Today I Have Shared About The Benefits Of Bitcoin With My Friends

justdimin

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Quote from: KiaKia on May 30, 2023, 07:06:50 AM

Bitcoin can gain big income but can also make huge losses, you need to let those investors know the possibility of losing their money first before they start feeling like they can make money, if they invest in Bitcoin and plan to take profit in a month's time they might be disappointed because a successful bitcoin holder are the long term holders.

Tell them the bad side of Bitcoin before telling them the good side, this is the best way to introduce Bitcoin to anybody, because without the fear part, they will believe that making money through Bitcoin is a smooth high way to succeed.

Some will agree and face their fear and most will run after telling them the bad part of Bitcoin and this bad part is holding long term before making gains and also the possibility of losing your Bitcoin.

It is definitely a smart move to talk about that. I think if you tell them the risks, then they will think that it's a risky thing at first but then they will see the good side and they will think will the risk worth the reward and approach it that way.

However, if you talk about the good side first, they will think that it's too good to be true and whatever bad you tell them they will not believe you, it just won't make any sense at all. This is why it's smarter to just go with the bad side first and let them know what could go wrong, it will benefit them a lot and it will provide so much for them as well. I personally do enjoy the situation to be a lot better currently with the way we are having trouble, and it certainly is a great risk we are taking, all my money is in crypto and I feel no fear at all.

LogitechMouse

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Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

1. Bitcoin Is Decentralized: I have shared with them that is is a decentralized cryptocurrency which is transferred from Peer to Peer. There is no middle man in Bitcoin transection and it's fully Safe. If you use non custodial wallet then your funds have no access without you.

2. Anonymous Transection: Every Bitcoin transection are normally fast and anonymous. It's very secured also. No need to submit personal or sensitive details at all. It has a limited supply which is 21 Million only. So day by day it's price and demand will increase because no new Bitcoin can be created.

I don't know if it's just me only, but when I was a newbie, I don't care about these 2 things.
Bitcoin being decentralized? Anonymous transaction? Why would I even care about that.

Until I learn more about cryptocurrency, Bitcoin, and the internet itself. It being decentralized is a big thing because nobody can control it. Just a bit correction Bitcoin transactions aren't completely anonymous because an expert can still track your transactions base on what's in the blockchain. Well, it's good that we don't need to share personal information when we are making transactions unlike banks where we need to go there, write our personal information before making transactions.

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

This is where you are wrong.

Huge profits by buying, and holding it? Well, it might partly true, but did you share that you can get potential losses while doing that? Buying, and holding isn't a guarantee profit FYI. There is still a chance that you might get losses during the process. This is why many new investors are losing money in cryptocurrency. They mindset that they can get huge returns in crypto is a mistake especially if they don't know what are the risk of investing into it.

ElmedoRator

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This seems good to a lot of people because there are still a lot of people who don't have a background in bitcoin anyway. But you haven't mentioned how terrible the risks of bitcoin can be for these newcomers. You must provide a balanced view and ensure that individuals are aware of the potential risks and challenges involved in investing in Bitcoin. In addition, you don't have to learn knowledge to be able to apply it right away; this takes a lot of time to accumulate experience for yourself to be effective. This can contribute to a more comprehensive understanding of the market and better decision-making.

dunfida

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Quote from: freedomgo on May 31, 2023, 04:25:34 PM

Quote from: mk4 on May 29, 2023, 03:23:25 PM

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

This is where people mess up. If you're going to teach friends and family about Bitcoin, describe the positives, then make them decide for themselves if they think they can profit off it or not. And you're probably describing it in an oversimplified manner as if you can know for sure if a certain price point is "cheap" or not.

Yes, tell them its positive points but emphasize also its negative sides, and it’s up to them how they will weigh things right. Never give them assurance that they’ll really end up profitable in crypto, as a lot have been losing because most of them have become impatient while waiting for the bullish season of the market so they can start selling at a reasonable price. Just tell them that crypto investment has no guarantees to make us profits, so they can decide on their own if they still consider investing or not.

This is right!

Everytime we do really explain about Bitcoin or crypto into other people whether on our loved ones,relatives or friends.Always be mindful about on speaking about the con's too or the negative about dealing with crypto.
Dont let them expect that much when it comes on making money or giving out that kind of hope and assurance because making money of this market is never been that simply but somewhat you could really be able to held up for long term which it is really that likely that you would be able sued out on the time the price would really be going into the opposite side.

