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.

Ibrahim60

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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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Quote from: jeraldskie11 on January 31, 2023, 09:12:31 PM

Quote from: CryptoPanda on January 29, 2023, 12:07:01 PM

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.

I have friends who wanted me to invest Bitcoin using his money. I don't know where he heard those thing, maybe he just hear it from my friends. I immediately said NO to him because I know how volatile is Bitcoin. I told to him to do some research about Bitcoin and how it works, and I'm glad he follows it. Since Bitcoin's price that time is so high, I don't know if he gains a profit and sold at a higher price. However, since Bitcoin's price is so deep where people are so scared, I highly suggest to invest in it with your extra money, a money that you can afford to lose. Buy Bitcoin where people are scared, that's one of what I have learned in Bitcoin.

My cousin asked me to buy him bitcoins, and I flatly said NO, I feel like he's trying to be smart because if the investment is at risk, he's going to blame me. If he really wants to invest in bitcoin and is willing to take the risk, he can learn about bitcoin. I see it won't take too long to learn the basics of bitcoin, it can take as little as 1 week if we work hard and invest really seriously. Even if we cannot manage our own investment risk, it would be foolish to manage someone else's risk.

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Don't do that you have to bear all the risk if things go wrong then put it in the basic knowledge to start with if the sense of growth comes to invest from your friend then it's fine as long as he does it himself and this way he does what he can in learn the basics and give him various articles that can help him know about how to invest in bitcoin, you only need to guide and you don't need to be involved in investing let alone do it.

Of course it's not safe to buy bitcoins without basic knowledge, at least your friend knows how to trade, use a non-custodial wallet, make withdrawals and deposits, I know your intentions are good to help a friend who wants to invest but at least he must understand everything that is needed including basic knowledge is very important.

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Quote from: CryptoPanda on January 29, 2023, 12:07:01 PM

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.

I have friends who wanted me to invest Bitcoin using his money. I don't know where he heard those thing, maybe he just hear it from my friends. I immediately said NO to him because I know how volatile is Bitcoin. I told to him to do some research about Bitcoin and how it works, and I'm glad he follows it. Since Bitcoin's price that time is so high, I don't know if he gains a profit and sold at a higher price. However, since Bitcoin's price is so deep where people are so scared, I highly suggest to invest in it with your extra money, a money that you can afford to lose. Buy Bitcoin where people are scared, that's one of what I have learned in Bitcoin.

Mofough82

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I would show him how to buy on Strike and how to buy a Trezor. Once he does both send him to a BTC Sessions video on how to self custody and he will be set. If he is uncomfortable tell him it’s a part of the journey for all of us.

Raceonsucced

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In my opinion, your neighbor is better off exploring and learning about bitcoin first. he wants you to invest on his behalf. but in my opinion, surely you will be tired of thinking and investing.

Knowledge is the most important thing before starting something. If you start without knowledge, you are afraid that you will easily be carried away by other people.

I'm still a beginner here, I still want to know more about bitcoin and I'm still learning. So, it's better for your neighbor to learn about bitcoin first.

Yixing Lao

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I think it might be fine, if it's only a small amount you may hold. However, if it is big, I suggest you let go of it instead of just letting it sit. Those things can be a little complicated and it would be better if you study about them first.

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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 ?

The question is, are you willing to grab that kind of responsibility? You know that's not an easy task as you yourself already know the risks entailed with investing cryptocurrencies as there's no such thing as assurance in this industry. Even if you hold it for a long-term, what's in it for you? And how sure are you that your neighbor will have that profits in the future? I doubt, it's not worth the risk.

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Hello Crypto Community and newbies of crypto in my opinion for holding purpose this is a good time for all the new and old crypto users to invest in the crypto market because are are at 80% low from last top and if next bulrun starts then we will see huge profits ,
So dont be late and start buying Bitcoin slow and steady for gaining profits next 2 years .

