My friend's investment in Bitcoin - page 2.

Oilacris

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Quote from: Litzki1990 on May 20, 2023, 07:26:26 AM

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

Yes, it should really be balanced so that you wont really getting blamed on the time that the market would really be having some dip or correction on which it would be causing for his investment to deplete

down which as a noob then you would really be definitely be having those impulsive emotions which might be ending up on something about argue and quarrels in between just because you do give out those false hopes on making profits because you did really talk about only the positive and forgotten about its negative. Well he would definitely be finding out for himself about the reality on what
he had been dealing and be able to realize that this market isnt really only just for going upwards but rather it would really be a roller coaster ride of things.

Its always been that recommendable that it is really that better to explain about its pros and cons rather than on focusing that much when it comes into its pros because once
people would really be having that kind of trust and confidence because you did neglect out on telling the cons then most likely you would be blamed out later on.

Botnake

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Quote from: Bd officer on May 11, 2023, 11:06:56 AM

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.
Did I give my friend the right advice?

I guess what he invested is quite big for an initial investment. Even if he has earned enough from his job, it's still advisable to only invest at an amount he can manage to lose. But that is his decision, I just hope he'll be responsible whatever losses he will incur in the future. Don't worry OP, you have done your part well. At least he knows the risk before he invest.

nara1892

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Quote from: Litzki1990 on May 20, 2023, 07:26:26 AM

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

I think for the OP's thread this time he mentioned that the risk is clearly there even though it's not as clearly explained but the warning about the risk is still there.
But of course with that now it depends on the friend of the OP himself whether he really understands the risk itself or doesn't heed it because indeed when the warning is there and there is great interest then I think the friend from the OP will find out more about it.
But on the other hand, even though in this case it is very good, but for a beginner who doesn't really understand the conditions and immediately tries to invest $ 500 for the beginning, I think it really needs to be emphasized further and hopefully the OP understands the conditions because it is indirectly it becomes a solicitation when talking about bitcoin and our interlocutor is interested then the OP must also carry out conditions where he must try to remind more about this.

RewFrew

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Actually you did great. Firstly You told him about Bitcoin. And secondly you told about risk. I think No only motivation need to educate about It's Risk. Otherwise you will be defolder in future.

On the another side you ahould advice him to learn More about Crypto currency and mainly learn about Bitcoin. Without proper knowledge anyone cannot get profit from Bitcoin. For investment in Bitcoin firstly need Proper knowledge About Bitcoin.

Overall i support your job. You did great job.

Wend

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Quote from: Godlovesyou on May 20, 2023, 07:58:02 AM

Well, there nothing wrong showing your friend what you're into, but you know bitcoin investment is highly risky, I have made the same mistake of telling my friend to invest and when he loss his money, it seem to him as if am responsible for his loss or am indirectly aware how his money went to loss. So my kindy advise when telling people about bitcoin tell them to take enough time to learn first, when they learn and be satisfied to invest, at that point you're no longer responsible because the person knows what is fully involved.

I fully support you. Instead of giving someone advice or forcing them to make a hasty investment, we recommend they take the time to learn everything before making a final decision. With that, not only do we no longer have to bear the responsibility and worry for them, but they are also more secure with their choices because once they have knowledge, their beliefs are very solid. And as we all know, trust is very important when investing in bitcoin, a relatively new and volatile asset. Most of the people who lose when investing in bitcoin lack knowledge and don't have enough faith in bitcoin.

sokani

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It is a good thing that you told your friend about bitcoin because it is only when you truly love someone that you show them the path to light and educating your friend about Bitcoin is giving him financial freedom. But I hope you gave your friend all the necessary information about Bitcoin investment such as:
1. Bitcoin is a digital coin.
2. It is a volatile asset and the price fluctuates.
3. Bitcoin is not a ponzi or a get rich quick money scheme.
4. Patience is of great importance to become a Bitcoin investor.

cydrix

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Particularly at this time, investing $500 in bitcoin as a rookie is too. It is fine that you informed him about bitcoin, but you ought to have given him appropriate advice. There are many things that are lacking... He tried the Dollar Cost Average approach for what reason? What if he had only put down $50 as opposed to $500? Think about how he would react if his investment fell from $500 to $90 as opposed to $50 to $30. I hope my example makes my argument. Therefore, you still need to teach him.

