My friend's investment in Bitcoin - page 8.

m2017

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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?

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.

If you told your friend about bitcoin, it would be wrong to keep silent about the bitcointalk forum. Help him create an account here and let him delve into the basics of BTC. It will be useful for him, because he's are interested in btc, as you say.

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?

ReiMomo

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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.

Bd officer

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Quote from: Nwada001 on May 11, 2023, 11:50:32 AM

How to protect his private key, which wallet is best, how to avoid some untrusted sites and links from unknown sources. If he is using a centralized platform, it should be temporary until he familiarizes himself with the blockchain and makes his own choice of security.

I told him a lot about safety, imparted knowledge in various ways. Since the investment will last for a long time. I recommend the Electrum Wallet wallet. He is using Electrum wallet.

panganib999

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Did you tell him to do uis own research and weigh his options before jumping the gun? If no is your answer then I can’t really say you gave your friend good advice. What he invested is more than a month’s worth of paycheck. If he could afford losing that in one go then coolsies. If not then he’s in for a bad run. It’s really tempting to invest in bitcoin with the premise of high profits, especially when bull runs come. But you have to also keep in mind that its volatile nature had left millions of people around the world with busted savings and debts that they probably are still paying for now. So be smart, invest what you can afford to lose, have him weigh his options, and only by then will I consider your advice a great financial suggestion. It’s not enough to tell them that there are risks, you have to show them how risky it could be.

Nwada001

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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. My friend invests in bitcoin knowing profit loss.

OP, you have done well. I also want to ask you a question: since you have explained the inflation part to your friend in question, did you also explain the risk involved part and how to protect and maintain his funds? Buying funds is one thing; protecting those funds is another. I will advise you to also educate your friend regarding fund protection.

How to protect his private key, which wallet is best, how to avoid some untrusted sites and links from unknown sources. If he is using a centralized platform, it should be temporary until he familiarizes himself with the blockchain and makes his own choice of security.

He is 100% in charge of his own security; you should educate him on that so as not to hold you liable if he loses his funds in any way. I just think it's very important to point this out to anyone we are inviting into the crypto community.

Ever-young

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Firstly, their is no point in mentioning your guys name, another thing base on your explanation you told him the risk involve and how he shouldn't only be expecting profit both can also get losses sometimes which is also a good start. It's always good to tell people what they should be expecting and not just the advantage.

Bd officer

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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?

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