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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 you should explain carefully to your neighbors.
First, explain that investing always has a risk, moreover investing in Bitcoin has a high risk because it is very volatile.
Explain the worst possibility if you make the investment for him.
So that there are no misunderstandings that result in damage to your relationship with your neighbor.
Be honest with him if you don't want to be directly responsible for investing his money.
But if he really wants to start investing in Bitcoin, you can offer a little help to accompany him to learn to start investing.
Then of course if he wants to accept it, you have to set aside a little of your time to accompany him to understand the basic knowledge of how to invest.

Of course it is not recommended if someone wants to buy Bitcoin without having clear basic knowledge.
If you let your neighbor start without clear basic knowledge, the worst possibility is that he will feel at a loss and be disappointed with you.
It might actually lead to misunderstandings and damage your neighbor's relationship with yourself.
My suggestion maybe you should offer a little help to accompany him to get to know the basics of what and how to invest in Bitcoin.
Than take full responsibility for investing with your neighbor's money.

siedemtrzy

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Well, buying BTC for yourself without any knowledge is ok I think, most likely you'll make research with time. But doing it for someone else is unacceptable and dangerous. It's better to at least just show him how to do that and tell him that it's still a risk that he takes.

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

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

Bitcoin is a high-risk investment, so it is very risky for people who do not have the basic knowledge to buy bitcoins, especially if they think that investing in bitcoins is a get-rich-quick scheme, it is best to tell your neighbors not to rush into the market if they don't want to lose everything and also tell the person to understand the risks related to bitcoins first and learn how to store bitcoins safely after buying bitcoins, because basically bitcoins are also vulnerable to hacking besides the price is very volatile.

crypticj

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Bro never do financial decisions/actions for another person cos, in the end, you will be the one to blame. And the fact that he is asking YOU to do it shows that he low-key wants to use you, at least I'm getting these vibes. So just stick up to your game and let people do their things themselves.

AverageGlabella

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No everyone should make the effort to get the basic knowledge before investing, They need to know how to secure the btc they buy otherwise they risk losing it. There is no backup with btc once you have lost your btc you have lost it. I think this will be the biggest problem for a lot of people who come into btc they will lose their btc and then turn hostile against it because they are used to banks charging back any funds that they have lost due to scams. I think it could be a big problem when we achieve mass adoption.

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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 ?

Bitcoin or non-Bitcoin-related investments are all extremely risky if you don't know what you are doing.
Even though other people say this is safe, that is safe, it's still useless. You can't guarantee what other people saying, it's easy to say something.
This is also the common mistake of new people who are entering Bitcoin or any other investment because they don't have knowledge of what they are doing. As famous sayings, "Don't invest in what you don't know".

JoyMarsha

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Definitely not. If your friend wishes to invest in bitcoin, he should at the very least have a basic understanding of it, just in case.

Every investor in cryptocurrencies should be willing to take a chance and carry their own cross by themselves. So that nobody should hold each other accountable tomorrow for a wrong investment.

Only the fear of the unknown in crypto can't even allow me to invest in bitcoin for someone, talk more of hodl bitcoin on your behalf. I will reject such an offer of hodling bitcoin for a friend no matter the plea

kryptqnick

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As many others, I think storing the money on behalf of a neighbor is a bad idea. Surely, the neighbor should also realize that it's unethical to put you in such position, as you will be blamed if anything goes wrong, and storing this money is another thing for you to worry about. But you can explain that you don't need that responsibility and that a big point about Bitcoin is that a person can store one's own coins, without needing an intermediary like a bank or another person. Doing basic research is crucial for responsible financial decision-making, so if that person is interested in Bitcoin, he should learn how to use a crypto wallet, what are the risks of investing and storing cryptos, how to avoid issues, etc.

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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 could remembered my first Bitcoin purchase then, I never knew anything about Bitcoin then but my passion to be a holder made me to purchase it with the help of a friend before I starting learning about the market. I see nothing wrong if he want to be an holder but you will need to let him know some of the things he would put in consideration so that he would not lose his Bitcoin due to mistake.

