My friend's investment in Bitcoin - page 5.

lalabotax

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

....I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk.

The point is here. as long as you have told that investing in Bitcoin is not only about earning money from profits but also the risk of losing the money, you did the good explanantion. Moreover you didn't promise him about the big profits that he may probably earn from Bitcoin. it has been wise and enough, because you don't also promise him many things.
if he decided to make such investment or not, it will become his responsibility, at least we have told the posiitive and negative sides So, he should be able to manage it for himself.

n0ne

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Investment in bitcoin hadn't come by compulsion. The friend have known about bitcoin and invested. Each and everything have got risk associated with it. With cryptocurrencies we can experience it even high. With rest of the investment we don't have the profit for the risk we have take. With bitcoin we have the advantage of bigger profit based on the risk we take. Some feel lucky to make big profits in a short time period. Following them one shouldn't expect the same to happen for them. Here it looks like the friend have opted for a better earning that could help him grow.

inthelongrun

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There is nothing wrong with that, so long as you did not try hard to convince him to invest in bitcoin. There's always the risk when it comes to investing. For newbies, it is easy to say it is extra money but many of them became emotional when the price of bitcoin drops 10% or even more. If I were your friend, I would divide the $500 into 5 and buy bitcoin monthly with just $100. After 5 months and all of the capital is used, he can withdraw it from the exchange and keep his bitcoins thru a non-custodial wallet.

Tell your friend to create an account here at Bitcointalk.org. It will help him a lot.

imamusma

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Quote from: coinerer on May 12, 2023, 11:12:51 AM

It is admirable if your friend invests in Bitcoin and knows both its pros and cons but is still interested in Bitcoin. $500 as his first bitcoin investment is a huge amount for him. Advise him to use a non-custodial wallet to hold his bitcoins as it will keep his bitcoins safe. and if he wants to invest more then he should buy a hardware wallet and store it there. and remind him one more thing he invested in bitcoins it's not bad but he must hold them for long time to get any good out of it.

We can identify the OP's friend's interest in bitcoin solely because he sees the potential for profit, so it's possible for him not to care too much about the risks. Basically the risk of losing money on a bitcoin investment is not only about its price volatility, but also about the security risk of the wallet that the user uses. I agree about the hardware wallet advice for the best experience in increasing asset security, but only if the OP's friends are experienced in their use and anticipate all risks of error.

But to be honest, $500 to start with is probably worth the investment plan. He probably has more savings in fiat or other assets, so $500 might not be that big. But about the OP's question, I think he has done a good job, but don't be responsible for other people's gains and losses on his investment because whoever invests will not be guaranteed to make a profit. Profits will be generated naturally due to market volatility, so you don't need to guarantee it.

demonica

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You probably know your friend's attitude right? Since you've mentioned the risks of losing and winning, as long as he won't blame you if he lost then it wouldn't be a problem. It's great that you've mentioned the possibilities and risks he might encounter when investing, but since he still decided to invest then perhaps he's fine with it. You still gave him the right advice so there's no need to worry.

But don't forget to remind your friend to do his research and what to avoid. You can give him a lot of advice since there's still a lot to learn about Bitcoin.

coinerer

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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?

It is admirable if your friend invests in Bitcoin and knows both its pros and cons but is still interested in Bitcoin. $500 as his first bitcoin investment is a huge amount for him. Advise him to use a non-custodial wallet to hold his bitcoins as it will keep his bitcoins safe. and if he wants to invest more then he should buy a hardware wallet and store it there. and remind him one more thing he invested in bitcoins it's not bad but he must hold them for long time to get any good out of it.

uneng

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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!

Dr.Bitcoin_Strange

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Quote from: Oasisman on May 12, 2023, 12:40:33 AM

He's for sure gonna be working on that in the process while holding.

