My friend's investment in Bitcoin - page 7.

Lillominato89

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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?

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

JoyMarsha

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Your friend invests $500 in bitcoin, which is more than his $400 monthly wage. Anyway, that's excellent, but I have a question for you.
1. Did you try to ask your friend whether he put $500 in bitcoin with money he could afford to lose freely without blaming you tomorrow?

They say that investing in bitcoins involves taking risks, but how long will one wait for those risks to pay off? That's a question to ask. Did you make an effort to warn your friend that taking the risk of investing in bitcoin may take a very long time to mature? Can he hold off until then without feeling pressured to sell at a loss for personal reasons?

When we talk to our friends about bitcoin and investments, there are supposed to be a lot of things we should make them consider that it can be gloomy are rosey when you least expected in a twinkle of an eye

DoublerHunter

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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?

^Drop him a source of link quickly to understand him further. https://bitcoin.org/en/
I believed your friend comes from Bangladesh right? which is the name commonly found in that country.
Understanding BTC should not be done in one day, he needs to explore more so that he will understand not only the potential of making a profit and also the potential of having huge losses. So it could be equal not only to the positive side of BTC.

Lanatsa

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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?

As long you havent been able to give out some assurance then you are just doing fine because you've been saying about the risks involved and its not always on how to make money or profits but also you could

really be having that potential loss because if someone do make out some introduction into their friends then they are usually talking about making money and this is where some people do have those kind of wrong beliefs and having that high expectations or simply anticipates about sure income which it is really that very wrong because on the time that people would really be having those negative portfolio or
something that they do saw that their investment is declining then this is where blaming time would happen and its not really something new.

Basing on the situation that you have said then it is really just fine on what your friend does, as long you would really be saying transparently then it is really depending on your friends actions
on what he would really be doing. You are out of that, thing here is that you do only explain about it and the opportunity and risk that it gives.

serjent05

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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?

Your friend already invested in Bitcoin so telling him to do his research before investing won't work anymore but we can tell him to get familiar with the market movement. You can tell him to understand the market pattern and have an exit plan or target market price where he will sell his holdings. It is also a good suggestion to have a diamond hand, hodling Bitcoin for more than a decade can be fruitful if the price of Bitcoin always uptrends every cycle.

We can also suggest that your friend should hold his BTC in his own wallet and much better if he can use hardware wallets for security purpose.

duckalis

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You haven’t done anything reprehensible. You have simply told the friend about the opportunity that exists.
When talking to friends and relatives, the most important thing is not to convince them of anything and not to advise them when it’s better to buy or sell BTC. Let them do their own research and make a decision, rather than relying on someone who seems more experienced. Otherwise they will then blame the person who instructed them.

SOKO-DEKE

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I can tell from your explanation that you went over some key points for your friend on investing in bitcoin, including its advantages and potential risks Bitcoin involve.

Although bitcoin is a fantastic investment, one must get more knowledgeable about it in order to reap its benefits and minimize its risks. Before invested, your friend should have done more research on Bitcoin, but now that he has invested, try to encourage him to keep learning, especially about how to secure his Bitcoin investment.

Rushing to make an investment in Bitcoin is never a wise idea when you have not able to gathered good knowledge about it, because it can result in significant danger due to they are unable to offer good security to their Bitcoin investments. many new investors loses their money to scammers or in other ways because of they don't have the proper knowledge of Crypto industry also.Many people leave their Bitcoin in exchanges, which are vulnerable to assault, simply because they are unaware of the best wallet to use.

Issa56

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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's not all about telling your friend about who created bitcoin, the in which bitcoin was created, did you tell him about wallet security, did you tell him about different scam patterns in Cryptocurrency, did you tell him about appropriate wallet for him to secure his bitcoin, did you tell him to avoid storing his coin on exchange and other things like that, because what's the essence of investing in bitcoin then at the end he ended up falling for simple scam, and we all know scammers are always targeting newbies that don't know much about cryptocurrency.

The way you explained bitcoin to your friend and you easily convinced him and he invested in bitcoin, that's the Same way scammer will talk to him and convince him and he will be scammed. Everything is not just about investing, show them how they will protect their investment.

Hyphen(-)

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

Did I give my friend the right advice?

Yes, but before investing in Bitcoin, you could have told him to do more research about Bitcoin by referring him to some books to read and gain more knowledge about Bitcoin.

Most importantly, he needs a solid background and understanding of keys and addresses because this is the first step before investing in order to avoid losing the entire Bitcoin he purchased.

Obari

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Well I wouldn't have to condem your story but I will say that your stories don't look rely impressive to me though you're not here to impress or please anyone but I'm just saying that your story don'took very real to me and please pardon me if that got so hard on you 😌 I just had to say it.
I also want to know how much knowledge you have of bitcoin and you shouldn't have allowed your friend rush into investing simply because he has some money to invest at the moment and if there was any need for investment now, then it should be investing in the knowledge of bitcoin rather than buying the bitcoin now.

