Topic: No Invest in Bitcoin When U No Dey Do Anything. - page 3. (Read 389 times)

Actually it's not only with bitcoin but generally in other areas of investments it's not wise to invest the only money you have into something that has to stay for a year or more before you start making profits. The question is how do you intend to survive within the times, you can't starve while you have money somewhere that's why if you have to invest in bitcoin without you having a sustainability source of income or a skill to make money for your sustainability while your investment grow you would be forced by hunger to sell your coins in a short time even at a loss to feed.  Bitcoin Investment is suitable for people with a source of income that's reliable as they can wait even when the bear market lingers

Wetin you talk na true, e good make person get another source of income so that him Bitcoin investment go just dey one side dey add weight until the time done ripe make person cash on him investment. But sometimes shit happens, and you no go get any other choice than to sell your bitcoin and solve life problems.

Concerning the person wey want invest in Bitcoin, do well to educate her about wallet security. Even when you recommend better mobile wallet like electrum and bluewallet, she still get role to play to safeguard her investment. Na newbie wey she be, make she no use the same phone dey browse upandan go click phishing link, when dem drain her wallet, she no come dey reason say you play her wayo, so do a good job.

Make her a paper wallet.

If you have a airgapped laptop device,  you can help her to create a new wallet. Give her the seed phrase and tell her to backup the seed phrase in three locations that are safe.

If you do not have an airgapped device, you can still help her if she trust you and if you can format your phone for her. Format your phone, install Electrum on it from https://electrum.org and verify its PGP signature, copy it on a formated flashdrive that the phone support. Format the phone again, install the Electrum from the flash. Generate the seed phrase, keys and addresses. Tell her to backup the seed phrase and help her to fund the address with the amount that she wants.

If I am the one helping her, I will advise her to use passphrase and I will tell her how she can lose her coins if she lose either the seed phrase or the passphrase and that she should backup both differently in different locations. Having passphrase can be very helpful for her against offline attackers.

This one just like na warning sef, no invest in bitcoin when you no dey do anything to support am because e go affect your investment. If you want to invest in bitcoin at least make you dey do small thing dey get money so that you will not touch the bitcoin wey you don invest. Na this topic dey make me dey create this thread Economy affects Bitcoin investors.. Because of the way bitcoin dey appreciate, everybodi want to invest and thinking that bitcoin go give them big profit for within few months of 3-5 months and dis people e no do anything and just want to depends on the bitcoin investment and thinking to have great harvest in this few months, and within this period, when thing are not going well with them in the side hustle then dem go remember say dey drop money for one wallet and dem no go kill or starve demselves when dey have money somewhere. And when you look at it na true, dem no go starve when there have money in the wallet. So dey will visit their wallets and sell dem to feed themselves. But to say dem dey do something outside di bitcoin investment then im or her go dey buy bitcoin small small every week or month with di money wey im or she dey get from side hustle.

A relative met me today and told me dat she want to invest in bitcoin and I asked her weti she dey do, so that when she starts di investment she no go touch di investment money until years to come and she told.me that na akara nai she dey fry. And she dey save #500 every day and she don save 100k from di capital and she want to invest in bitcoin with di profit and I was impressed. And I asked her how did she know about bitcoin and she said, she saw it in one my comment in a family WhatsApp group and she make enquiry and dem told her dat bitcoin na correct investment so she want me to teach her so she can invest. And I told her that all she needs na Android phone since we no get hardware wallet in di locality. And she told me dat when she buy di phone she go come back to me she she can invest and I told her dat dis is the best time to invest as bitcoin e still dey low.

It has been long I create thread in the local board but I dey make comments steady and this thread was created through the reading and making comments basically from dis thread https://bitcointalk.org/index.php?topic=5472766.new#new so weti I dey tok be say make you no dey in hurry to create threads, read more and in the process you go produce better thread. Good luck to all newbies.