So far so good with Bitcoin adoption on my side but I have question

Kasabus

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I wish there is a way that I can show families on here how successful I have bring numbers of people into Bitcoin between 2021 - 2023, it's been so great and I am very happy about it, I have fresh newbies at hand right now, two of them are from the same university 🎓, I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

Here is where I am confused, the present value of Bitcoin is growing, some said it's because of the Chinese New year Holiday aka Year of the Rabbit, since I got mine at 17,000 and 15,000 I feel it's wrong to tell these newbies to buy at 23,000$

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

Tell them to buy when the market is purely in bearish because the price is certainly low. But do not resort in setting the price for them to buy because that is already indulging yourself into their own decision. If you don’t want to be blame for their future losses, then stay out of it. But I believe as long as they always chose bitcoin for investment, they will always be gaining good returns from it as long as they are aware about the basics in buying and selling bitcoin.

Finestream

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Quote from: kryptqnick on January 30, 2023, 02:25:14 AM

I agree with others that giving financial advice is undesirable, as people must learn to make their own choices and do their own research, as well as realize that whether they win or lose it's solely their own responsibility. If you got yours at $15-17k, you could just honestly tell them that. But nobody knows whether Bitcoin will fall again, and IMO the price is still good as long as a person believes in full recovery of the process and is willing to wait for it.

Everyone is free to give their own idea about bitcoin as long as it’s based from facts, but giving financial advise should be out in the line regardless if you have been trading successfully in the market for long. No one holds what will be the future price of bitcoin, so it’s better to never give financial advise at all. However, one thing I am sure about bitcoin, even if you start buying it a high price, as long as you take it as a long term investment, that will still make you a profitable investor in the end.

Russlenat

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I wish there is a way that I can show families on here how successful I have bring numbers of people into Bitcoin between 2021 - 2023, it's been so great and I am very happy about it, I have fresh newbies at hand right now, two of them are from the same university 🎓, I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

Here is where I am confused, the present value of Bitcoin is growing, some said it's because of the Chinese New year Holiday aka Year of the Rabbit, since I got mine at 17,000 and 15,000 I feel it's wrong to tell these newbies to buy at 23,000$

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

Yes, there’s no wrong telling them to wait for some correction before buying, but never meddle on what price they should start buying. As long as they are aware enough to buy at a low price and sell when the price is high, then let them decide on their own when to best buy. After all, you don’t hold guarantees if the market will pump or drop its price right after they bought. Just when they thought about the market volatility, I assumed they should have prepared for it before buying.

Sanitough

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Quote from: davis196 on January 30, 2023, 01:48:37 AM

Do not give financial advise to other people, because they will put the blame on you, when they lose money.
It's great that you are spreading the word about Bitcoin. Good Job, OP. If I was on your place, I would just explain the basic principles and the core concept of Bitcoin and blockchain technology. I wouldn't tell the noobs when to buy and when to sell. Nobody can predict the market, even the best crypto traders are failing sometimes. Knowing Bitcoin is one thing, learning and practicing crypto trading is a different thing.
By the way, I don't think that the main reason for the small price growth from 16K to 23K is the Chinese New Year. Wasn't Bitcoin banned in China?

If you don’t want to be blame later on, then never advise them to buy at a certain price, let them decide on their own when they want to buy. At least, you’ve done on your part explaining to them the core basics of bitcoin, it’s high volatility, so whatever their actions, then they should be responsible for it. Yes, the market is unpredictable, that’s why it’s best to just educate them all about bitcoin, but never end up giving them financial advise.

stomachgrowls

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I wish there is a way that I can show families on here how successful I have bring numbers of people into Bitcoin between 2021 - 2023, it's been so great and I am very happy about it, I have fresh newbies at hand right now, two of them are from the same university 🎓, I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

Here is where I am confused, the present value of Bitcoin is growing, some said it's because of the Chinese New year Holiday aka Year of the Rabbit, since I got mine at 17,000 and 15,000 I feel it's wrong to tell these newbies to buy at 23,000$

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

Just tell them about the basics and its up to them whether they would be buying on 23k price point or not,considering that we arent that the same when it comes to perspective whether we do buy for long term hold or

we do buy on short term ones.You do tell your friends about that option and its up to them on making up the decision.The right thing on here is that you shouldn't really make out some assurance that they could make money or earning money is too easy into this market because this is where people do usually believe into their minds.

