Topic: My friend interested in investing in BTC but the friend's father does not agree - page 5. (Read 606 times)

I live in a country that prohibits Bitcoin and Altcoin trading and violating it will incur a fine, but here I still trade and invest in Bitcoin. I won't be afraid if the police approach me, because I think the transactions I make are still reasonable and I don't use Bitcoin for other purposes, only for trade and investment. so I think it's safe.

so as long as you only trade and invest in Bitcoin it doesn't matter, even when your country prohibits it, because you have done nothing wrong, unless you use it for criminal purposes, it is wrong. that's why many people still trade and invest in Bitcoin in China even though Bitcoin is banned there, because they haven't committed any criminal acts and the police are too tired to take action against them.

you should make him rethink the decision he is going to make and make sure that he understands the amount of risk he is going to take if he ever decides to invest in Bitcoin while being in your country. Investing in Bitcoin, he isn't just risking losing money but also risking his job and getting fined if caught by the authorities. I fully understand why the father is against it.

I think he should listen to Dad. If your friend is still dependent on his parents and informs them about his every step, then you should not break the law. You can guess that his parents are very law-abiding people.
I wonder if you, as a friend who breaks the law in your own country, do not arouse his suspicions. If he works as a civil servant, he must choose between friendship and work, reporting to the authorities.
But seriously, why is your friend, who seems to be old enough, consulting with you? Can't he read? The best thing you can do for him is to bring him to the forum and let him understand and figure out how and why he needs Bitcoin and whether he should break the laws of the country.

If Bitcoin is illegal on your country with sever penalties then what’s the sense on investing on Bitcoin if you can’t use it freely? I mean you can’t convert, transact or purchase using it since P2P will be very dangerous for both party because a police can disguise buyer and seller to entrap you.

Your friend is already earning decent money from his job salary. I doubt choosing a risky path will be a better choice here instead of doing what he is currently doing right now.

If holding bitcoin is officially banned by a government then I should not suggest you to trade bitcoin because it may lead to legal consequences as well as he may lose his job. But if he still interested in the potential of Bitcoin's future then he can become HODLer and there are platforms like BISQ which is completely decentralized and non KYC p2p so you won't connect your identity while buying bitcoin from there.

Your friends need to learn about privacy, he need to use Tor to browse anything related to Bitcoin because using local ISP or VPN will track your friend real location. He must avoid any centralized exchange and only use Bisq to trade. The best way to store his Bitcoin is using cold storage created by himself, he can use Electrum. It's not a good way to buy a hardware wallet since he will get a problem when the expedition report his package.

He also need to avoid talking about Bitcoin to his family especially his father.

I don't think there is a need for your friend to worry about investing while working because he never spends much time on Bitcoin as a simple glance into his account and the market is enough. In fact, it will just consume a few minutes and it was done, and even if he's been trading, still okay how much more if he is just buying Bitcoin and holding it.

But this gonna have to say to your friend, told him to do more research and analyzed his situation before investing.

Don't force your friends to invest in bitcoin and any crypto if your country doesn't legalize it. Ask him to invest in other assets that can potentially provide him with returns - that includes gold and property for example.

You don't have to take responsibility for other people's investment plans, including your friend's - but you can suggest a few things if it could potentially cost your friend financially or otherwise, such as losing a job. You can't expect your friends to be able to stand up to the government when they ban all of you from investing in it.

This is his choice. But we must take into account that he violates the law and if he is caught, then he will probably lose his job, allowances and suffer punishment. While it is not certain that the money he invests in bitcoin will bring more money in the future. He can become a rich man, or he can lose everything. If this activity is prohibited in your country, then no one should have known about it, including his father or anyone else. Very high price. Good work should be valued. It's still not clear what you mean by "severe penalties"

Don't ever make the mistake of advising someone to quit his job jist because he's investing on bitcoin, bitcoin is not a monthly or weekly salary scheme you can guarantee him, you can advise him to learn bitcoin and know about it but let the final decision on this be from his own end, it is better to stay yourself clear off any form of trouble that might come through this later in life which may result in you both having a misunderstanding through the advice you had given, let him know that bitcoin is volatile and rises and falls, let him sort out any family issue he's having with his father alone, it's not on every issues you can be found responsible for someone.

Bitcoin does not take attention away from his job, it's just the potential issues of handling a banned asset especially while working in the government that banned it.
You don't bear the investment risk so you cannot ask your friend to invest or not, you can only give your opinion; Mine is that if the risk surpasses the potential return, then it's not worth it. It's very possible for someone to hold Bitcoin while maintaining their pseudoanonymity, but your friend might not be that experienced.

If BTC is truly banned in your country and it is illegal to have it, then the safest advice to give is not to use it. BTC is permissionless and your friend can probably use it secretly, but i don't think the risk would be worth it if he is caught, it is up to your friend to decide if he is up for the risk; but he has to avoid any centralized crypto service and buy only through p2p exchanges or in-person trades.

I will mention some things for everyone which is very important and based on your suggestions I will suggest my friend to invest on Bitcoin or prohibit not to invest on Bitcoin.
We were some friends passed higher secondary in 2019, among them one of my close friend who is in govt job but he is not into Bitcoin even he has no idea about this forum.
An important thing to tell you is that in the country we live in, all types of cryptocurrencies including Bitcoin are officially banned and anyone involved in illegal transactions is subject to severe penalties.
As my friend works in government job and gets a good amount of salary with various bonuses and allowances at the end of the month and has quite a good amount of money left over after expenses. When I gave a positive idea about the present and future of Bitcoin, the friend showed great interest in Bitcoin and expressed interest that he would invest a certain part of his salary in Bitcoin at the end of the month.
But when the friend's father found out about this, he forbade him to invest in bitcoins and later predicted that he would be banned by the government and that he would have problems with his job. Yes but it is true that there is a possibility of loss if the government staff comes to know about this investment during government office.

But my friend is not listening and instead he will invest on Bitcoin. I don't know what kind of suggestion I should make to my friend in such a situation. Should I ask my friend to invest in Bitcoin? Or ask to pay more attention to his job?