Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 3. (Read 1079 times)

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.

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

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.

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.

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.

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.

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

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.

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.

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. 

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.

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. 

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.

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.

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.

At first, I didn't get the point of what you were saying because you didn't specify whether you were referring to P2P trading or future trading. With the help of what @Davidvictorson said and also your consent to it, I now understand that you are referring to bitcoin trading for a short-term profit. Well, I know that trading not as simple as investing, but I will advise you to learn how to trade and do it yourself. If you have the time to practice trading, do so by yourself. There are a lot of exchanges that offer demo trading features where you can learn how to trade with virtual funds. On a demo account, you can actually practice every trading strategy, learn and master your best trading strategy, which can help you become profitable while trading on a real account. 

Well investment ideas would be another story to tell. If that's really your purpose then it would be much better for you to prioritize sharing him the knowledge necessary for his crypto journey before his actual engagement in this industry. If you're here in this industry for long then you'd know what I am referring to. We all know how risky Bitcoin is, as an investment. It is just the misconception which pushes maany people here in particular with easy profit ideologies wherein there's no such thing.

Also to mention with pushing a trusted friend to trade Bitcoin, I would also ask why? Especially if he lacks the knowledge. We do understand that you trust him that much but it doesn't really makes sense. What's more likely to happen is for you to suffer from loss and tendency of you questioning this friend of yours.

Let me say you aren't clear about this, so my response will be limited to you even though I will try to make it thorough. First, you have to know the difference between trading and investment as some people mistake the two for each other. If it is about investment, why not open your own non-custodial wallet and use your credit cards to move funds into it? Better still, if your country's credit card is having issues with international transactions just like mine due to the scarcity of FX, why not open an exchange account, verify it, send funds into your crypto through P2P and move the money to the self-custody wallet?

For trading, for you to have believed you can entrust your money into the care of your friend to trade for you could mean that you can't do it yourself due to one reason or another. Although I advise people to trade by themselves, after all, they can learn it, this is still not necessary at the same time if you do not have the time or lack interest in it in direct trading, especially when you have a friend that is good at it. But wait, don't just entrust your money into the hands of your friend, ask questions, and let him give you proof that he is a good trader to avoid wasting your money. This is because trading is risky and you can easily lose your money, this happens daily.

This is not the first time a friend will entrust trading money in the hands of another friend, but they often lose the money. You may also go for the various social trading initiatives, they are viable alternatives in case you can't trust your money with a friend. In the social trading arrangement, you will only connect your account to an expert/signal provider account and you will see the account earning or losing for you. This is why you have to learn how this works so that you can research to choose the right service provider account that can be positive to your account.

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.

I love your positive outlook in life and how you always see things in rainbows but I have to tell you though, there's definitely people out there that would sell their friend and their soul for money, notice how I didn't mention how much because the amount of money that some people might do it is irrelevant, no matter how much, if greed strikes them, you're going to be in for a world regret and pain from the betrayal. Don't listen to what @Donnard33 has to say, got to understand that you can never fully trust anyone especially with this kind of arrangement, unless they make some really big benefits out of this arrangement, you should probably stay away from doing this kind of thing.

It is very appropriate if you entrust your investment to Bitcoin, there are many benefits that you will get when you make Bitcoin your