On the time that they do experience out some losses or negative into their investment, then they would really be blaming out into that person who had introduced it to them which is YOU.

doomloop

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Quote from: Yatsan on February 01, 2023, 10:19:24 AM

There's no such thing as late or too early especially if you just cannot endure the market behavior. Invest on your likeness and capabilities. Even if you were able to buy at $15k lowest since ATH, if you cannot endure changes with the market price and lack of consistency, then for sure you'd be forced to sell or liquidate simply because it is you capability and circumstances as an investor which are your biggest problem. Give them reminders that the price won't continuously increase in a consistent manner because that would save them regrets especially if they were just carried by the hype of industry. Also, you just cannot take every profit from this industry so if you are waiting for the lowest, and given how unpredictable this market is, it will just be a waste of time.

I think there is mate. What about those who joined in Bitcoin on 2010? Isn't it early? And then there are those who joined lately or this year. These people are late however not all those who get in early are killing it but some of them are only a loser and then there are those who came late but are mostly reaping the benefits. Other than that, cryptos are volatile so all has an equal chance to buy and sell.

Speaking of volatility this is why the price can't increase consistently but it doesn't mean that we should follow it. We ourselves should stay to be consistent if we want to be successful in this game. There's no way we can always be in profit but there will be times that we will lose. It's normal though and this might be the way for others to earn.

so98nn

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I think you should start giving them demo with their own money. Like show them the whole process of buying and selling bitcoin. Just do it in between your and their wallets. Let them see how it works on peer to peer network and how cheap it is. Make them realise how it did not even ask for bit of information from you to process the transaction thus proving them the anonymous nature of bitcoin.

In the today’s world it works better by practical approach rather than long lectures and theoretical approaches. I think crypto space can be understood in better way by using it. So make them try it and see how they react. If they are fine then they will go with it and if not then you tried your best.

Rockstarguy

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I wish there is a way that I can show families on here how successful I have bring numbers of people into Bitcoin between 2021 - 2023, it's been so great and I am very happy about it, I have fresh newbies at hand right now, two of them are from the same university 🎓, I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

Here is where I am confused, the present value of Bitcoin is growing, some said it's because of the Chinese New year Holiday aka Year of the Rabbit, since I got mine at 17,000 and 15,000 I feel it's wrong to tell these newbies to buy at 23,000$

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

Your responsibility is to teach them to understand everything they want to recognize about bitcoin but when it comes to investing I don't assume it is Ideal for you to make suggestion on what to do. You need to make them understand the market, it volatility and the risk involve in bitcoin. It is necessary you should not get contain in their monetary selection due to the fact if you tell them now not to invest due to the current price of the market and the market later turns out for good you will blame for not permitting them to make investments earlier and if you inform them to make investments and the market does now not profit them you will nonetheless be blame, it is properly you let them take decision and take the risk.

JoyMarsha

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

In those 6 weeks of your teaching and answering their questions, did you tell them how volatile the crypto market is, and how they can hodl and have patience with their crypto investment? If you do explain to them how the crypto market works, let them have their first bitcoin investment (investing with their spare money).

Quote from: Outhue on January 30, 2023, 01:36:18 AM

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

Do you know whether the present price of bitcoin($23k) is the correction price of bitcoin? Having said that, let them invest if they can and hodl on for a long time. The amount they invested in Bitcoin will surely give them profits returns in the future(bull run season)

jeraldskie11

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Quote from: dansus021 on January 30, 2023, 10:08:29 PM

Quote from: davis196 on January 30, 2023, 01:48:37 AM

Do not give financial advise to other people, because they will put the blame on you, when they lose money.