There are lot of people that would want to buy Bitcoin and hold due to some things they might have heard about the market but for your own side clarity, you will have to learn him know some things that is necessary about how to send and receive Bitcoin which is good to go if he still considered buying Bitcoin.

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If I had enough money to buy bitcoin it would be ideal because it is the best investment for the future, if the majority of people who do not know anything about bitcoin are implanted with that thought, the price of bitcoin would be sky high, and without so many things , but since there are so many enemies of bitcoin, it is difficult to reach people, but that is their own fault for thinking like this, it is assumed that in government systems they do not like that everyone is millionaires, if you have the necessary conviction, it does not make You need to know a lot about bitcoin, just have the money to buy and that's it, because it will be enough to secure your life.

Hyphen(-)

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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 ?

Knowledge is very important in all aspects, not just Bitcoin investment, but if he can calm down and acquire some basic knowledge about Bitcoin and Blockchain Technology, he will have the main insight into how the blockchain works, and you will have less burden from him if anything goes wrong with the investment.

noorman0

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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.

ultrloa

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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 ?

Simple answer is no because you don't know what to do especially when crisis time happen. Newbie investors should always remember that there's always risk upon taking decision upon acquiring bitcoins since for sure their emotions will eat them and in the end they lose their money especially when they see the value of their holdings are melting due to market situation. Better invest for yourself first and learn basic knowledge about bitcoin since this is really a big help.

Other things will be learn thru experience so don't let yourself go unarmed with knowledge about cryptocurrency and bitcoin.

White pawn

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It is never safe to acquire bitcoin or anything else for that matter without having the minimum or the basic knowledge about what you want to acquire. Some would say it’s foolish even. That’s why the urgent need to do your own research pops up again.

I wouldn’t advise you to do anything for him. He’s basically asking you to run and manage his investments cause he doesn’t have the know how of how it goes. Perhaps you’re an investment manager, I don’t know.

It’s not wise to manage and perhaps hold his investments for him. That beats what bitcoin is all about. The ability to hold and have total control of your funds at all times.

Synchronice

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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's safe to buy without the basic knowledge because it's quite easy to register on exchange and buy a coin. It's especially easy if he has any experience with any trading platform or even with bank but the problem is that you shouldn't keep your coins on exchange because there is a high probability that he will lose them, especially after FTX accident some companies, including BlockFi and Crypto lender Genesis filed for bankruptcy.
He needs the knowledge of how to create a secure bitcoin wallet, how to protect his keys and how to store them safely. Once he has this knowledge, he can buy and store them safely. He can buy them even this time if he thinks that today is the right moment for future investment but at least get the rid of storing funds on exchange as soon as possible.

People who say here not your keys, not your coins, don't say to spam this forum. It's reality! A lesson that you should wish to not learn from your own mistake!

Rikafip

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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 might be wrong here, but it seems to me like you hyped him about bitcoin so naturally he wanted to invest and that was your first mistake - don't hype anyone about bitcoin. I am telling this because if you explained to him what Bitcoin is all about, he wouldn't even ask you to do this for him.

Also, since you talked to him about Bitcoin, you could have explained to him about ways to securely buy and store bitcoin instead just saying "Google it" because there's load of misinformation on the Internet and he could end up getting scammed.

xSkylarx

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The story is incomplete; for example, what happens if you have already purchased bitcoin? Is he getting the wallet? Or would it be left to you? What are the plans for it after buying it? Also, is his purpose to earn profit, or does he want to use it to transact online or pay something? If the goal is for him to profit, you should say no or any of the above instead of teaching him how to buy bitcoin and send and receive from it, give him links to read or watch. Lastly, you should say, "Don't trust me, as I might get that bitcoin," so he doesn't insist on doing it on your own.

Lucius

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Quote from: hatshepsut93 on January 29, 2023, 10:43:56 AM

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.

It seems that way, but there is still a chance for them to get out of this situation. Personally, I would try the approach of being honest and explaining to the neighbor that I do not want to be responsible for his money, and I would emphasize all the risks involved in such an investment. Another way would be to actually admit that I am also a fairly newbie who has read about all of this online, and that therefore I cannot help him with all of this.