Whatever they are might be, since nothing is certain in bitcoin and many people already believe that we should be expecting a bull run most especially after this attack on mempool so we hope his investment yields profit for him and not lead to regrets.

I think you should minimize your effort of spreading the news of what you're still trying to figure out so as not to get into any troubles if things suddenly goes sour.

Sakanwa

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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?

First I really appreciate you trying to make him invest and letting him know about bitcoin,for him to per-take in the moving train.
But the wrong side about it is that you didn't explain to him broad about bitcoin and how it works.
The fact there is that it shouldn't come to his lost days and come saying bitcoin is a scam,for because the bitcoin I know is never a scam it just what you have to learn and get more knowledge about. My advise now to you is for you to call your friend and explain to him perfectly well on how bitcoin works and how he made his Invertement in it, then if you don't have much knowledge you can advise him to do some research to know more. But I most confess you did well by telling him about bitcoin 👍

Silberman

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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 were honest with your friend and that is what matters, you told him a little bit about the history of bitcoin and you were open about the possibly of earning and losing money as well, if your friend then decided to invest on their own and they lose some money that is on them and in my opinion you hold no moral responsibility if that were to happen, but at the same time your friend could still blame you so you need to be careful about this scenario as you could potentially lose a friend.

Agbe

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You explain give your friend about Bitcoin, and he made up his mind to jump onto Bitcoin investments, you try tell your about the risk involved, It’s not enough to tell your friend that there are risks, you have to show them how risky it could be. And tell him some more things that you supposed to tell him things like, invest what you can afford to lose, don't fear or panic on the market price speculating, don't discouraged when other are panic, if you fear you lose more, focusing on what you are investing, know when to buy and to sell, and not hurry in investments. Informed him this too how to protect his private key, which wallet is best, how to avoid some untrusted sites and links from unknown sources. You should also inform your friend not to 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.

bangjoe

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Quote from: ReiMomo on May 11, 2023, 01:46:34 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.

That is a good thing, you will not be mistaken if he makes a mistake in his investment after you explain the risk and suggest how to invest in bitcoin safely.
Your friend may have learned bitcoin outside what you have given that makes it confident with the opportunity.

I have also done what you did, but what I have explained to my friend he did not remember what was concerned in the investment of Bitcoin, one day he had panicked in his investment and forcibly selling Bitcoin in last year and suffered sufficient losses Quite large, and strangely he blamed me and acting Victim playing, he made me who plunged him to the loss he experienced, it made me disappointed and lazy when my friend asked and asked for guidance.

alastantiger

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

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?

Investing $500 in bitcoin as a novice is too especially at this time. It is good enough that you told him about bitcoin but you should have counselled him properly. There are a lot of things missing... why did he try the Dollar Cost Average method. Imagine if he had only invested $50 instead of $500. How do you think he would feel if his invested dropped from $50 to $30 as opposed to a drop from $500 to $90. I hope you see the point in my example. So you still have to educate him.

Vaskiy

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From the discussion pattern and the way OP's friend have decided to invest in bitcoin, it looks like OP's friend have heard about bitcoin earlier through someone else or through some source. When OP too spoke about it, the friend might've built confidence on investing into bitcoin. Nothing seems to be the fault of OP, it is our responsibility to spread the word. OP have done it and he hadn't compelled his friend to invest into bitcoin or other cryptocurrencies.

CryptSafe

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OP you have had the experience with bitcoin so I must say all you must have told your friend about bitcoin must be genuine without ill intentions.

You should also tell your friend not to click on links 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.

Lastly, do well to recommend good and well secured wallet for your friend to store his bitcoin, advise him on the dangers in holding his assets and funds with third party exchange as they are not safe and trustworthy to hold funds and assets.

Hatchy

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Telling your friend about Bitcoin, is a way to help increase the Bitcoin community, Weldone mate. But I don't think your friend should have invested on Bitcoin just yet. He barley understands the risk involved. As his friend, you should have advised him to exercise little patience and start investing when he has taken his own time to learn about trading.

Jumping into investment could put his money at risk and later on he could run back balming you for this. 500$ is a big amount, hope he is not thinking that Bitcoin is a get rich quick program? Because if yes then that would be a fault from his end.

Also, I think you should Invite your friend to this forum BITCOINTALK so he would at least be able to ask questions if need be. And from time to time check on him. So he wouldn't loos his funds to scammers through various means.

sunsilk

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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.

BlackHatCoiner

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You shouldn't listen to Internet strangers for financial advice (except from staying away from them, lol), so there isn't much to be said here.

Time will tell if your friend made the right choice, which happens to be almost everyone's choice in this forum. If I were you, I'd have clarified he shouldn't be expecting profit in the short term, and that he is entirely responsible for his wallet's integrity; there is no company to address for that matter. So I'd guide him at start, on what wallet software to choose, how to securely airgap a device etc. I'd also advice him to stay away from centralized exchanges; at least not leave funds there.

Topic: My friend's investment in Bitcoin - page 7. (Read 895 times)