My friend's investment in Bitcoin - page 6.

Solosanz

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

He works for a salary of about $400 per month. He invested about $500 in Bitcoins.

This mean your friend is using all of his money to invest in Bitcoin because to earn $400 it's need a month, he's a human which mean he need to eat and pay bills, it's impossible if he can save the whole $400. Maybe he already work for at least 3 months to get $500 to save.

Based on your explanation, it's true you're not convince him to invest, but you can't know his brain and his reaction if Bitcoin is dump, he can blame you and say you're the one who's responsible.

michellee

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You have given the right advice to your friend. You could tell him to invest using DCA so he can regularly buy bitcoins by setting aside a small portion of his salary so he can collect more bitcoins.

He can invest as much as $500 in one purchase, but it would be better to buy bitcoins regularly every month. You can suggest that to your friends.

But if he doesn't want to follow your advice, you shouldn't force him because investing in bitcoin depends on each person. We just need to explain what bitcoin is and how we invest. The other thing you need to say is don't panic if the bitcoin price goes down but tell him it's a good time to buy bitcoin at a low price.

Z390

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You did what you could, I hope your friend won't freak out if Bitcoin goes back to 20k. If he just bought Bitcoin that's between 27k to 26k, many of those new investors pretend to understand the long-term goal and when the market dips they will start to get worried, it has happened to me a few times until I stop encouraging people to invest in Bitcoin, most people want the crazy gains but they aren't ready for the dips.

Tell your friend to keep looking into crypto and blockchain technology, it is better if he knows about the technology than investing on Bitcoin which he knows not much about, I like seeing people doing things on their own, like I used to tell my friends, what if I am no more around you guys? Asking me to trade for them, asking me to help them to sell their coins and tokens, this shouldn't be the way.

Oasisman

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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.

Kakmakr

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You are not a financial advisor and he did not pay you for a discussion about Bitcoin. I am saying "discussion" ....because that is what it was, not financial advice. Your friend showed interest in the technology and he decided to buy some bitcoins, you did not force him to buy those bitcoins.

Bitcoin are regarded as a high risk investment, if you are going to buy it as an investment option.... so your friend has to accept that Bitcoin might not yield fast profits. (Explain to your friend that Bitcoin is a long-term commitment and if he pulls out early, then he might occur losses)

Dr.Bitcoin_Strange

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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,

There's no point mentioning the guy's name, but I don't think he gave out any more identifying information about the guy, so I don't think it really matters. By the way, do you know who Naher is? No, Naher is one of many people bearing the name; to identify him, you must first identify the OP, which is not really necessary.

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.

Lorence.xD

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You introduced him into BTC and also told him that there's a possible of loss of your funds since its a risk. So if your friend's action it's not already your responsibility as you gave him the idea of risk. It's a good thing that you spread the information of BTC as there's actually a opportunity for a profitable actions. Hopefully your friend did some research first and not invested without thinking of his funds because he might invested money that he will be needing soon which is not recommendable in investing.

awik p

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I think what you said is correct. In investing there are two possibilities of profit and loss, in fact there will be no loss if you don't sell it when the price drops, again about knowledge about bitcoin you must also understand before investing. because most people think that by investing in bitcoin, you will definitely benefit and multiply, even though it is not as easy as one might imagine, you must have a basic investment in cryptocurrency, namely good knowledge and mentality

Darker45

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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?

I believe, believe, and this is the truth. Ok. Your story would be more complete with the provision of supporting information (of course, one that can be shared online). It's your friend and I don't think there could be a problem with that, right. I'm sure you can explain to him the desire to share this with the bitcoin-community.

I don't know if this is already a pattern, but this surely isn't my first and second time reading something like this. It's not just convincing the mother, father, brother, or sister, it is also convincing a friend, an uncle, even a complete stranger, a store owner, and a manager I remember.

And that name drop, it has to be taken with a grain of salt. It is there just to put a little convincing touch to the story. I hope I'm wrong, though.

Iranus

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Quote from: ReiMomo on May 11, 2023, 12:46:34 PM

My friend has already invested in Bitcoin with my advice. I clearly told about that Bitcoin is a good investment and how to secure the investment. I also explained the risk involved in this, but still he is interested he invested in Bitcoin.

I don't object to us recommending bitcoin to everyone, especially our loved ones. But I think it won't be enough for them to feel and understand all the benefits and risks of bitcoin through a few pieces of advice. I'm sure they wouldn't be able to imagine everything they would have to face. In my opinion, give advice but don't let them rush to invest but make them spend time doing their own research for a while and then let them decide for themselves. Then say that they should only invest a small amount of capital to gain experience and should not invest a large amount in the first place.

NicNacCoin

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

Cut...

Did I give my friend the right advice?