What is important is to know that there is always a way out of every situation, you just need to know how to find it and then be ready to say and do everything to protect your interests. There is no doubt that it is easy to mess up, and much harder to clean up behind.

Leviathan.007

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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 ?

The short answer to that question is no, and that's not just about bitcoin, but it's the same with any other asset or any other thing you buy or sell. even if you are sure that by investing in bitcoin you can become rich person still you should not buy what you don't have enough knowledge about it, because if you do that there is always the risk of losing all you invested there because of lack of knowledge. So the best thing to do is to start researching bitcoin and get some knowledge before doing any investment there to lower the risk.

romero121

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Basic knowledge is very simple if you're technically skilled. You need to know how to keep your recovery phrases secure and how to buy cryptocurrencies. This will let you know better about cryptocurrencies when you start to observe the market often. More number of cryptocurrency applications are available and that makes every process easier. Among the third party service providers, there are trusted ones. If is our responsibility to find the trusted one and use it.

Ndabagi01

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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 ?

This is a huge risk that will ultimately lead to disappointment. If you profit from this, the profit goes to him because he owns the coin, and if you lose, the loss is blamed on you. So sit down and think it through to see if the odds are in your favor or against you. In general, it is recommended that one has knowledge of bitcoin in order to keep up with market changes. This will provide you with a better guide for your investment.

Cryptomultiplier

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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 ?

A wise person would have an idea/a knowledge even if it is in the slightest amount, before venturing into something as Bitcoin or into any business/trade in general. One can't just buy Bitcoin because others are doing so.
If the neighbour is willing to own some, that first indicates interest. You can study his attitude for sometime to know if he truly wants to know more or if he was just motivated at the moment, because you spoke beautifully on the subject.
Please teach him if he truly wants to learn, because we rise by lifting others, but give him research assignment which he must attempt on his own, guide him to a broker if possible, incase you don't want to get too involved for good reasons.

maydna

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I suggest not involving yourself in investing with other people. You can advise him to invest alone and keep his bitcoins in a safe place where only he knows about it. This is about how he wanted to learn how to secure his bitcoins so no one would know he had them. You can teach him or study with him so that both of you can have basic knowledge about bitcoin. Investing is a person's personal business, so he needs to know how to keep his investment safe.

uneng

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Some basic knowledge is essential and you can't use bitcoin or keep it safe without knowing it. Someone who isn't educated on the basic features of bitcoin and on the risks of crypto industry will inevitably end losing money to scammers by believing in fake investments' opportunities, sending their coins to wrong addresses, losing their personal keys or sharing it with other people, stucking transactions because proper fees weren't set... There are many mistakes newbies can commit, so it's advised they search for information and guidance before acquiring their first satoshis.

It's not that hard, though, and if you are a calm, attentive person you won't have any issues dealing with bitcoin.

Rigon

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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 buy Bitcoin even without basic knowledge about Bitcoin. Keeping it safe after purchase is most important. So for those who don't have basic knowledge about Bitcoin, I would suggest you first learn how to keep Bitcoin safe. Then get ready to buy and invest in Bitcoin. Invest for what the OP has given you. No one should ever do this. If you make a loss after investing yourself, you are not accountable to anyone. But if you make someone else's investment then you must be accountable after taking the loss. So no one should ever do such work.

