Topic: I managed to invite 1 of my friends to invest in bitcoin (Read 897 times)

I would say you have made a mistake by not giving your friend the proper knowledge about investment in bitcoin, but at the same time you have done a good job. Don't get discourage by this. Rather learn about it and share your knowledge in the future. Don't tell people what to do with their money. Show them the road and if they understand it, they will walk on that road on their own.
What you did is already done. So it's time to teach your friend more so that he will not make any mistake and blame it on to you. And I am sure when your friend comes to the forum, there will be many ready to teach him more. And one thing to keep his assets safe, teach him about private wallets.

Great! Glad to hear your neighbor/shopkeeper is interested in Bitcoin. It's always great to spread awareness and educate people about different investment opportunities. Just remember, as you mentioned, investing in Bitcoin can be risky so it's important to do thorough research and consider all options before making any decisions. Best of luck!

You did nothing wrong but you are also new in the system so teaching him about it when you have no idea and knowledge about it might be an issue however, you did well by letting him know about the bitcointalk platform where he would learn more about bitcoin and how it works. If he is a fast learner, he would be able to adapt very fast to the bitcointalk platform and get acquainted with how bitcoin works and maybe he might be the one to out you through this time. How does that sound and I hope you would not be in a state of annoyance when he starts teaching you about it. You should not be worried about anything in respect to onboarding your friend into the bitcointalk system. It is a good thing and a goal achieved.

Some people will blame you when you tell them to invest but you need to make it clear that this is a investment and they should know what they are getting into by putting money into btc. They cannot hold you responsible especially when they panic sell and you are telling them not to panic because you have experienced this before.

Inviting someone in Bitcoin I have to know exactly the things that we did the person because when the person invest in Bitcoin and The thing happened not to go well the person will come and disturb you for putting him or her into a bad side of investment so we always be careful for people that we put into investment or introduced into bitcoin because we know that the market or bitcoin is something of risk and it is due with advantages and disadvantages

Of course they have to be patient in the journey at the beginning and have to read more often in the articles that are presented which they think are useful along the way starting from bitcoin or altcoins it doesn't matter but he has to have the courage to do this, it is certain that at the beginning they will lose because they don't know the real pattern but from that experience they will get up and start more to be able to choose bitcoin.

But there are lazy people who only see other people's success from crypto seeing their success but don't see it from the risk side, so these people don't want to be responsible and well, usually they will just be bullshit.

For those beginners, take as much knowledge as possible in the world of crypto, don't want to achieve success at the beginning because it may not require a process, but when you already know all the knowledge learned so far you will be successful and be able to choose future assets.

Telling them the basics and leaving them to figure out the rest is what I've learnt to do recently, this is due to the fact that the price of bitcoin is very volatile, me that have been long in this space how to handle the fluctuations without freaking out, but most of this newbies will just keep steering at the price movement and immediately the price goes below their buying price, they begin to call you on phone to complain about the price going down, i had this experience recently and i tell you its not funny, infact, for a long time, I've never been so pissed at a friend .   

However, these things are only applicable to such friends or people who are really interested to earn some profits and start their cryptocurrency journey even if they start with Bitcoin or some other altcoins because if they aren't serious to it, joining the forum and reading some article about crypto will be gibberish to them. I believe our sole job is to plant those seeds to their brain that there's indeed an asset and investment for the future and let them do the next step as long as you provided all what's needed for them to start.

At every opportunity I try and encourage my friends to invest in Bitcoin. I have succeed a little instead of buying btc they got into altcoins instead this is probably because Youtubers have convinced them that they are more profitable. I have told them that altcoins follow the trend of btc and at the end will never out perform btc but I guess I have got to let them make their own mistakes because I cannot convince them to invest in btc.   

Seems like OP has its strong power to convince someone regardless if those being said are based on facts and are legit. Because he never hesitate on his decision to convince the seller right away to invest in bitcoin, and since the seller has no knowledge too when it comes how risky and volatile bitcoin is, yet his being reckless still push it through. I just hope both have think first it a lot of times before jumping into conclusion and investing quickly into bitcoin without even preparing for it. Well, good luck for both of them, especially for the seller, as he will surely be surprised as to how his investment has turned out.