So if you dont like for having those possible conflicts then its better to be transparent and explain everything even with the basics.Dont make out guarantees so that you wouldnt really be creating some problems.
We know that once money is the issue then close relationships would really be broken into pieces and cant really be taking it back forever which it is something that we should really be
avoiding it for it to happen .Always be mindful about that risks management once you do step your foot into this market which is really that too volatile and unpredictable.

freedomgo

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Quote from: mk4 on May 29, 2023, 03:23:25 PM

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

This is where people mess up. If you're going to teach friends and family about Bitcoin, describe the positives, then make them decide for themselves if they think they can profit off it or not. And you're probably describing it in an oversimplified manner as if you can know for sure if a certain price point is "cheap" or not.

Yes, tell them its positive points but emphasize also its negative sides, and it’s up to them how they will weigh things right. Never give them assurance that they’ll really end up profitable in crypto, as a lot have been losing because most of them have become impatient while waiting for the bullish season of the market so they can start selling at a reasonable price. Just tell them that crypto investment has no guarantees to make us profits, so they can decide on their own if they still consider investing or not.

Finestream

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Quote from: tabas on May 29, 2023, 03:53:25 PM

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too.

It's nice that you've shared how good Bitcoin is but please, with this quote of saying to them that they'll get huge profits and it's like a guarantee to you. Please don't do this.
This is where people are getting rekt because of the thinking that they'll be making a lot of money in Bitcoin without experiencing something isn't nice. When you get to introduce it to them and these people that hear you out will think that it's okay to invest without worrying about the fluctuation.

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

While this is true in the long run, you'll never know how patient they are.

We will only know once they personally experience investing in bitcoin as some people are just only eager to start but still end up quitting because of being impatient and can’t deal anymore with bitcoin’s high volatility. So even if you say positivity about bitcoin OP, that won’t guarantee that they’ll end up profitable just like you have assured them. Tell them all the negative sides of bitcoin instead, and let them decide if they still want to invest or not.

goldkingcoiner

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Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

It's really very necessary to know by our relatives about Bitcoin because I believe that we all know about Bitcoin and it's usecases. So it's our duty to teach about Cryptocurrencies specially Bitcoin so that they can also use it and be a part of this Digital Currency. In this purpose Today I have shared with some of my close departmental Friend's about Bitcoin and the benefits of it. I have tried as much as I can because I think they should be familiar with this gem and the future of currency system. I have shared some points about Bitcoin. They are :

1. Bitcoin Is Decentralized: I have shared with them that is is a decentralized cryptocurrency which is transferred from Peer to Peer. There is no middle man in Bitcoin transection and it's fully Safe. If you use non custodial wallet then your funds have no access without you.

2. Anonymous Transection: Every Bitcoin transection are normally fast and anonymous. It's very secured also. No need to submit personal or sensitive details at all. It has a limited supply which is 21 Million only. So day by day it's price and demand will increase because no new Bitcoin can be created.

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

I tried to teach them the trust about Bitcoin and they are really excited to learn more and some of them promised me that soon they will be a part of this Digital Currency though the amount is low.
I just welcomed them and I am also trying to teach about Bitcoin with my family soon.
I think we should teach our friends families and neighbors about the Cryptocurrencies specially Bitcoin. So that they can use it and be an early adopter.

Edit: I told them that the total Bitcoin is only 21 Million and no Bitcoin can be created so the total Bitcoin is limited. So day by day people are involving and filling their bags and also because of its usecases day by day the demand of Btc will increase. And also told that will be more beneficial financially if they can inter in the market at right time. They also agreed with me.

I would have to disagree with the premise of anonymity. Bitcoin is only anonymous as long as nobody can connect your transaction with your actual identity or your personal IP address. Once somebody knows where the Bitcoin goes (Everybody knows, since Bitcoin transactions are on a public ledger) then its only a matter of finding out who is sending or receiving the coin. If you pay/buy/sell/loan Bitcoin, you need to make sure that anything that can be used to trace your coin to you, will be used as such, in case someone wants to look for you.

Fiat is much more anonymous than Bitcoin and therefore much more suited to criminal activities. Bitcoin is transparent and public.

Victorik

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Quote from: Yatsan on May 29, 2023, 06:20:56 PM

Quote from: Ebede on May 29, 2023, 04:56:41 PM

Quote from: Victorik on May 29, 2023, 04:28:55 PM

Point number 3 ( can make huge returns) is not necessary, it will give them the impression that if they are not making huge returns when they start investing, it then means you either lied to them, or they probably weren't carve out for it.
Point 1 & 2 are okay and enough for them.

