Topic: I Finally Helped My Friend Invest $50000 Into BITCOIN for Retirement. - page 2. (Read 792 times)
August 15, 2022, 11:07:39 PM
That's good to hear you explained to him everything related to wallets because unfortunately mainly whenever people explain bitcoin and cryptocurrencies to other people for investing the only thing they explain them is about the profits they can get from investing in bitcoin and they don't really explain bitcoin itself for them while people should understand in what they are investing and what they are buying, also the other thing you could do about him was about the money management and you could teach him also about this because that's the first step whenever someone starts to invest on something.
August 14, 2022, 01:05:38 PM
Wow, that's really good to see people are still helping their friends and relatives to get into bitcoin. Due to the FUD happened recently bitcoin was dumping a lot.
This made many people to panic sell their coins and some are even afraid to invest in bitcoin again.
But it's good to see there are also people who are ready to grab this opportunity to invest in bitcoin.
Do make sure that your friend is aware of the risks associated with investing in bitcoin and also why he shouldn't share his private key to anyone.
Let him know the dos and donts of investing in bitcoin.
This made many people to panic sell their coins and some are even afraid to invest in bitcoin again.
But it's good to see there are also people who are ready to grab this opportunity to invest in bitcoin.
Do make sure that your friend is aware of the risks associated with investing in bitcoin and also why he shouldn't share his private key to anyone.
Let him know the dos and donts of investing in bitcoin.
August 14, 2022, 12:59:52 PM
Even though it was due to misinformation it's still interesting that somebody who "don't like Bitcoin" decided to invest 50k dollars. You must be adept at getting your ideas accepted. 
I think he made a good choice. I don't know if it would be enough to retire but it certainly will help him retire earlier. In ten years anything is possible, we can only presume of what we learned from the past. I'd say ten years later Bitcoin will still be here and in higher price than today. There is no way of knowing if it will be millions of dollars or stuck at thousands if you don't have Back to the Future Time Machine or something like that.
Every investment have some risks. In my experience Bitcoin is one of the safest ones, see the irony.
I think he made a good choice. I don't know if it would be enough to retire but it certainly will help him retire earlier. In ten years anything is possible, we can only presume of what we learned from the past. I'd say ten years later Bitcoin will still be here and in higher price than today. There is no way of knowing if it will be millions of dollars or stuck at thousands if you don't have Back to the Future Time Machine or something like that.
Every investment have some risks. In my experience Bitcoin is one of the safest ones, see the irony.
August 14, 2022, 12:20:59 PM
Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.
Teach him at least some basic cyber hygiene.
He won’t get wrong investment with bitcoin as it remains the best asset in the crypto market. Gold and estate returns may also be good but definitely, bitcoin exceeds them when it comes to profiting. However, there’s always high risks when you invest in bitcoin, as you won’t be seeing stable price for bitcoin because it’s more on price fluctuations, and hopefully your friend is aware of that. And yes, let him be aware too that stealing or hacking bitcoin is very possible, so he should always be responsible on keeping its private keys more safe and fully secured. Bitcoin’s value is growing in time, that is why we should guard its safety at all times. Teach him at least some basic cyber hygiene.
August 14, 2022, 10:34:08 AM
Being a skeptic, I'll bring a bit of skepticism to this pleasant conversation topic. Having 50 pieces of bucks, a person does not know how to dispose of them? I don't believe it. Did the money fall on his head? Maybe five thousand, I would believe, but trusting such an amount in a business in which you don’t understand anything and are just starting to take the first steps is unlikely. Even if a friend recommends it. Or maybe your friend is some kind of millionaire who just throws money around?
Moreover, everyone has long understood that in any random or non-random situation, if something goes wrong, you will be to blame. The fact that they attracted, and in my opinion, persistently attracted him to investments
For a forum, the post is a nice story, but why don't I see the merit? Or maybe it's just self-praise. Lots of "I" pronouns. And people pretend to believe you?
Moreover, everyone has long understood that in any random or non-random situation, if something goes wrong, you will be to blame. The fact that they attracted, and in my opinion, persistently attracted him to investments
For a forum, the post is a nice story, but why don't I see the merit? Or maybe it's just self-praise. Lots of "I" pronouns. And people pretend to believe you?
