Topic: Succeeded in introducing Bitcoin to a friend - page 10. (Read 1367 times)

Think about it — what do you actually get for flaunting your bitcoin holdings or literally any wealth in general? You just get your ego stroked for a few minutes and then what? It's all downside from there — suddenly people will be asking you for loans, asking you to treat them out, or god forbid some malicious person would somehow learn about it and hit you with a $5 wrench.

https://chainsec.io/wrench-attack

Seriously , even taking a bath are part of this story what a great creation 

anyway coming back to your topic, then why need to show all your bitcoin to this sentiment? you have known each other from college but you are not together for how long now and how can be so sure that you can trust him?

I'm afraid you did a big mistake of your life by doing that.

But Nice story though 

it would have been a bad idea if he had not bought some bitcoin at the end of the day but since he his able to accumulate that huge amount of bitcoin which you are aware of, I guess it's not a big deal.

It's normal that when we meet our friends after not seeing for a long time to kind of show them that we have something going on in our lives and I guess that's what prompted you to tell him about the work you're doing as well as the fact that you are a member of the forum, but  I fell its not all that good to tell someone about your holding A irrespective of if the person is your old time friend or not, their are some that will see you as a competition if they are unable to accumulate theirs after you've showed them your holdings.

Thought it is wright indecence that some of people need proof before they can start investment. and it is also wrong indecence that the potfolio you show them poses a greater risk of enviness and hatred which might lead to kidnap or sending assassin's. It is often said no matter how we try to be nice to people we should try to avoid our privacy from them because the heart of men is naturally wicked.

It is not a bad decision to introduce people to Bitcoin because you are indirectly promoting Bitcoin adoption. But you have to give them the right information and also teach them how to keep their Bitcoin safe. Although this condition is relative to my location, I don't like telling people that I own Bitcoin because it could attract criminals such as armed robbers, kidnappers and fraudsters. Most people in my area don't know that Bitcoin can be bought in bits so they assume that you own one Bitcoin and above if they know that you own the coin. This has made me keep my hodling secrets and only discuss Bitcoin with fellow Bitcoiner.

Now to your question,  I don't think you had to show him how much you have accumulated or how much profit you have made to attract him to the sector. This might make him see Bitcoin as a get-rich-quick scheme which is a wrong perception. He should be able to understand the Bitcoin space before investing to avoid regrets.

If you do this, you will lose your friend and your bitcoins.

Your friend is going to have a plan with some bad guys to attack you on the streets or break into your apartment at night, tie you up, gag you, torture you for three hours, threaten to kill you your family including your dog or cat, eat your food and then force you to send your bitcoin to a address. When you do, they'll disappear for ever. You'll lose so bad that you would never want to talk to anyone about bitcoin.

If you think that your innocent looking friend cannot perpetrate these things, read this  - Physical Bitcoin and Cryptocurrency Attacks that Have Been Reported Worldwide

uh-oh. that was your mistake it’s ok to introduce bitcoin to your friends or family but one thing you should never do is to physically or literally show them the amount of bitcoin you hold even if they are you long-time friend, who knows what greed can get you to do right?

i guess it’s a good sign that he bought bitcoin himself but he might feel impatient doing the dca method and do something to your bitcoin but of course that’s just thinking of the worst scenario that could happen

another possibility is if he sees he’s losing money and still not fully understanding the fluctuations of bitcoin, he might be angry at you and blame you for whatever financial situation he ends up in

Congratulations! It's a very decent sum of money to start investing in BTC! Besides teaching him how to purchase BTC, I hope you have also advised him on how to store his coins safely from hackers and scammers.

Well, who doesn't want to possess a whole BTC? That would be great. If he does DCA every month, purchasing the same amount he firstly acquired (0.012194BTC), it's going to take him 82 months or almost 7 years... And that is supposing Bitcoin price is going to remain relatively stable on the currently price range, what is really unlikely. So we can conclude the longer he takes to invest larger sums of money in BTC, more unlikely it is he will have 1 BTC on his wallet. DCA is a great strategy, but if he is able to invest more money right now at once, it's better.

