Topic: My friend's investment in Bitcoin - page 4. (Read 953 times)

there is nothing wrong if you provide input to your friends because from the start you and your friends discussed bitcoin issues before, but never force your opinion on your friends because 100% of the decisions return to your friends all the risks he will accept after investing in bitcoin

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.

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 agree with your opinion, because every information we provide must have bitter and sweet clarity, like investing, there must be profit and loss, if the friend we tell is ready to take risks, we will not be guilty even though we invited him to get involved, and our friend, there must be consideration because every thing he wants to do and already knows the risks, he still joins, so he is indeed a businessman who has ambition because, as you said, he is very interested in bitcoin.

Maybe I think for him to draw merits to himself, the write up should be more organized and how he goes teaching than just slicing it short and it looks very confusing and not true. Before convincing people to invest in bitcoin there are some certain things they must know because whatever that happened with the investment he would be hold responsible because of convincing he did.

So for my advice is that teach them the whole concept of bitcoin, usefulness and important more especially the security aspect of it then let them learn to read more content the relates with bitcoin to build their faith and belief towards bitcoin before finally making decisions to invest in bitcoin at this point you may see that everything is in line and whatever that may come of it they are already aware of the risk associated with the investment they are about to venture into.

Lets cut them some slack and assume that its what happened which is maybe not a poor attempt to draw some merits.

Still advising a family member who earns a specific amount per month to invest a part of their savings into bitcoin is a good advice as long as the person investing knows the risks involved and the nature of bitcoin, its problems with the government and so on.

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.

Taking risks is a significant daring step in bitcoin, constantly prepare your mind for the worse or better things ahead, it always increases unanticipated parts, which is where option B comes in. There's nothing wrong with informing a friend about cryptocurrency; all he needs is a determined mindset and good trading plan. He advised him correctly about investing in Bitcoin, as well as the risks and rewards involved. Bitcoin volatility is extremely high in comparison to other projects in the market, and users make critical decisions every day that will either build or liquidate their account.

There is nothing that bores me more than someone pestering me with things they can do themselves. That's why I rarely teach someone who is not ready to work something out for themselves. If you are teaching someone who is craving Bitcoin knowledge, they will only bore you with some critical quotations for some period of time, and sometimes even before they ask you anything, they might have gotten some answers already from their research, and they might only want you to confirm that it's true. But when you teach someone who seems unserious about the knowledge you are giving them, you will get tired of explaining everything to them for almost an entire year, even if you send some articles for them to read, they will not. Just as you have said, there are people who get drawn to Bitcoin because they think they can be rich in an instant, but they get disappointed along the way. But I just often see that some of those who have such character end up doing well because they let themselves calm down, do research, and learn themselves.

I am not an expert in the crypto industry, but when I started, I just needed someone to explain a few things to me and teach me how and where to buy Bitcoin and also how to convert it to my local currency if I wanted. That was how I started doing some research for myself. After some months, I felt I had learned a lot, but when I joined this forum, I still realized that I had not even known much about Bitcoin, so my learning never ends, even if I am not asking questions all the time. Developing time to learn will even help you get grounded knowledge.

Sometimes is very hard to say but you need not to mentioned about investment aspect of bitcoin.
There's something I understand so far about people whenever they had of investment they quickly want to jump into without them making a quality research about what they are venturing into.
But your story looks like a cookup stories, how did your suddenly invested without him knowing about the kind of wallet to use and where to buy bitcoin.

If what you said is true, then at that time you gave him the right advice. You told him upfront not only the benefits but also the hazards of investing in Bitcoin. You did not mislead him, did not promise him instant success or instant riches from investing in BTC, did not manipulate or coerce him into buying and investing - he did it all himself. From reading some of your replies, you also advised him in good faith. Though, encourage him also to read and research more about Bitcoin and cryptocurrency in general.

You have told your friend about the possibility of loss when investing in bitcoin, so there is no need to worry about it. Moreover, this is just a conversation between you and your friend and does not force or pressure your friend to invest in Bitcoin. Investment is their decision, and they are responsible for losses. So there's no need to feel sorry for yourself because you've fulfilled your responsibilities as a source of information.

