Is it safe to acquire Bitcoin without having the basic knowledge?

Oilacris

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Basic knowledge is what we do need at least because if you dont have it then you are really that prone to errors and mistakes specially we are talking about money on here or does really have value.

If you dont have that basic concepts and ideas then you would really be getting scammed because you dont really know on what you are doing.Unlike when you do have at least some slight idea

on how it works and on what are the things that should really be avoided and should really be engaged then it would really be a plus or would really be an advantage for your side.

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Quote from: mk4 on January 29, 2023, 09:00:13 AM

Do you really want the responsibility of holding coins in behalf of a person? There's literally nothing for you to win and everything to lose. Think about if it's the case that you get hacked (though hopefully not).

If you don’t want to be blame in the future, then always avoid that kind of situation. Even if your decision will make him offended, don’t mind it as long as you are not putting yourself in a bigger problem in the following days. Bitcoin is good and a profitable investment, but one should also be knowledgeable and responsible enough to manage it seriously if he wants to gain huge benefits in the future. Without it, everything will end up in mess.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Do not make it more complicated on your part OP. Tell him that you’ll never be in charge of other person’s investment to avoid being blamed in the future when sudden problems and losses start to arise. Bitcoin is profitable but it has also calculated risks one person must learn to take. So if your neighbor only want to make the best of profits but is never good enough in making the efforts, then regardless of what investment he may enter into, that will never work.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

We all know how risky to invest in bitcoin but it will be more risky knowing you invested in it without the basic knowledge. So I would say it’s never safe once and for all. Even if you took the responsibility of managing his coin, that would not guarantee that you’ll never endure some losses too especially in times of bearish season. So tell your neighbor to keep on DYOR first and let him have the responsibility on managing his own investment. He will never learn if he keep on depending on you instead.

Spaceman1000$

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I think you should buy the bitcoin for your neighbor, since his money is involved, I believe he will grow interest in it. You should as well teach him the rudiments of bitcoin and crypto market so he won't get Lost.

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It is not a good decision for anyone to invest money without knowing properly. Investing Bitcoin is profitable but obviously there is need to learn the basics about it for the investment. For a newbie, volatile condition will not be a good matter. It is highly recommend to learn and gather more experience to invest on Bitcoin.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

It is not just safe alone, it is healthy to know what you are buying and where your money is going, it will give you a lead of what bitcoin is about as an advantage as a holder. You should also know that security is paramount and very essential as a bitcoin holder. There is no point in buying and holding bitcoin if you don't have the basic and maximum security you can offer the bitcoin under your care, especially now that there are bitcoin scams everywhere and there where bad actors are looking for the easiest way you could hijack wallets, in addition, Bitcoin basic knowledge is also required as for beginners who love to keep their bitcoin on centralize exchange which is not always safe as they claimed.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him
with excuses of not having the basic knowledge
and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

I don't think it is going to be a good idea for you to help anyone invest under you because cryptocurrency involves a lot risk and anything can happen in crypto industry. and if anyone invested under you and something later happen in future you maybe held responsibly for that so the best way is to teach anyone what you know about Bitcoin and ask them to go for more research own their own before they take any step of investment in any coin.

Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

It's not possible because you can be easily get scam with scammers. So the best way is to have the basic knowledge first, because is the knowledge that will guide you to take the right steps. So it advisable to have the fundamentals knowledge of Bitcoin, blockchain and the risk it involves before any one taking step to invest in Bitcoin. So don't be desperate to investment because it will too risk for you.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

This is not a subject to discuss. No one should acquire Bitcoin without the knowledge of what it is and how it works. And never help people who has no knowledge about it. You told him to learn first, and that's the best thing to do in any situation.

Even if they buy it now without the knowledge, then it is best to just hodl until the market is in bull run again. But given the current market condition, I think it is best to wait for the market's correction. Never take risks for someone else's sake. Being selfish in some situation is not always bad. It's a good thing in this situation.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

There will be a lot of problems when you buy bitcoins for him, first: if there is a loss, he will blame you because you are the one who introduced and used his money to buy bitcoins, not him. Second: let's say you bought him, but you can't hold bitcoins for him, and in case he has no knowledge, his bitcoins are in danger and vulnerable. All are disadvantages if investing your way, tell him, knowledge is necessary to start investing if he doesn't want to learn, don't invest because sooner or later, he will lose money.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Logically, actually, whatever we are going to buy or want to buy, we must have basic knowledge of it. For example, like you buying a product or device or vehicle or an asset like Bitcoin which of course really requires basic knowledge for yourself even though Bitcoin is very popular among many people now. Because you also have to provide an understanding of investment risks to that person so that in the future he doesn't blame you in any case when the investment you are running suffers a loss.

Quote from: Gallar on February 01, 2023, 09:34:01 AM

things like that are ridiculous, investing without any knowledge will definitely be very difficult and close to loss.
in elementary school we have been taught, to always learn whatever we are going to do.
in investing you also have to be like that, you have to have knowledge before you can start investing.

