this post is a merit hunting or not, it's not gonna be big issue. We can always opt not to give merits to posts that we think it's not worth even a single one.

Congratulations for introducing your friend to bitcoin. The only downside I see is that he has bought 100,000 satoshis on Binance, and withdrew it to a mobile wallet, so he had to pay 50,000 satoshis in fees to execute that transaction, right? That means 50% of the investment already gone to transaction's fees... Next time it would be a better idea if you simply avoided the exchange thing, selling bitcoin yourself directly to him through P2P transaction.

It means less fees, more convenience and holdings' maximization.

Although I must commend you on your own efforts from teaching and guiding him in his crypto journey, but you should have introduced him first into the bitcointalk forum so that he will know eventually how risky it is to invest in bitcoin. Afterwards, after he understood about bitcoin investment and he’s still willing to invest, that could be the perfect time to purchase his first bitcoin with his own money. And not that he purchased first and then gained knowledge after because it’s like he is likely to blame you in the future when his investment turns out into failure.

It’s a good start that you educate him about bitcoin and the risks associated in it, and you helped him creating his own wallet as it’s always basic that not his keys, not his coins. However, you should have warned him too that there are possibilities that he might lose afterwards if the market suddenly collapse and drop the price and tell him frankly that you are not liable for whatever losses that he may incur. At least, that will be more clear for him that he should be responsible of his own investment, and not just rely on someone else for his final decision.

I think he has every right to tell the forum anything that has to do with bitcoin. If it looks like merit hinting to you, then you do not merit it. Although, I’ve seen quite a number of threads claiming to have taught or introduced friends, pastors and students to bitcoin and I must admit, the thought that those are merit seeking threads crossed my mind.
Perhaps, they’re excited about the prospect of buying and owning bitcoin and want to share their excitement with the forum members. And there’s no denying also the possibility of seeking for merit. I guess it’s left to the discretion of the forum members on what to believe.

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.

Does it seem to me, or is it really so, that recently there has been a month of help buying bitcoin for a neighbor, friend, uncle, grandfather, any other relative or just acquaintances?

In fact, I think this is a good trend, because on whom, as on close friends and relatives, you can trust. If some YouTuber talks about bitcoin and encourages you to buy it, then this only alarms and repels you from doing anything with btc. It is completely different when this is a person you trust and who is ready to explain the basics of bitcoin and teach elementary actions. Some people may want to try btc for a long time, but are afraid to start. These are the people who need the help of folks the most. People like OP, in their own way, make their small but important contribution, and this will only benefit bitcoin.

It's great that the op mentioned the high risk of investing in Bitcoin and importance of being ready for long-term holding. It's also good that the money was withdrawn from the exchange, and the new investor now knows the rule of 'not your keys, not your coins'.
I hope the part about risks didn't sound like there's a guarantee that long-term holding will bring profits, though, because there isn't. We can believe that Bitcoin will recover, but history doesn't always repeat itself, and nobody knows what the future really holds.

It is easier to show how the task is done than teaching them with words and videos.  It is what we called practical application with guidance.  I bet his neighbor will be able to grasp the basic of Bitcoin buying because he had experienced it personally and not just from videos and articles.  It is also given that @OP will orient his neighbor of the do's and don'ts of holding BTC.


How so?  They hold their BTC and @OP possibly explained the risk involved in holding BTC.  Too much negative thought will hinder Bitcoin adoption.  I believe @OP's neighbor knows the risk and as I said, @OP will surely educate his neighbor about safe-keeping of BTC.

I often see posts like this with keywords: helping a friend buy the first bitcoin, helping neighbors buy bitcoin, my brother buying the first bitcoin and many more, I thought this was hunting for the merit they wanted to get from the thread that was created.

I know that beginners really need guidance from a senior, but giving a better explanation starting from the basics to being able to buy bitcoins yourself than you helping to do it ourselves.

That's good advice to choose non-custodial over than exchanges that often become insecure with their assets even though it's a large Binance exchange, it's a pretty good point for beginners to keep assets there as their own.

Great initiative.

• Bitcoin awareness -check
• Understand Bitcoin  -check
• Proper Storing -check
• Choosing the right wallet --not stated

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.

It is possible that OP is so excited that he wants to share his experience with the community. We have indeed had so much of this kind of thread created with the intention of merit fishing which is not proper. And I think it should be highly discouraged. Although everyone wants to receive merit but let's focus more on quality than reward. And the truth is that quality posts will always attract rewards (merit).

But I don't also think we should just conclude that their sole intention is to seek merit. These attacks might discourage some members that have genuine experiences about Bitcoin that deserve to be shared in this forum.
My advice is that if you think a post is targeted at merit hunting, just don't give merit to the post. If these merit fishers observe that they are not getting merits, they would no other option but to abandon this strategy.

