Topic: think before investing - page 7. (Read 910 times)

I am skeptic about the story but there's a real story that has happened the same of what you've told. Those people that have been caught by hype will invest and do crazy things such as selling their properties and everything to invest.

That's a wrong move, you don't do that because even the best investors when you told them something that you can earn with. They won't believe you quickly and they have to study it first should they invest.

We don't want people to do nasty things upon investing in Bitcoin. Because the negative feedback goes back to Bitcoin as if it is Bitcoin that made them lose and not themselves.

indeed that everyone is here to profit but at least people must understand the risk before gaining and this is not your friend seems to uinderstand before dealing with this market.

Should I believe everything you have just told, someone who is new to Cryptocurrency (Bitcoin) will certainly be very confused about how to start getting Bitcoin from Zero. At least he has to register on an exchange to trade Bitcoin, then deposit some money for the initial capital, then he must be equipped with knowledge of how to trade it.
There is a lot of knowledge that needs to be learned before getting involved in Bitcoin trading, anyone can trade in Bitcoin without any age limit. The first thing that is most important before you dive into Cryptocurrency you must be equipped with knowledge on how to become a reliable trader, Bitcoin is not just about profit but there are risks that must be considered.

Just as there is the prospect of profit by investing in Bitcoin, there is also the possibility of loss. Investing in Bitcoin is risky. Again, success cannot be achieved easily without taking risks. Investing in Bitcoin requires acquiring good knowledge about Bitcoin. Op your friend loses money by investing in Bitcoin without gaining any knowledge about Bitcoin. Your friend should first get all the ideas about Bitcoin. If your friend had held Bitcoin for a long time, he would not have suffered so much loss.

When someone exchange Fiat for Bitcoin on any exchange its called trading, he trade his Fiat for Bitcoin, this doesn't make him a trader, he can withdraw after getting his Bitcoin and hold, there is no risk in doing this and anyone who knows nothing about trading can do this, it still doesn't mean they are doing it wrong.

What is stealing peoples opportunity in crypto space is time, the time to buy and the time to sell, we are impatient souls, who always want something to happen very quickly and that's why many people's dreams were never fulfilled.

Master Sebas.tian, you can't get Bitcoin without Fiat, you need Fiat first even if you decide that you will never buy Bitcoin, to mine Bitcoin you still need Fiat to buy the Asic miners, which one is Bitcoin investment is different from Fiat investment?

Everyone knows their worth, if millionaires are also selling properties to acquire Bitcoin I don't think that those doing it on this forum are stupid, just because OP friend lost all the money doesn't mean using properties to buy Bitcoin is a bad idea.

It is true that investing and trading are different, trading is a lot riskier. But for someone like OP's friend who doesn't have any knowledge about bitcoin, investing won't do him any favor either. Whether investing or trading, knowledge is required, otherwise, losses are inevitable, but losses in trading will happen faster than investing.
Imagine if he has no knowledge and buys bitcoin for $60k and when the market crashes, bitcoin drops to $15k, and he sells in a panic, that's not much better than trading.

well that already happened and there is nothing we can do about that , but this post brings a lessons for everyone that never treat bitcoin as how His friend did.
keep the funds intact , HODL it and try to wait for some time before considering to dispose and sell it.

I think the aim of every man that are investing on a Bitcoin is to make profit. and no man venture into business for him or her to get loss. I believe for you to get into business, you need to get the knowledge about such business else you will loss everything. in Bitcoin, for you to sell, you must understand the up/down of the it. you can not sell, Bitcoin when it's dropping, you can only sell when it's Rising to avoid Losing everything.

Bitcoin investment is different from fiat investment, I don't know why some people are still selling their properties to invest everything on Bitcoin without having the knowledge of the investment. As a new investor, you have to look for a way to acquire knowledge of Bitcoin so that you will know when to buy Bitcoin and hold until the market price increase higher before you can release to make a passive income, which is a good skills many potential investors are using to achieved income from their investment. I believe, your friend will never forget this Love you showed to him by teaching him how to make a good income from Bitcoin investment.

If He sold his property. That means He bought Bitcoin?  Did He sold it? and when does this happen? It is because no one will sold their property if they're not gonna hold it in the long term,right? Because it seems that it is not clear to me if the Bitcoins that He bought has been already been sold.
And beside, your friend has a lot of options to do trade not to focus only on Bitcoin but to others that as a potential as well in the market.

sometimes there are times when investing in btc experiences losses, and I'm sure many people have experienced losses in investing in btc, and in the end they can become successful because they learn from experience or are taught by friends or relatives or learn via the internet and so on.

indeed, in investing in btc, knowledge must be prioritized and investing in btc due to lack of knowledge will have the potential for loss, so it is true what you said op, namely that knowledge and knowledge must be prioritized before investing or other businesses.

Your friend did the most foolish thing for going into trading without a single knowledge on bitcoin trading. I don't know if these newbies think that trading is like selling pizzas,where you sit down and whoever wants to buy can make an order or come to buy directly and if nobody buys the pizza will still be there. Trading is very risky and can lead even a professional trader to great lose if he makes some miscalculation. He would have invested and hodli for long instead of gambling with his investment. I am happy he has learnt that bitcoin trading is not a get rich quick thing but needs time to learn and understand before investing.

