Is it proper for one to trade Bitcoin through a trusted friend ? - page 3.

Distinctin

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Quote from: dothebeats on May 30, 2024, 10:50:07 AM

Never really trusted anyone to trade on my behalf for any amount, regardless if they're a close friend, trusted associate, or even a relative. There is always that possibility wherein they will turn their back against me the moment they see that I have that kind of money and they think that I can easily accept the loss. I can trust people in other things but not money, because I have been betrayed by some close friends in the past even with small amounts.

Also, it will be foolish to give out login information to anyone except yourself. They can easily say that the account has been hacked, or that they didn't use the account when funds are lost or the password has changed. There's just a lot of things that could possibly happen that it's best to trade for yourself and never trust anyone with it.

Exactly my point. Your friend can be trusted with anything in this world except money. Even siblings cannot be trusted with money, how much more with a stranger. The reason why I don’t want to trade having someone in my side, or just want to have my own privacy when trading. Aside that he will only distract my focus into my trades, I’m not comfortable also knowing someone knows my log in information when trading. It’s always better to trade on your own, and to trade alone without other people being aware that you’re into trading. Otherwise, they can be your friend today but become your enemy in the future when they have witnessed that you have huge amount of funds in your trades.

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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 ?

There are only two types of friends: good and bad, true or pretentious, liars and honest, dependable in all situations whether you have them or not, and unreliable in all situations. Instead, they only need you when they remember you or have you need it.

Now, of course, the choice is ours. If you know that you know your friend very well and you really trust him, for sure you can trust him to tell your friend what you want him to do without hesitation, whatever you want to happen to the question.

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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 ?

If you mean giving money to a friend for trading, then you must realize that this money can be lost and a friend can't guarantee profit. So it's risky, it can lead to conflicts and a loss of a good relationship you might currently have. It's better to not do anything like that, as financial matters are a personal responsibility. I think it's ultimately best to separate financial matters from friendships.

Silberman

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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 ?

This begs the question, what can your friend do that you cannot which requieres their help? And more importantly what can you do to solve this? On this market the self-custody of your coins is almost a sacred precept, and to go against it, not only puts you against the ideals of this market, but it puts you at a massive risk of being scammed, so even if you think that your friend will never do it, it is better for you to not trust a person that much or you may come to regret it.

barbara44

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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 ?

No matter how much I trust a friend, I wouldn't do that, and it wouldn't be because of distrust but because I wouldn't feel comfortable. When it's my money, I want to invest it in something, I should know and understand everything about where my money is going. So, if I plan to make an investment in Bitcoin, I would make sure that I gain enough knowledge about itself, how it is bought, how it is stored, how it's sent and received, etc.

Nothing might go wrong if you ask a friend to do that for you, he might do everything perfectly, use your money to buy you the correct amount without cheating you or anything, but I don't see any point because what would you do after that? If you will learn later, then you should learn first and do it yourself to feel better about it. Not just for bitcoins, for all kind of finance and wealth related things, we need to be careful and preventive mode to safeguard our assets. So, taking time to learn things first is highly recommended.

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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 ?

Looking at the question simultaneously, I must say that I don't see any reason why if you are a true friend, why you shouldn't patronize/trade Bitcoin with a trusted friend if he/she happens to be a vendor selling Bitcoin at a reasonable rate. Because what we primarily ought to have discuss when it comes to issue with money like this is the trustworthy of the intending seller , and likewise the rate at which he/she intends to sell his BTC, because if I'm to be in this shoe, and I see someone who is reliable, ready and willing to sell with the same rate been sold on Binance, Luno and e.t.c. I will be glad to buy with joy and happiness.

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Quote from: coolcoinz on May 30, 2024, 02:36:05 PM

I don't know if OP wants to trade bitcoin with a friend or with the help of a friend, because he said that he wants to trade it "through" a friend and that can mean 2 different things.

If we're talking about selling a friend your bitcoin, it's completely fine, just remember that a friend can also steal from you and stop being a friend, but the money will be gone.
Make sure you check if the money is real and secured before you send him BTC.

If we're talking about your friend helping you trade your BTC, I think that you shouldn't do it. It's an easy task and you can do everything yourself. Don't let others between you and your money.

We have to make sure that it is a friend we trust to avoid problems between us. A good friend will not cause problems for us and will remain a good friend.

