Topic: Is it proper for one to trade Bitcoin through a trusted friend ? (Read 1063 times)

Trusted as companion but for money discussion I guess everything is questionable regarding in those matters. Money could reveal the true personality of people and their friendship might get broken towards that situation. So even if we trust our friends we should never let them handle our investment or trades. Since by doing that this maybe the starting point where a conflict will be created especially  if there's misunderstanding on how they use or spend our money for those activities they have done.

Much better we trade on our own since we cannot step someone's ego and we can make sure that there's no further doubts on each result since we are the one trade for our selves. Remember money is root of evil so temptation is always there especially if there's huge money involve in the transaction.

Friends can be trusted but not all friends should be trusted. A lot of close friends often cause huge losses, in this case you must be careful so that close friends don't do any damage to your wallet. I had a loss in life by one of my high profile trusted friends so I always used caution from friend circles afterwards. If you want to trade Bitcoin through your friend, you must be careful because if your friend is greedy then your friend will never treat you well. Also, keep your Bitcoin wallet safe from your friends at all times as it can be compromised by anyone at any time.

It’ll definitely be a more trusted transaction going P2P and you will have the benefit of exchanging for whatever physical goods or cash you agree too as long as your friend is on board, if it’s higher magnitude and you’re looking to sell and get a lot of cash and your friend will buy that’s even better you don’t have to go though any third party to sell it. Less fees there etc.

It's not just about the trust here, why would a trader seek for funds to help another person trade when they can get the money by their self and enjoy the journey of money without involving anyone. I keep saying that where is there is money, people don't like to share only few will do that. So giving your friend money to help you trade is a kind of red flag. It's either the money will be eaten and forgotten or he he get a feedback that the funds were lost to trading .

If anyone don't have the time or knowledge to trade, there is alternative and you just have to be a diamond hands, it's not easy and it's not hard too but you have no option other than that one. Just hold your coin on your wallet and when you have profited enough, sell if you wish or continue to hold if you have intention of holding the coin for long.

In my own opinion, it is not encouraging to trust a friend with the trading of my bitcoin asset or any other cryptocurrencies. Though I've seen uninterested traders who do not have vested interest in learning about the intricacies of trading crypto, but they go into alternatives like receiving of trading signals by more experienced traders. However, they also learn those very basic skills of setting a long time or short time trade and when to make profit off the market.

It still boils down to trust though, and it's not an issue to trust a friend with a trade because we do that virtually every day by trusting our friends with our assets either in trades or investments. The best thing to do is to learn the process if yu must put large amount of money into the trading business.

A trusted friend or not it is safer to trade yourself if that's what you want. I can't advise anyone to go into a business of finance with a friend without putting a legally binding or documented agreement. The world has changed, and humans are bound to change with it, someone we call a friend today might be our enemy tomorrow. It is important to ensure that there is an agreement if we want to someone else to trade for us.

At the end of the day, you have the right to your own decisions because you will be the one to take responsibility of any action you do when it comes to finance. If you choose to risk, it based on trust then fine. Just know that no one will be willing to support you when things go south in the future.

I understand why OP has come to question this. It’s obvious that he has not gone into trading and just think that trading is just easy to gain profits so if he will entrust his funds to his trusted friend, that will eventually become a successful trade and be in profits.

Reality is any trading activity won’t even guarantee profits even if the trader itself is good and reliable enough. That’s how risky trading is, which means he should learn trading on his own so he will develop his own knowledge and skills in trading, rather than relying on a trusted friend and yet in the end, the trade itself does not end well, so that only increase the risk on losing his funds. At least if he do that on his own, he may lose on his first trade but he’ll eventually learn his own lesson and becomes a better trader the next time he’ll trade.

Verification is better than trust. Be sure to get your transaction in writing, if you absolutely must do such a trade. Trust your friend all you like, but that does not mean they are 100% reliable. We all trust the people we trust until we do not trust them anymore.

There are people who give their money to a fund manager the latter manages everything for them. This mindset seems wrong to me and hence I trade on my own. However certain people like it and they run it like that too, I am not aware of their profits but I would never advice someone to do that.

In case of the OP, this sounds very much like this group of people. My personal advice is always to learn about bitcoin and trade it on their own. If they are not doing that then they will lose money. I see the point of "not your keys not your coins" has been brought up. Indeed, these stubborn practices of handing over the onus of your own money on someone else's shoulders need to stop.

Agree with you that cryptocurrency trading will be more risky and losses will occur faster if we miscalculate. But like I said, as long as OP can take risks and is willing to accept the worst case scenario then he can trust his friend. In terms of risks, I believe his friend also mentioned it to the OP and left it up to him to decide.

My point is that it will all depend on how much OP trusts his friend and how much risk OP is willing to take. Because for someone who has no intention of becoming a trader to make money on their own, there seems to be no better solution. But I guess OP doesn't trust his friend as much as I think, because if he really trusted his friend, he wouldn't come up here to ask for our advice  .

No, never let a third party manage your assets because it will pose risks in the future. Trusting your friend to trade your assets means you also have to hand over your private key to him. This action is not recommended because you have indirectly given other people access to manage your wallet.
Everyone has their own life and different needs, you never know what their life will be like in the future, when they are in a difficult situation, maybe they will take some assets without your knowledge. Do everything independently, an investor certainly understands how to trade Bitcoin without having to ask for help from a third party.

If op have a trusted friend and he think they can trade very well, then I see no reason why he should not ask the friend to help him trade or better still he can decide to learn how to trade from him if he like. I have some people trading for others which there is never a problem and things are going well. There is nothing wrong for us to trade for others and if op think that his friend is good enough to trade without losing the trades, then it is  a good offer because it can be a good way to earn while doing other things that will bring money for him.

