Succeeded in introducing Bitcoin to a friend - page 8.

Zoomic

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Quote from: macson on December 20, 2023, 04:15:12 PM

indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested, But the important question is whether you also warn your friend about the risks of investing in Bitcoin! Many people don't explain in detail what risks they might encounter when they become a Bitcoin investor, There are things you need to explain about the benefits of investing in Bitcoin;
- Bitcoin price is volatile
- best private wallet for Bitcoin ^{(long term)}
- best exchange to buy bitcoin
etc
and you also have to be prepared to continue receiving questions from him, it will likely annoy you until your friend really believes in bitcoin, it's not easy to introduce bitcoin to other people, but we have to do that to encourage bitcoin adoption.

Telling people the good sides of Bitcoin without telling them the other sides of Bitcoin is very risky. Newbies also need to be aware that the bitcoin price is very volatile which can either reduce or increase the value of their investments. They should be fully aware of the inherent risks involved in investing in Bitcoin, also the dos and don'ts.The OP might be in some sort of trouble if at the end his friend begins to make losses instead of gains as opposed to what the OP told him and this might affect the friendship in the future.

Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

As much as I find this story sketching and a pure work of fiction, I still need to advice. Ten years is a lot to change someone you knew before. Showing your your Bitcoin holdings is not safe at all. It can expose you to different attacks. Your financial information is one of the things you should keep private. Those you trust can change any moment.

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Quote from: terrific on December 20, 2023, 04:15:38 PM

Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

This is like showing your bank account balance to someone. Are you comfortable with that? if you are then no problem.
Well, he's got the idea now that he's got more money than you so I guess that's fine for him but it won't be enough if he gets interested.
Because whether you show it to him or not, if he's truly interested he'd do his own research about btc.

that is exactly true. with the current technology these days, basically everyone can do their own further research if they want to explore things. we don't know the absolute truth about the OP's story, but if that was indeed true, then, yes, he got his friend's interest into this market. but do remember that he should advise him about the risks involved in getting into this market.

there's nothing wrong showing someone else's your wallet. but do you really think that is a smart move? i am not comfortable on that kind of situation. but as a holder, much better to be discreet with your dealings here. you'll never know potential risks that you are getting into up until you are in the terrible situation of losing your funds.

do remind yourself that you don't need to convince anyone to be on this market. they can get involve here, but it should be voluntary. they won't hold anything against you whatever may happen to their assets.

Z-tight

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Quote from: macson on December 20, 2023, 04:15:12 PM

indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested,

You do not have to 'force' the interest of BTC on someone, if they have an interest in BTC and they ask for your help, then you can go ahead and help them, but you don't have to try and convince someone to buy BTC. It would affect your relationship with the person if they lose their coins or make a loss through buying it. Your BTC wallet and how much money you have should be private stuff, i would not show it to anybody to prove a point, even Satoshi didn't try to force the BTC idea on people Cheesy

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terrific

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

This is like showing your bank account balance to someone. Are you comfortable with that? if you are then no problem.
Well, he's got the idea now that he's got more money than you so I guess that's fine for him but it won't be enough if he gets interested.
Because whether you show it to him or not, if he's truly interested he'd do his own research about btc.

macson

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indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested, But the important question is whether you also warn your friend about the risks of investing in Bitcoin! Many people don't explain in detail what risks they might encounter when they become a Bitcoin investor, There are things you need to explain about the benefits of investing in Bitcoin;
- Bitcoin price is volatile
- best private wallet for Bitcoin ^{(long term)}
- best exchange to buy bitcoin
etc
and you also have to be prepared to continue receiving questions from him, it will likely annoy you until your friend really believes in bitcoin, it's not easy to introduce bitcoin to other people, but we have to do that to encourage bitcoin adoption.

The Cryptovator

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When you show your wallet to someone, it means you have compromised your privacy. It doesn't matter if he is your friend or a relative. You know about your friend, but we don't know if he deserves to see your wallet. It isn't necessary to show your personal wallet when you are trying to convince someone to invest in Bitcoin. I advise you to always protect your privacy and be careful. We can trust our friends, but privacy is a matter. However, it is good to see you convince your friend to buy Bitcoin with the DCA strategy, which is a good strategy. Keep up this good work by always protecting your privacy.

puloweh555

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Quote from: SatoPrincess on December 20, 2023, 03:24:58 PM

Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

No, it was not wise at all. It’s one thing to share how much you earn at your job and it’s another to share your details of your crypto portfolio. Anyone can have a good idea of your job salary if they know your role in the company but what you do with your salary is your personal business. You took a big security risk telling someone (an estranged friend) about your bitcoin hodlings. There are better ways to share your Bitcoin knowledge to others for example Bitcoin price history is a good selling point.

