My friend's investment in Bitcoin - page 3.

Gladitorcomeback

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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 appreciated your comments and directions that are given. Although anyone has right for dissenting point of view and reservations that how I can invest. You should also told him that "do you own research'' because Bitcoin will give him guaranteed profit and he should manage risk also so that he does not get the wrong guide.

Whenever i told any new friend about btc then first i told him the the interestes history of BTC start and other information that Bitcoin transactions are verified by network nodes through cryptography and recorded. Bitcoin trading offers several potential advantages, often referred to as "plus points." Its value is highly volatile, meaning that it can fluctuate rapidly in short periods of time. This is due to a variety of factors such as market demand, supply, and regulatory changes. Its high profit potential, liquidity, security and variety make it unique amongst the other networks but the same time it's price can go down if any uncertain happen or any bad news comes in market so that he doesn't invest other than he afford to lose.

Sidra101

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For your friend to invest in bitcoin as far as early 2009, that must have been a big success till date.

Distinctin

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Quote from: worle1bm on May 14, 2023, 09:27:35 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.

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Quote from: flyingcarpet on May 14, 2023, 04:51:58 PM

Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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?

It is a very good thing to recommend him to invest in Bitcoin. After investing, he also needs to know how to protect his investment. Which exchange did he use, is there any information about any wallet? One of the best favors you can do for your friend might be to introduce him to this forum. I recommend this to you.

Protection of his asset using a secure wallet to avoid hack and enlightening him not to mistakenly reveal his seed phrase are some important ways of protecting his investment though he never disclose where he invested his Bitcoin whether it is in an exchange or wallet nevertheless the credibility and trustworthiness of both is very important for protection of his investment, I think after he introduced Bitcoin to him the guy made more research and enquires to get first hand information about Bitcoin before he invested $500 and obviously this is the right time for such an investment for a long term perspective which will guarantee him some profits.

Pandu Geddon

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Quote from: DiMarxist on May 14, 2023, 05:06:12 PM

Mention the importance, and explaining the potential risks of Bitcoin investment and emphasizing the need for secure storage. Informed him this too how to protect his private key, the best wallet to save, how to avoid some untrusted sites and links from unknown sources. Tell him don't click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds. Convincing people to invest in bitcoin is not good, because whatever that happened with the investment he would be hold responsible because of the convinced.

making sure to choose a Bitcoin asset to choose from is not a bad thing. but forcing someone to invest is the problem when we don't explain everything well.
the understanding of a beginner will be different when we see that they see success in investing in Bitcoin. they will see it is very easy to do and they can do it too. make sure every beginner knows the risks and they make their own choice.

Mame89

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

Did I give my friend the right advice?

In essence, as a trader you have to think carefully, everyone is responsible for their respective investment decisions. Here your steps are correct, you have explained objective information and about the risks when investing in bitcoin to your friends. it has helped your friend to make the right decision when he invests in bitcoin. If he loses on investing, you don't need to feel burdened or feel guilty. because he has done the right thing, the rest he has to manage his own finances.

However, it's even better when you give information to friends, you have to be careful about giving investment advice or influencing people to invest in bitcoin. If he doesn't understand completely, you must accompany him. If the price drops, don't sell it immediately. Because not only knowledge is needed when investing. but it is also important that we must be able to control our emotions when investing.

Kasabus

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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?

You are great in here. You have made him aware that bitcoin investment is not just all about profits but losses as well. And since he invested on it, it only means that he trusted bitcoin and that he’s taking a risk by putting a good amount of money. But I just hope that what he invested can never be an issue for him once the capital ends up as a loss. Because I think the amount he invested was quite big, since he was still a beginner, maybe he should consider of just putting a small amount first and when he profits, that’s the time he will increase the amount of his capital.

DiMarxist

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Mention the importance, and explaining the potential risks of Bitcoin investment and emphasizing the need for secure storage. Informed him this too how to protect his private key, the best wallet to save, how to avoid some untrusted sites and links from unknown sources. Tell him don't click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds. Convincing people to invest in bitcoin is not good, because whatever that happened with the investment he would be hold responsible because of the convinced.

