Topic: Today I Have Shared About The Benefits Of Bitcoin With My Friends - page 3. (Read 429 times)

that should be his next step - share the flaws of this market so they won't expect much and not be blindsided by most expectation that this market is their saviour from poverty.
you can also share some brief pros and cons of BTC. actually, in this forum alone, you will find a lot of dedicated discussions on this topic.
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you need to make sure that your friends also the other side of this market. so they know, you're not at fault if something goes wrong with their journey.

Very few have the luxury of explaining so much in details to others about bitcoin and that's no because they don't want it to spread to other but that they fear to play the blame game should anything worse about the cryptocurrency market happens.

OP you have taken time to school your friends about bitcoin and the positive side of it and I can only imagine how elaborating you were but I hope you did mention some other key areas of responsibility and risks that is inevitable that as a cryptocurrency holder you're bond to experience such as:
 
-privacy and security of your keys (your responsibility)
- market volatility which may delay your investment plans like almost forever.
- The needed wallets and exchanges depending on their choice about KYC, etc.

When next you have them around do well to through more light on these key areas and watch out if they still show interest, so it not be to them like bitcoin is one get rich quick kind of schemes out there.
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Maybe in this part it is not correct to say that anyone can earn a large amount of bitcoin, because the chances are very high that they will blame you in the end, and they will think badly of you.

      And your good intentions with your neighbor to share bitcoin will only tarnish its image in the end. Maybe it's right that you can tell the good features that Bitcoin can do and be transparent with the disadvantages that can also be faced here so that they are also aware of such things.

Did you inform them of the risks associated with Bitcoin investment?
Not the risk of losing money due to market fluctuations, but the risk of selecting the suitable bitcoin wallets. Ensure that they did not use centralized exchanges to store their Bitcoin, and that they have a decent and basic educational background in keys and addresses so that they understand how vital their private keys are in order to manage it well.
Also, remind them not to borrow money to invest in Bitcoin, and that they should only invest what you can afford to lose.

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

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.

This needs to be broadened a little bit. You need to tell them that even with self custodian one’s keys the coin can be lost. This is could be when you do not store your keys properly. Scammers could get through your keys if you store them on your device and it becomes comprised either through phishing or other malware attacks. As for those offline devices it could be lost if not safe in a place where people cannot access it and you also could remember. It could also be lost if the keys are written on materials that are easily prone to damages. You should advise them on having a proper backup for it in case of emergency.


The right word to use is buying low because bitcoin isn’t that cheap again and it’s almost near impossible now tht it could fall down cheap. Although it’s also advice to buy low it is very important not to wait till for that perfect time. You should just buy anytime there’s fund to invest by using the DCA method as this will reduce the risk of losing

With a non custodial wallet there is no access without the private keys to the wallet. No wallet is fully safe or secure, you need to adopt safety habits which would protect your funds.

Bitcoin transactions are pseudo anonymous, meaning there is a known address, transaction amount and receptient(s), but no identity linked to the wallet.

You can only assure that the Bitcoin code is verified and it truly is decentralized. There are no guarantees with the price.

As for me I only tell those friends that have knowledge on how to protect themselves from hackers and scammers because I don't want to spoon-feed them the information they need to have some foundations about it so that they will easily digest every info I'm sharing for them and as usual they can easily understand when I teach them about the crypto market the volatility and other stuff. You need to tell them the risk as well not just some good things about the investment because at the end of the day, you need to free yourself from their blame when their investment gets wrong.

Now I think I am getting tired of seeing so many post about sharing Bitcoin knowledge e.t.c to my friends and family really I am beginning to even get fed up with it. Yes good a thing you shared it with your friend so what you want an award from us for actually introducing your friends to Bitcoin, all the gains is their the fulfilment that you have gotten by actually doing the right thing for your friend should be a big reward for you.

I believe we would be seeing more post like this because it's becoming the trend. It's not becoming genuine.

I think post like this should be about I introduced my friends to crypto-currency and
#they are experiencing this difficulty ........
# I was asked a technical question by them and I could not answer it.

And many other feed backs you get from them that you can personally tackle then it would be more presentable and organic.

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.

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

You are only talking about profits and how your friends can make money if they buy BTC at the right time, you have not made mention of what BTC is, and that is a censorship resistant and permissionless currency, this is how your should introduce BTC to people, not as something they can make money from.
BTC is pseudonymous, and if you don't want to submit your personal details to trade it, then you have to use a decentralized exchange. By the way, BTC has a fixed supply, but all BTC's haven't been mined, so new BTC's are still "mined" with every block added to the blockchain.

It's great that you have an interest in educating others about Bitcoin. However, it's crucial to approach it in a responsible manner. Instead of trying to persuade them to invest, focus on providing a comprehensive understanding of various aspects related to Bitcoin. Cover topics such as wallets, price fluctuations, volatility, risks, and potential profits. By doing so, you empower them to make informed decisions about what they should do.

In your explanations, draw from your own experiences to provide valuable lessons. Share your past encounters with Bitcoin, highlighting both successes and challenges. This will enable them to learn from your experiences and gain a broader perspective on how Bitcoin operates.

It's essential to emphasize that investing in Bitcoin carries risks, including potential downtrends in the market. By educating them about the intricacies of Bitcoin, you equip them with the knowledge necessary to navigate the market themselves. This proactive approach ensures that they won't solely rely on you and avoids potential blame if they encounter losses later on.

Remember, the goal is to provide them with a balanced understanding of Bitcoin, enabling them to make well-informed decisions based on their own assessments.

Brief them about how it is advantageous against the fiat we use around, because people find it easy to understand when explained with the real time usability. Because very few are good with technical understanding, also it is good to show them the chart and brief them about the way price have grown over time. When we assure of high returns, at times it'll disappoint.

We should not try to educate people about bitcoin in little conversation. Give some basics and let them explore. It'll give better understanding than we ourselves briefing. Anyhow it is really nice initiative to educate people about bitcoin.

I tried to describe the positives and also I have told them about investing in Bitcoin. Told them about how easily they can use it, what are the advantages, also told some limitations like internet needed. Beside them I also told them that day by day there is a huge chance that the price will pump more as Bitcoin is limited and users are adopting massively so if they buy now they may have an additional profits also. I think it's not a poor lesson.

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.

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.