Anybody who follow the step will not invest in Bitcoin because if you use this kind of encouragement to invest in Bitcoin you'll be expecting a huge profit in cryptocurrency or in Bitcoin but people does not understand it that way that is why many people today dislike bitcoin because of this kind of information you must teach somebody the advantages and the disadvantages of Bitcoin the secret behind bitcoin so that when it happened to be lose them person will bear it without double thinking

No. They are more likely to invest and be motivated to do so. We are easily driven by the concept of money and making profit. But there's a downsdie with this keypoint; high hopes. You may be able to encourage someone to invest in this technology but since they are more likely to have high expectations of returns, they'd be easily discouraged once a crash happen as part of its market price volatility. It is indeed true that this industry has huge profit potential but problem is risk management. Again, you would be able to encourage someone because of possible profit but how would you make him/her stay? Not to mention the possibility of you being blamed for his/her possible losses.

My point exactly. Selling this kind of benefit to people is simply telling them the half truth about BTC. But what if they invest and the price suddenly drops to half their entry price. They will blame you for misleading them and may never believe you ever again.

Victorik

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Quote from: Ebede on May 29, 2023, 04:56:41 PM

Quote from: Victorik on May 29, 2023, 04:28:55 PM

Point number 3 ( can make huge returns) is not necessary, it will give them the impression that if they are not making huge returns when they start investing, it then means you either lied to them, or they probably weren't carve out for it.
Point 1 & 2 are okay and enough for them.

Anybody who follow the step will not invest in Bitcoin because if you use this kind of encouragement to invest in Bitcoin you'll be expecting a huge profit in cryptocurrency or in Bitcoin but people does not understand it that way that is why many people today dislike bitcoin because of this kind of information you must teach somebody the advantages and the disadvantages of Bitcoin the secret behind bitcoin so that when it happened to be lose them person will bear it without double thinking

I agree with you on this, if anyone follows this kind of knowledge about about BTC, then they probably know nothing about BTC, you will go around believing that investing in BTC is a sure way of getting rich quick; which is not exactly correct.

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It's great that you've gotten people interested in investing by teaching them about Bitcoin. However, since you understand your friend so well about Bitcoin, your friend is particularly interested in investing in Bitcoin. But of course you need to warn them about this before investing in the Bitcoin market. They need to be made aware of the risks involved in investing when the Bitcoin market is volatile at times. Make sure you are well-informed about all aspects and then give advice for Bitcoin investment. If you don't tell him about the volatility of the Bitcoin market, he could be particularly vulnerable. So I think it's best to invest in Bitcoin later after understanding that the investment will be successful and profitable.

AnonBitCoiner

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You mentioned each and everything very well but I think a person can only get these points once he get involved in it because hearing and doing both are very different things. Volatility is on its peak so if your friend heard about the bad and good characteristics of bitcoin so its also necessary for him to learn very well after experience these events.

People desires to make quick profit with bitcoin investment but they forget about the actual things that in every step of life you have to be patience if you wants to be a successful person. Buying low and selling high is necessary but it does not completed the sense because sometime a person don't know what is the lower price and what is the higher but try to understand that whenever you have benefit then take a positive decision to sell it by avoiding greediness.

Issa56

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Quote from: BD Cryptolink=topic=5454436.msg62323237#msg62323237 date=1685389677

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

It's really nice teaching your friends about bitcoin, atleast you are trying to encourage more people to invest in bitcoin, you told them how they are going to make money from bitcoin, but you didn't tell them they can also lose money, you are only hyping bitcoin for them, but you should tell them some bitter truth about bitcoin also, you told them they can make huge return, so you also have to tell them they can lose, so that they will only invest any amount they can afford to lose.

I don't know if any of them is ready to invest in bitcoin, if they are ready, then you have to go back any explain some things to them like how to secure their private key, how to protect their wallet from hackers and other things, I know it will be kind of painful to invest in bitcoin and you later discover that you can't access the wallet which you kept the bitcoin or you can't find the bitcoin in your wallet again.

southerngentuk

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It's good for you to share your own experiences and lessons about a comprehensive understanding of the technology of bitcoin and other cryptocurrencies. However, make sure your friends understand that investing in Bitcoin involves uncertainty and that the value can go up or down. Encouraging them to conduct their own research with caution is key. Remind them to only invest what they can afford to lose and consider diversifying their portfolio. Everyone's financial situation and risk tolerance are different, but respect their choices and encourage responsible decision-making.

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Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

It's really very necessary to know by our relatives about Bitcoin because I believe that we all know about Bitcoin and it's usecases. So it's our duty to teach about Cryptocurrencies specially Bitcoin so that they can also use it and be a part of this Digital Currency.

I'm not sure I would have if they hadn't started it first or complained something about how to make money. Honestly, it's not our responsibility to teach bitcoin to random anyone regardless if it's your friends or anyone in the real world. You never know if they are interested in learning or maybe just interested in your investment which you might also say during the teaching process.