Yes its true I hade the same situation like this although that person is my brother and not blaming me, but still there is feeling guilty about it Cry

but for now when people asked me Ill give them basic information and redirect them to youtube and always said that there is always risk on any kind of investment

That's the reason why we must only invest what we can afford to lose and he must know that. If you really believe that Bitcoin price will go up, then why you don't tell it to other people. You must convince yourself first by doing a Technical Analysis and Fundamental Analysis before you attract people. They must know that there's a risk on it and don't force them to invest. If we did that, I think we will not feel guilty if they lose money.

pawanjain

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Quote from: Outhue on January 30, 2023, 01:36:18 AM

I wish there is a way that I can show families on here how successful I have bring numbers of people into Bitcoin between 2021 - 2023, it's been so great and I am very happy about it, I have fresh newbies at hand right now, two of them are from the same university 🎓, I have spent 6 weeks with them teaching and answering questions about Bitcoin and wallets, now they decide to purchase their first set of Bitcoin.

Here is where I am confused, the present value of Bitcoin is growing, some said it's because of the Chinese New year Holiday aka Year of the Rabbit, since I got mine at 17,000 and 15,000 I feel it's wrong to tell these newbies to buy at 23,000$

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea? Because right now I don't see anything thing better than to wait, double bottom is always possible with Bitcoin in bear markets.

You are doing a great thing by spreading the word about bitcoin and it's tech but I guess instead of telling them to buy at this price you can educate them more.
You can educate them to trade and teach them the basics about it. After that it will be their call whether they should go ahead or not.
This will take you on a safer side and nobody can blame you for their mistakes while preaching you for your teachings.

Yatsan

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There's no such thing as late or too early especially if you just cannot endure the market behavior. Invest on your likeness and capabilities. Even if you were able to buy at $15k lowest since ATH, if you cannot endure changes with the market price and lack of consistency, then for sure you'd be forced to sell or liquidate simply because it is you capability and circumstances as an investor which are your biggest problem. Give them reminders that the price won't continuously increase in a consistent manner because that would save them regrets especially if they were just carried by the hype of industry. Also, you just cannot take every profit from this industry so if you are waiting for the lowest, and given how unpredictable this market is, it will just be a waste of time.

Accardo

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It depends on the type of investor you are nurturing your students to become. If you stretch more about long term investment in their lesson notes, they won't be afraid to buy, regardless of the current price. So, saying the buy now decision is wrong, you may not teach them, and that can lead them never to buy bitcoin. They should be aware of the losses involved in bitcoin even before asking question about the digital currency, I'd say that it's their duty to invest a bearable amount of money; what they won't need in few years. That way, they'll experience the profits and loss in bitcoin market and not get worried or bothered. However, If its something they can handle, passing through the bear bull market, buying bitcoin at any price won't be a long term decision.

But, you seem to be the type of teacher that'll encourage them to wait, what if bitcoin doesn't drop to 17k again? You'll regret they didn't buy now when the price hits 30k. Just click on the positive idea, what matters is that they own bitcoin. It's important to be kind than to be important.

Kakmakr

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Now, before we go into Bitcoin's volatility and the best time to buy... I just need to tell you that Bitcoin is not meant to be a speculative investment tool... Satoshi Nakamoto developed Bitcoin to be an alternative payment option.. not an investment tool. So, when the Banks and governments fail, people owning Bitcoin...can still use bitcoins to buy & sell goods or to pay for services.

