Is it safe to acquire Bitcoin without having the basic knowledge? - page 4.

avikz

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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 ?

never ever do that! Bitcoin is an ultra-volatile asset so it is very important that the investor understands that risk. You can surely guide him on buying bitcoin, using a wallet, etc. But you must not hold his bitcoin in your wallet at any cost. If I were you, I wouldn't do it! But yes, I will share my honest opinion about bitcoin and other related services with that person just to help him find a suitable way. The decision must come from the other person and he can base his decision on my input. But I wouldn't take the risk to do things on his behalf.

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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 ?

Well, you could just spare him a minute of your time and a) create a wallet or an account at a crypto exchange b) help him to transfer funds and buy Bitcoin c) help him secure his password/keys and explain some security basics. I believe that eventually he will learn Bitcoin. You don't require any special IT knowledge or something, but you do need to be careful - treat Bitcoin like cash money. I've seen total noobs successfully hodling for years and crypto pros losing it all to hacks and scams within days. Grin

Hispo

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It is not safe, no.
The lack of knowledge it is what drives people who do not know the basics to fall for the most obvious and stupid scams that are out there on the internet.

Do not compromise to take responsability of your neighboors money or investment, but let him know that he if changes his mind and wishes to learn , to let you know so you can recommend reliable sources to him, so he won't fall victim of scams in the future.

CryptoPanda

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Say NO! It’s very risky putting yourself in that situation. You may not know it but you’re taking responsibility for his bitcoins and his money, for someone who doesn’t understand the basics of bitcoin, I don’t think he understood the concept of bitcoin being a volatile currency. If he did, then he’s trying to be smart and wants someone else to manage the risk for him. What happens when you hodl his bitcoins for him, let’s say $100 and the value dumps to $65, how do you explain this loss to him and what do you think his response would be? You’d be surprised how much people value money over friendship.

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Basic knowledge like how to use a wallet is enough knowledge about BTC. Security is given. If you don't give your email password to anyone then you know how important a password is, same with the private key. That's the only I taught to someone I'm closed with and he is doing fine. If he loses her BTC, it's his fault already.

I understand you might feel responsible for introducing BTC investment to him but pass on the responsibility as his own wallet is his own bank. So try to tell him to be updated and look for tutorials on youtube. Going beyond this knowledge like going to exchanges to buy and sell needs skills to learn already.

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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 ?

You can tell him that he can invest in bitcoin anytime as long as he has knowledge about it. Don't worry about missing out on cheap bitcoin as we are still in the bear season so there is still plenty of time to buy bitcoins. If you study hard, it can take 1 to 2 weeks to master the basic knowledge and at that time the price of bitcoin is still very cheap to buy. Knowledge is more important than buying cheap bitcoins.

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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 ?

If you can shoulder the responsibility if his investment fails, you can do it for him. It is very likely that if the investment fails, he will blame it all on you, because you are the one who bought the bitcoins with his money, not him. Are you willing to accept every mistake while if there is a profit, you will get nothing from him? I would immediately decline an offer like that.

Knowledge is the key to getting everything, if you don't have it even if you bought bitcoin, holding it safe will be the next big problem you face. Don't invest when you don't know anything about 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 ?

You don't get behind the wheel of a car and hit a busy highway without basic driving skills, right?

This forum has all the information you need, including the basics. It is enough to read, understand and use them. It's not as difficult as it might seem. Show your neighbor this forum.

I wouldn't invest in btc for your neighbor if I were you. Let him do it himself. You can help him understand and explain, but he must learn the basic skills himself.

Because of people like your neighbor who, because of their laziness or fear, don't want to personally interact with bitcoin, exchanges will increasingly gain power. Which are known to crash from time to time along with the money of people like your neighbor. After which we will see a sea of whining.

BlackHatCoiner

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Playing it dumb sometimes isn't a bad idea. If he wants you to keep the bitcoin, just say that you don't feel experienced enough to take such responsibility, and you may screw things up. Alternatively, if you're going to bring bitcoin to a discussion, make it clear that you're not going to be liable for someone else's money, and that's it's plain stupid to not know what you buy in the first place.

Wiwo

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Don't take that risk of taking responsibility for one decision in an investment because the investment can go side ways and you will be blame for the outcome since you know bitcoin is a volatile investment full with many risks and security challenges what happens if.
-The investment goes wrong and there is signifacent lose, how do you explain that to someone who lack the knowledge and experience of how the Bitcoin market works?
-What if you lost control of the wallet holding the coin who bears the risk, or are you just going to help the individual acquire the Bitcoin but held it in their custody if so what security education e.g wallet security and recovery have you thought the individual?

So in the end, you are the centre of the whole thing and that is too big a risk to take, my advice is, you should take some time to school the individual the basic knowledge and the risk level associated with Bitcoin then let the individual make the decision.

hatshepsut93

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Quote from: Lucius on January 29, 2023, 10:30:10 AM

Mistake number one, don't talk to your neighbors about such things - I talk to my neighbors about the weather, football or some harmless topics and I don't think of discussing what someone will do with their money.

