Topic: I Finally Helped My Friend Invest $50000 Into BITCOIN for Retirement. - page 4. (Read 792 times)

I'm not really sure how good is this, convincing your friend about Bitcoin when he's not like Bitcoin or doesn't have intention to learn it yourself is risky move.

If his investment will work like the previous history where Bitcoin price will increase after 4 years cycle, then your friends wouldn't mad and call Bitcoin is scam. But when it does wrong, he might say Bitcoin is scam and even more don't want to become your friend anymore. I have met such people in my life and that's the reason why I don't want to speak or discuss about Bitcoin even though he is my close friend etc.

I have already started giving him all necessary information he needs to know about Bitcoin and what really caught my attention was him actually looking for long term 10+ years investment, Therefore with 12+ years Bitcoin in existence and performance gave me a bit confidence about Bitcoin as best option.

Equally a good idea to diversify in order to compare the 3 assets performance towards that time and at the end of his investment, like I said we only bought 1 BTC already and proper DCA is in place too.


This is another great idea as I will be taking it into consideration as we still have some cash left over.

I did tell him about the risk involved though I didn't mention it on the thread , he did some research on Bitcoin before he decided.

I agree.

People won't believe in you unless you show them your money, I don't know why but it always work. People loves money, and I think that's the reason why they get scammed most of the time. I think if your friend believe in you when you told him about Bitcoin even though you're just beginning your journey in Bitcoin, that's great, because your friend will surely grow with you and hopefully makes a lot of money in Bitcoin with you in the long run.

Investing in Bitcoin is much better than saving your cash in a bank. Bank is just using your money for loan with a high interest while they only gives their users pennies in return. Bitcoin is gonna give you profits much bigger 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.

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.

Nice reading this.

Hope you let him know the risks involved too and safety measures?
Hope you told him to use a cold wallet, like hardware wallet?

You know that it is not good to use a centralized exchange for your friend will not have complete control over his own asset, also not good to use a centralized wallet for the same reason. Not good to use a close source and online/hot wallet for it, they should all be avoided. Getting a cold wallet like hardware wallet would be better and he should totally be avoiding scammers and hackers.

Hope you told him to read some articles about seed phrase and private key or you well explained to him and keep on repeating it for him, that he should protect them safely and have recovery backups in a safe place, I mean the seed phrase backup.

You can even advice him to use passphrase which can help him against attack, but he must lost the passphrase, having a backup for the passphrase would be best and recommended.

But I would have adviced him to just put 50% on bitcoin while others on gold or real estate. But that does not mean that bitcoin will not increase in price than gold and real estate, but to just diversify.

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.

I got a close friend who believes so much in me when it comes to doing profitable investment, during early May this year (2022) He asked me what kind of investment that one could go into for long term that he's looking into investing in the future and for his retirement period, He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run. So when he asked me about the best investment which he could go into, I told him I'm gonna give him a feedback soon. I gave him a week to see if he's really ready on what he asked me for, within that time interval he called me that he's still waiting for my feedback.
In my knowledge about Bitcoin I already knew that the best choice of investment for him in that regards is Bitcoin, then when I invited him to my house I gave him a  list of 3 asset to invest in, which are:

•Bitcoin
•Gold
•Real Estate

I went futher to explaining which asset between the 3 assets is the best, I first of told him the purpose of that Bitcoin and problem is meant to (Uses cases), that Bitcoin is scarce and would outperform the two assets and yield more returns in the long term than the two if he gives the 3 assets 10+ years period of time as he's looking into long term.
I equally told him that Bitcoin is more liquid than the two asset in the sense that buyers are always there and you can liquidate your Bitcoin as easy as ABC anytime.

Goiy further I equally told him that Bitcoin is revolution of money and being your own bank (the only freedom form of money in the world)
That Bitcoin is more secure in the sense that you can have Bitcoin stored in hard wallets like Nano ledger wallet etc and move about with your money wherever you want to go with lesser cost of storage, While Gold for it cost you to move it around and land is immovable and will cost you more trying to secure them, in some cases in my area land may enter into dispute.


To cut the whole story short he categorically said he don't like Bitcoin..... Reason due to uncertainty of Bitcoin that it might get banned today or  tomorrow, but I knew this is because of his misconception about Bitcoin and realized that I have a lot of Job to do on my friend to give him the right information he needs to know about Bitcoin.


What I did  in getting him interested /convinced.

So during this crash I realized that it is the best opportunity to have him invest in Bitcoin,

1• Therefore I first started sending him an educational short write up of how the internet started 1999/2000 that this is a kind of thing involving with Bitcoin and Money.

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.

I even paid an artist who customize a very nice gold colour Bitcoin wall frame for him that has big Bitcoin Logo and name on it which I gifted him ,same like the one I got in the house which he do much love.

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).