Topic: My friend interested in investing in BTC but the friend's father does not agree - page 3. (Read 606 times)

I believe from the first time that you guys have made a mistake. How could your friend tell his father that he wanted to invest half of his salary into a bitcoin? Is he still a daddy's boy considering that he already works for the government? If so, investing in BTC won't interfere with his job, and if he is discreet enough to keep his secret about how he earns money in addition to working for the government, it won't be a big deal.

Since your friend is interested in investing then he can invest in bitcoin if he wants but first of all you advise your friend to spend as much time as possible behind this investment besides his job without risking his job investing in bitcoin because investment never guarantees profit. No matter where you invest you are never guaranteed a profit. If your friend quits his job and invests in Bitcoin, he may find it difficult to lead a normal life later because the investment is not immediately profitable and has to wait for a long time. The job usually requires 8 to 12 hours of duty and the rest of the time is for adequate investment. So you advise him not to take any decision about leaving the job.

I forgot to add this to my comments. Indeed, I am quite confident that it is only a matter of time before his government lifts the bitcoin ban. Because many years ago, many countries had a negative view of bitcoin, now they have a more friendly view and have gradually accepted bitcoin to a certain extent. Bitcoin and cryptocurrencies are inevitable, governments can't ignore them forever, and they will soon accept them, then, it's not too late for him to pursue bitcoin. It's never too late to invest in bitcoin.

You know if your friend is really into Bitcoin and he's really interested he would find a way to invest without having a problem, let's be real even some banned sites in our country we always find a way to use it for example pirating movies which is literally illegal but some people still use it. And I think it could be compare to Bitcoin since it's banned to their country. Of course his father would not allow him as the Bitcoin is banned plus the tendency of his father not knowing the complicated information about BTC and might know the risk of it. He might asked his father for advice but if I were your friend knowing this circumstances, I wouldn't even let anyone know I'm involve to BTC.

the decision is indeed in the hands of your friend.

I think you shouldn't make him quit his job, because I think your friend already has a regular income every month, and investing in BTC doesn't necessarily make money every month because investing in BTC is very risky and BTC investment will be better for the long term.

However, if a person is well educated and highly knowledgeable about Bitcoin, he will be interested in investing. Since your friend is not very knowledgeable about Bitcoin and you told him a little bit about Bitcoin that made him interested. Maybe your friend has a job and is struggling to meet his family expenses, so he heard about Bitcoin and thought of investing in it. Your friend may have thought of getting rich in no time by investing. But when he told his father about the investment, he might have given up fearing losing money. But if you can educate your friend and his father well about the volatility of the Bitcoin market, they will definitely invest.

Bitcoin transactions are prohibited in the country you live in, which is officially a legal offense. And if the administration finds out about Bitcoin transactions, you will have to face various difficulties. And it is very unlikely that a new investor will ever make a profit in the first place. So I would suggest your friend to get better knowledge about Bitcoin and all the volatility of the market. Later he thought about investing in Bitcoin, and now that he has a job it is more important to focus on his job. and when he can gain good knowledge about Bitcoin! Then it would be better to save some money from his job salary and later invest that money in Bitcoin.

My friend's father is a retired school teacher and has great respect for the law. My friend's father is afraid that his son's career could be damaged if the Bitcoin investment gets out and there is any legal trouble. With these things in mind, my friend's father won't let him invest in Bitcoin. But my friend is very careful about the law and he will invest on Bitcoin. But if he can protect the privacy, there will be no legal trouble.

Give respect to father, because he is the one who cared you throughout and made you reach the position working in a government job. People don't easily understand the concept and the market behind the term cryptocurrency. It will take time, but try to convince. When you find this is no more gonna get positive result the best choice is to buy him little bitcoin and store in a wallet on his phone and ask him to have a watch on the variation happening. Surely he'll realise the need as well S understand well about the technology that can make change in the financial system.

Well, a good citizen of a country is always law-abiding, but when it concerns Bitcoin dealings, some citizens become stubborn because they know the future benefits they can get from Bitcoin investment (pardon me, I said something like this yesterday). So, the ban on Bitcoin might be harsh in your country, but like I always say, everything should be done with a good application of knowledge. You will ask, "What do I mean?" Bitcoin investment is not like gold, where you will need anyone to hold it for you; it's not even any kind of investment where you will need to sign some documents under any authority. If your friend really wishes to buy bitcoin, first let him buy those bitcoins from a decentralized exchange; he should avoid a centralized exchange, which will require him to pass KYC and even save his IP address. Secondly, let him download the Electrum wallet and use it to store his coins; he can even uninstall the wallet after generating it and copying down his wallet phrase on paper. He should duplicate the wallet phrase in four places and keep it in a safe location that will leave no trace. Then he can just save his public wallet someplace so that any time he buys Bitcoin, he will just send it to the wallet. If he's doing this, it should only be in a place where he's alone, preferably at night. The investment information should not be communicated to anyone unless you and him for the main time.

Also, if your friend thinks that without the job, he will suffer, then obedience is better than being stubborn, for the consequences can be very hurtful.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

These are 2 strong reasons to stop his investment. Although he is safe now because the government doesn't know it yet, how if the government knows it? He probably gets a trouble with the law and he also may be fired from the job. He also must regret it since he doesn't follow his father's suggestion. So, if I were him, I will stop my investment. Of course, it is very sad to lose the chance of investing in a potential asset such as Bitcoin. However, the safety of someone is more priority than potential profits.