It's hard to call it advice. Most likely he just listened and just bought bitcoin. More surprising is that after only one conversation, he immediately figured out everything and quickly bought bitcoin. Your friend figured out how everything works pretty quickly and this is surprising in your story.

I won't say it's true that you didn't show him an interest in investing in Bitcoin. Nobody will invest $500 without knowing where they are investing. You could have told him that Bitcoin would gain in the long run (which is true). Or you have told him something where he sees some profits. So, he got interested in investing in Bitcoin. However, I won't suggest suggesting an Average Joe invest in Bitcoin without knowing it. I can't imagine how much he learned before investing in Bitcoin. He should have learned Basic things before he invests. Otherwise, he might do something wrong with his Bitcoins, and you are one to blame because you introduced Bitcoin and did not explain how other things work!

Ask him to learn more and don't touch his Bitcoins until he know what is he doing with his coins. Just hearing about Bitcoin and Investing in it without knowing it is not a smart idea.

In One word, Yes. It was right advice. But, ask him to learn more about Bitcoin. You can Ask him to Join Bitcointalk and read.

Laziness in literacy is still a problem that is very real, especially for bitcoin because I don't mean to be condescending, but if you look at the conditions in my current environment, many are in bitcoin just because they are lured by the lure of the financial conditions that are being made.
Believe it or not there are still many like that out there and it only depends on the people who introduce them to bitcoin. Even though this is indeed an increase in the conditions of adoption, but still things like this in my opinion are like a time bomb because indeed they are just like a doll that is controlled without knowing what they are doing and without understanding what they are doing which makes this look ridiculous in my opinion.
At least if their intention is to get rich because of bitcoin, even though this is not a very good intention, of course learning more about bitcoin by increasing literacy is at least a good thing.

You've clearly informed him of the risk of investing and I don't think that he isn't stupid that he doesn't know that investing comes with an inherent risk no matter how promising the rewards are, and in your post, I didn't see any signs that you(OP) forced your friend to invest so I think you've given your friend the right advice.

It's great that Op did his part to outline the risks associated with investing in bitcoin. Because it was his personal choice to invest in it, his friend is alone and responsible for himself if his investment fails or incurs losses. Op simply finished answering all of his inquiries out of curiosity, but he had previously warned him about the risks involved.
When they hear that investing in Bitcoin might be profitable, some investors get excited, but they lack the curiosity to dig deeper and discover how the market actually operates. I hope Op's friend is doing his part to learn more about blockchain technology in order to broaden his understanding of it.

That's the point, don't say about this investment just based on friends who say that bitcoin is good because basically something like this will actually make those who are involved in such conditions uncertain I think because they don't know the concept of bitcoin and don't study further but insist on investing just because of trust in friends.
This must be clarified because indeed all possibilities when talking about bitcoin can still happen. Hope and belief in more than now is very good, but on the other hand with conditions like now for bitcoin that guarantee does not exist because of volatility and conditions that can sometimes change at any time which makes us have to be aware of all the consequences if we really want to be here.

You have done your part OP, now it’s time for your friend to do his own due diligence in researching. He must have gained more knowledge first and read reviews about bitcoin before he decided to invest. Also, the amount he put in the first place is quite big, I don’t think he can afford it losing when his investment does not work out like he expect it to be. But maybe let’s just admit it that newbies only learned after losing, and probably once he lose, he will now be cautious on his investment and creates a solid plan.

Well, I can say that you did the right thing for telling your friend that there's a bitcoin and other cryptocurrency. But hopefully, what you wrote here in this discussion is also exactly what happened and it's not that you're almost forcing your friend to invest into bitcoin because $500 is a huge sum and if things get worse, you could be blamed because you're the one who told him to invest. Don't forget that our purpose is just to give them some ideas and let them know the existence of cryptocurrency, now if they are interested then they should be the ones who will take the next step.

Assuming OP that you have told him all the things you know about Bitcoin, then I would think that your friend knows already what will happen you his money. What he did now and with that $500 capital investment was his choice, he really be thinking that investing in Bitcoin is safe and profitable. You have nothing worried about as you did it right, there is no need to spoon-feed your friend and control his decision, and he should be thankful to you.
But I was worried about having such start-up capital when you are just about to earn $400 per month. He is supposed to start in small amounts and see what will happen. Well, I hope it works well for him.