Now OP is in a bad spot. If they refuse to help the neighbor, they will seem rude and the neighbor might do mistakes on their own and blame the OP for introducing them to Bitcoin but not helping with handling it. If OP agrees to handle coins on neighbours behalf, they will have an added headache of managing someone's money free of charge. And if OP simply teaches the neighbor how to use Bitcoin, they will still be responsible if the neighbor makes a serious mistake and losses the coins, or even if Bitcoin just crashes and the neighbor panic sells.

Preaching Bitcoin on the Internet is pretty safe. Explaining it in real life to people who can clearly understand the risks, who can learn on their own is okay too. Introducing it to people who want to get rich quick and don't want to learn or can't learn about the basics is a terrible idea.

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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 ?

...if he is married ( your neighbour) is no more difficult than any of the responsibilities he has. A bank loan is more complicated. (e.g.)

Single, it sure is harder to enroll in college.

It's a myth, that situation, I think anyone who tells you that knows a lot and wants to get involved in an evil situation.

If not, then let his wife do it.

And, if it is the college boy that his parents do it, they may have the basic knowledge.

Coin_trader

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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 ?

What kind of info you share to him about Bitcoin? If you just hype him for a promise of quick and huge profit just by buying then you should not accept this responsibility because it’s a pain in the ass if his investment value will go down. I have same scenario before when my friend and I started to invest on Bitcoin, He doesn’t have computer and cellphone that time so we agree that I will buy and hold for our holdings.

He keeps badgering on checking the price frequently and he always ask me if we will still hold when the price is dipping. At the end he decided to take profit early and I didn’t stop him because he is giving so much stress with his consistent price check about our investment that we agree before we buy to hold it long term.

@OP, You shouldn’t accept your friend’s proposal and let him DIY. Just guide him on basic safe keeping of his Bitcoin.

Lucius

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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.

Mistake number one, don't talk to your neighbors about such things - I talk to my neighbors about the weather, football or some harmless topics and I don't think of discussing what someone will do with their money.

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 ?

Generally not, but let's say that someone who knows almost nothing about Bitcoin decides to buy it for, say, $100 - all he has to do is register on CEX, send $100 from his bank account and buy BTC in that amount. At some point in the future, he can remember that he made that investment, log on to CEX and find his BTC, which he can then sell and withdraw fiat to his bank account.

Of course, every CEX is subject to hacking or an exit scam, so it's a risk accepted by those who aim for simplicity and at the same time don't even have 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.

Google isn't just enough for him and that's why he's asking you but that's the different asking that he shouldn't do. It should be basic questions that should be asked to you and not that you're going to be the one who's tasked to buy bitcoin for him.

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 ?

Definitely not.
Investors should have knowledge first of what they're investing and that's the most important thing that person has to learn. He shouldn't entrust his money to anyone even if he knows you personally. Don't give yourself something to think of, do the talking and let him do the rest.

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Quote from: Husires on January 29, 2023, 09:14:02 AM

The basic knowledge you are looking for is security related i.e knowing how to generate the key, how to keep the coins safe which is mostly knowing how to load the right wallet in a virus free operating system, not to download random software, use a hardware wallet and write your wallet seed securely.

Security checklist
[GUIDE] How to Create a Strong/Secure Password
How to lose your Bitcoins with CTRL-C CTRL-V

To avoid mistakes that can cause bitcoin loses, learning about security, wallets, backups, recovery and how to make transactions with aforementioned topics.

rat03gopoh

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As long as he doesn't understand the basic knowledge, make sure that bitcoins aren't allowed to be entrusted to anyone else even biological childs. This is also to gently force your friend to start studying, in addition to refusing to bother you with more things in the future.

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 ?

Nope.

Yatsan

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An obvious No. It is applicable to anything; never engage into something you don't know about. It is okay to have plans or to be curious of it but never invest without seeking for atleast prior knowledge 'coz if you'd do, you'll end up with one of the investors saying that this industry or technology is a scam with huge losses on your account. Any type of investment has its own risk and when it comes on this industry, you'd more likely suffer from market price volatility higher than other kinds of investment. Do not be carried away by impressions that this industry brings an easy way to get rich. There's no such thing. Indeed there are people who made their fortune out of this industry but think of how huge the number is, for those who were forced by circumstances to quit.

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It's really good that your friend trusts you so much, but I wouldn't take that responsibility. as a good friend you can teach him the basics and make sure he can do it on his own. i can take the risk for myself, but not when it comes to someone else.

Husires

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The basic knowledge you are looking for is security related i.e knowing how to generate the key, how to keep the coins safe which is mostly knowing how to load the right wallet in a virus free operating system, not to download random software, use a hardware wallet and write your wallet seed securely.

In investing, the simple rule says, invest in money that you are not afraid of losing and for long term investing.
If it is hard use DCA which mean by some bitcoin over fixed time (like per week or month)

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