Topic: My friend interested in investing in BTC but the friend's father does not agree (Read 606 times)

Bitcoin is a decentralized currency. If you don't leave a footprint, the government or any entity will never be able to find out that you own them. If you can keep it how it's meant to be kept, it will be untraceable. But when it comes down to have effect on the job, better not do that. From the given information, your friend is a newbie when it comes to Bitcoin. So there's no guarantee that he will be able to take the right decision and make profits. Jumping right into it is a bad decision. And as mentioned that his father is worried about his job, worst case scenario, he will lose his job, will be sent to jail, charged money for the illegal activity, and in the end, he might lose all his investment too.
So it is better to avoid investing in Bitcoin if the risk is too high. Although it is a personal choice, the best you can do now is to advise him the risks involved in this. Or tell him to learn more about Bitcoin before joining the platform and methods he should learn to safeguard his assets.

If you have jobs, you have salary and money, you get them by yourself, you don't have to stop your interest in investment with either Bitcoin or other assets. You can do it because it's your money and you are free to use it as well as take risk with it.

Listening to opinion, advice of others is good but you should not let their opinion, advice affect you too much if you think they are not right.

You should always use self custody wallets to secure your coins. Because if you use exchange accounts to store your coins, you can lose your coins.

It is basic and does not relate to legal status of cryptocurrency in your nation.

@Op
Since bitcoin is illegal in your country I would say more attention should be given to jobs. However, if you can invest some part of the extra money every month, it will definitely be a good thing. Because investing in the present can change your life in the future. Because to keep this investment safe in illegal countries it is important to use a secure wallet like Electrum wallet, Safepal, which is a reverse plan of hardware wallet. I think it's much better to be involved with Bitcoin in a well-planned way because of the anonymity.

Although the safest anonymous method was suggested to his friend, I was worried that his friend could not maintain his privacy due to negligence in managing crypto assets or he unknowingly made an unexpected mistake because a transaction history was found from an exchange account to his bank account.

If his friend is interested in investing/trading crypto, then he must find a trusted friend who can manage his crypto assets for the long term, because he has a status of employment with the government, he must be clean from any violations of the law because it will result in fatal sanctions of dismissal and as much as possible he does not have transaction history about crypto on his account.

I cannot blame the father of this friend because what I see from his words is that he is ignorant of everything about Bitcoin despite his noticeable fear for the money of his son, who wants to invest in Bitcoin. First, what he said about investing in Bitcoin, the government will ban it, and he will face problems in his job; this is wrong because there are many ways to make a person completely anonymous in this arena, and it is complicated to reveal his identity, as thousands of people invest in bitcoin in countries that prohibit bitcoin and crypto in their laws, and things are going well. Because if a person does not deal with CEX platforms and did not provide his documents and sensitive information to anyone or any centralized platform, how will they recognize him, since the blockchain technology also maintains privacy? Do not force him to invest in Bitcoin, but advise him to gain experience and get acquainted with all aspects of this investment first because it is fraught with risks if the person is a beginner and his experience is limited, and he must be discreet and not declare that he will invest in Bitcoin to anyone, no matter who is him.

Your friend understands and has seen the potential of Bitcoin you cannot take that interest and motivation to invest I'm sure since he understands the situation and has received advice on the risk of losing his job he knows what he is doing, there's no need of further advice.

You can only support him and kept his secret that he is investing in Bitcoin, your friend did the right thing although it's very risky but he understands that he doesn't want to live all his life stuck to a 9 to 5 job and with Bitcoin he has the opportunity to get out of it.

If your friend's father is not interested in providing money to invest in Bitcoin, it is best for your friend to explore other ways to generate income and save for investments independently. He should get a job or join online gigs, which can be a great way to earn money and have the freedom to invest as he wishes. While doing so, your friend can continue to educate his father about the benefits of Bitcoin and its potential impact. Sharing positive information for wealth preservation can help his father understand the value proposition of cryptocurrencies.

I suppose it's totally not a good idea for him to invest into BTC. The money is a temporary thing, while good relations with family cost everything we have in this life. It would be the source of regrets for him, even if he gets much money (which BTW requires an extremely rare luckiness in case of cryptotrading). Moreover, illegal status of cryptocurrencies in your country is one more reason to avoid such investments.

It is difficult to imagine a person who takes a seat in the government and listens to his father's prohibitions, but there is common sense here, if a civil servant violates the laws, then of course he will need to be fired if his violations are found.

There is probably always a way to do it anonymously if it is so necessary, but as far as I know, people from the government already live very well, they have a good salary, connections, position in society, and this even without bitcoin can give them a comfortable existence, therefore, you need to think several times before taking these risks.

In this case he is also a government employee, and all his sources of income depend on it. So the risk that bitcoin brings to him is twice as great as the average person. I don't think it was a wise decision for him to invest in bitcoin. After all, investing in bitcoin is just a side income, it cannot become anyone's primary source of income because there is no guarantee that investing in it will return 100%.

