Is it proper for one to trade Bitcoin through a trusted friend ? - page 6.

lalabotax

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Quote from: Hopila on May 30, 2024, 07:01:40 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 ?

The best way to do is trading by yourself. You can use exchange platform easily to do that, started by learning how to do that so that you can avoid high risk. It is much better to manage your own assets, trading by your own, and take the risks by your own.

Why I said this?
Because, we will never know how far and how long we will be able to believe in them. Unless they are trusted P2P. But if what you mean is doing trading with the help of your friends, it's better not to do that, it's better to just do it yourself.

However, if what you mean is that you want to buy Bitcoin from a friend you can really trust, that's called P2P. And if you really know, can meet in person, and want to carry out the interaction directly in front of you, then that can be done. It's just that in my opinion, it would be much better to buy it in the exchange yourself. Or if you use a P2P platform, make sure it is truly trusted and has a good reputation.

Antotena

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Quote from: Hopila on May 30, 2024, 07:01:40 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 question is confusing. Are you asking if a friend can help you buy Bitcoin or help you trade Bitcoin? If buying is what you are interested, you don't need anyone assistance in trying to help you. You can make use of any exchange, with a card you can buy your Bitcoin or make use of the exchange P2P and when you are done buying, withdraw it and send it to external wallet, the reason is that your Bitcoin is safe with you than any other person or the exchange.

If you are asking if a friend can help you to trade crypto, then this one is the worsy of it. Why give money to a friend to help you trade when he can trade with his own money and make the profits only him. If he is trying to help you out as a friend, it's better he teach you how to trade, let him teach you how to fish than give you fish. Have you ask him questions like how does intend to make up for losses in case he lose that money in trading risky coins.

Mame89

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Quote from: jcojci on May 30, 2024, 11:48:30 AM

If it is your best friend, you can trust him and trade Bitcoin with him. But if it is someone you just met, you should not trade Bitcoin with him. We have to be careful when trading Bitcoin, especially now that Bitcoin has become more popular and many people are increasingly curious about Bitcoin.

We don't know how safe we are trading Bitcoin with other people, especially people we just met. We should always be careful if we want to trade Bitcoin with other people.

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.

sunsilk

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Quote from: Hopila on May 30, 2024, 07:27:19 AM

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?

If it's not going to take your time, then help that friend of yours.

Because with having that person wanting to trade from you with his/her fiat, all it takes is a simple yes from you. But if you're not comfortable doing that, you're also free to decline that.

You're in no obligation of doing the deal if it seems uncomfortable to you. However, if that person insists and really want to have it then just teach them how to buy in exchanges.

coolcoinz

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Quote from: jcojci on May 30, 2024, 11:48:30 AM

If it is your best friend, you can trust him and trade Bitcoin with him. But if it is someone you just met, you should not trade Bitcoin with him. We have to be careful when trading Bitcoin, especially now that Bitcoin has become more popular and many people are increasingly curious about Bitcoin.

We don't know how safe we are trading Bitcoin with other people, especially people we just met. We should always be careful if we want to trade Bitcoin with other people.

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.

Zaguru12

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Quote from: Hopila on May 30, 2024, 07:27:19 AM

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 are actually two types of Gaining profit on cryptocurrency which is either investing or trading. As a total newbie I will advise you to go into investing, all what you need in investing is the appropriate wallet and the coin. For a newbie that cannot do proper research I will advise you stick to bitcoin only and the wallet suggestions are all over this forum. You can gain that knowledge here without actually needing a personal guide again.

For trading I will advise against most especially if you do not have knowledge about it. Trading is way risky such that even someone who has knowledge losses on it. So given someone your money to trade for you might be even way riskier as the person wouldn’t even apply a proper risk management since it’s not their funds.

If you insist in trading I will advice you seek the knowledge your self as that is way better than trusting your funds with another person

GideonGono

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Quote from: Hopila on May 30, 2024, 07:27:19 AM

Quote from: Davidvictorson on May 30, 2024, 07:09:45 AM

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?

Instead of just letting them ride it, why not teach them how to drive on their own?
If they are really interested in crypto or Bitcoin they would at least make time to study or understand even the basics in cryptocurrency.
I have some friends before who wants to invest in crypto before, they want me to handle their investment so I guide them on how to buy and sell crypto as well as the trading sites that I use, I also taught them on how to participate airdrops.

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Quote from: peter0425 on May 30, 2024, 09:59:18 AM

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.

