Interested in investing in Bitcoin my childhood friend after losing business - page 2.

lizarder

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss.

Is there the closest source that directs us to find out the causes of their financial losses, is the business they run with bankruptcy?

Quote from: synchronym on June 15, 2023, 01:58:17 AM

My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

If the investment knowledge he has is lacking, financial losses will also end like the business they run because of the true investment and business both use money. Although bitcoin can bring someone to be more independent in financial, but without knowledge and is unable to control risk it will not end satisfactorily.

You need to teach him about risk control and nothing is instant in investment, therefore your friend must also understand how to invest correctly and not enough just by listening to bitcoin from others for trying to invest.

fuguebtc

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Quote from: Z_MBFM on June 17, 2023, 08:11:07 PM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Expressing interest in Bitcoin is a good idea. because Bitcoin will play a big role for the digital world and already the use of Bitcoin is widespread and big companies are also starting to decide to accept Bitcoin. and it is certain that bitcoin will be used more than paypal for international payments in future days. the price of Bitcoin is always volatile and the price goes up and down due to which it is very easy to earn by holding or trade Bitcoin. but your friend should know that there are also risk here

I am not sure if bitcoin will be used more than Paypal in the future because accepting bitcoin as a payment method is facing a lot of difficulties, most of them just see bitcoin as a commodity to trade a lot rather than a means of payment.
And I also disagree when you say that making money from bitcoin is very easy thanks to its volatility. To be fair, many people have become rich by holding or trading bitcoin, but there are also many people who have lost money investing in bitcoin. So it can't be said that making money from bitcoin is very easy, it all depends on the bravery of each person.

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Don’t ask him to invest in Bitcoins, just say him how the investment with Bitcoins works. If he wants to invest then it’s completely up to him. Investments are not done on other peoples advice. Moreover, all types of investments have risk so yes, if he wants to invest in bitcoin, then make sure that he can take the risk. Yes, as we are bitcoin members, we know that how bitcoin have done previously. So yes, investing in bitcoin can be a wise decision. But he should understand the risk and invest only through his own will.

crwth

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Isn't that always the case when you are doing business? There's always going to be a risk of losing everything and maybe you are going to lose it all if you have done something wrong. Let him know that it is his decision and make his decision on hiimself and not blame you. He could do a lot of things for investing, like trade, loan, stake, etc. He should pick one and do what is best for him.

Outhue

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The risk of investing in Bitcoin is where you should have started your Bitcoin initiation from.the beginning with your friends, you are making them feel like Bitcoin is totally risk free and they will get rich soon, sorry OP, you are not fit to introduce Bitcoin to people.

You simply gave them what they want to hear, the easiest way to make money without any worries or risks, this is wrong OP, some friends won't tell you a lot about the money they want to use for the investment until they invest and things are looking stagnant, that's when you will hear their cries.

Trust me, I have been there and I have learned my lesson, always tell them the scary side of investing in Bitcoin first and see how they will react, maybe they planned to invest 10000 and after hearing about the risk, they decide to limit the amount to 2,000$, it's still better this way.

glendall

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Suggesting I don't think it's necessary, it's enough to provide investment information what is good if he is included in the community of people who invest in crypto, naturally your friend will definitely understand and know which coin he can invest in
and don't forget you also have to provide risk information that can be obtained if we invest in crypto. because wherever we invest, we will definitely experience losses, not always get profits

Bazzu

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investing in btc will of course be better for the long term, and also investing in bitcoin is very risky, so it's different from the business your friend runs which usually makes money very fast. so investing in btc it won't make our rich overnight, unless we buy btc and after that we buy and then hold it suddenly the price goes up to $1000000000 and we manage to sell at $1000000000 then we will definitely be rich if we buy 2 bitcoin.

so you have to tell the risks of investing in btc to your friends.

Faisal2202

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Before advising him to invest in BTC, teach him about the risk involved in crypto and how volatile it is, because no wonder one made awesome profits but there is a person too, who lost. So, tell him the basics such as:

Bitcoin purpose
How it is a hedge against inflation?
When to invest in BTC and when to avoid entry
Risks involved in it
Difference between Trading and holding, like either your friend wants to do trading or holding it for a longer period of time.
If, your friend chose to do trading then, as a newbie suggest he to avoid future trades and ask him to do spot trading
Bitcoin Halving
How much profit he/she wants to gain? like stop loss is necessary
How to avoid market sentiments
Tips and methods to accumulate BTC for longer period of time

I might have left many basic points, but you should figure out because your friend has asked you and you know his nature of him so tell him accordingly and do no hiding anything from your friend just to make sure that he invests in BTC, AFAIK, your friend has some money and he is too eager to invest in somewhere but he must have the knowledge that how much profit he is expecting from investing in BTC.

bluebit25

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Opening to newbies also needs to be clear on various issues, ask yourself whether you and your friend really understand investing, or simply know how to use and earn. be profitable in different things. I think it's a good idea to start by helping them understand more about investing, as well as better understand bitcoin, how the risks and return will appear, how to manage capital and goals when participating. Instead of being seen as a manipulator, convey information in a clear, targeted, risk-free manner instead of flashy offers regarding potential.

landheer

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Your friends benefit from their business with their friends, but in the end they suffer losses.