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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?

It is a very good thing to recommend him to invest in Bitcoin. After investing, he also needs to know how to protect his investment. Which exchange did he use, is there any information about any wallet? One of the best favors you can do for your friend might be to introduce him to this forum. I recommend this to you.

The Cryptovator

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You provide sound advice when you mention the importance of explaining the potential risks of Bitcoin investment and emphasizing the need for secure storage. It is crucial to highlight that Bitcoin is not a get-rich-quick method and that patience is necessary to generate profits from it. Since the person in question has already invested, it would be beneficial to thoroughly explain how Bitcoin works, including technical aspects, in order to provide them with a comprehensive understanding.

tjtonmoy

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All you do is tell him about bitcoin. Everything about it. Advantage, disadvantage everything. All you do it put the food in front of him. It has to be his own decision to whether to eat it or not. Because the moment you push someone for eating, they are most likely to vomit afterward. Same with bitcoin investment. What you did is alright, but you should have told him to wait a bit longer and process the knowledge. Because when they take a decision in a hurry, they will most likely blame you later on if things went south. But it's ok as you have explained all the risks already. Now you should tell him to learn more about Bitcoin. Because there's no limit in learning. Cheers.

Crypto Library

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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 would like to welcome your friend to the world of Bitcoin and advise him to do his own analysis and research before investing. Earlier I saw a topic of yours where you are investing from the tuition fees you earned as a student. Since you belong to my local community, I will tell you that now bitcoin is illegal in our country, so be careful about security. Here you directly mentioned your friend's name, hope it will not bring any danger. And I will also hope that your friend will not be angry with you, you have already explained the precautions to him well.
I want to make another suggestion to you that you introduce your friend to bitcointalk forum, I hope it will help him a lot in the future for this related learning.

Silberman

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Quote from: Russlenat on May 14, 2023, 01:43:56 PM

Quote from: sunsilk on May 11, 2023, 02:24:34 PM

Well, if you've said the potential for him to lose and to profit and so I guess that's enough already for your friend to understand that Bitcoin isn't just an overnight investment that people have been misleading of.

If you didn't convinced him and you just told and introduced him to Bitcoin, it's not your fault if you see him or he actually sees that the market is dropping and his entire portfolio or purchased Bitcoin starts to drop in value.

You've explained well to him that he could profit and lose from it, so, that's all about he has need to know. It's also possible that he had made his research even before you've mentioned it to him or just after he heard it from you.

Investing is already taking a risk, so probably right after you mentioned to him about bitcoin, he has started to educate more of himself before he was finally convinced to invest in it. Good thing you mentioned to him and made him aware that bitcoin is capable to make him lose more than profiting, at least he won’t dare to blame you when in the future bitcoin price will start to plummet and drop its price sharply. But I guess he’s already aware that everytime bitcoin drops, there’s always a chance after for recovering.

That is the best case scenario, in my experience most people never consider things not going their way and then when they inevitably find a setback they are incredibly surprised this took place, however instead of taking a moment of introspection and devote some time to the task of finding out what is exactly what happened, they prefer to blame someone else for their problems, and in this case the OP will be the perfect candidate for this on their minds as they were the ones to introduce bitcoin to them.

southerngentuk

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Every individual's investment journey is unique. You have introduced your friend to the good and bad sides of investing in bitcoin. So you did nothing wrong; they should be responsible for their own loss or decision. The best thing to do now when meeting your friend is to give some useful advice when they have made such an investment that can both increase their friendship as well as help them gain some knowledge in the market for this school.

Russlenat

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Quote from: sunsilk on May 11, 2023, 02:24:34 PM

Well, if you've said the potential for him to lose and to profit and so I guess that's enough already for your friend to understand that Bitcoin isn't just an overnight investment that people have been misleading of.

If you didn't convinced him and you just told and introduced him to Bitcoin, it's not your fault if you see him or he actually sees that the market is dropping and his entire portfolio or purchased Bitcoin starts to drop in value.

