Is it proper for one to trade Bitcoin through a trusted friend ?

AmoreJaz

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Quote from: $weetne$$ on June 15, 2024, 07:55:49 PM

Quote from: Volimack on June 08, 2024, 11:25:46 PM

Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful

If you have no full confidence doing this p2p even if you say he is your trusted friend, why not use top trading platforms such as binance. I believe, most people are doing p2p because they want to convert their crypto to their own fiat. And now, you will be surprised that most of these top crypto-exchanges are already offering p2p services in so many fiat currencies. You can already see the trustworthiness of the buyer/seller on their star rating/feedback. So at least you already have idea of who to transact with, even if you say, they are strangers over the net.

$weetne$$

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Quote from: Volimack on June 08, 2024, 11:25:46 PM

Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful

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Quote from: Gaza13 on June 15, 2024, 12:11:16 PM

Quote from: Mrbluntzy on June 02, 2024, 04:20:48 AM

Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.

Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.

I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.

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Quote from: Mrbluntzy on June 02, 2024, 04:20:48 AM

Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.

Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.

Marykeller

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Your level of relationship and the life dealings you have with someone will determine the kind of transactions and trust you will have with someone when it involves money since bitcoin is one such that has to do with money for investment. However, the basic knowledge of bitcoin didn't in any way tell us to trade bitcoin through a friend or have a friend that we can trust with our crypto assets to take control of it. So, I don't see a need for one to trade their bitcoin through a friend when they can do that peacefully without no one knowing the amount of bitcoin the hodl in their portfolio

dansus021

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Is it proper for one to trade Bitcoin through a trusted friend ? For me if that is your close friend and you know what your friend doing is totally fine to trust him for trade your money. Unless your friend don't know nothing about bitcoin crypo or trading than you wrong. I mean this term is exactly same like you invest in mutual fund or you do a copy trade. Basically you need data before you trust him how much the winrate the PNL ration the drawdown everything

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

People trading between other people without any form of intermediaries or centralized entities acting as a third party is the real peer to peer trading, also known as p2p.

If your friend is someone you completely trust and he (on the other hand trust you too) then why not, both of you can from time to time trade bitcoins without hassles, as long as you both are in agreement with your individually choosen exchange rate.
Like for example, I won't mention names, but I have some friends from this forum who I trade bitcoin with from time to time, we simply exchange bitcoin for fiat of usdt and vise viser when any of us are In the need of any this cryptocurrencies or fiat.
And most importantly, it will be interesting for you to note that this is the cheapest form of trading, since you won't be paying any fees, aside from the small amount the party sending the crypto will have to pay for blockchain transaction confirmation.

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Quote from: fauzan Ichsan on June 02, 2024, 10:45:28 PM

Quote from: Z-tight on June 02, 2024, 06:18:15 PM

Quote from: Renampun on May 31, 2024, 07:42:17 PM

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

and also Money can break friendship and that is what made partnership goes wrong .

Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

No and NEVER , Bitcoin is something that you cannot entrusted to anyone because this can easily be taken and hide from you without a trace , meaning it will be harder for you to run against a friend if ever he cheated you and take your funds instead of returning.

and also why need to consider trusting your funds when you can do it on your own? not sure what is your main motive in asking this but for me? that is something only stupid person will ever do.

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Quote from: fauzan Ichsan on June 02, 2024, 10:45:28 PM

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

We remain calm and learn how to trade bitcoin at our ends, no longer entrusting them to our colleagues because we know how human being behaves, this minute they're upright in their behavior, the next hour they've changed and care only for themselves. Suitable investment shouldn't be a problem for us because we've mapped out our goals and becomes very straight when it comes to hitting top targets. People makes mistakes in the space and we turn around to blame bitcoin? This is absolutely out of the picture and we should having one of the smooth run in the market.

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Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

blckhawk

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It's not, it's a dangerous and risky thing to do because greed and betrayal can get in the way of this arrangement and at the end of the day, it's possible that your friend might hit the right trade and then disappear in your life because they don't to share with you what they've got, that's a real possibility, if you really want others to trade for you, it would be in your best interest to be investing in an index funds, that way there's a fund manager that's trading for you and it's much safer because it's their duty to do their best and at the same time not to mess with your money or run away with it because they'll get a criminal case easily unlike with your friend, it's informal and they can just lie to their teeth that you didn't give them anything and that it's their money all along. If you value your friendship with that person, you'd be wise to choose not to do this kind of thing.

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Quote from: Z-tight on June 02, 2024, 06:18:15 PM

Quote from: Renampun on May 31, 2024, 07:42:17 PM

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

Odohu

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Nothing spoil friendship more than money and in business, try to keep friendship aside. Why do you need to trade Bitcoin with a friend when you have both centralized exchanges and decentralized exchanges? Assuming you don't want to trade in CEX because of KYC, there are still some you can trade that does not make KYC compulsory but you have to comply with their daily withdrawal limit. Furthermore, you can simply use DEX to trade your Bitcoin and there will be no issue. If you treasure the friendship, try as much as possible to reduce the opportunity of money transaction if that is not what brought you together, let the friendship be built on other things if it was not started through such business collaborations.