It is very true in what you say, because it does sound very ridiculous when someone who wants to invest but does not have the basic knowledge so that the road will not be smooth for him if he is determined to try it. Basic knowledge is the first way for anyone who wants to run their investments so that they can set their own time targets in carrying out their investments with patience and also with more knowledge after the basic knowledge.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

I think the main question should be "how much knowledge do you need to make your first bitcoin purchase"? And to your original question, passion is not enough. Since your friend is interested and wants to invest, you can serve as a mentor or guide for him. Some of us only read on how to make our first bitcoin purchase, we had friends guide us - like download Binance, create an account, verify it, and tell me when you are done. When we did it, we reported to them. They asked how much we had, we told them, and they also directed us on how to make the purchase through bank deposit. After the purchase, they started to send us links to join some WhatsApp bitcoin groups. And our curiosity took off. Where we didn't understand, we'd call them. And now here we are. Just serve as a guide to your friend if he is willing to learn.

Gallar

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

things like that are ridiculous, investing without any knowledge will definitely be very difficult and close to loss.
in elementary school we have been taught, to always learn whatever we are going to do.
in investing you also have to be like that, you have to have knowledge before you can start investing.

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

I don't think so, because at least we know the basic understanding of what bitcoin is, the benefits and risks that we will get in the future because as we know the value of bitcoin is not the same from time to time,
never accept responsibility in investing too risky, try slowly you give the explanation so he can do it himself

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

It would be in your own interest not to do that because you have done your best in educating him a little which made him pick interest in bitcoin. If he truly wants to invest, he should do a deep research on bitcoin and how it works so as to gain more knowledge added to that which you have already taught him. Investing in bitcoin means you signing up for whatever be the result in respect to the market volatility. Is it not better being at peace with him than having issues as a result of the fact that you led him to buy bitcoin which he should have done it himself so that adverse market reactions would not make him start blaming and disturbing you. Be wise and know that you should not be the one to fall into the trap if it happens that way. Act smart and do not get involved in his investment.

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Quote from: wxa7115 on February 01, 2023, 12:11:18 AM

Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Are you a money manager? If yes then you could charge them for the business of managing their portfolio just as you do for the rest of your clients.

But if this is not the case then stay away from this situation, your neighbor sounds like the classic case of those which are interested in bitcoin just because it has presented high profits recently, but as soon as there is a problem they will sell and blame you for their losses, and believe me you do not want to be part of that mess.

I highly doubt that the OP is an investment manager. And he shouldn’t be managing other people’s finances and investments.
Obviously, his neighbor is a newbie to the cryptocurrency industry as I don’t think a veteran would be asking someone else to manage his portfolio. And yes, if bitcoin falls below the capital investment, the newbie would be sure to blame everyone else but himself for his losses

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Quote from: Sakanwa on January 29, 2023, 08:52:11 AM

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Are you a money manager? If yes then you could charge them for the business of managing their portfolio just as you do for the rest of your clients.

But if this is not the case then stay away from this situation, your neighbor sounds like the classic case of those which are interested in bitcoin just because it has presented high profits recently, but as soon as there is a problem they will sell and blame you for their losses, and believe me you do not want to be part of that mess.

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Quote from: noorman0 on January 30, 2023, 06:09:03 AM

Quote from: Synchronice on January 30, 2023, 05:51:58 AM

It's safe to buy without the basic knowledge because it's quite easy to register on exchange and buy a coin.

Not really, there are a lot of fake bitcoins (hardforks, wrapped-bitcoins) hanging around CEX. Sure they have different networks, but would people with no basic bitcoin knowledge be okay sometime especially if they decide to withdraw bitcoins (if they only dealt with CEX their whole life)? Hearing stories about sending to the wrong network, recovering funds on centralized exchanges is generally not possible.

Not only that, without knowledge of the market, we cannot distinguish between a reputable exchange and a scam. Nowadays, scam exchanges are rampant on google, and for someone who knows nothing about the market, visiting scam websites is inevitable. Not only with bitcoin, but we should not invest or buy anything without knowing anything about it. It is a stupid act that is wasting our money and does not bring any benefit to us.

Bobrox

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I don't recommended some one for investing in Bitcoin without having the basic knowledge, actually have learn step by step and basic thing for investing in cryptocurrency possibility with Bitcoin or altcoin. Have bigger risk waiting later without having basic knowledge about Bitcoin your neighbor not already when some thing bad happen with his investment fund in Bitcoin.

Quote from: Kaliandra on January 31, 2023, 11:02:06 PM

if you want to buy bitcoin for someone else's investment, I think you have to be ready to be blamed by that person if the investment loses.
unless you dare to take the risk.

I agree with your ideas, not all people invest in Bitcoin have ready for their losing when Bitcoin price drop but they only know how increasing up and profit earn when investing in cryptocurrency without think how bigger risk waiting for later.

Kaliandra

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to invest in bitcoin, after all, you must have basic knowledge, because to buy bitcoin too, if you don't use knowledge, of course there will be a potential loss. I personally also bought bitcoin for the first time to find out the knowledge first.

if you want to buy bitcoin for someone else's investment, I think you have to be ready to be blamed by that person if the investment loses.
unless you dare to take the risk.

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