Before making a transaction with a friend, we must ask what they want. We can also make sure we have Bitcoin and he also has his money. If everything is clear, then we can make transactions with friends.

Quote from: Mame89 on May 30, 2024, 03:39:49 PM

Actually, this is not recommended even if it is your own friend. Since of course investing in bitcoin is about money, people's minds are very changeable and we will never know. OK, let's assume that currently there is a friend who can be trusted, but we don't know that if bitcoin increases significantly and profits double, he might steal our money or bitcoins. So the risk is very big trusting investments in other people.

The best step is to invest in bitcoin independently, even if you don't understand or don't know how it works but really want to invest in bitcoin, it's better to learn first. And it would be even better if your friends understand how to invest in Bitcoin. Learn with him instead of trusting to trade your bitcoins to your best friend. Apart from that, entrusting your trading to your own friends carries a high risk, you could lose your friend if he makes the wrong investment decision, causing you to suffer a loss.

We can direct him to buy Bitcoin on an exchange if we really don't want to transact with it or have concerns about the safety of the Bitcoin we own or even ourselves. Everything will depend on the situation and conditions at that time so that we can adapt well.

By teaching our friend to buy Bitcoin on the exchange, we can at least open his mind to the possibility of buying his Bitcoin directly on the exchange without us needing to know. He can learn investing or trading after we explain more to him.

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Trusting someone with your Bitcoin is a big decision. It's always good to be cautious, even if it's a close friend. Have you considered using a secure, reputable exchange or wallet for trading instead? What precautions do others recommend when it comes to trading Bitcoin through personal connections?

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No it isn't proper for someone to trade your bitcoin for you,no matter how much you trust your friend it is never advisable.Why don't you learn and start trading your coin if you have an interest in trading.I don't still get this low mentality people have on themselves,if A can do it,why can't I do it,there are time you challenge yourself.Yeah we know trading is risky,but if you have an interest in trading,the risk, losses are part of the learning process as a beginner.What makes you feel like those experienced traders didn't loss,they did but counted it as nothing and continued till they adopted the best strategy that reduce the losses.

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OP, How much you trust your friend is up to you. Since Bitcoin is a digital currency I think you should know all about Bitcoin. See the bitcoin market is always up and down, so if you let your friend trade bitcoins I think you will suffer a loss. Trade is not so easy, if trade and get money then everyone would have become a rich man in one day. I think you can take help from your friend to trade but you should not give your money to your friend to trade. Since Bitcoin is a valuable asset I would suggest that you invest in Bitcoin first, hold. Later if you want to trade and want to earn from it, then learn trading yourself, invest such amount of money that it will not cause you loss.

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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 ?

It is definitely better if you take your friend's help in learning. But if your friend doesn't keep your faith or fails, you may lose a lot. If you don't want to take the risk then I don't think you should tell your friend either. Because when your assets will be much more, your risk will also increase. If the key of your assets store to someone else, that money is not fully guaranteed. Although your friend may be very loyal. There are many friends who value friendship more than money. They will never betray a friend but we must be careful to stay tension free or for satisfaction and increase our security.

Assface16678

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Well, for me, if it's your trusted friend, then I don't see anything bad about that; it's just that you should have a contract or a written letter that states both of your rules, regulations, and terms, because if something happens to your money, for sure you will not like it, right? So to avoid conflict between both of you and not break your friendship, I think it's better that you two have a proper and legal way of agreeing, because even if you trust him, there's still a risk that if he loses all your money, you will be mad and for sure blame your friend.

And also, don't just rely on your friend; if you want to, you can make him your mentor so that he will teach you things in order to earn through crypto currency, because it's better that you have the freedom to make your move to earn whenever you want to.

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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 ?

In my opinion, if it is your close friend then there is nothing wrong with you trying to trust him. But you must always remember the important thing about trust, namely that it is not your keys, it is not your coins, and the most disappointing thing in this world is trusting other people. If you are a beginner who has an interest in investing in Bitcoin, you can try investing in small amounts through your friends. But you have to learn how to trade and store your bitcoins. Because you can't trust your best friend forever. Money can change a person. And I don't want money to ruin friendships.

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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 ?

It's called P2P, and if you uses exchanges, P2P you might be "safe". However, as the saying goes, "trust no one" here, so it's really up to you whether you can trust your friend specially involving huge amount of money. We all know that throughout human's history, at one point many might be tested and can't be trusted with big money, just saying.