If I were you I wouldn't do it until they asked me one thing, but it's always great if you can encourage more people to get involved in the crypto world instead of being unemployed without a job. Maybe I should get used to taking different approaches and choosing who is worthy among several, of course it will be useful for them.

Little Mouse

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Instead of telling them how much good Bitcoin is, why didn't you gift them a few mBTCs? Wouldn't that be far better to get them in? I think they would be far more interested to learn what Bitcoin is when you would gift them a private key containing 1 mBTC. They would be more interested to know how to claim the bitcoin from the private key which would create more interest to learn about bitcoin when they would find it such easy.
Whatever you have said is fine but mentioning them about huge returns is weird. You never know what's going to happen. You are trying to make them greedy and invest in Bitcoin while it shouldn't be the case, it's better if they want to learn instead of getting greedy to make profit.

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

In this purpose Today I have shared with some of my close departmental Friend's about Bitcoin and the benefits of it.

You are from Bangladesh. Do you know how much risky it is to discuss Bitcoin? Bitcoin is illegal and you could be charged if the authority finds you are using Bitcoin. It's better not to share a lot of your cryptocurrency life with your friends. You never know when and who is going to cause you trouble.

Z-tight

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Quote from: Maslate on May 30, 2023, 07:38:48 AM

This doesn't sound right at the moment because, in reality, we still use an exchange to convert our bitcoin into fiat. Anonymous transactions would only occur if bitcoin were already widely accepted and the government did not intervene. Currently, bitcoin serves as an alternative exchange or payment system, but ultimately, people still cash out for fiat currency. Most crypto exchanges do require KYC (Know Your Customer) verification from their users, which defeats the purpose of anonymous transactions.

BTC uses a public ledger, so its transactions cannot be anonymous, it is pseudonymous, your address can surely be seen on the blockchain, but if you have not given away your privacy to centralized exchanges, then nobody knows who you are nor can trace the address to your identity. If you don't want to lose your privacy to centralized data farms, use p2p exchanges, you have good options to choose from in this link: https://kycnot.me/

kryptqnick

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I don't believe that anyone has duties to relatives, apart from the duties of parents towards their children (because the parents made them and are thus obliged to care for them), so there's no duty to share knowledge about Bitcoin with relatives or friends. When people show interest, I tell them a bit, but I never focus on the investment side of it (point 3 in the op's post) because I don't feel comfortable giving that kind of financial advice to others. I say Bitcoin is a different type of money, it's innovative, but that it's volatile.

Aikidoka

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It's great to share your knowledge about Bitcoin with your friends or family especially when you teach them how to use it and ofc you need to cover the basics (assuming that you've done that already). If you do it correctly there's a good chance that the majority of your friends/family will become interested in Bitcoin soon. I feel like getting involved in this community earlier rather than later is beneficial especially considering the potential for Bitcoin's price to increase alot in the future.

Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

3. Can Gain Huge Returs : I have also shared that you can make huge profits by buying and holding it. But you have to buy when it's price is cheap and it's very easy to use. You just need to have an internet connection only which may be a limitations too. I also told about it's volatility but assured them if you buy at cheap at the end of the day you will win surely.

It's true that you can gain huge returns by investing in Bitcoin but the hardest part is knowing exactly when to buy in order to make a profit. It can be really difficult to predict the movements of Bitcoin especially this year. Probably it could be a good time to invest now or it might be better to wait for the start of a bull run.

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Quote from: BD Crypto on May 29, 2023, 02:47:57 PM

2. Anonymous Transection: Every Bitcoin transection are normally fast and anonymous. It's very secured also. No need to submit personal or sensitive details at all. It has a limited supply which is 21 Million only. So day by day it's price and demand will increase because no new Bitcoin can be created.

This doesn't sound right at the moment because, in reality, we still use an exchange to convert our bitcoin into fiat. Anonymous transactions would only occur if bitcoin were already widely accepted and the government did not intervene. Currently, bitcoin serves as an alternative exchange or payment system, but ultimately, people still cash out for fiat currency. Most crypto exchanges do require KYC (Know Your Customer) verification from their users, which defeats the purpose of anonymous transactions.

Majestic-milf

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You did well. At least before letting them in on the benefits, you must have first enlightened them about Bitcoin. But just as almost everyone one has noted, it's not every person you discuss Bitcoin with that would buy the idea. And using point 3 as the clickbait to help sweeten the point is a bit wrong as it makes it look like Bitcoin does not bring losses too. What if you invest and instead of huge returns, you record huge losses? In a way, it would mean you've painted it wrong.
While it has its advantages and gains, it also has risks too as it's price is not stable

Topic: Today I Have Shared About The Benefits Of Bitcoin With My Friends (Read 443 times)