August 13, 2022, 09:58:58 PM
Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).
this is too risky, bitcoin and other chains are too volatile, if you want minimal risk leave it to the financial manager, or you can use the money for stocks (obvious companies) that have dividends. I even agree to buy gold instead of bitcoin, because in this case your friend doesn't understand blockchain and has never been in that field. If you really want to invest in bitcoin, start with a small investment, in my opinion 1 BTC is a large amount.
August 13, 2022, 08:03:19 PM
This is amazing! Assuming he had the money and it wasn't foregoing some real living expenses, this is a great story.
August 13, 2022, 07:27:09 PM
There are lots of mistakes which I have made in life which am not proud of, but becoming someone's financial adviser will never be part of my mistake. I encourage people teach them crypto and allow them to make there choice and decision on what to do with the information I have giving them. You did well buy investing for your friend into crypto. But it's risky making financial decisions for someone's else wealth. If anything happen like price dump and they are impatient and need the money at that time you will be healed responsible.
August 13, 2022, 05:17:27 PM
OP, I appreciate your enthusiasm and I encourage everyone to tell their friends and relatives about bitcoin and explain to them how it works.
However, and to be honest, I don't think you had to go as far as to convince him to invest in it for the long term: First, because you don't won't to be held liable in case something goes wrong. Second, because I believe the whole idea of buying bitcoin and holding it for long time is a good idea for the simple reason that it was meant to be used as a payment method and if everyone is going to stockpile it in their wallets, it will end up having no value.
However, and to be honest, I don't think you had to go as far as to convince him to invest in it for the long term: First, because you don't won't to be held liable in case something goes wrong. Second, because I believe the whole idea of buying bitcoin and holding it for long time is a good idea for the simple reason that it was meant to be used as a payment method and if everyone is going to stockpile it in their wallets, it will end up having no value.
August 13, 2022, 04:58:50 PM
He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run.
Nice story.You would be very well in convincing your friend if you are not rich. If you are rich too, it would be easier for you to convince your friend. Usually your friend will have more reasons to believe you if you get rich by your investment in Bitcoin. Real story, real investment, real get rich story, it is more convincing for your friend.
August 13, 2022, 04:38:55 PM
Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.
Teach him at least some basic cyber hygiene.
Bitcoin is definitely a good retirement investment but still, invest with caution. Making him aware that there is also risk in investing in bitcoin, and that anytime it could be lost or stolen if his account will not be properly secured. Have his private keys kept privately, and that disclosing it to others will always be not advisable. If he’s already aware on how to keep bitcoin as a long term investment, and with patience of course, that way it will bound to succeed. Teach him at least some basic cyber hygiene.
August 13, 2022, 08:33:48 AM
My biggest challenge was convincing my close friend looking for a long term investment (10+ years) but don't like Bitcoin and you know Bitcoin is the right option for him.
There is a little advice from me for you and your friend, before your friend makes a deposit and invests, tell him the risk first, because we don't know whether Bitcoin currently has reached its lowest point or there is a possibility that it could go down again after your friend bought it, give a bad understanding first if Bitcoin drops even worse than the current price, I think it is necessary to prevent panic from your friends.
August 13, 2022, 05:08:34 AM
3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.
I hope this is not the only reason why your friend invested into bitcoin that he is aware of its volatility. Those popular personalities and institution have huge amount of money and it woudn't be a big deal for them if they lose money from their bitcoin investment. If I remember correctly, Elon's company Tesla sold their bitcoin at a loss or maybe at breakeven price because bear market happened.
August 13, 2022, 03:38:57 AM
It is good to let more people know about btc and what they stand to gain just by buying what they can afford, the more we create awareness about btc the more people around us will understand it and want to get involved and the more the gap between those who knows and who does not will be reduced. However, it is equally important to prepare the mind of such people about the risk (particularly the bear period) when the price will go lower, this is the period that freaks new investors out and should be pointed out from the beginning of mentoring.
In any case, am happy for you and your friend, that's quite some money he his prepared to invest. hope he gains more from it in the future
In any case, am happy for you and your friend, that's quite some money he his prepared to invest. hope he gains more from it in the future
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August 13, 2022, 02:27:19 AM
It is an interesting story about you and your friend.
