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.

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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.

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.

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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?

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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.

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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Dimon69

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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crunck

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.

Rruchi man

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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.

Upgrade00

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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.

BenCodie

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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?

The best advice you can give is that Bitcoin is an investment that is most successful with a target of 4 years. It is economically designed this way. No one has ever failed when hodl'ing for more than 4 years, the charts prove it!

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

Wasn't Bitcoin banned in China?

According to this article, Bitcoin has been banned by China on 3 occasions. I remember reading another article around the time of the last China ban that the count was in excess of 7 occasions. Yet, many Chinese exchanges and services still operate today. So this tells you how effective these so-called bans really are.

Bitcoin Cannot Be Banned!

kryptqnick

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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.

Outhue

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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?

Giving people financial advise is what I hate the most, trust me, I have been there and I've seem how ugly things could get, the hate you can easily get when things go wrong, but the people that invested base on my advice are those that already understand the risk involved, they are on their own if anything happens.

Buying low is the key, that's all I give them as advice, follow by, invest with little amount that won't hurt even if it failed to go your way

EarnOnVictor

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You are not wrong, your scepticism is right, and you are being reasonable and keeping them safe. If they invest immediately, they might lose interest easily when the price of the coin is falling, so investing at a time when it has just started a pump would be a very good idea. One would have had a better assurance of the bullish trend if it were at the time that it reached the low of about $15,500 last year. At the price, BTC would always recover, and even if they lose, it will soon recover, unlike this time when it almost hit $24,000.

Conclusively, be their guide through chart analysis to know the right time to invest and divest.

franky1

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in 2021 the non zero bottom value was $10k
the premium in 2021 was $75k
the market swung inside this window by movements between $25-70k
|||||||||||||||
   ^ ^
in 2022 the non zero bottom value was $15k
the premium in 2022 was $95k
the market swung inside this by movements between $16-50k
||||||||||||||||||||
  ^ ^

and in 2023 the current value premium possible window. and bitcoins current price
   v
||||||||||||||||||||

its still very much in the green and close to the (black) non zero bottom value
its not as if you are advising they buy in the amber/red zone

pooya87

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You shouldn't really try to find reasons for each and every rise and fall. Also what people say on the internet is always all kinds of crazy. They once say new years lead to people dumping bitcoin because they need money for presents and travels, etc. and another time they say it goes up because of new year.

I'm also with @davis196 on this, you shouldn't give financial advice to others so that they can blame you when they lose money specially in a very volatile market. You also shouldn't introduce Bitcoin to others as an investment (which is two birds with one stone), since bitcoin is a currency and people who buy it should want financial sovereignty. Also that way when there is volatility they won't just panic then dump and blame you for the loss since they didn't buy bitcoin primarily to make profit.

davis196

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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?

Outhue

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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.

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