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.
Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 7. (Read 1079 times)
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?
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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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