Topic: How to explain Bitcoin to Newbies - page 9. (Read 1398 times)

same scenario in me . since bitcoin reached 60k there are plenty of friends and family that
contact me asking about bitcoin when i have been encouraging them tears back but denied me lol.

give this forum address , and section like economics and trading .

but dont give them gambling section lol.

nope . you have been here but asking this? are you that friend you are referring ?

Most of my friends and acquaintances are people who have heard of bitcoin, but when I ask and talk to them, they don't know much, just know it is very valuable.

And when they became more interested and came to me for more knowledge. I have an easy way for them because I can see that their purpose is to make a profit, and they don't care much about what's going on. So the way I help them is simply instructed them to create the necessary accounts to be able to buy bitcoins and then teach them how to protect it. Not everyone who participates in this market researches it too much, if it's just profit, it's better to help them understand in the simplest way, sometimes I don't explain why it's growing for them, and they don't either unnecessary

I think the first thing we can explain is the risks and rewards of bitcoin. because most of them are certainly oriented to big profits in a short time. so that they are not disappointed, then for me that is the main thing to apply. after they understand of course we can start learning about the others

Based on my own experience, we must be careful when explaining Bitcoin to newbies. Because most of them will commonly have these thoughts:
1. Bitcoin can make rich very soon
2. Bitcoin is illegal
3. Bitcoin is related to criminals
4. Bitcoin is haram
 Points 2-4 may be influenced by media or some influencers. And we must be careful enough to explain about these situations, And we can clearly tell about the criminals done using Bitcoin, it may be happening, but mostly most criminals are not from Bitcoiners, but from fiat so far.
About the illegal, if your country has been legal it will not matter. But if it is illegal, better you don't say anything about Bitcoin to that person.
And about Bitcoin is haram, well, this is related to religion. You can search for another source that also states it is not haram because of some reason. there is also some different point of view about this.

And about the number 1, this is what commonly really happens. Because they think people that invest in Bitcoin can take profits very high easily. This may happen, but not always happen because Bitcoin is also risky and we can get profits if we know exactly about Bitcoin itself, the market condition at the current time, and also about not following hypes.

there are many webs including forums this is also good one can learn about crypto for beginners. If indeed someone is so sure and interested in joining the world of bitcoin, of course they will also be interested in learning it and our job is to guide it. This forum can be recommended to read and if you want to starting invest then you can learn through the web, YouTube or Telegram groups. there is a lot that can be learned to better understand the crypto world. but we must also tell the risks in investing bitcoin if we are not careful so that he is more vigilant.

don't be too bothered explaining about bitcoin to beginners. There are many ways that can be done if they (beginners) want to know bitcoin. You can reference on wikipedia about bitcoin or share youtube videos that contain knowledge about bitcoin. In this digital era, it will be very easy to get new, very detailed information. it all depends on the personal wishes of each. All can be searched via google very easily.

Very good and very simple.

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These 3 points are extremely important. I would start to explain what Bitcoin is and what revolution the Blockchain is. After a simple and short explanation, I would give some time for him/her to get into it. After that I would explain the safe ways „what exchange and what proof of purchase to keep“. Scams and liars - many examples (YouTube and Telegram not all true) and always activate the security of withdrawals on the exchanges.

And last the best way how to behave : Hodln!!!!

Exactly.

Your friend's interest in Bitcoin after the testimony he heard from someone, what he had in mind at that time was very easy to get money from bitcoin. Lol
When your friend think like that, very difficult to explain about bitcoin to him, especially as you say (He's still a newbie).

The first point you should do, explain WHAT BITCOIN IS and HOW BITCOIN WORKS to your friend. This point is very important and indispensable for newbie who are just learning bitcoin, because every minute the price of bitcoin can change, Bitcoin does not only offer profit, but it can also make a person poor overnight.

From your write up I believe the person heard about how other people are making money, he will also want to make money, first you should tell him bitcon is very profitable but he can also lose money, so that he won't endup buying bitcoin then maybe the price start dropping and he will start panicking and might even sell at lost and endup regretting or accusing you wrongly so you have to enlighten him about the volatility aspect of bitcoin. And bitcon is not what you will buy today and expect after few hours or 1 day and you expect your money to be double, because since he see that other people are making money he might think is really easy and fast investing in Cryptocurrency requires patience.
Secondly tell him the scam aspect of bitcon because I believe scammers are everywhere, and they are really after us but I believe they really hunts newbies that they believe they don't really know about bitcoin, because they can easy trick them so tell him about wallet security that's private key. I believe there are still lot's of things he should know about so that he won't be disappointed at the end.