Godlovesyou

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Well, there nothing wrong showing your friend what you're into, but you know bitcoin investment is highly risky, I have made the same mistake of telling my friend to invest and when he loss his money, it seem to him as if am responsible for his loss or am indirectly aware how his money went to loss. So my kindy advise when telling people about bitcoin tell them to take enough time to learn first, when they learn and be satisfied to invest, at that point you're no longer responsible because the person knows what is fully involved.

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Quote from: Litzki1990 on May 20, 2023, 07:26:26 AM

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

OP mentioned risk, but I bet he's just more profit focused, and that friend will also be asking more about profit than risk. Most newbies will have the mentality of hearing about profits and rush to invest without any knowledge. OP, I'm not like a lot of people here, I really disagree because your friend doesn't have the knowledge to invest in bitcoin.

Litzki1990

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I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

Zilon

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Quote from: Bd officer on May 11, 2023, 11:06:56 AM

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.
Did I give my friend the right advice?

As long has you also mentioned the risk involved in investing in Bitcoin you gave a very good advice to your friend. But hope you mentioned the your friend never to trust any exchange with his coin. Remember not your keys , not your coin. Always tell your friends to choose cold wallets, preferably hardware wallet.

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Quote from: AnonBitCoiner on May 18, 2023, 10:20:58 AM

You make his concept about the bitcoin but you should also tell him about the strategies to overcome his losses and should tell him about the holding up to many years so it will be more suitable for him to get the point easily.

I think your friend make one mistake that he just heard you but don't investigate more about it so this implies that what he will hear he will accept it whether its wrong or right and one another big mistakes is that your friend have no experience and no such a high knowledge about the crypto industry and put huge money into it.

You do the better thing to tell him about the risk but he should investigate more and should start by using little money, yes it's true that he earning maximum income but spend it Wisely is also important.

In my opinion, both were too hasty when investing with simple advice. OP's friend didn't do any research and decided to invest in a hurry, even the investment amount is more than his salary, I'm really worried for him. As for the OP, he didn't stop his friend from investing, and after it was all over, he needed our advice. In that case, I will pass on what I know to my friend and help him learn all the basics of the market before he puts money into bitcoin. That way, not only will they not blame us, but it will also be better for his investment. Personally, I only invest when I have knowledge about it, not investing according to someone's advice.

xSkylarx

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Let's just hope that your friend is not of the same mindset as others who blame those who teach them or introduce them to bitcoin and are confidently trying it because they think that it is an easy profit or because they just invested in ponzi. It was really good advice, but you also told him that it is better to hold it for a few years. No matter if he just invested $500, he should add more of it, like getting around $20 on his salary.

Velemir Sava

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You've given evidence-worthy advice that he didn't just ask but did so by going in and investing $500 in Bitcoins. regarding your risk has also provided a fairly clear picture. I think he made a mistake otherwise you can't say he has lost the profit I think he must come and tell me also why he is like that.

Crptomagma

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You have done well by talking your friend into Bitcoin investment, it is a nice move in the sense that it helps to build the Bitcoin community. But on the other hand your friend needs deep understanding and knowledge about Bitcoin I understand you told him about the profit and lose but then it is not enough he needs a deeper knowledge for him to excel more in Bitcoin world.

AnonBitCoiner

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You make his concept about the bitcoin but you should also tell him about the strategies to overcome his losses and should tell him about the holding up to many years so it will be more suitable for him to get the point easily.