Considering he isn't a close friend of yours, as you had been out of touch since the university, I don't think it was a good idea. To show how much money you have invested in cryptocurrency is a very private thing, which should be shared only with close people you totally trust in. I understand your intention was the best as possible, because you wished to introduce him to Bitcoin showing how engaged you were with the digital currency, but be more careful next time!

I will call it a "1BTC syndrome" where people especially newbies want to get or acquire a whole Bitcoin where they can just hold a portion of it.
I mean if they can buy a single Bitcoin then they can just do it I guess. It's good though that you shared the DCA strategy because it's the safest strategy for newbies like your friend.

No.

It isn't wise, and it isn't safe. I know it's your friend and you might trust him, but from my perspective, it's never safe to show your holdings to other people even with close family members. Well we don't know how close you are with your friend, and you might trust him more than anybody else around you thus, you showed it to him. Nevertheless, you did it already. I guess just take care of yourself, and your holdings as well because you don't know what can happen.

Bitcoin is cash. If your friends know how much money you collect, your source of income, and where you keep the money, they will know how much Bitcoin you keep, but it is better not to do that because if it is stolen, it may occur to you that your friends are the ones who did it.
A beautiful story, but I do not advise anyone to make a decision to invest in something because my friend told me about the subject in a session that did not exceed an hour. It is better to research in depth before thinking about investing.

It's definitely not safe to just show your wallet to anybody. But this is your friend. Although I don't recommend that you trust your friend even with how much Bitcoin you own, I assume that what he bought is way larger than what you have. Your friend is probably in a much better life situation than you. You said you are only paid $60 for about two years. That's terrible. On the other hand, your friend has even travelled to another country to further his studies.

If your story is true, did you friend buy $520 worth of Bitcoin just like that? He didn't inquire more about what this Bitcoin is or how does it work?

Many information in this paragraph that is unnecessary.

Dollar Cost Averaging is a good strategy for investment and it can be seen with the tool
https://dcabtc.com/

Is it your issue and real question?

Because as I read in your story, you already shown him your wallet, its balance.

I don't need to read all this story to know you fake it with your imagination. This quoted part in the story shows you lie about this fiction that does not exists in your real life.

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It is not safely to do this because you put yourself at risk. I wish you best if you actually did this risky action but please don't repeat it in future if you don't want to be a victim like those victims.

Known Physical Bitcoin Attacks
Physical Bitcoin and Cryptocurrency Attacks that Have Been Reported Worldwide

I don't think so.

Last week, an old friend of mine back then in the university in 2013 who later traveled to Canada to further his studies returned back to the country and yesterday, he coincidentally met my mum at a shopping mall and requested for my contact and my mom gave my number to him so he called and called the nickname that we both normally call ourselves back then in the university days I was so shocked to hear that and I called his original name and he answered and told me he is back from Canada and he requested we meet at a bar immediately.

 So with excitement to hear from an old friend after so many years I just immediately took my bath and zoomed to the bar he directed me, so I got there lo and behold my old time friend. We exchanged pleasantries and started discussing about life and I told him how life have been so uneasy but that I got a job in a factory were am paid $60 for about 2 years now and i told him that my colleague at work introduced me to a forum called bitcointalk where i registered on the forum and learnt a lot of things concerning Bitcoin and i also showed him the amount of bitcoins i have stored in my wallet so far and he became curious to know about bitcoin and i explained everything i know about bitcoin and encouraged him to join me in buying and holdling bitcoin that we are awaiting the bull market after the halving so he became so furious and told me that since he knew me that I don't normally give attention to anything online (internet) but for me to hodl such huge amount of Bitcoins that it means am really serious about it so he became interested and ask me how he can buy Bitcoin as well so I told him step by step on how to buy Bitcoin and he bought Bitcoins worth $520 that is about 0.012194 btc so he told me that he wish to acquire 1 btc so I told him not to worry that he will use the DCA method to buy same amount of bitcoins at different interval then with time he will surely acquire the 1 btc.
My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?