I introduced Bitcoin like a gold in digital aspect which I think in short is about money investment in digital concept. Better investment than banks but too much risky if no correct understanding about Bitcoin investment. Slowly but surely my friend will clearly understand the situation and environment of digital gold "Bitcoin" investment.

There are several explanations that you can tell your friends.  including the bitcoin system, use, risk and management.  in this case you have to provide detailed knowledge so that your friends can understand and can easily learn bitcoin in the future.  You have a responsibility for your friend's understanding, so my advice is to explain wisely and correctly

First impression would really be like that on where lots do anticipate nor have that feeling that it might be hard thats why they dont tend to touch up this market and leave but eventually

if you are really that eager on learning something then you can.It is really just needing some catalyst on poking up someones interest because not all would really
be having the same impressions on first time encounter.

This is why you should start up with the very basics on explaining into them.

Bitcoin should be explained to newcomers in a way that they think is not very easy.There are some people who think Bitcoin is very easy. But everyone knows that it is not easy.Those who have not fought with Bitcoin to date but have stumbled many times.There are very few people who have succeeded with Bitcoin.

I think it's better to explain or teach friends with caution, because not the right advice can ruin a strong friendship, it's better to publish materials or the same forum, let them read and study themselves.

Bitcoin is decentralized digital cash that eliminates the need for intermediaries like banks and governments, using instead a peer-to-peer computer network to confirm purchases directly between users. Fiat money (like the U.S. dollars in your bank account) is backed and regulated by the government that issues it.

maybe many people are late to know what Cryptocurrency or more famous Bitcoin is,
they just realized that bitcoin nowadays is very important, be it for investment or payment which is now widely used,
it's better before entering bitcoin, learn first like friends did in the link above, because it's not as easy as people say about Bitcoin, it needs proper analysis and good lessons, to get to know what Bitcoin is

It is a digital world currency that can be used in real life

Since your friend is familiar with the name of Bitcoin since you already tried to convince as you said, so it shouldn't be tough. But the problem is, he heard others made a profit from Bitcoin and that's the reason why suddenly he become interested in Bitcoin. Although it's not surprising to me, and that's how at the beginning newbies become interested, but they would regret it later if you don't explain about Bitcoin technology and fundamentally how its works. Try to explain first how decentralized cryptocurrency works and how price becomes volatile where he might get profit or he might lose money as well. I this is the right way to explain.

Varieties of links to beginners guide on how to learn and educate newbies on crypto has been provided by members but i will also suggest a personal tutoring provided the newbie is on a closer proximity to you, this will enhance a practical hands on while teaching will be made effective provided one can create time despite busy schedules to impact knowledge on newbie with the curiosity to learn crypto. Also, one can make use of downloaded online crypto materials for beginners, use of demo account and many more crypto teaching aid materials.

It's great to know that your friend is now interested on bitcoin. Given that crypto in general has a not so good reputation because of the scams and schemes.

Usually, the newbies are really enticed by the testinomies they have heard personally or seen on the Internet. It gives them the courage and driving force to follow the footsteps to gain profit just as much as the people they notice who are into crypto. by having that as a reason has its two sides of the coin. First, he will be successful because of the knowledge he will gain along the way of discovering and understanding bitcoin. The other one will be failure which could happen if he will not take note and execute the important things needed.

Since you know about his reason now, you should introduce him to the basics and fundamentals. Let him know and explore the nature of crypto. Tell him how it works in layman's term and let him do his own research. Tell him about the basic rules that could save him big time such as "invest what you can only afford to lose" and "buy low, sell high". Aside from that, let him reassess how long he will be staying in our community, will he be here for the long term or short term? By identifying that he will know what will suit him best as an investor.

Educate and give him awareness as well about the frauds, scams, and hacking. It's essential to know how to distinguish and avoid such to make sure your funds is secured enough. I hope I gave beneficial insights to you and to your friend. Looking forward for his official joining as an investor in crypto.