Fivestar4everMVP

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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, I currently have some friends that are holding bitcoin that don't really have the basic knowledge, what I did was to help them create a Bitcoin wallet and hand over the seed or phrase of the wallet to them, and teach them how to keep that piece of information safe.
Then I help them purchase bitcoin from an exchange and move it into their wallet.
I know that it is actually risky, but I tell them my disclaimer which states I am not responsible for any loss which they have to angry before I go ahead and purchase bitcoin for them, I just let them know how important keeping their seed or phrase safe is, as who ever gets it gains access to their wallet and could possibly steal their bitcoin..
And so far, non of them have reported any issue of any kind, I am happy they are holding bitcoin and also learning about it at the same time.

alastantiger

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First off this is not a good idea. As you may have known bitcoin is very volatile assets. In fact, it is so volatile that about two weeks ago the price moved from 16000 dollars to 22000 dollars right now. And nobody knows what's next with it. Anything anyone is saying now, is mere speculation. Second, there is no rush to investing in Bitcoin it is better you are armed with the right knowledge that you jumping without the right knowledge not knowing what to expect and then you lose your investment. Like Gary Vee will always say macro patience micro speed.

teosanru

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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 ?

Yes it is absolutely safe to buy bitcoin without having the basic knowledge about it only make sure that you don't buy any other Cryptocurrency and also make sure that you learn basic knowledge about wallets and exchanges so that you do not get scammed this won't take more than an hour you can see any youtube video for help it'll be enough.

Oceat

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It's safe if you wanted to do it for him and also if you have all of the knowledge about cryptocurrency and investment.

But would you really wanted to do it on someone? It just means you have to spoon-feed them all the time. If that's me, I won't do it on their behalf even if they try to bribe me. They should find/hire someone that can handle all of their investment like a financial advisor.

In the end, it's not that hard to understand the basic knowledge of Bitcoin although, things might get complicated once they include the wallet including the security features and how to manage them to avoid getting hacked. They just need to read and that's it, they just need to put it on practice on how effective is for them.

Faisal2202

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Well after reading your post I can conclude that this is not a big problem if someone is giving you his money to invest in BTC or any other cryptography on behalf of him/her herself but the first you should deal with him on some points like only handle your money to invest if you do not seek to get back from me after i loss them in the market.

I can suggest you that if your neighbour is not a technical person then you can make any excuse if you want to, other wise bring him to some agreement you can give him the knowledge of vulnerability volatility and risk of investing money in btc blindly. If you are main concerns are to hold them for your neighbour for long term then its ok in my point of view otherwise it's your neighbour so you should now him better than me.

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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 wouldn't recommend you to accept it. I don't know what would happen if you accept it and it ended up in losses, what are they going to say because they just wanting you to invest for them. No matter if it's your neighbours or someone else, if it's involved with money then the risk is really high as they can turn around against you because of that stuff.

Just ask them to learn first before investing on Bitcoin for their own sake.

Frankolala

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It is impossible to have bitcoin without the knowledge or else the coins aren't yours,remember the slogan not your key,not your coin. Bitcoin is designed to be decentralized i.e it should be kept in a noncustodial wallet which you own the keys. If you don't have this knowledge,how will you keep your investment safe,after you have been hacked by someone you will end up saying that bitcoin is a scam. No,you caused it yourself because of lack of knowledge, you throw away your hard earned money. The bible says my people perish because of lack of knowledge.

Pls don't take responsibilities of other people, don't play the good neighbour who turned out to be a bad neighbour,because if something happens to his bitcoin, you will be the one to be held responsible. Tell him he needs to have a knowledge about his invest so that it can grow bigger

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.

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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.

tbct_mt2

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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.

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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)

tbct_mt2

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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.

If he want you to use his money on his behalf to buy bitcoin for him, if I was you, I would reject this offer.

Mistakes are not common but not so rare and you can make mistakes. What will you do if you make mistakes that cause a loss of his money and at the end, you won't have any bitcoin to give him?

Will you be ready to pick your own pocket to compensate him?

Mistakes can be typing inaccurate receiving address or was hacked unfortunately like this.

Accepting his offer to help him is so stupid, at least for you with risk I discussed.

Quote

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

If you are his tutor and introduced him about Bitcoin, you should answer it already because what he is experiencing is exactly what you did in the past.

Answer is simple, you should not invest in anything without basic knowledge. It's gamble, not invest if you spend money without knowing any basics.

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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).

Sakanwa

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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 ?

Topic: Is it safe to acquire Bitcoin without having the basic knowledge? (Read 920 times)