So far so good with Bitcoin adoption on my side but I have question - page 2.

Oasisman

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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.

Not really a wrong idea to tell them they had to have their own Bitcoin while the price is still considered as "cheap or affordable".
Waiting for the bottom might probably the bad idea, because what if we already had the bottom? And when the price starts rising, then doubts would arise as well, then it might create a FOMO for them and they'll pay more than what the price currently. Therefore, IMO, it's not really a bad idea to let them buy today and teach them how to DCA moving forward.

dansus021

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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.

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

romero121

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Quote from: Newlifebtc on January 30, 2023, 05:56:47 PM

Bringing people into bitcoin another way of advertising for bitcoin showing awareness so I believe that these people that you are bringing constantly into this will also bring another people so that is a chain and is another way for many people who don't know bitcoin 20 bitcoin I think get this is how bitcoin movement started by connecting one or two persons from different areas

Spreading what you've found good about something is a must. This is how the progress happens, very few get into such kind of activities. If you go through the days of bitcoin's survival, it is evident that bitcoin spreading was much through word of mouth. In recent years only it got much exposed to the outer world through advertisement. Making people learn something new is really good initiative that need to be recognised.

Mr.right85

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Well, you are doing your bit in the bitcoin adoption idea and as well, helping these individuals see a side they would have later seen in course of there existence much earlier. Perhaps, one thing you should bring to there notice is, there isn't a specific time to buy although, its much better to buy when the market dips but, the profit has always been on how long you could hold before selling.

On the whole, trying to specify or direct when they should buy or sell isn't always in your best interest neither in there's. You actually deprive them of the chance of doing there own research and having confident in making investment decisions. I get it that, its gradual but, you've got to let them make these choices and save yourself the blame on whatever becomes the result of the investment.

KingsDen

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

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$

You have done really well by introducing bitcoin to your friends, colleagues or your family. It is a very good thing you are doing for them they may not appreciate it now but in the future I am very much convinced that they will appreciate it. But I have a very big concern which is being a financial advisor to people that you introduced into bitcoin. Please desist from doing that, no one knows how the market will move only advise them to do their own research that is the popular phrase in this forum. Don't advise were to buy or where to sell.
Don't forget to tell them to invest what they are able to lose.
I wish you would have any other reason to make people embrace bitcoin apart from "when bitcoin rises your money will multiply"

Newlifebtc

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Bringing people into bitcoin another way of advertising for bitcoin showing awareness so I believe that these people that you are bringing constantly into this will also bring another people so that is a chain and is another way for many people who don't know bitcoin 20 bitcoin I think get this is how bitcoin movement started by connecting one or two persons from different areas

FanEagle

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Basically, just teach people what to do when it goes down. If you could teach them about DCA and the benefits of waiting, then it should be fine. A person who "understands" the fact that prices drop time to time and world economy is not doing so well neither, and they could just buy more and more during this period and wait for it to go back up, will know that its a start of something good.

If they see it go down and panic? That means they are not going to understand the benefits of this and they will be pretty upset about it. I personally believe that its going to be pretty high in the future and I believe its going to bring me wealth, all I have to do is just wait.

tjtonmoy

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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.

If they are a newbie, then it's not ideal to advise them to buy BTC right away. Keep teaching them what you can, and give it your best. Hopefully, when they are ready, they will be able to make their own profits without any advice. You can give them a small amount like $5-10 as a gift and tell them to HODL it for the future. When the price will become high in the next bull run, you can ask them to check their balance then. This will motivate them even more to learn about BTC.

Franctoshi

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Please while bring people into the space and teaching them things about Bitcoin, ensure you as well teach them about the risk factors associated with investing in digital asset, precisely volatility, storage and security.
Lastly tell them to always do their own individual research before starting up to invest in Bitcoin and cryptocurrency, so they can bear full responsibility of whatever decision they may take.

Obari

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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.

You shouldn't be in the position to decide when to buy or sell their coins mate, humans are very ungrateful and it takes just one bad to cancel an entire 99 good you must have done for someone, so you have to be very careful and I also want to add that you've done a very great noble to have taught them about Bitcoin and I would advice that you get them into the forum if you haven't done so because that will at least open their eyes more to seeing what Bitcoin is all about and also help answer more of their questions regarding Bitcoin.
Please don't put yourself in the position of telling one what to do with their possession because you might held for any loss if the market goes sour and against them,
Also preach more of doing your own research (DYOR) to them.

Rigon

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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.

OP you did a good job introducing them to Bitcoin. This has increased the popularity of Bitcoin and they have gained knowledge about Bitcoin. Investment advice should not be given to any person. If the market takes a bad turn after investing in your advice, that person will blame you. If I were you, I would never advise new people to invest. But I used to teach them all the tricks of investment trading.

xSkylarx

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You should not tell them, let them discover what price they need to buy, you are already teaching them for 6 weeks, right? Then that is their exam to determine if it is a good buy or not (but it is always a good buy as long as you have money). You should not decide if they need to buy now, just give them ideas like showing them what is your opinion about the price then let them decide or find their analysis and decide. Just don't forget to also guide them as I am sure if they already holding bitcoin they will keep watching their wallet from time to time and if the price drops they tend to get emotional and sell off

rat03gopoh

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If you previously inserted disclaimers about risk in every explanation (especially the loss of decreasing value), then there's no need to think about it. Just curious about what orientation you teach your friends to adopt bitcoin, investing, trading, utilization, or what?

ethereumhunter

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Before you tell them more about bitcoin, you should have explained the risks of investing in bitcoin and if their goal is to invest in bitcoin for the long term, they should be able to buy at many prices, including the current price. It's true to wait for some correction before buying bitcoins and $23k is when a correction comes but if you tell them to wait for another correction, that's fine too. But they should also be able to analyze for themselves when they can buy bitcoins because buying bitcoins at any price is based on their individual decisions from the analysis they have carried out and not on advice from other people.

Gallar

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if they're going to invest in bitcoin for the long term, that's not a bad thing.
Buying bitcoin at $23,000 is still considered a low price, and it will definitely be more than that.
and what you have taught your friends is correct, so you don't need to worry.
but make sure they also know about the quadrennial cycle of bitcoin (halving)

Flexystar

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Right now I am just sharing my thoughts and also showing them how I am able earn in bitcoins over online networking. In fact I have also told them how I am able to make some bucks from the forum itself. This made them believe that we can actually get real money from the bitcoin. Since further to this I have also curiously shown them how one can get bitcoins, exchange them to various alts and most importantly how one can get them exchanged to fiat and get money in their bank accounts. Obviously there are few differences in the thoughts of different age group but yeah I’m doing fine with this methodology.

Ucy

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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.

I wouldn't advise you to continue guiding those newbies if you don't know exactly how to help them trade safely. If you are unsure you can tell them to split their funds between Bitcoin and stablecoin, so that when the price continues to rise they benefit otherwise they can buy more Bitcoin from their stablecoin reserve.

By the way, the one who is keeping Bitcoin at the current price says it will continue to move up, why doubt that? Or didn't you read it? Well, I will not advice you to wait for a correction at this point but just be careful at +$30,000 price level.

Lest I forget, the bolded is not the cause of the massive increase in Bitcoin price this January

franky1

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problems with advising family/friends
you personally do not control the market. yet being their advisor you become their communication point of their investment which means when the market changes directions you get the blame for their investment

feel free to teach them about it. such as features where:
you can store value without a bank account. by storing on addresses
they can set up family trusts without a bank manager/lawyer via simply using multisig
you can set up "shell accounts" again without accountants, managers, lawyers. simple by moving funds to different addresses
funds can settle in 10 minutes rather than fiats 48 hours 'pending balance'
and all the other hundreds of uses

you can rationalise down some hyped up, over promised, expectations by knowing about the value:premium borders which markets then trade within.
again this is not predicting prices this is about understanding limitations

but dont make predictions, promises or hype them up into thinking they can guarantee Xreturns in Y timeline

Frankolala

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don't encourage people i talk to about bitcoin to buy bitcoin or tell them about the profitable aspect of it,i just teach them the basics of bitcion. Anyway,if you have taught them so much about bitcoin and its volatile nature, you should go ahead to purchase their bitcoin for them,do not wait for the price to come down because nobody can predict bitcoin volatile nature. Presently what we are experiencing is a rise in price and you don't know if this will be the cheapest price of bitcoin.

You bought in a different year and they want to also buy in a different year, this will make the price not to be the same. The earlier, you invest into bitcoin the best for you. Bring them into the forum so that they can continue to learn on their own,so that you they can take care of their investment themselves after buying. Let them know that a long term investment is the most beneficial.

TimeTeller

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Quote from: dimonstration on January 30, 2023, 08:12:57 AM

Quote from: Ayers on January 30, 2023, 04:33:17 AM

Everything happened, and it won't be too serious even if bitcoin drops again, as long as they don't sell bitcoin, they won't lose. But you should avoid doing this again in the future.

There should always be a note or reminder to anyone we’re teaching that bitcoin is volatile and we can’t guarantee the price no matter how we monitor and study the market and charts, there are tendencies that we will buy at higher or lower price than others and sells it at higher or lower price than we bought it. I guess as long as we tell them the beneficials pros and cons and they agree that they are willing to take risk in bitcoin then we should not worry. We can guide them but they should find ways to study it by themselves. Trading and investing is a long journey we can’t always depend on the ones who teach us into it.

That is very correct. As a mentor, you are not always by their side to tell what to do next.
So whether to buy at this price level should also be at their disposal and not only relying on your decision.
You can't tell what will happen next also, so you are also relying on your instincts about what will happen next.
Just remind them of the possible consequences of buying at this level right now, or letting this price level pass by at the moment.
The price may decrease or increase depending on the surrounding developments or news at this market.
One should always be prepared and have their contingency plans so as not to get caught in the bad situation.

Topic: So far so good with Bitcoin adoption on my side but I have question - page 2. (Read 470 times)