Now that we have that out of the way, I just want to tell you that there are no "best" time to buy bitcoins... I introduced people to Bitcoin when the price was $18 000 and they bought bitcoins at that price... not long after that, the Bitcoin price dropped with almost 80%.... but I convinced them to hodl..and they sold some of those bitcoins years after that for between $40 000 and some even at $60 000. Wink

wxa7115

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Quote from: Vyeon11 on January 31, 2023, 02:57:02 AM

did you suggest them, or did they start asking you?
if your friend asks about bitcoin first, it's not a problem, but what becomes a problem is when you first suggest your friend about bitcoin.
if you suggest them, you have to be careful, when they are profitable they will definitely thank you, but on the contrary, if your friend loses investing in bitcoin, at least your friend will complain to you.

Talking about bitcoin is fine as long as no financial advice is given at all, and if at some point such information is asked from us we must be very clear about not being willing to give advice away, now or ever.

And this is because even if we meant well we do not know the circumstances which surround the economic conditions of the person asking for our advice, so what may be a good move for us could be a terrible move for them, and if they followed our advice we may be creating economic problems for them which could take years to recover from.

dansus021

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Quote from: maydna on January 31, 2023, 02:28:14 AM

Right. When I give financial advice to other people, I fear it won't work for them and will cost them money. As someone who knows them intimately, it would make me uncomfortable with him, and maybe he would too.

That's why I always advise people who want investment advice to seek more information, but I will accompany him as long as he is looking for that information so that he doesn't go astray. I also put more emphasis on the person that there is a risk behind everything, and he should think carefully about that risk.

Yeah I know it, sometimes all advice doesn't work to our friend but it does work when we using it, and it also comes to trade. everybody knows that trade is risky and bitcoin is very volatile but some people who don't know trade it always say get easy money the truth is Grin

Vyeon11

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did you suggest them, or did they start asking you?
if your friend asks about bitcoin first, it's not a problem, but what becomes a problem is when you first suggest your friend about bitcoin.
if you suggest them, you have to be careful, when they are profitable they will definitely thank you, but on the contrary, if your friend loses investing in bitcoin, at least your friend will complain to you.

Fivestar4everMVP

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Looking at the price of bitcoin right now, I believe your decision of telling your friends to wait a bit before buying was indeed a wise decision, but this is if they haven't bought already before now, but then, the good thing is that, even if they end up buying at $23,000, they will still make their profit as long as they are buying with a mindset of holding for long term, The price of bitcoin will probably reach a new all time high next year if we experience a bull run like we've always experienced it the past years during bitcoin halving, so buying at $23,000 is relatively buying cheap when we compare this current price to the all time high price which is over $68,000 I believe.

maydna

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Quote from: dansus021 on January 30, 2023, 10:08:29 PM

Quote from: davis196 on January 30, 2023, 01:48:37 AM

Do not give financial advise to other people, because they will put the blame on you, when they lose money.

Yes its true I hade the same situation like this although that person is my brother and not blaming me, but still there is feeling guilty about it Cry

but for now when people asked me Ill give them basic information and redirect them to youtube and always said that there is always risk on any kind of investment

Right. When I give financial advice to other people, I fear it won't work for them and will cost them money. As someone who knows them intimately, it would make me uncomfortable with him, and maybe he would too.

That's why I always advise people who want investment advice to seek more information, but I will accompany him as long as he is looking for that information so that he doesn't go astray. I also put more emphasis on the person that there is a risk behind everything, and he should think carefully about that risk.

Sebas.tian

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Quote from: Outhue

Have I done the right thing by telling them to wait for some correction before buying or you famz have a better idea?

Yes, because you want them to be a responsible people in future that made you to advise them not to buy now than to wait for the price of Bitcoin to decrease more to a level they can use a huge amount of money to buy and hold for a better future. If they can wait for the price of Bitcoin to decrease to $20,000 before they can buy and hold will be favourable, because it will be difficult for the price of Bitcoin to decrease to $15,000 or $17,000 again. I think, they will never forget the impact you have impacted them because there are many people over there looking for a genuine facilitator who can impact them the knowledge of Bitcoin but they find it difficult in their environment.

Topic: So far so good with Bitcoin adoption on my side but I have question (Read 470 times)