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Quote from: Renampun on May 31, 2024, 07:42:17 PM

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude?

I don't really know which of the trading you are talking about because we have p2p trading, or you are referring to the normal trading that everyone knows, which is crypto trading? However, if you are referring to the normal crypto trading that everyone knows seriously, I would have said that giving your friend money to trade for you because he knows how to do it better than you will be a big mistake for you. Remember that in trading, both professional and new traders can lose money, and I don't really know how much you trade with your friend, which will make you give him money to trade for you. That is too risky.

Furthermore, trading yourself will be better than giving another person money to trade for you in terms of how you trust them. If you learn and do it yourself, you will be confident in yourself, so I will advise you to learn and trade on your own if you have a passion for putting your money into trading.

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Is there a tangible reason why you don't want to trade by yourself? If you are a kind of person with tight schedule, then the best alternative for you is to buy and hold because trading will take most of your time as a day trader but on another thought, will you be trading just Bitcoin or mix with other coins, you can't make a lot of money from trading only Bitcoin unless you have a large capital; just so you know; if Bitcoin made 1% move, you are making $1 profit from $100, $10 on a thousand capital and $100 from $10000 capital, not everyday you get a positive increment on trades, always remember that.

My advice is don't every allow anyone to manage your trades for you because you will never understand if the person made more than what is agreed or made less. If give a person to trade for you, there's risk of your money not coming back especially if you do it with someone you don't know physically so to look for him when he plan on running away with your money, there are too much risk in giving someone your trades.

Medusah

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Having a friend as a trading partner for these kinds of deals can be beneficial, but from my experience, it's not always practical. The issue is that your buying and selling intentions may not align. If you both are bulls, it's likely that you'll rarely agree on a price. For instance, when the price surged to $60k in 2021, my friend wanted to sell, but I wasn't interested in buying.

I'd recommend this approach if you have cash and want to buy Bitcoin or if you have Bitcoin and want to convert it to cash without involving banks.

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

When it comes to trading generally or precisely trading Bitcoin, It is not something you have to trust someone your money to trade for you regardless of the trust that you have in the person. Bitcoin and crypto is a volatile Market and everyone needs to take the risks involve himself because there's no guarantee in the market, And besides Op, what stops you from gaining the knowledge? since you have interest in Bitcoin and crypto investment.

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Quote from: Hopila on May 30, 2024, 08:01:40 AM

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

I don't know if I understand it correctly, but the way I understand it is, that it is the proper thing to do to trust your friend with your cryptocurrency.

I always say this as advice for newbies and one thing that I always advise them is, if they are going to invest in cryptocurrency they should do it by themselves and not let anyone invest for them, especially in cryptocurrency where it is a very risky investment, so at this question for me the answer is obviously no even though it is your friend and you trust them you should never trust them with your investment, in my opinion, this cryptocurrency investment should just be personal, especially when it comes to money.

If you are only asking about having a trade with your friend, I mean just a transaction, it would just depend on how much you trust your friend, personally I wouldn't have any issue trading with a friend like a P2P exchange like converting my Bitcoin into cash something like that, I would probably trust my friend with that transaction, but not to the point where I would let him take my money and trade with it.

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Quote from: Reatim on May 31, 2024, 02:55:18 AM

Quote from: AnonBitCoiner on May 31, 2024, 01:20:09 AM

I think we should not trust anyone in case of bitcoin investment because sometimes due to our personal issues they can harm us by applying wrong strategies. It will be better to not trust anyone in this cruel world so you will be free of tension.

You and your friend will be placed in an uncomfortable situation if you were to give him full control of your money and financial decisions. I think it would be okay if you guys had agreed upon a professional relationship but if all you have is a friendly one then it can’t be good. Create a contract specifying the terms and conditions believe me it might be uncomfortable but it will be for the better.

If you do not want to have that kind of pressure in your friendship then learn how to do it on your own.

If we apply the scenario he is thinking about, then we are only the ones who will be uncomfortable but our friend is going to be glad because he can now do a revenge but why will we make such a deal anyway if we knew that we have a personal issue with them? Although we can forget it but we can only hope that they forget it too or they now forgive us and them accepting the deal is a proof to that.

There is also a professional deal like you said there. It's a good idea to have some kind of a contract if there is a huge amount that are involved in the transaction. It helps us to avoid getting screwed by the other party or vice versa.

Topic: Is it proper for one to trade Bitcoin through a trusted friend ? (Read 657 times)