Do you forget that there are people who also depend on spoon-fed information because they are too lazy to do research themselves? Even if you send them a couple of materials to read or videos to watch, they might not have the zeal to do so as they see it as boring to them. It's just good that the OP should at least give his friend all the possible knowledge they need to know about Bitcoin at this early stage? It can really help his friend to have a healthy investment without having to go through the trouble of both holding his asset and also making security a priority.

irhact

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

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 done well to your friend and he should forever he grateful to you because you have opened him to a new kind of wealth. In the future you friend will be thanking him for introducing him to Bitcoin investment and it was a good thing you didn't force him but only showed him the way to invest and now you have to encourage him to hold when the price starts dropping.

Guide your friend so he doesn't over invest due to happiness and then he'll need the money in a very short time. Advise him to only invest the amount that he's not start panicking when the price starts dumping. For someone earnings $400 monthly, $500 is too big to invest.

fuguebtc

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Quote from: Rigon on May 12, 2023, 04:49:57 AM

OP I would never consider the advice you gave to your friend as bad. But it is not right for your friend to jump into investing so early. He should have spent some time here and got to know all the rules and regulations of the investment and then he should have invested. Because investment is the most risky business. Here every investor should invest the amount he can afford to lose. Also a secure wallet is definitely needed to keep investments. Which wallet is more secure but your friend doesn't know well. Not only should the wallet be secure, but the seed phrase of the wallet must be kept in a place where no one can see it and no one can steal it.

His friend invests through the OP's advice, so if you think that friend made the wrong decision to invest in a hurry, the OP's advice is incorrect. I don't agree with that advice either, because I'm sure that when we try to recommend something to people, we often emphasize the advantages and not talk too much about the risks. OP mentioned the risk of investing in bitcoin, but what is the risk? I don't see him talking much about it. Not only knowledge of storage wallets but a lot of other knowledge needs to be learned before anyone starts investing.

lovesmayfamilis

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Quote from: m2017 on May 11, 2023, 01:04:08 PM

Another topic dedicated to the story of investing mother-father-brother?

500$ for the first investment in bitcoin. Isn't it too risky? And if a newbie friend makes a mistake with the address or something else, it will be a shame. Why not try with a small amount first to practice?

By the way, when did your friend buy btc? Were there high transaction fees back then?

Yes, with a salary of $400, a friend invests all $500; why waste time on trifles? Grin

But something else is interesting; read the posts previously written by him. He recently did not know which wallet to use himself, being a newbie, with registration six days ago. And of course, who better than him to agitate a friend to invest in Bitcoin?
OP, the story is made up; you are not new here, and you know how and what to write in order to get merit. As you can see, people are already fed up with such tales. But for diligence and cunning, you five

Merit.s

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Well done OP, for bringing in your friend into the bitcoin community. It is your task right now to lead him through the important aspect of bitcoin. Which kind of wallet software that is best for storage of his investment. I hope that you told him that bitcoin is not a get rich project, that for him to benefit from his investmen, he must invest in long term . I will advice you that if you really want the best for your friend in his bitcoin journey,you should introduce him to this forum, so that he can learn about his investment himself. The forum is open for everyone who is interested in bitcoin,just like your friend after you told him about the risks involved, but he was still interested.

Minecache

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Quote from: Oasisman on May 12, 2023, 12:40:33 AM

Quote from: Dr.Bitcoin_Strange on May 12, 2023, 12:30:27 AM

OP, I must say, you did a nice thing to introduce a friend to the Bitcoin space, but I hope you have educated him about the more important things he should know. Bitcoin is a very volatile asset, and some new investors get scared when they see that their investment has lost -20% or more, but we, who are so experienced, don't bother about the price volatility because that's just the nature of Bitcoin. Also, using the right wallet (which includes the electrerum, exedus, and blue wallet) is what he should be doing and how to securely keep their wallet phrase safe, not only in one place but in different locations, so that if one gets lost, he still has others to look for in other places.

He can just tell his friend to hold it no matter what, even if the Bitcoin is going to have a sharpest dip, just don't sell it until the target is achieved. That's gonna be the most simplest advice you can give to a friend who have zero knowledge about Bitcoin, he might get overwhelmed by how vast of information Bitcoin has, he's for sure gonna be working on that in the process while holding.
I'm gonna be showing him the historical data as well so he can have a better picture how Bitcoin has been doing since it was created and how far Bitcoin have gone for the past 14 years.