Experience can still catch up with me I think because as long as we are in this scope then it is certain that experience will still be there.
The problem is about knowledge, this can be very influential because when talking about knowledge then this really means we have to study and read a lot which basically is very difficult to do because it is hindered by various factors even though the point is only about laziness.

Being a mentor to other people will obviously be very good because after that apart from us being able to share or just argue opinions can still be done later but when we don't have more knowledge I think being a mentor is definitely risky moreover it means teaching other people and we know that teaching what is done wrong then the people we mentor will also follow that mistake.

If you lack experience because you can't explain bitcoin then I think you should read an article and this should be given to your friend so that he learns more so you don't need to bother explaining it from the basics because we see now it's practical if we search on Internet.

• https://www.coindesk.com/learn/
• https://bitcoin.org/en/how-it-works

Of course if your friend joins this forum when someone wants to be asked here, surely many will answer it, at least he can interact with the discussion and maybe he will understand more quickly if he really has to do it.
Here there are many articles available that present beginners who come.

You don't get it if you think its some "asset" for investment. Its decentralized money that was not made by the State or banks. You pay with it and are paid with it to gain freedom from the system. Bitcoin doesn't need exchanges, they may help in a transition but at this point its best to simply earn in bitcoin and buy with bitcoin, close the circle and kick out the middle man.

That is Dumb.  You are saying invest in shitcoins for practice for learning about bitcoin..

A smarter idea is to invest a smaller amount into bitcoin, and learn about bitcoin..... the practicing with bitcoin by investing small amounts into it has the potential to inspire further learning and research into bitcoin. Fuck shitcoins.

A funny thing is that you are correct about your idea not to give advice, and you are also correct that a goal for many should be to invest rather than gamble (even though you cannot stop people from gambling, wanting to gamble or even to treat an investment as a way to gamble because they do not know the difference.. but in any event your suggestion to fuck around with shitcoins in order to "practice to learn about bitcoin" is truly a waste of time... learning about shitcoins.. that is not a good investment of your time, energies, psychology and/or money.   

It is a waste of all of those, including brain power to even be thinking about shitcoins as if they were a way to learn about bitcoin because it could well cause confusion and misunderstandings about what bitcoin is, and those kinds of misunderstandings about shitcoins being similar to bitcoin or within the same category and blah blah blah are already so common that people don't even realize that they have hardly any clue about bitcoin because they learn about shitcoins as if they were some kind of similar thing, and it is not true.. so you are a danger to yourself if you cannot figure that out and worse if you are telling others to do it.

You learn about bitcoin by getting the fuck started with bitcoin specifically, just like OP suggested.  Yeah, she is a beginner, and yeah she does not know much of anything including that she might have been telling her friend to get involved oin some kind of an app that might not be secure and it also might merely be allowing for exposure to bitcoin rather than actual ownership of bitcoin, so that is a bit of a potential problem.. in terms of not really buying bitcoin.. even though the word bitcoin was being used in the advertisement.

Sure OP said that she does not know much of anything and she suggested that the friend study more and don't start out with too much in his investment.  Those are good ideas to get someone started, and therefore, who's responsibility is it to look into the matter more in regards to what is bitcoin and what is it that the guy is buying or how he is storing bitcoin or getting exposure to bitcoin, the friend...

Yep, I am going to presume adults are interacting here, and therefore adults are responsible for their own spending of their time, energies and money, and the ONLY way that OP might become responsible is if there was some information that she had that the other person listening to her was treating her as if she was some kind of an expert when she already said that she wasn't an expert.  There are ONLY so many disclaimers that any of us can give to others, and the others have to figure out various kinds of balances for themselves, including how much money they have based on cash coming in and their expenses and other matters like that.


Hardly anyone knows shit about bitcoin, and that is why we likely still ONLY have around 1% world-wide adoption, and many folks who are invested in bitcoin are likely underinvested.