OP, can I know the detail of the ban on crypto in your country. Does the government ban every activity related to crypto? Or do they only ban crypto as a payment tool? If the government only bans it as a payment tool, it is okay to utilize Bitcoin as a digital asset.

if it is clear that Bitcoin is prohibited in your place and is an illegal activity then it will be very risky for the work of your friends who already have established positions in the government. remind your friends that Bitcoin is not the only investment asset, there are still many investment assets that can be taken, of course, investment assets that are considered legal where you live. risking a stable job is not worth it in my opinion if he is found to be an offender and eventually gets fired from his job.
but if he insists on continuing to invest and taking existing risks then you must continue to guide him as you do, like it or not you are actually involved with the decisions he makes.

Actually, it's his father's advice I men it wasn't really bad advice since we know cryptocurrency as a risky investment I think if bitcoin or cryptocurrency is banned in your country it's probably a good idea not to invest since you might get in trouble investing unless you actually know what you're doing and know how you can access hide everything.

Yes, We believed in Bitcoin technology, and we believed that Bitcoin is a great investment but it's not for everyone you can't just buy Bitcoin without considering a lot of things. I mean maybe you could have intensive research first on your country's law and find a loophole in it. There are surely some ways to it but it's still not a great idea just for investment, he's just a newbie so just make sure to not get him in trouble just because you wanted to share Bitcoin with him that wasn't a good idea, its better not to invest on Bitcoin if your gonna get in trouble with the authorities.

So if he's getting the money from his father who is not interested, no need to force them to invest. Your friend should start doing some gigs online or if he's young enough to get an actual job, go for it and invest out of it. And meanwhile, keep telling his father about the benefits of Bitcoin and what decentralization is and how it's saving people in country where the inflation is sky rocketing. Good Luck!

In my opinion this is a very clear case, cryptocurrencies are banned on the country where you are living, now if you already bought bitcoin when it was legal then you could just wait until it was legal again to sell it or do whatever you want with it, but there is no point for your friend in risking his job and his future over bitcoin, he should just respect the law and patiently wait until the government of their country changes their mind about bitcoin and this market.

Many government employees today are even breaking the law. If he just wants to violate using Bitcoin or investing it can be done in a hidden way.
But a country that completely bans Bitcoin is a country that cannot accept technological progress.

If it is really prohibited to the point of causing his main job to be a threat, then it will be a longer problem.
Choose the main job first if Bitcoin Investment will threaten the main job.

What I know is that countries that ban Bitcoin completely are the only countries that do not want to accept technological advances from outside.
I who live in the country of Indonesia also have rules for using cryptocurrency.
Regulations are set only as commodity assets and are not allowed to be used as legal tender to replace Fiat.

Consistently collecting Bitcoin or doing DCA with your monthly salary is even better.
In the long run, it will provide returns that will surprise anyone.
4-5 years may be enough time to reach the new ATh and it will likely be higher than the current price.

Given that I cannot advise your friend on what to do and I can also said  you should not advise him whether to invest or not in bitcoin to avoid any other blame that will be on you when the market turn up side down, all you need to do is do your best to educate him about bitcoin  and the risk behind Bitcoin investment and everything he needs to know before investing his money in it, such as how the market works, what bitcoin investment is, and so on.
 
I take bitcoin investment as a side job rather than just the work I will do, once I invest, I only need to manage the private key and do other necessary tasks to keep my coin safe. However, bitcoin investment cannot make your friend stop paying attention to his job; your friend can invest the amount of money he wishes to and continue his job.

Thank you and I think you are one of the few people who share my line of thoughts to this discussion because I don't see what the issues are in this case since the op friend is working and earning a good salary, nothing to him from holding a few of tthat throwaway moneyin bitcoin and be consistent with that for some time to be able to accumulate enough bitcoin in the long run, this will change the face of things and the father will thank the son for taking such a wonderful decision give it 4-5 year's ahead.

I agree. This is really a risky decision for your friend. He can be successful with bitcoin investment later on but if that would mean losing his stable job, I don’t think it’s reasonable enough. He should still chose his job over bitcoin especially that bitcoin is currently banned in your country. However, he can wait for the right time to invest and that is when your country will lift their ban on bitcoin. I guess it’s highly possible especially that most countries these days have been more open minded about bitcoin and crypto. Tell him to be more patient instead.

Probably a Muslim country like Bangladesh, Afghanistan... This would explain the authority his father has over him. In Western countries even if the use of bitcoin was restricted young men would not have to ask their parents if they can spend their on money on an investment of their choice.


As a government worker, unfortunately he should obey the laws, or risk getting fired. It's either government job or the life of disobedience and libertarian freedom

While privacy is a valid consideration for every cryptocurrency user, it is essential to comply with your country's laws and regulations. Using secure tools to browse the internet can help promote privacy, but it's important to use them responsibly and within the law. When it comes to storing bitcoins, using a secure wallet is very important. Hardware wallets, such as those offered by reputable manufacturers, are generally considered a safe option. However, it's important to follow the right security protocols when using any storage method and understand the risks associated with homemade cold storage solutions.