Yes, exactly. To provide knowledge about bitcoin to a friend, you don't need to show your bitcoin balance so that he is interested in bitcoin, because this is very risky for you. After all, bitcoin is personal, so why should we show it to other people, this is not a wise choice of course.

I'm more interested, as you said, when telling or teaching your friends to be interested in bitcoin, it's better to show the history of bitcoin from when it was first created until now, bitcoin is a scarce asset in the future, that's why we need to buy bitcoin or maybe the use of bitcoin , and there are many other benefits of bitcoin that need to be shown to friends. So it's not your balance.

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

First of all, it's great for you to have such an old friend again.in my opinion the best thing to do is to let your friends, relatives and close people know about Bitcoin. Showing someone your assets or bitcoins is not right in my opinion. You must tell your friends or relatives about Bitcoin and how much profit we can get in the future by investing in it, but one should never flaunt their assets.

Tell them about the profit or gain from Bitcoin to guide them. However, you may have shown him your bitcoins to pique his interest. I often tell my friends about my full wallet assets myself, but often do it on impulse even though I don't think it's right.There are many other ways to interest others without necessarily showing them the bitcoins we have.

ChiBitCTy

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A few things.. first off NEVER show anyone your bitcoin holdings. In fact you should never tell anyone you even own bitcoin. It's a bit different with a friend so I understand that. Secondly, sounds like you've got all your bicoin in a hot wallet- move that to cold storage!

Lastly, unless you're a financial advisor who's discussed his entire portfolio, it's not smart of him to listen to your suggestions. How do you know he can afford bitcoin? Never buy anything until you've done the research. I didn't buy btc for about year from discovering it. I read multiple books and make sure I knew what is was, how it works etc. Never just buy something because someone tell you that you should.

I appreciate you well meaning behind this though!

SatoPrincess

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

No, it was not wise at all. It’s one thing to share how much you earn at your job and it’s another to share your details of your crypto portfolio. Anyone can have a good idea of your job salary if they know your role in the company but what you do with your salary is your personal business. You took a big security risk telling someone (an estranged friend) about your bitcoin hodlings. There are better ways to share your Bitcoin knowledge to others for example Bitcoin price history is a good selling point.

bitzizzix

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Quote from: Rruchi man on December 20, 2023, 01:15:05 PM

Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You did well introducing your friend to bitcoin, but it was not a wise move to divulge the details of your current bitcoin balance even though you see the person as friend or family. We always need to be cautious when we tell people things, so we do not over speak and share the information that is not meant to be shared. You can be friends with someone and they are not friends with you, and also your relationship with someone may not remain the same forever, so always be cautious the information you divulge, sensitive information about yourself can be used to hurt you later.

That's right, introducing Bitcoin to friends, close people and even family is just sharing experiences and providing good basic knowledge so that they can know and understand Bitcoin so they can develop it themselves if they are interested.
However, you do not need to reveal your Bitcoin amount and details as it is very risky. Moreover, OP states that she hasn't been friends or known him for years, maybe he was a good friend at that time, but OP also has to consider whether the person he was then is still the same as he is now, and this must be taken into account.
And this is a beginner's mistake and who knows what the purpose is, if only to make them believe by showing ownership. In my opinion, it can't have any effect, it will actually make you cry if something undesirable happens.
And a good way in my opinion is, you become generous and change overall significantly so that it makes them wonder what made you change, and with this you can easily introduce Bitcoin because the proof is that you changed in appearance and also financially.

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You don't have to show people the amount of Bitcoin you have just to convince them to invest bitcoin or love bitcoin. Even if you show the person you are teaching about bitcoin your accumulation it may not change anything if he does not have understanding of bitcoin but just want to have bitcoin to have generate quick money. What every beginners needs to know about Bitcoin is to understand the market, the volatility, which will take the mentality of making money from bitcoin fast. Showing beginners the amount of Bitcoin you have accumulated they will just assume you made all the money you have in life from bitcoin.

