It depends how much trust you want to give to your friend. If you plan on letting your friend do trading on your behalf then I’m gonna say that might be a bit too much and you shouldn’t at all do that. However if you are just talking about taking his advices then why not?
Though we can accept some opinions of others, it’s still not recommended to just follow whatever they are saying, we also need to criticize what they are saying and check whether it might be actually the truth.
Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 5. (Read 657 times)
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 No, you dont trust someone to trade your bitcoin with, at least I would not recommend doing it, even if that person is a very close friend or family. Unless they are your parents or your next of kin, even then it is tough to trust someone in this sphere.You should learn trading on your own and there are immense number of articles and videos to demonstrate the same. This forum is also very helpful if you need to clarify specifics.
Anyone who has access to your wallet private key can spend your coins, please be wary of that. Secure your wallets and never store the coins on exchange wallets.
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.
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.
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 not about the trust you have for your friend but understanding things better for yours. The reason why you don't need to rely on the trust you have on your friend is that your friend can't control the market or make things happen the way you want it. You don't have to do things because you trust your friend, your friend is human which it is possible for him to take wrong decisions that won't go well with you. I'll advise you whenever it comes to investment never let anybody to convince you to invest without you knowing about what you are putting your money in.Make research and understand bitcoin because investment in bitcoin is personal, you need to make decisions yourself. Investment like cryptocurrency you need to be in charge as to take full responsibility of everything.
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.
I totally agree with you on this,but the question now is ?
How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
But in general, having the ability to doing most of your stuff by yourself is the best thing and so you should do the needed research and ensure that you're knowledgeable enough to carry out but trading and investing responsibility all on your own.
I didn't even trust my parents with my money, how can you trust a stranger.
If your friend is a professional trader and can make money from it, he will not have to use other people money since he can grow his own money! trading doesn't require huge amount of money, he can start from small, so if your friend give an excuse he can't trade with small amount money, he's not a trader in the first place.
How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
Oh look, another one who think a professional can multiply his money.If your friend is a professional trader and can make money from it, he will not have to use other people money since he can grow his own money! trading doesn't require huge amount of money, he can start from small, so if your friend give an excuse he can't trade with small amount money, he's not a trader in the first place.
Firstly, I do not buy the idea of Trading Bitcoin (like a mere coin). Only you can conclude on this, you ascertain how far and well he is in terms of Money from your years of being friends and how trustworthy he is, the truth is money is involved and also issues always arise when it time to share quotas.
Literally, I would advise you learn yourself or better still ask your friend whom I think is good before you thought of entrusting your money to him for lectures.
Literally, I would advise you learn yourself or better still ask your friend whom I think is good before you thought of entrusting your money to him for lectures.
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.
I totally agree with you on this,but the question now is ?How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
Blockchain Books, Bitcoin Movies And Documentaries
https://github.com/bitcoinbook/bitcoinbook
https://bitcoinbook.info/translations-of-mastering-bitcoin
https://www.coindesk.com/learn
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 ?
Nope. Not your keys not your coins is also applicable with your situation. If you didn’t own the private key of the wallet which your Bitcoin save(on this case, your friend) then it’s still risky no matter how trusted your friend is because he/she still a human that is subject to greed.
Exchange and wallets is very easy to create an account. Why you will still choose to have a risk by choosing 3rd party to handle your assets while you can do it by yourself. Anyone can do buy and hold for long term until you get profit.
I recalled the well-known story of the fisherman. Would you rather buy fish from a fisherman or learn to fish yourself? Expand your knowledge of cryptocurrency. No one is born with perfect knowledge, and learning is a crucial part of human development. Remember that one year of learning and training is more beneficial than blindly investing.
If a friend is trusted, it is better to use his advice, since he is more experienced in this matter. But at the same time , to understand this area yourself . Sometimes it happens that a reliable friend can use your funds at his discretion, and just lie to you. And you won't even understand that.
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.
I totally agree with you on this,but the question now is ?
How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?
There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.
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 ?
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