I would not presume that merely because people have heard the word bitcoin that they hardly have any clue about it.

It takes a while to understand various aspects of bitcoin, and then it can take a while to figure out whether to employ some kind of a potentially aggressive investment strategy, and then to employ such an aggressive strategy that is not overly aggressive.


Getting through a whole 4-year cycle might be helpful, but still high volatility is not easy to deal with, even with a decent amount of practice, high volatility can still make longer time bitcoiners to still become nervous, even if their BTC holdings may well be in decent profits..

No guarantee of profits either.. even if bitcoin has been amongst the best of world-wide applicable investments in the past 10 years or so.. and even if bitcoin still seems to have an investment thesis that is asymmetrical to the upside and likely getting stronger with the passage of time, rather than weakening in any ways, except that some of the upside of early adoption becomes less with the passage of time, so that the earlier that any of us is "in" bitcoin without losing our stash, the likely that we are quite better off for those kinds of decisions and actions to get in relatively earlier than we might have had if we had not acted when we did.. presuming that we did act to buy and to mostly HODL without losing or selling significant amounts of our stash.


Hahahahaha

What if I walked around all day long with a neon sign that said "buy bitcoin".. or and if anyone asked me, I would just say, when in doubt buy bitcoin.  I doubt that I am responsible ... but I suppose we get into details sometimes, and maybe every time that I have a conversation with anyone and a problem comes up, I say: "You should buy bitcoin, that might help."

So, it does not even matter to me what the problem might be, I might say:  "Bitcoin potentially fixes that."

I suppose technically that is investment advice..   but really, I don't think that I am doing anything wrong.. and seems that the individual needs to figure out their personally specific financial and psychological details, no?

A wise step before investing is to gain knowledge. I think it's great that the OP has made himself a mentor in his first attempt at his friend, that's great but one has to be more self-sufficient when it comes to investing as only the owner of the budget is solely responsible for the loss. It doesn't matter if they work together, but I tend to think that investing in crypto is much safer if you do it for yourself.

Besides, I also agree forum can help friends to gain lot of knowledge, but for whatever reason, forum are not the only place to hone skills and knowledge. There are many supporting media, that includes youtube and some other sites, it should also help him in his pursuit of knowledge.

Worry is caused by lack of knowledge and experience, but when these two things are owned then of course he will be better in terms of making decisions especially about price volatility.

You are right, He should provide reference links to forums to learn crypto knowledge, we already have various threads for beginners to know bitcoin and it is very useful for him to explore the basic knowledge he should learn before investing. However, I appreciate that the OP has tried to introduce bitcoin to other people, it's just that you have to increase your knowledge of crypto investments and also have to study the risks of investing so you don't worry about the impact of market fluctuations and you can manage your investment portfolio properly.

Inviting other people to invest in Bitcoin carries big responsability. Actually, no one can guarantee where the market will be after 1 or 2 years, simply because whales who control the market aren't the same as before. In previous cycles, people made big profits by buying Bitcoin before the halving and selling it months after then. Now, whales know that people will do the same, so they could manipulate the market to throw small investors out of it. In conclusion, making money investing in Bitcoin is no longer as easy as it was, in my opinion. One of the proofs I can provide, the pump that happened this month, no one was expecting it, while people are FOMOing now after 40% increase.

I'm sorry, sometimes I make mistakes because of my English, what I wanted to say was exactly what you said.

I encourage you to take him to the forum where he can find useful information to start his bitcoin investing journey. But honestly, you shouldn't be in a rush to give someone investment advice. You are new to the market, so you do not have much knowledge about the market, and giving advice to someone is risky for both of you. If someone wants to invest, refer him to the forum or anywhere he can learn about bitcoin, and if he invests or not, let him decide.

Bitcoin is not a cult, the point is not to invite people into investing to it  You can show people the benefits and then they can decide for themselves if it is a good option to invest into it. Many people will go into bitcoin these days thinking they can make money quick. So dont promise to much, chances are there that we will not see profits for a few more month/years.