You've explained well to him that he could profit and lose from it, so, that's all about he has need to know. It's also possible that he had made his research even before you've mentioned it to him or just after he heard it from you.

Investing is already taking a risk, so probably right after you mentioned to him about bitcoin, he has started to educate more of himself before he was finally convinced to invest in it. Good thing you mentioned to him and made him aware that bitcoin is capable to make him lose more than profiting, at least he won’t dare to blame you when in the future bitcoin price will start to plummet and drop its price sharply. But I guess he’s already aware that everytime bitcoin drops, there’s always a chance after for recovering.

Baoo

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To be honest, you shouldn’t have mentioned your friend’s name, that was unnecessary OP. Otherwise, you have not screwed up when you introduced Bitcoin to him, you have made the right decision. Plus, Investment is clearly risky especially when have no knowledge and experience in this field. In addition to that, investing a large amount in BTC does not guarantee huge returns. As you see the market is dramatically unstable and unprofitable specifically in short term, and unfortunately BTC’s price has not increased significantly for a long time. Regarding your friend, he shouldn’t invest more than he can afford to lose. And from my perspective, it is better to find another source of income and invest the profit in BTC and spend your salary on necessary needs.

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Quote from: TheUltraElite on May 14, 2023, 08:49:44 AM

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Assuming "Bd officer" to be Bangladesh origin, I doubt how much they are actually investing in bitcoin because of their government's restrictions on crypto.

I am also a Bangladeshi citizen and I have also invested in Bitcoin. Many people have invested in bitcoins in our country keeping the privacy. Bitcoin is illegal in our country but we get all kinds of benefits. On the one hand, we have benefited a lot because we don't have to pay taxes to the government. I think it's better that Bitcoin is illegal in our country. We will invest with confidentiality. Bitcoin will be legalized in our country one day.

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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.

Man? So you think that Satoshi is a male? Where did you know that thing?

Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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?

Well, I guess there's nothing wrong in helping your friend. The problem lies when you don't share the possible risks and consequences that he might face when investing into Bitcoin. As long as you shared the pros, and cons of investing into Bitcoin then you did the right thing.

I guess it's good for me that there's no one that's interested in Bitcoin here in my place. I'm the type of person where I don't want to just open a topic regarding Bitcoin out of nowhere, but I'll let them open the topic about Bitcoin (if they heard it), and from that I will answer their question thus, helping them to have more information.

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Quote from: bettercrypto on May 14, 2023, 10:20:13 AM

Quote from: worle1bm on May 14, 2023, 09:27:35 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.

I think if he invested more than his salary it just means that he has confidence in his friend who shared about bitcoin. He may have heard this before and it may not have been explained as well as his friend's.

So I can say that somehow he is aware that there is a real risk in the investment. And first of all, maybe because of his trust in the person even though he didn't say that he would invest, but he still invested.

Investing more than salary is not a problem because OP didn't mention whether his friend invests with salary or from savings, as I believe everyone will have savings. Moreover, he only invests once, so it will not be able to affect his daily living needs. I am more interested in whether OP's friend understands the risks of investing in bitcoin? I don't believe anyone could fully understand investment risk in just a few sentences in that brief conversation. I feel OP's friend is investing hastily without any knowledge, too risky for both.

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Quote from: Bd officer on May 11, 2023, 12:06:56 PM

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?

You have given him good advice but since this is a high risk platform he probably may face big loss in his investment. You should try to understand about that fact carefully. It is your responsibility to educate him more. As your words he has given much priority so you should guide him until he gain basic knowledge about Bitcoin. When new comers hears about Bitcoin's volatility or learns about it, many people get excited. When they are in a long bearish position at some point they start to comment negatively on it. Share with him the positives as well as the negatives. At least he can't blame you if the market is extremely negative. Make sure to tell him that the amount he can afford to lose should be invested in Bitcoin.

Topic: My friend's investment in Bitcoin - page 3. (Read 895 times)