I think your friend make one mistake that he just heard you but don't investigate more about it so this implies that what he will hear he will accept it whether its wrong or right and one another big mistakes is that your friend have no experience and no such a high knowledge about the crypto industry and put huge money into it.

You do the better thing to tell him about the risk but he should investigate more and should start by using little money, yes it's true that he earning maximum income but spend it Wisely is also important.

Bitcoin_people

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Of course, you did a good job teaching a person about Bitcoin. Since you gave your friend some idea about Bitcoin investment, he may have gained special knowledge about Bitcoin later on. But you told your friend that you were not interested in investing in bitcoins yet your friend invested. This suggests that your friend may have had some idea about Bitcoin before, which is why he invested his money as soon as you told him. But be sure to warn your friend that the Bitcoin market is not always stable. So that you don't get impatient if you lose it, but you have to be patient for a long time by investing in Bitcoin.

Finestream

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Quote from: uneng on May 12, 2023, 10:32:07 AM

Quote from: Bd officer on May 11, 2023, 11:06:56 AM

I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.
Did I give my friend the right advice?

By your report I think you did the right thing. You explained about the risks of losing money when investing in BTC, due to the volatility of the market, right? And aware about the risks, your friend still wished to invest in Bitcoin, so he made his own decision, and from that moment on, all the responsability was on his shoulders. You were simply a source of information and knowledge for him, even if in a very basic proportion.

Now he has to seek for more knowledge by himself on his own. That is the natural course of the journey of every Bitcoin adopters. We are firstly introduced by someone, but as soon as the introduction is over, we have to walk by ourselves. Mistakes are part of the process, and in case your friend commit any, you shouldn't feel guilty about that, if you gave him the right advice!

Yes, I can see that OP has done his part in informing his friend about the risk of bitcoin, but knowing his friend still invested on bitcoin, then probably his friend had really seen the potentials of bitcoin especially if it’s invested for long term. And most likely, he made a thorough research first in bitcoin before he came up with his final decision to invest and trust bitcoin with its process. If ever he commit mistakes and losses while investing, at least he’ll be responsible of his own action, and not to put the blame on OP’s shoulders just because the initial information was from him.

Maslate

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Quote from: Distinctin on May 15, 2023, 07:04:13 AM

Quote from: worle1bm on May 14, 2023, 08:27:35 AM

I think if he is aware about risk and how market reacts to different conditions then it's all right but just want to ask that whether this amount is too big for him? As you said his salary is $400 and he invested $500 in btc which sounds big for him so you should also tell him invest savings but also have in mind the rule invest what you can afford to loose.You should also tell him not to panic in small dips and beleive in long term holding if we wants actual returns.

That’s also my concern the first time I heard the story. However, I’ve come to realized that maybe he has been earning that $500 for quite couple of months so it’s still considered as his spare money that he can afford to lose once his investment fails. But as long as he’s aware the high risk that comes along with bitcoin investment, then that’s fine. What’s important is he knows his investment well and if ever he won’t be profitable on his first attempt, he won’t just quit easily but continue to invest for long term.

Well, hopefully that is truly the case here because investing a $500 is already considered as huge some for someone with a $400 income per month. Nonetheless, we are not that sure because the OP didn't specify either if that $500 was just a spare money or not, but I seriously hope that it's really a spare where there's no quarrel if everything goes sideways and that the OP's friend knows the risks when it comes to investing crypto where volatility is much higher compared to other fields.

BVeyron

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Quote from: Bd officer on May 11, 2023, 11:06:56 AM

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.
Did I give my friend the right advice?

I think it's ok! If he has no loans, then approximately a month salary is a good sum for investment. As for benefits... I think if it's BTC, not altcoins, then it will be beneficial in long term. The risks of fiat inflation now are so high that even just holding dollars or other fiat is a risky investment.

Topic: My friend's investment in Bitcoin - page 2. (Read 953 times)