If your friend after buying or investing in bitcoin did hold it, and not try to trade, that is sell high and buy back cheaper like many of us do, he wouldn't have lost his money, his bitcoin would still be intact, So on that note, i will like you to know that investing per say, usually does not require much knowledge, in fact, someone you trust can help you invest in bitcoin or any other crypto coin of your choice, help you withdraw it and put it on the wallet you control the keys, you wouldn't have to do much but watch him or her as he or doing it, at the end, you own your bitcoin, but where issue arises if or when the such noob investor tries to sell and buy like a professional trader, the chances such a person will lose his or her money is very high, so i am thinking that this is what really happened with your friend, not that he invested in bitcoin and lost the money per say - this is if your story is even true by the way.

Investing is far different from Trading , and in which your friend acted .

He sold his house to trade in something he does not understand , and that is to risky for everyone .

But if he invested instead? there is a man back in the years

Didi  Taihuttu

In 2016, Dutch national Didi Taihuttu, his wife and three daughters sold everything they owned to invest in Bitcoin when it was trading at only $900. “We sold everything we had – house, cars, motorbikes, holiday home, clothes, toys, furniture and [it] all went into Bitcoin,” Mr Taihuttu tells The National.

https://www.google.com/search?q=the+man+who+sold+His+house+to+buy+bitcoin&oq=the+man+who+sold+His+house+to+buy+bitcoin&aqs=chrome..69i57.11269j0j9&sourceid=chrome&ie=UTF-8

feel sorry for your friend and hope this will not happen to you.

The most frequent mistake made by newcomers to trading or investing in bitcoin has always been negligence of learning first. Without considering the other side of the story, they let stories fill their heads about how people make money from trading and constantly view trading as a get-rich-quick scheme. They fail to realise that every successful story also has an opposite side that involves the struggle and instead assume that the successful individuals whose stories they have heard simply woke up one day and began making money. New traders frequently believe that they can start trading right away without any prior knowledge. Even if you have adequate information to trade, you still need to be careful how you go about it or you could end up losing money because trading involves a lot of dedication to understand the market and techniques to follow to minimise loss.

Making mistakes is sometimes the best teacher and experience is the best way to learn. He is fortunate to have you nearby because without you, he might have run to the books to learn how trading is conducted. Many people encounter a similar situation because they believe they can skip the learning phase and jump straight to the profitable part, but they all end up returning to the books to learn. Since nobody is born knowing everything, there is always a learning phase in life from which we cannot escape if we are to succeed in anything.

I don't know why your friend was so dumb, sorry forusing such words but its the way to elaborate what he acted in.He sol his property by just hearing that the Bitcoin market is highly profit making, seem like your friend is very rich or he own a good capital at least more than a middle class person because He invested int he volatile market about which he don't know the ABC and he tried to invest in it.

I am very curious Op your point of mentioning is very important but 99% people always do a research weather its small or in depth before investing their money in any market they use to learn the basics. Trading is not like just Invetsing and holding it really need some decent skills and in such market conditions as for now only experts can trade because there is very tight range movement. Well I hope your friend got his life lesson by this event now he will be more focused to learn before earn.

If by now your friend has learned more about bitcoin from you then that is a great move. Even though your friend has to start from a defeat. But fortunately he chose to study in the end. And what I can say about bitcoin is that it is more suitable as a long term investment. And it is better to avoid short-term trades. Especially if we don't have enough insight and experience about trading. And between investing and trading there is a big difference. And it looks like your friend made a trade and maybe he panicked when the price crashed and started selling. Maybe you should start teaching about investment methods that are simpler and more measurable, such as the DCA method. we don't have to invest a lot at once. We can start investing gradually little by little with cold money that we can save for the long term. And remember if the initial intention is for a long term investment then it is better to avoid checking the market too often. Because it can affect our mentality in investing. Unless we are traders, it is natural to always check the market.

First of all congratulations and condolences to your friend. I am amazed to hear your story how your friend sold all his assets and invested in Bitcoin without even knowing about it. How can a person trade or invest in Bitcoin without any knowledge? It becomes like a gambling game which is win or lose. You said your friend lost everything investing in Bitcoin but my question is did he lose trading or investing? People seek help from others when they are in danger and that is what happened to your friend. In any business or investment we must have knowledge and we must know about the one I invest in or we will face danger in future.

Warren Buffett says that he doesn’t invest in a business which he doesn’t understand. That’s a great quote imo. If you don’t understand what you are investing in, then you will probably lose money because you will make lots of other bad decisions as well. Your friend was a great example. People shouldn’t even buy a real estate unless they exactly know how the real estate business works. Stocks, bonds, crypto… they are also the same. Unless you don’t understand them, you shouldn’t invest in them.

It’s not only Bitcoin that is risky. It’s any type of investment out there that is not considered a government bond pretty much.

Many made money by investing in crypto but many also lost money. No different for all those people who lost money in 2022-23 with the stock market when it took a large dive. For example look how low Facebook, Netflix and Tesla went and look at the price now.

Bitcoin is no different.