Why not impart knowledge to him but only give advice? Even the best advice is never enough. I will not give advice but will focus on teaching the basics because we invest in bitcoin is a long journey, and the market is very risky, so it is not possible to rush to invest without knowledge.

OP's friend will listen and absorb everything OP says, but there's no guarantee that he won't panic when the market is volatile, and his assets dwindle. But if he has knowledge, he will understand how bitcoin moves, and he will know how to control his emotions.

RockBell

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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?

Since you informed him of the risk associated with investing in bitcoin, it's not a terrible idea to advise him to conduct his own study. Holding has a lower risk, but it also demands a lot of patience to reap the rewards. Considering it's now difficult to convince someone to start investing in bitcoin, especially if they don't understand how it works, you may find yourself taking the blame. For the aforementioned reason, after providing you with the fundamentals, I suggest you to go home and give it some more thought if you still want to invest in bitcoin. Before blaming the individual who introduced you for your financial losses.

Rigon

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OP I would never consider the advice you gave to your friend as bad. But it is not right for your friend to jump into investing so early. He should have spent some time here and got to know all the rules and regulations of the investment and then he should have invested. Because investment is the most risky business. Here every investor should invest the amount he can afford to lose. Also a secure wallet is definitely needed to keep investments. Which wallet is more secure but your friend doesn't know well. Not only should the wallet be secure, but the seed phrase of the wallet must be kept in a place where no one can see it and no one can steal it.

Razmirraz

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

Did I give my friend the right advice?

You have given the right advice to your friend. After you explain at length to a friend, why don't you direct him to join the bitcointalk.org forum, he will get more valid information here than reading news from the internet. The bitcointalk.org forum has provided important points related to Bitcoin, from buying to choosing a safe wallet.
Try introducing the forum to your friend, it's easier for them to understand the valuable information about Bitcoin here than to hear stories from you.

Rupok

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You explained your friend very well. Of course you gave your friend the right advice. But your friend's decision to invest in Bitcoin on the basis of high profits will be really tempting.Because he works for about $400 per month and invests about $500 in Bitcoin, which is completely risky for him. Since he is investing in the initial stage, he should not invest more than his monthly salary.At the initial stage, many investors do not know which wallet is safer and how software wallets and hardware wallets work. He needed to analyze these things more deeply. I don't know whether he invested short term or long term.

Dzwaafu11

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

Did I give my friend the right advice?

You did an excellent job. I feel you assisted your closest friend in starting another business rather than leaving the money in his savings account; this is another chance for him to make more money. Even if it is difficult to advise someone to invest in bitcoin and have them believe what you say and work with it, I believe you should also inform him of the risks associated with these investments as well as other important details such as how secure his assets are and which wallet to use.

And I hope he invests the amount of money he can afford to lose. I believe that as a salary earner earning $400 investing $500 is a significant amount. You should inform him that the bitcoin price can fluctuate so that he does not blame you when the price falls.

rat03gopoh

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Quote from: Ever-young on May 11, 2023, 11:39:27 AM

Firstly, their is no point in mentioning your guys name,

Or it will be a risk at some point if the OP doesn't really care about privacy. I don't know how long OP will stay in this forum and have a lot of activities. Just imagine if the OP disclosed a lot of anything related to his privacy then someone nearby matched some of the things (especially the names of his friends) that he had written to do something distasteful.

Nrcewker

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Advices are not necessarily to be considered always. Your friend invested himself. So he will be now completely responsible for the investment. The advice that you give was through your experience, you knew what is Bitcoin is capable of, and you have seen what it has given to people. Now he has to figure out the risks involved there and hence he will be only responsible by chance if loss occurs. At last you need not have to worry about your friends investment.

Topic: My friend's investment in Bitcoin - page 5. (Read 953 times)