Instead of entrusting your money to your friends, why don't you learn from your friends about the knowledge they have. You cannot depend on your friends, you have to learn and be independent in this matter. In this case, even though his closest friend has expertise in reading movements in the market, his chances are still 50 wins: 50 losses. Even if someone is an expert, sometimes they can still experience defeat. We can only analyze it, to be 100% successful or not, no one can predict it.

jcojci

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If it is your best friend, you can trust him and trade Bitcoin with him. But if it is someone you just met, you should not trade Bitcoin with him. We have to be careful when trading Bitcoin, especially now that Bitcoin has become more popular and many people are increasingly curious about Bitcoin.

We don't know how safe we are trading Bitcoin with other people, especially people we just met. We should always be careful if we want to trade Bitcoin with other people.

Skfox

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Op trusting a friend isn't out of place, have seen friends turn brothers and do almost everything together but then it's not really advisable in the area of trading or investing. Trading or investing are attached with significant risks that can result to profiting or loosing which one need to settle down to learn and know what method to go about with.

Trading through your trusted friend with a huge money might not be healthy firstly it might expose you to insecurities, secondly sometimes your friend may run loss, let's say one to three times your friend run loss you might start thinking that your friend is stealing or cheating you even when he is honest and you will see gradually how your beautiful relationship will crash.

It's best to learn and know about trading or investing yourself, then work in course of your study with the method that suit you instead of trading hugely through someone else.

tranthidung

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Quote from: Hopila on May 30, 2024, 07:01:40 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 ?

What is the role of your trusted friend?

I guess you mean your friend will play as an Escrow service provider between two trade partners that are you and another person. Escrow must be a very trusted entity because money or bitcoin will be kept / escrowed by the Escrow service provider.

If you buy bitcoin, you send fiat to the friend. Your friend confirms with the trade partner that he receives fiat from you. Then your trader partner will send bitcoin to you, and your friend will send fiat to your trade partner. Escrow is a middle man with a role like this.

There are some members with Escrow services in Bitcointalk.

[Overview] Bitcointalk Services from Bitcointalk Members. Find Escrow service providers there.

Frankolala

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Why don't you learn trading yourself, if you feel you like to trade in the future, instead of putting your trust on your friend to trade for you, and you give him all the vital information that he needs to convert your funds to his.

Trust no one with money to help you do business with it, as long as they have the knowledge mote than you, they will take you to be a fool. The fact is why do you want to benefit from something that you don't know and don't want to learn it on your own to be a master of your own. It is better you don't even think of trading if this is what your are thinking about. Everyone will be held responsible for their own actions, so know what you want.

mvdheuvel1983

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Quote from: Hopila on May 30, 2024, 07:01:40 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's nothing bad if the op decides to trade his Bitcoin with his trusted friend if that will be more easier and faster for him but it becomes very risky since the op will expose him self to his friend who may be genuinely interested in doing business with the op at first but at the long run,the friend may decide to attack the op whom he's been doing business with to either get access to the phone or laptop which may lead him to stealing the funds of the op. Bitcoin is privacy, it is not wise to trade with a known person especially someone who knows your place and the things about you imo.

Yamifoud

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Quote from: Hopila on May 30, 2024, 07:01:40 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 ?

The question is if he really can be trusted? Or if you really trust this person because if you feel doubt, I suggest not to continue and better choose exchanges instead.

It was not just the TRUST of our main concern but also the confidence we have that this person ( our friend) can really take the responsibility. Many people get fooled by promises and many people lose their money from trusting a person who never knows how to value the trust we give. .

There is no problem with doing this as long as we know ourselves that this person can give us what we expect from him. But despite this, we should not give full control of our funds still, the major decision is coming from us.

peter0425

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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.

TheUltraElite

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Quote from: Hopila on May 30, 2024, 07:01:40 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 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.

dothebeats

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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.

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Quote from: Hopila on May 30, 2024, 07:01:40 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 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.

Hewlet

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Quote from: Hopila on May 30, 2024, 07:27:19 AM

Quote from: Davidvictorson on May 30, 2024, 07:09:45 AM

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?

don't mix the two words which are trading and investing. if you're interested in investing then you don't really have to know so much before eventually getting started. As long as you know how to buy your coin ( by coin I 💯 mean Bitcoin), and you've also sorted out the right and safe wallet to use, you don't really need a third party to work you through the whole process. If you're talking about going into trading on the other hand, that's when you will have to talk about directing learning from someone that's already in the system so you will get the needed hands on knowledge.

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.

Plaguedeath

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I didn't even trust my parents with my money, how can you trust a stranger.

Quote from: Hopila on May 30, 2024, 07:27:19 AM

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.

Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 6. (Read 1079 times)