Even if we have trusted friends, it is better to do it ourselves. We must believe with our ability, why we must get help from the friends? It is okay to get or share knowledge from the friends, but it is not a good idea to trade Bitcoin through the friends. I've an experience that the the trusted friends turns to be untrusted people when it is related to money, especially a big amount of money. People can change if they know they can get an instant money. Moreover, when they know that we trust them. They will assume that it will be easy to deceive us.

So, the idea to trade Bitcoin through friends, probably leads to an unexpected problem. Remember that people can change their nature because of money! It also can happen to our friends.

Be careful! Even if they still can be trusted until now, there is no guarantee that they will never do bad things in the future. I suggest you to never using big amount of money, it can motivate someone to steal the money! Friends are human only, they sometimes can make mistakes, too.

I am not in a position to tell anyone that @OP's friend is trustworthy or not.  If anyone can say, I think it is @OP because he knows the person and possibly a close one since the title stated that the person to be entrusted with the Bitcoin trade is @OP's trusted friend.

Although I cannot tell whether @OP can fully trust his friend, I can at least say the possibility of getting scammed by people we trusted the most.  In several cases, people change their hue when big money is involved.  I have a first-hand experience where a trusted friend scammed me of my money when he offered an investment and put me on ignore when the time came that I had to get back the money.   

Rather than letting your friend control your fund and trade for you, why not ask him for a signal and do the trading yourself @OP?  You can always tip him some amount if the trade is successful.  This way it is much safer and remove the possibility of your friend turning to a scammer or thief.

When you actually do things your self is safer and you will be able to do it every time and you don’t need to bother anyone for directions.  Either regular trading or p2p trading, it is better to just do things yourself for privacy also and that is the reason why they asked everyone to get the knowledge so that you don’t have worry when you even ask people to do things for you. I don’t think anyone should be allowing another person trade for you. The one I know that is very frequent is p2p and those doing that is because they have never ran with their money they would have learned.

When you are trading from the beginning from the option their is no helping anyone to trade, and trading is not owning miners to generate money, you have to put your mind down to learn so that you will be able to do things yourself. Nobody came with the knowledge from heaven so as far as you have interest the best you can do for your self is to learn.

Ofcourse the OP can give his experienced crypto trader friend his funds to trade for him and they will decide on how to share the profit and lose. But my concern is that crypto trading is not like the regular buying and selling business where customers buy and you make profit. Cryptocurrencies are volatile and a trader can loose his whole capital in a very short time, that is why I think that it's better for every trader to make their own decisions and accept the outcome of their trades because it's very easy to blame another person for a severe lose. So letting another person to trade for you goes beyond trusting them that they will not scam you, it's also about trusting their trading skills and decisions.

That is the point that must be realized, especially for a beginner because after all we must be aware that in the end being here doesn't mean we will benefit without the need to know the risks that will be faced, especially when talking about money problems in today's difficult economic conditions, indeed, besides having to be smart in self-control in economic management, we must also be required to always be vigilant so that unexpected things do not happen, including in bitcoin so that what we do does not become a loss and even be deceived by others even though our closest family.  Instead of in the end we only continue to be fixated on what others are doing and hope to take advantage by following it and giving full trust to others to manage the assets we have, of course it will be more worth it if we try ourselves by starting from scratch because it can make you much more able to understand the situation and what you are doing not just being a fomo person .


Things like this will appear over time and I agree with what you said because after all we have to realize that the proverb about "experience is the best teacher" is true even though this is only implied because we also cannot just try to have experience because we have to learn first but it cannot be denied that by going directly it is actually much better because you can feel that being in bitcoin is not as easy as imagined.
We must really believe in ourselves and the abilities we have because to achieve a good result, of course, it has a process that cannot be missed. and it would be very naive if we think we will be successful but just keeping our assets we are not able because we only have to depend on others by following what others say without knowing what other people's goals are like because it could be that the goal is only to drain all the assets we have.

Trust is something that could really be that depending on someones level of trust that they could have on a certain person on which on the moment that they will really be having that kind of deep trust
towards a certain person even if it means on entrusting money or letting them know about on other things on which it shouldnt be supposed to be known by someone. If we do talk about trading through a trusted
friend then it would be your own choice but the hard part of this one is that full transparency on which we know that we cant really be able to be so sure when it comes to this aspect because when it comes
to money then everyone could really be tempted on making some foolish actions on which some people doesnt even think about those risks of destroying their relationship or friendship that they have been for so long.

We do know that money could really destroy everything on which on the time that greed kicks in, then people wont really be able to think up well on the things that they've been
already affecting other people and this is something that you must really tend to look back and would really be acting accordingly on what are the things that you should do sensibly.
If you could trust up someone then its your choice but be sure to take up some consideration about those probabilities.

The experience is very common for most people because sometimes no matter how much trust you would have on someone the moment you trust him with your money that's when you would really no the kind of person he is, so you are right because even me anything that has to do with money I never consider my friends as an option even if I may not really know how they behave towards money because just like the saying that "prevent is always better than cure" Meaning that is better not allowing it to happen than giving a friend a try and later the person start regretting why trusting him, however is better for the person to do his things by himself because sometimes fear of losing is what always hold people back so like you said learning is the best because from the mistake you will be able to perfect yourself.

But the problem is that as OP shared, he has no intention of becoming a bitcoin trader in the near future . What he wants is to be able to make money from the market without spending time on it and relying on friends is the solution he is thinking of.

I agree that using money in relationships is very risky because it not only causes us to lose money but can also cause our relationships to fail . Therefore , OP needs to consider carefully when making the final decision . But I think this is the same as when we look for partners and colleagues to do business together, so if OP can take risks and really trust his friend, he can try . In my opinion , the important thing is that we need to calculate the risk, and if we are ready and accept it , we can do whatever we want.