I think investing in bitcoin is the same as other businesses, which of course is at risk of getting losses and profits.
so I think you should tell your friends that investing in btc is very risky.
so if he invests in btc and gets a loss he won't blame you, because you have told him the risks of investing in btc.

wxa7115

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

You need to be very open about the real possibility of losing money by investing in this market, especially since your friend is just coming out of a situation in which he suffered a financial loss.

Whenever I hear that I take it as a red flag, as this is similar to what happens to a poker player which is on tilt, they are not thinking rationally and they want to recover their money as soon as possible, a situation that leads them to make yet another mistake and lose more money, and your friend seem to be on that state of mind, so do what you can to discourage him to invest on any asset until his thoughts are in order.

GreatArkansas

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

(.....)
My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Being honest is always good especially that is your friend. Tell him what he will possibly get for investing in Bitcoin because you know that it is not 100% guaranteed.
Also, encourage him to do thorough research, and tell your friend to do as much information gathering as they can before putting their hard-earned money into investment.

LittleBitFunny

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Quote from: serjent05 on June 17, 2023, 05:12:37 PM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

You must make it clear that you tell him about the risk of Bitcoin investment. I think it is very crucial for your friend to invest in Bitcoin without knowing the risk he has to face when he invests in Bitcoin. You as a friend should feel responsible of telling him the pros and cons of Bitcoin investment. Then after he heard it, you do not need to push him into investing in Bitcoin he himself will know whether it best to invest in Bitcoin at the current market condition.

Giving investment advice to others is already a bad idea, and even worse if we try to hide the risks they may take. In my opinion, OP shouldn't just talk about the risks of investing in bitcoin, he should emphasize it to his friend because investing in bitcoin is really risky. Hiding the risk won't help his friend and will even hurt your friendship.
I agree with your advice, OP should not push or force him to invest. We should let him decide everything because he is investing with his own money and his own rights and interests.

Latviand

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First of all, are you a certified financial advisor? If not then it's best that you tell your friend about the risk and rewards involved in bitcoin investing, it's for your own safety in case your friend tries to blame you when they experience any losses. Remember that your friend has losses in businesses prior to asking you to invest in bitcoin so keep that in mind that your friend probably wants a fast route to recoup the losses that he's got. Satisfy their curiosity OP but tell them all the negatives, helps them formulate their own decisions, I'm sure your friend will understand that you're warning them about the risk if you talk about the negatives, he/she is a childhood friend after all.

Z_MBFM

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Expressing interest in Bitcoin is a good idea. because Bitcoin will play a big role for the digital world and already the use of Bitcoin is widespread and big companies are also starting to decide to accept Bitcoin. and it is certain that bitcoin will be used more than paypal for international payments in future days. the price of Bitcoin is always volatile and the price goes up and down due to which it is very easy to earn by holding or trade Bitcoin. but your friend should know that there are also risk here

Japinat

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

You ought to tell him everything what you've learned and know about cryptocurrency and bitcoin, to be specific. Because it's you where he got some idea about bitcoin yet he is not that well informed about the reality where there are risks entailed with every coin in the market and before he start to invest, you should be aware if he already did his research first before he starts to deposit some funds so that he will not be surprised about the phenomenon we have.

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

On the time that your friend approaches you to invest and since you havent explained to him about risks then better you have to, make him/her aware about the risks of losing money because this isnt

a market which would be guaranteeing profits or something that would be talking about this would be a sure back up plan specially to those who get bankrupt. This isnt a viable option i would say because we know that in crypto space on which everything is still that unpredictable and there's no way that we could be able to tell on where it would be going.
If your friend do pushes you on investing then better not to make assurance so that you wont really be getting blamed in the end of the line. Dont make out some assurances
and tell him about on making in depth research and studies about the pros and cons of it.

serjent05

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

You must make it clear that you tell him about the risk of Bitcoin investment. I think it is very crucial for your friend to invest in Bitcoin without knowing the risk he has to face when he invests in Bitcoin. You as a friend should feel responsible of telling him the pros and cons of Bitcoin investment. Then after he heard it, you do not need to push him into investing in Bitcoin he himself will know whether it best to invest in Bitcoin at the current market condition.

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Since he was not involved in cryptocurrency and doesn't know about the risks of investing here and you didn't inform him about the risks,So I think your initial advice should be to mention to him all the risks involved in investing here.
There is no need to suggest or advise him to invest in Bitcoin or other cryptocurrency. After knowing the risks of investing here, if he wants to invest, it is his personal matter.
Another thing I notice is that you are a member of my local community so before investing in crypto currency let your friend know about the current state of our government regarding this. Those who are associated with investment in cryptocurrency are currently facing a lot of pressure. Bank sectors are going to be more and more strict now so I would suggest your friend to learn the safety issues well before investing here now because one mistake in the new situation can make his life miserable.
Moreover, I will request you to show this picture below to your friend.

Quote from: Z_MBFM on June 07, 2023, 09:27:54 PM

Agbe

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

You can advise him to invest but don't invest for him. Tell him the risk involve in bitcoin, though later when he has understand how the market is, he will not have that FUD on bitcoin again. He will build the confidence to over come the fud and the risky. One thing I am trying to understand these days is that, investing in bitcoin does not need too much knowledge. And where knowledge is very much needed in bitcoin is trading. If you want to trade with bitcoin then you have to get enough knowledge to trade if not you will just loss everything at once. Tell him the different between investing and trading, so you wi choose where to go.

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