I hope your friend is not watching the market movements too often because that can make him panic. You give information about bitcoin and explain it to him so that he could invest in bitcoin with his money.
Take care of 1 Bitcoin and not let that sell easily because you want to show how strong bitcoin is. Keeping DCA will give him more satoshi until he says it is enough to have bitcoin and it is time to wait for the next rally/bullish time.
I hope your friend is not watching the market movements too often because that can make him panic. You give information about bitcoin and explain it to him so that he could invest in bitcoin with his money.
Take care of 1 Bitcoin and not let that sell easily because you want to show how strong bitcoin is. Keeping DCA will give him more satoshi until he says it is enough to have bitcoin and it is time to wait for the next rally/bullish time.
August 13, 2022, 02:10:24 AM
Excellent that you convinced your friend to invest in bitcoin, but have you also told him about all the risks involved with crypto currencies and that the price might go down anytime? Have you told him that the currencies are very volatile? I expect that you also helped to understand how to keep his wallets safe and secure and told him make backups of his wallets. I hope the $50,000 he invested is money that he doesn't want and can afford to lose.
2. Make sure you sent him videos from credible sources.
3. I hope he isn't investing "because rich people invested".
-snip-
2• I started sending him a link to Bitcoin YouTube videos to watch as he started asking me some questions which indicates he's beginning to have some interest , As they said a "prophet is not of worthy except in his home town". It's better he watches from other sources than from the only one I have been teaching him.
3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.
-snip-
2• I started sending him a link to Bitcoin YouTube videos to watch as he started asking me some questions which indicates he's beginning to have some interest , As they said a "prophet is not of worthy except in his home town". It's better he watches from other sources than from the only one I have been teaching him.
3• So lastly the one that spark his interest up was that recently I started by giving him list of billionaires who has invested in Bitcoin like Michael Saylor, Elon musk and other institutional investors like the world largest hedge fund manager Blackrock coming into the space.
-snip-
2. Make sure you sent him videos from credible sources.
3. I hope he isn't investing "because rich people invested".
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August 13, 2022, 01:31:52 AM
He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run.
To me, the story told by the thread's creator sounds not very credible, and the fact that he has not received any merit, at least for the moment, makes me think that others who have read the thread are not sure of its veracity either.
People don't get rich by chance. Unless your friend won the lottery, he usually acquired his wealth through a business, and people who get rich that way have a minimal idea of investments. It is strange that his rich friend tells him that he has 50,000 USD to invest and he has to explain Gold and Real State to him. Maybe the rich friend doesn't know about bitcoin, although he might have heard something about it, but about Gold and Real State for sure.
Anyway, nice story, but I don't quite believe it.
August 13, 2022, 01:24:22 AM
a lot of money in my opinion. If the background is for a pension fund, this is great. In the long term in choosing an action, I think you are very brave and understand the risks. Both are volatile. Its security and liquidity. You provide complete education. I am in your friend's position, I will be carried away by fomo indirectly. hhe
you are so facilitating so detailed and it makes anyone will be impressed with the help. maybe in the future more people will care, like you
you are so facilitating so detailed and it makes anyone will be impressed with the help. maybe in the future more people will care, like you
August 13, 2022, 12:57:15 AM
It's really cool that you somehow convenienced your friend for investing in bitcoin for his future plans but you should also make him aware about the other factors that can largely affect him like the Major dips that can occur anytime plunging his initial investment by a significant margins and he tends to sell them at loss also but make sure he has long term holding in mind that will be profitable for him and also a hardware wallet for storing his coins.
August 12, 2022, 06:47:37 PM
Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.
Teach him at least some basic cyber hygiene.
Teach him at least some basic cyber hygiene.
In addition to convincing him to proper securing his asset, I would also like to recommend that investing BTC for retirement does not entirely mean that you have to HODL for a certain long period of time. For example, half of the $50,000 ($25,000) can be used as a short-term investment where your friend may convert to cash once the price of BTC increases in the market.
Remember that the volatility of BTC's price makes it a perfect opportunity to invest in either short or long-term. Since its price already reached an all-time-high of $60,000, chances are that it would probably reach that price again in the near future.
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