Since you and your friend live in the same country where Bitcoin is banned, it is possible to invest in Bitcoin from a country where Bitcoin is banned, in which case your friend needs to invest in Bitcoin anonymously. Also if your friend's father is worried about your friend's career then it is good and logical advice to prevent your friend from investing in bitcoins. Also, since your friend is interested and wants to invest in Bitcoin, you should present your friend with the risks of investing. Because every investment has risk and if he can handle that risk then he can invest in Bitcoin.

These type of stuff should be for very young people, at certain age it doesn't really matter. Maybe its a cultural thing, maybe even in further ages you listen to what your father tells you in some cultures, but in our culture even though you do respect your father until the end as it should be, we don't really ask our fathers what to do with our money, we earn it so we invest it ourselves without asking anyone (well aside from the wife lol). So in the end, when you grow up a bit, you do whatever you want to do without asking your father, if not then there is no way to do it, convincing the father is not the issue, not needing to convince the father should be the aim, that would make it a lot better for the friend.

In this current situation we must wait for the good days of using Cryptocurrency. And I believe good news regarding using Bitcoin will come soon. As a citizen we must follow our country rules first and we should not force to involve someone new to invest in Bitcoin. Because now a days Mobile Banking Service NAGAD is broadcasting that any crypto holding, crypto transections or involved in cryptocurrency is a crime. So I think we should wait for better days. Now it's better to be far from involving others and we also should use Bitcoin safely. That will be the best idea.

Firstly, it's important to acknowledge that investing in Bitcoin or any other cryptocurrency involves certain risks. The volatile nature of the crypto market means that prices can fluctuate dramatically, and there is always a possibility of financial loss.

I would suggest exercising caution and considering the potential consequences. As he hold a government job, it is crucial to prioritize the stability and security of his employment. Any activity that is explicitly prohibited by the government can jeopardize his professional standing and lead to severe penalties.

If he decide to invest in Bitcoin despite these concerns, I would strongly advise taking certain precautions. Here are a few recommendations:

1. Education : Before making any investment, thoroughly research and understand the risks involved with cryptocurrencies. He should learn about blockchain technology, the fundamentals of Bitcoin, and the factors that influence its value.

2. Maintain privacy: Be mindful of actions and ensure that investment activities do not become public knowledge, especially within his workplace. Take steps to protect his identity and avoid discussing investments with colleagues or on public forums.

4. Diversify portfolio: Instead of investing solely in Bitcoin, consider diversifying investment portfolio to mitigate risks. Explore other traditional investment options that align with risk appetite and financial goals.

Ultimately, the decision to invest in Bitcoin or any other cryptocurrency lies with him. However, it is crucial to weigh the potential benefits against the legal and professional risks involved. His job security and compliance with government regulations should be of utmost importance.

Thanks !!

To begin, I would suggest emphasizing the importance of focusing more on his job. As he is already established, he has the opportunity to invest in Bitcoin as a result of his work. Investing in Bitcoin will not interfere with his job responsibilities, as it simply involves buying and storing it in a secure wallet. Considering the current situation, he can allocate a portion of his savings each month to gradually acquire Bitcoin. It's important to note that investing in Bitcoin should be seen as an additional investment due to its high volatility. This way, he can mitigate risks and ensure that he doesn't have to sell his holdings in case of emergency situations.

I would choose a government job instead of investing in bitcoin because I have a family and small children. I don't want to be caught and ruin my child's future because of my fleeting desires. Above all, investing in bitcoin does not guarantee that we will get rich from it and be financially free with it. While with the government job, I will definitely earn more money.

then let him be , Bitcoin is for the future and yes your friend has a guts to take that risk and indeed banning is not permanent so what about the banning lifted in the future?

INVEST IN BITCOIN NO MATTER WHAT because we knew that there will be a great things to come for all of bitcoin supporters    lol .

Up to this point, you must understand the risks. You are involved in this space actually violate, and if you teach your friends then it means you make the network of violators wider.


Aren't you already halfway through guiding your friend? Your decision depends on two considerations, you care about the solidarity of your friendship, so continue this guidance. Or you care about the law then stop here.

You like to get into trouble. Don't give financial advice to anyone unless you are extremely confident and are asked on your knees. You were wrong to talk to them about bitcoin and now you want to fix it? In a country where it is forbidden and he can suffer penalties as well as being fired from a good job for it, buying bitcoin is a high risk, which if he does it for ideology, to contribute to a better world, I could still understand, but if it is to get rich, and he already has a wealthy situation, he is playing with fire.

Mate , why need to bother for everything when it is clearly says in your post the reason about this issue as your friend is a government  employee so how can you expect Him to invest in something illegal? this not only risking His Job and only will ruin His life.

I am not against investing in bitcoin specially those from countries that has Banning this coin but at least I respect their belief and caring  about their lives.