In this case it is good that you have given your friend the correct knowledge but you have no role in the fact that your friend is interested in Bitcoin and from that attention your friend wants to invest in Bitcoin. Since your friend will be investing in Bitcoin considering the profit and loss of Bitcoin, there is no need for you to ban him. If your friend earns like $400 a month and hence $500 is to be invested in Bitcoin, $500 is not a large amount for your friend. So thank you very much for including your friend to invest on Bitcoin by providing the right knowledge. Here's hoping you spread the Bitcoin song around you.

Bitcoin_people

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OP the way you advised your friend to invest in Bitcoin is a good decision. and even if you don't disclose your friend's name, there is no problem. Since you discussed the past and future of Bitcoin with your friend. And later your friend decided to invest in Bitcoin with confidence.
But your friend may have little idea about Bitcoin before then how did you make him believe in Bitcoin so quickly. Maybe he had some idea about Bitcoin before and he got more confidence about Bitcoin from what you gave him. Your friend needs to accept that investing will have the potential for losses and gains. So your friend should invest cautiously and you better educate him about Bitcoin.

HatakeKakashi

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You should give him an advice if you are true friend of him, just tell him the chances that his money possible to lost if the bitcoin decrease the value. But in the end it depends on him if he continue to invest in bitcoin or better if he going to learn more about it so that he have knowledge and he can use it in investing when o here to invest.

We all know investing in bitcoin is really good and gives a good profit but also it is very risky because of the price of it is increasing and decreasing that possible for the investors to earn money or losing his investment.

Yatsan

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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?

The advice could have been invest only an amount you can afford losing, in that way it would be clear to him what he is engaging himself into. But based on your story, he just invested a little more than his monthly salary, and if that is out of his savings, then that will just be a fine amount and if it won't leave him tight. Also to add, clear your intentions that you have warned him about the risk 'coz if not, we cannot tell by now but once a collapee occur, for sure you'd be one who will suffer from burden and blame. Actually, same thing happened to me before wherein a friend of mine became interested with what I am doing. A crash occured and even if I have mentioned volatility on his end, he still chose to blame me for his losses which is why I never encourage people in this industry other than myself.

Ben Barubal

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There is nothing wrong with what you did, you just shared with him an opportunity that could help your friend. And as I see the one time you met, he immediately got interested because of what you explained about bitcoin.

And at this point, he may have become interested because of his trust in you, even though despite this he has not really fully understood the depth of Bitcoin. We know that bitcoin cannot be understood overnight. Maybe your friend was hyped or excited so he was able to invest, this is just my opinion.

ultrloa

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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?

Good start for your friends participation on cryptocurrency investment but if he didn't have enough knowledge about it much better if he do more proper researching about important things like the risk of its volatility,scams and technical situations which is important to consider. But anyhow still you give a good advice even if he is at profit loss since he could realize that investing on bitcoin is not easy rich scheme. Its up for him now on what action he will take after those incident.

ChiBitCTy

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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?

Yes, but ultimately he needs to sit down and do his homework himself. One of the absolute biggest mistakes I see people making is investing in things they have little to no knowledge of and without much homework or research time put in. This is pretty freaking stupid, and yet I see it all the time.

If he only makes 400 a month, I think he needs to rethink this decision.

KingsDen

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Quote from: GiftedMAN on May 11, 2023, 05:47:19 PM

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

Did I give my friend the right advice?

No, you gave him the wrong advice by not asking him to go get some knowledge on what he's investing on before allowing him to invest. In as much as we promote Bitcoin by encouraging some people around us to invest, we should endeavor to let them understand that investing in Bitcoin can't guarantee you financial freedom even though it does when right investment is done and the price of Bitcoin is high compared to the amount it was when the investment was made, he shouldn't expect a quick return because the price of Bitcoin is not stable.

With the storyline of the OP, his friend isn't a dumb. His friend had surely researched about bitcoin after hearing from OP and that is why the friend was confident enough to invest $500 and I can also say that it is a fair investment. Someone who earns $400 monthly investing $500 means he invested what he is able to lose and if he will be patient for a long term purpose, he will never regret his actions.

OP, you didn't advice him wrongly since you were able to let him know the risk involved in bitcoin investment.

GiftedMAN

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

Did I give my friend the right advice?

No, you gave him the wrong advice by not asking him to go get some knowledge on what he's investing on before allowing him to invest. In as much as we promote Bitcoin by encouraging some people around us to invest, we should endeavor to let them understand that investing in Bitcoin can't guarantee you financial freedom even though it does when right investment is done and the price of Bitcoin is high compared to the amount it was when the investment was made, he shouldn't expect a quick return because the price of Bitcoin is not stable.

Lillominato89

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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?

In my opinion, you were right to specify first of all the various critical issues, bitcoin has an extremely volatile market, and you were right to specify that it shouldn't just expect profits. the only flaw in my opinion was the fact that I did not specify why bitcoin was born

Topic: My friend's investment in Bitcoin - page 6. (Read 953 times)