in essence, I no longer advise anyone to invest in crypto. not because I think that such an investment is not a good thing, but because it requires a lot of my invested energy, and a positive result can rarely be expected.
I am very happy to share what I know and express my personal views, but giving advice is very ungrateful and will often end unsuccessfully due to impatience or misunderstanding.
Topic: My own way of advising crypto newbies - page 2. (Read 216 times)
I guess what affect them most is not really understanding the phrase
Quote
invest what you can afford to lose
they mostly misunderstood it and didn't really have any investment plans, that why they see it has something that is taking a long time. 
For me they both mean the same thing. Telling someone to invest what they can afford to lose and telling someone to afford money that they won't be needing in the next five years is same thing just worded differently. Before one gets involved in Bitcoin he/she shouldn't come with the idea that Bitcoin is a get rich quick scheme one such idea has been eliminated from a newbie then such a newbie won't see any difference between the two statements in Op.
So for me; first and foremost prepare the mind of the newbie for what he/she is getting involved into. You might decide to use the latter for them, but, what if an issue arise and they're unable to keep up with the five years agreement? So it takes a prepared mind to successfully navigate through situations like this.
So for me; first and foremost prepare the mind of the newbie for what he/she is getting involved into. You might decide to use the latter for them, but, what if an issue arise and they're unable to keep up with the five years agreement? So it takes a prepared mind to successfully navigate through situations like this.
Everyone has their own vision of how to advise other people when it comes to Bitcoin, and I can agree in principle that one of the good tips is "not to invest more than you can afford to lose", but the problem can arise in that many cannot properly estimate that amount and then find themselves in a problem. Ignorance and greed are often much stronger than common sense, especially at a time when we have a big bull run and when most are under the influence of FOMO (fear of missing out).
I have long taken the position that I will not advise anyone on such sensitive matters if I do not assess that this person is not aware of all the risks arising from such investments. In addition, everyone should focus more on promoting Bitcoin as a currency, and not just as a means to make a profit.
I have long taken the position that I will not advise anyone on such sensitive matters if I do not assess that this person is not aware of all the risks arising from such investments. In addition, everyone should focus more on promoting Bitcoin as a currency, and not just as a means to make a profit.
I also suggest that as a fellow beginner, if investing in bitcoin you must have daily or monthly income, it will help you in terms of the economy, make bitcoin a future asset, don't be in a hurry to invest, because it will be a mental pressure for you.
Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.
Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
It's because they haven't gotten a better understanding of how btc works. Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
Actually it's same, if they don't need the money for the next 5+ years, it means they can afford to lose since it's not needed the money for short time. However I don't think there's will be a person need to think the money isn't need for the next 5+ years because it's really long to go and there's no way you can make a plan for the next 5+ years since anything can happen without you expecting.
The most simple thing just allocate 5-10% of your monthly salary to buy Bitcoin.
The most simple thing just allocate 5-10% of your monthly salary to buy Bitcoin.
Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.
Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
Jump to: