So far so good with Bitcoin adoption on my side but I have question - page 3.

Crypto_H

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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.

The decision to buy or hold is subjective and depends on individual investment strategies and risk tolerance. However, it's generally recommended to consider the long-term potential of an investment rather than short-term price fluctuations.

Double bottoms can occur during bear markets, but they are also uncertain and can't be predicted with certainty. Some investors prefer to wait for corrections, while others buy and hold through market cycles.

Ultimately, it's important to do thorough research, consider your financial goals and risk tolerance, and seek professional financial advice before making any investment decisions.

Fullcoinese

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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$

maybe you forgot to teach them that investing in Bitcoin always requires patience. and also of course there is a big risk that allows them to lose money too.
you will not be able to guarantee the value of their investment will continue to rise. because you were lucky enough with a decent purchase and now you have a profit.
I can only hope that your friends will not lose their faith in Bitcoin when the value of the investments made decreases. because if it is the first experience, this could be very memorable for them, whether it will be fun or even detrimental.

dimonstration

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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.

m2017

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It's always commendable when someone shares useful information with newbies, including about bitcoin.

I don't see anything wrong with the advice to buy a btc at a price of $23k. In the last bull run, btc went from ~$20k to ~$69k. If this happens again in the future, then a threefold increase is quite possible. With each cycle, the maximum value rises, which means that $69k is not yet the limit.

But your friends should know that they won't get rich in a couple of days and will have to hold bitcoin for a while.

In general, now you can do this. Divide the money allocated for the purchase into 2 parts and buy now for 1st part, and if there is a bottom for the 2nd part. Better yet, divide into more parts and buy for each part once a week to average out the cost of the purchase.

KennyR

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You've took six consecutive weeks to educate the people about bitcoin. From the very first day onwards surely you could've shown them about the price. Over time surely they might've noticed the price variation. This could've made them understand better about the fluctuation of the market. This can be bullish/bearish. So, ask them to go for very little amount based on their understanding and further increase depending on the market.

crunck

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You are wrong to give them financial advice because if the price doesn't go up as expected but goes down, they will most likely blame you immediately. But the price of $ 23k is not too bad, so you do not need to worry, this is still a very good price to buy because compared to ATH in 2021, this is a low price.

Leviathan.007

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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?

Me too and the reason why I don't give any financial advice is exactly what you said. Even if you get profits and benefits from the advice you give them they won't say anything like they were responsible for investing and mostly they won't thank the advisor for the financial advice while if they lose anything they will start blaming you for giving them bad financial advice while they are responsible for any investment they do and even if you give them a piece of bad financial advice still they still can think and make a decision by themselves without of blaming other people.

Ayers

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It's great that you have taken the time to teach bitcoin to those around you, and I believe that questions about bitcoin price will always be asked in every lesson, and I can see that you cannot avoid mistakes. Giving financial advice to others is something we should avoid as much as possible because no one can predict the future. 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.

QueenVera

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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$

What's the difference between $17k and $23k if you both hold and ride the wave upto $100k or beyond depending on what price Bitcoin has in store for us. It doesn't matter the price you buy your Bitcoin now as in the future we all will be in profit. The only time the price of Bitcoin matters is when you're a trader.
If your friends aren't buying Bitcoin for training purposes then I would advise they should get their hands on some bitcoin today. The price might be too high for you today but you can never tell if the price will drop lower than this or not. All they just have to do is not to invest money that'll be needed in the nearest future instead they should invest as much as they can afford to lose then hold unto their investment.
As an investor or newbies picking interest in investing, we should note that it isn't always about our entering point but how far is our patience to hold unto our investment for future gains.

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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 cannot expect everyone to buy at the price and enter the market at the same price you purchased your own bitcoins, and you should have let them buy it as their interest was high. I feel telling them to wait is not the best because waiting is dangerous, they can loose interest, or the money that they had and intended to use in buying bitcoins can enter into other expenses. To play the waiting game is dangerous.

bakasabo

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Just dont forget to show the other side of Bitcoin investment. Show them that like Bitcoin price went up, it can quickly go down and be low for a very long period. At least warn them of that. I saw a lot of people only see growth. A lot of people think that if they have bought a Bitcoin, they will be 100% be gain profit or be rich. Warn them that this is not a "get rich quick" strategy. They must be patient and cautious.

crwth

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Since you are doubting what you are doing, it's better to know what you are doing and be confident about what you're trying to advise. Generally, it's not a good idea to recommend someone on what to buy because they might haunt you that you've lost them money or give you praise if you made them money. So it's going to be hard, and depending on the level of understanding you have between the two parties, it would depend on it.

White pawn

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I don’t think there’s a need for validation of your actions of having brought in and taught newbies all about bitcoin. It’s great you’re doing so.

Saw a solid advice and point given by another member on here. You shouldn’t be giving anyone, especially newbies any financial advise. I would like to add that the only advice you should give them is to do their own research. Wouldn’t be hard for someone that’s in the university to appreciate the fact and do their own research on things before venturing into anything.

Aanuoluwatofunmi

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stead.builders

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$

Bitcoin price is not determined by event like that, if it must be affected then events like halving, mining hash rate are well recommended for that, also about advising them on when to purchase, you need to explain it point blank to them that bitcoin is volatile and they must understand this, now it's left on them to decide if they are investing now considering the current price or wait more, this will help you alot not to receive the blame if the decision comes from them, bitcoin price may go more bearish or bullish after they buy, but since you have already told them the risk at stake they wouldn't blame you, because even you by yourself took that same risk to buy and see where the current price is at your favour, so let them independently take the decision by themselves.

yazher

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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.

That's right and it's better to clarify everything to them and to free yourself from any blame when things will become worse for them about their investment. It's really better, to be honest, and talk about the volatility first if they are risk takers, they will gonna invest even though the price of bitcoins is currently high and they will not gonna put the blame on you if they messed up as long as you have been clear and honest to them. The way people invite to their ponzi scam investment is different than what we are doing because they are forcing the newbies to invest by luring them with sweet words and lies, while we are being truthful to them and being careful with any information we share with them because it's crucial for the safety of their money and other wealth.

bitzizzix

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Because bitcoin price movements are not easy to predict, it's best not to suggest them to buy and give a basic explanation about bitcoin and wallets, I think that's enough.
because buying or wanting to own bitcoins must be based on faith and also analysis after knowing the basics, and suggesting buying bitcoins using additional money gradually and also for the long term. And if you tell or tell bitcoin journey that bitcoin is a very good long term investment I think you and they don't really care about the current price of bitcoin and as long as they believe in the long term they will continue to buy gradually until they feel they have had enough and hold it.
and what i mentioned i was suggested to some of my family members that bitcoin is very promising long term investment and also tell my profit when doing long term, and aims to keep them motivated.

BenCodie

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Quote from: pooya87 on January 30, 2023, 02:49:27 AM

Quote from: BenCodie on January 30, 2023, 02:33:02 AM

Yet, many Chinese exchanges and services still operate today. So this tells you how effective these so-called bans really are.

That actually tells us that there was no bans, at least not the way that is reported by the mainstream media. What Chinese government banned were a bunch of things. First was banning centralized exchanges that had 0 trading fee where the exchange was a front for their money laundering operations. Second was banning ICOs back in 2017-ish which we all know were scams and were actually banned in other places too. And finally was the mining ban where they shut down mining farms inside mainland China.

However, as far as I've seen they never banned using bitcoin or trading it.

Yes, that's right actually. Specific things were banned in most/all scenarios, however every time a ban occurred the mainstream media were quick to go with the catchy phrases that gave the idea that "Bitcoin is banned" rather than properly stating the specifics of the bans.

Here was one of the campaigns that alluded that using Bitcoin as a whole was banned by China:
China declares all crypto-currency transactions illegal
I couldn't find any sources in the article that actually validated the contents of what was published, of course Roll Eyes

pooya87

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Quote from: BenCodie on January 30, 2023, 02:33:02 AM

Yet, many Chinese exchanges and services still operate today. So this tells you how effective these so-called bans really are.

That actually tells us that there was no bans, at least not the way that is reported by the mainstream media. What Chinese government banned were a bunch of things. First was banning centralized exchanges that had 0 trading fee where the exchange was a front for their money laundering operations. Second was banning ICOs back in 2017-ish which we all know were scams and were actually banned in other places too. And finally was the mining ban where they shut down mining farms inside mainland China.

However, as far as I've seen they never banned using bitcoin or trading it.

cryptoaddictchie

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If you have knowledge on technical analysis then go on and pitch your recommendation, but advising them is a risky thing though. You might got blame if there some worse thing that happened on their money.

Maybe try to show and let them be educated on how bitcoin works in a simple way including the usage of it and how we can generate utility of it. The trading or investment part should be well explained so that they can grasp how volatile and dangerous investing on bitcoin and other cryptos.

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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$

I have heard people say the Chinese New year cause corrections due to large amount of withdrawals made by investors to celebrate the occasion. Goes to show you that attempts to predict the market or give reasons for price actions are usually without any facts.

There's nothing wrong in then buying higher than you did, your purchase is around the cheapest range in a long time and the chance of them getting in at that price is not guaranteed.

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.

What happens if it keeps rising and they feel they would have profited if they had bought at the current price range before any doubling down?
Also, if they DCA over several months, it would not matter the different price ranges they bought in at.

Topic: So far so good with Bitcoin adoption on my side but I have question - page 3. (Read 470 times)