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You did well introducing your friend to bitcoin, but it was not a wise move to divulge the details of your current bitcoin balance even though you see the person as friend or family. We always need to be cautious when we tell people things, so we do not over speak and share the information that is not meant to be shared. You can be friends with someone and they are not friends with you, and also your relationship with someone may not remain the same forever, so always be cautious the information you divulge, sensitive information about yourself can be used to hurt you later.

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I understand that your intention on showing him your bitcoin amount in your wallet is not actually to brag but to make him convinced that bitcoin is legit and not a ponzi scheme. However, disclosing your bitcoin property to other people is not really a wise idea. You could have lost your bitcoin all of a sudden knowing your friend might sabotage you in the future. He could be your friend for now, but believe me when it comes to money, your best friend might become your best enemy once he gets tempted to steal your bitcoin without you knowing.

This is the reason why privacy and security are at its utmost important. Once you fail with these aspects, your bitcoin might not be safe anymore.

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Quote from: Davidvictorson on December 18, 2023, 11:48:40 PM

Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

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

You just narrated a scary scenerio here, and there is possibilities that it can happen, because the mind is very threcherous, always pondering on evil thoughts. Ofcourse there are true friends who have integrity and will never betray trust, but because people can change and become wolves in sheep's clothing, therefore it'll be safer not to show them your sensitive financial details. The OP case is quite safe because his friend is obviously richer than him, if not envy can set in and the trusted friend can become his secret enemy that'll plot his downfall. I think that you can only take chances of sharing your sensitive details with only your spouse, because if anything happens to you a second party can access your wallet, else your investment will be lost forever.

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It would never be a good idea to show or reveal your holdings to anyone even a friend, family, or partner. Anyone can be convinced if you show them what you have, for sure they would feel FOMO as they also want to have holdings like yours. From your post OP, just imagine your friend with whom you haven't had any conversation for years and learned that you have a lot of holdings with Bitcoin, would probably share the story with other friends or family. Now that some people are aware that you are holding Bitcoin which is already alarming as they could do such things just to have their hands on your Bitcoin just like hacking, blackmailing, kidnapping, or any violence. You can say that they are worth the trust but remember that anyone could do such things as they are blinded with the money since this world runs with money.

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Quote from: Cryptoprincess101 on December 18, 2023, 07:39:13 PM

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

I don't know if this story is true, or if it is just one of the many made-up stories that bitcointalk members come to this section to tell us. However, take note that it is not good to give people investment advise, it is not also good to tell people how much BTC you have, you put yourself at risk when you do things like that. From your story, it is clear that your friend has no BTC knowledge, storing BTC safely is so difficult for people like that, now imagine what would happen to your friendship if your friend loses his coins.

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I see that the best way to encourage someone to invest in Bitcoin is to show them how much Bitcoin and the accumulated profit since the day of buying. Just like what happened to your friend because I don't think he gains such interest if you just talk about Bitcoin without showing him some proof of your holdings.

You are not just doing good to him but it feels like you are making yourselves a blaming tool if ever he fails. Don't let him invest without knowledge but help him understand first how it works. And most of all, don't easily trust any of your friends.

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Quote from: Cryptoprincess101 on December 19, 2023, 09:01:35 AM

Quote from: Fundamentals Of on December 18, 2023, 10:33:35 PM

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?

After I showed him the amount of Bitcoins I have bought then he just developed interest and since he knew that am not easily convinced on anything concerning the Internet but I told interest in buying and hodling Bitcoin that it's really something that's genuine.

really? your friend comes back from Canada and you have not communicating for 10 years suddenly KNEW YOU THAT MUCH? nice try mate, in 10 years people change and since there is no constant communication for 10 years you have no idea what changes in each of you so how come that he knew you that cannot easily convinced ?
that is awesome men Wink

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Your friend seems FOMOD after he saw your bitcoin holding into your wallet its very common in newbies but please explain to him common mistakes when buying bitcoin and holding there's a lot of scams out there so advise your friend the best practices to hold bitcoin, about your question I think its not too wise to show him all your holdings, you can show him a portion of it but not all not advisable for privacy.

Topic: Succeeded in introducing Bitcoin to a friend - page 8. (Read 1378 times)