So just be careful if you decided to trade with him. It's only you that can answer if. Maybe just trade with small amounts and see how it goes.

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If you're talking about having your friend as the trader for you, the only thing that would matter in that situation would be that you do know how to find this friend, you're close with your friend's family and you have a knowledge of his possible whereabouts, I'm pretty sure that a lot of us trusts our friend but we have to understand that money corrupts everyone, it's just a matter of the amount of money in question. It's not a recommended thing for you to do what you plan to do with your money but if that's the only way, you probably need to cover your bases and make sure that you're not going to end up losing everything because your friend decided to betray you and you don't have any way to find that friend.

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Quote from: barisbilgili on May 31, 2024, 03:40:24 AM

Quote from: bluebit25 on May 31, 2024, 03:33:31 AM

~Snip

When it comes to money, it is very difficult to entrust other people, even your own siblings often make mistakes because of greed.

I also see something strange here even though the exchange service is quite easy to access so we don't need to ask someone to do it.
It's an easy thing to do yourself, especially since it's about money and the future, so I really don't agree with entrusting it to other people.

Not everyone has the same character when you deal with them. Some are trustworthy, others are not. This is a common problem that actually occurs in real life, even money can change an honest person's character into a cheater when they are in a desperate situation.

But there is one thing I want to say. Family or relatives are two important parts of life. Almost all family members can be trusted when it comes to money, but not all relatives can be trusted. If you really want to help someone buy something like bitcoin for them, then you have to be someone they trust so you have to guard that trust carefully.

Quote from: bitzizzix on May 31, 2024, 04:03:22 AM

OP seems to give up easily, trusts easily, and also just wants to be instant without doing anything, and people like you are easily lied to and are far from success.

People who easily trust other people are good people, but it is also a weakness that should be avoided. Don't be too kind and don't trust easily, especially strangers you have just met, but when you can never trust a single family member or relative, then you definitely have the same problem.

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OP seems to give up easily, trusts easily, and also just wants to be instant without doing anything, and people like you are easily lied to and are far from success.
In my opinion, trading is not an easy job, even if your friend is a trusted and successful trader, can you guarantee that your money will increase and if it doesn't meet expectations, will you accept it? Because trading does not always produce consistent profits, even for those who are experts.
And in my opinion, it's a good idea if your friend is an expert in trading and you really want to trade, you can ask your friend to provide basic knowledge about trading. And you can develop it by looking on the internet and other places to increase your knowledge so that you can do it yourself, and I think that's much better. Because whatever happens, you yourself can feel it and maybe you too can become a successful trader.

And never trust anyone when it comes to trading and investing, and if you want one of these, you have to do it yourself and start by learning on your own until you master it, know the risks and start with small capital.

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Quote from: bluebit25 on May 31, 2024, 03:33:31 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 ?

I'm confused by your problem, exchange services exist in abundance so you can exchange the bitcoins you have.

And if you trust someone, you can ask them to do the transaction for you, but it seems you are skeptical about that situation because you don't have enough trust. I think any situation can happen, from stories in life I have also seen greed that makes even siblings willing to cheat, children cheat on their parents. But there are also many situations where strangers can help without any intention of benefit, after all, that is the situation where the OP will be the one who has the answer for this situation.

When it comes to money, it is very difficult to entrust other people, even your own siblings often make mistakes because of greed.

I also see something strange here even though the exchange service is quite easy to access so we don't need to ask someone to do it.
It's an easy thing to do yourself, especially since it's about money and the future, so I really don't agree with entrusting it to other people.

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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'm confused by your problem, exchange services exist in abundance so you can exchange the bitcoins you have.

And if you trust someone, you can ask them to do the transaction for you, but it seems you are skeptical about that situation because you don't have enough trust. I think any situation can happen, from stories in life I have also seen greed that makes even siblings willing to cheat, children cheat on their parents. But there are also many situations where strangers can help without any intention of benefit, after all, that is the situation where the OP will be the one who has the answer for this situation.

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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 ?

Did you mean that you don't have the idea about bitcoin investment or trading a bitcoin? Because if it is trading is going to take a lot of time before you can understand how it works, but I will advice you don't go into trading because trading has a high level of risk. However trusting someone is very hard mostly when it has to do with bitcoin investment I think is very risky, sometimes will still find it very difficult to trust people around us talk more of a friend, though I don't know how far you both have gone in the friendship and also the level of trust you both built for each other I think you're in the best position to decide.

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