Actually it's normal to bring howsoever that have interest in Bitcoin into Bitcoin, since the buyer have concluded on his mind to buy Bitcoin, i believe that it will definitely purchase Bitcoin even though op did not assist he/ her, because probably it will look for another means to purchase Bitcoin through another source. The problem is the ability to know the rudiments that concerns Bitcoin investment, because i know quite well that many got lost over Bitcoin investment because of lacks of ability to know the possible risk's that's involve for the investment. When you have known the implication both positive one and negative one, i think you are capable of purchasing any cryptocurrency.

Funny enough i had some of my friends who actually have been noticing me always getting lost when pressing my phone and have asked me some similar questions. Ever since I got introduced to the forum my curiosity to acquire more knowledge has been very intriguing, i normally spend up to 4 to 5 hours glued to my phone just trying to surf the forum for new knowledge about crypto and to use for my own development and maybe share the knowledge i have gotten but i will do that only when i am certain i have learnt and developed myself.


Thats very good that you explained to him on the preferences of you having the full control of your coins in non custodial wallets unlike the central system exchanges where you will have to share your privacy with some CEO.

There's nothing wrong with teaching your friend how to buy Bitcoin, in fact, that's okay. But you should have also explained to him point by point the pros and cons of it. And you also said that he should not blame you when something bad happens in the market.

     You know bitcoin can make you smile and make you angry emotionally. So it's good that he is the best person who would have voluntarily taken a step about the thing he wants to know about bitcoin.

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.

At least he was interested of his own accord. because you have given your friend time to think long enough before deciding. and your steps that have informed you of the risks to be taken are also good enough. But I hope your friends can go deeper and understand it in more detail. so he really knows what he's doing. and experiences like this are actually quite common. especially if we have friends who spend more time with us. then of course our friends will start to be curious about what we are doing on our computers and smartphones. and we certainly have to explain to our friend if he starts asking. but if he doesn't ask then I prefer to keep quiet.

Honestly, if I were you, I wouldn't agree to buy bitcoins for him, he said he was ready to take the risk and take responsibility because he was very excited and wanted to own bitcoin at the time. Maybe you mention the risks, but he won't understand because he hasn't experienced it, and if unfortunately, the investment loses, he will most likely come back to blame you because it was you who took the money to buy bitcoins, not him.

Try to teach him all the necessary knowledge about bitcoin so that he better understands the pros and cons of investing in bitcoin, only when he understands it can't blame you.

That is something that I congratulate you on and I hope you continue doing the same, because there are many people who want to buy bitcoin and they find it complicated, I also have neighbors but they are already older adults and I have also helped them buy bitcoin, which they What I am saying is that they see it as an investment and not as savings, that they do not see the price right now, and when the price of bitcoin rises, if they want, they withdraw or continue letting that investment continue to grow fat. The bitcoin culture is the most effective way to help eliminate all those negative things that are talked about on television.

You did well by bringing in your friend into the cryptospace. Helping him to do the purchase and the rest is good but I hope if anything happens to his investment, you wouldn't be help responsible? if not a good neighbour will turn out to be a bad one. He has an investment that he doesn't know anything about which might lead him to lost,if he thinks bitcoin is for making quick profit.

You should teach him constantly and if possible introduce him to this forum so that he can learn on how to keep his coins safe at all time. You would have taught him on the wallet aspect and tell him to create his wallet himself because from your explanation,he has zero knowledge on bitcoin. Private keys that two or more persons have seen is not private anymore. Hope you also told him to keep his seed phrase secured from third party.

Pls stop spamming, you should have written the two post you did in one post.

Since less mistakes was found at that point.

Op you don't have to tell the forum because you helped someone to buy bitcoin. It looks like merit hunting and that is it. I came to understand that every newbies are using two ways to hunt for merit. 1. Teaching people, or students about bitcoin then post it here, 2. Buying of bitcoin which is the latest on board now. And I believe most of them are from one continent, and region.

Op from the evidence you show here, really you bought the asset but it is because of merit you bought it and not because you want to hodle or invest. I bought bitcoin from p2p every week before and I have not post it here. Well I will still advise you to move the coin from binance to a non custodian wallet.

It is easy to convince or persuade someone to engage towards investing in this industry but if you areally care for those you are wanting to invite, expose them to the idea of risk 'coz it will save you from blame. If you will just gaslight the advantages of this technology then you are simply dragging them to danger. A friend won't do that. Been there; I was just wanting to share how I got my profit so I encouraged some of my friends. But little do I know, the market is just unpredictable. When a correction occured, they suffered from huge loss and they immediately sold to somehow cut it. Make sure they have the knowledge to invest first.

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.