Topic: Treat newbies right - Teach them and sell to them at the ATH (Read 494 times)

As for the way you've been doing it so far I think there is a suggested one way. I've been applying it to myself for a long time since I got to know bitcoin. Never once did I try to get other people to my passion for cryptocurrency and bitcoin unless they started asking questions.

Because most of them are attracted to bitcoin because of its value, it will be very risky if they do not know beforehand what risks they will face. It is much safer for me not to invite anyone to be interested in my interests and desires in bitcoin and cryptocurrency in general. They should really take the time to study before they get here.

Sound advice. If you value your friendship, you shouldn't risk it by trying to influence someone into anything. All friends of mine, have approached me for advice, rather than me trying to push anything on them, because no matter how much you put a disclaimer out there, they will likely hold you responsible, if it was your idea for them to invest.

Also, if you are recommending books I wouldn't suggest recommending it without vetting it yourself. You shouldn't be recommending anything that could potentially be bias either way, or provide misinformation. Especially, when it comes to cryptocurrencies, the amount of factually incorrect statements, and bias even on "reputable" websites is quite significant.

This is my way; never push your ideals, or even ideas on anyone. If they are interested, they will ask how to start. I'm not into the whole business of advertising, and basically being a recruiting agency. I didn't find Bitcoin by being recommended it, I found it because it was in line with my values, and situation.

If we talk about teaching someone and explaining the theoretical part, it is always necessary to offer the necessary materials for reading or viewing. This is where we can properly direct the newbie by showing him the right sites and books that provide competent information. It will be very reckless to direct a newbie to watch YouTube, in which, when the price of bitcoin rises, a lot of garbage appears and confuses a person.
Only after you see that a person is ready, that he has an understanding of the risks that may await him when investing, then you can express your opinion about purchasing cryptocurrencies. And as the next step, move on to practice.
Your conscience will be clear if you are careful about what to do and what not. And the choice should always remain with the owner of the funds who plan to invest.

Over a period of time I have been telling a friend to purchase some portion of Bitcoin and hodl but it seems that I was distracting and disturbing his peace, I felt like I have made some silly mistake by introducing someone to what he hasn't shown interest in. At the beginning of the bull run, I posted on social media that Bitcoin is starting to recover, go get some before it's late, it shocked me to see the same friend saying I want to buy and hodl, come direct me.

Newbies might not be positive at first time, but over time as news on heavy gains with Bitcoin comes up lets them sink in, never have the intentions of forcing them into getting it, rather let them think over it again and again, it was a nice experience though while I was happy that I let someone, a friend bought btc at ATH, I'm glad.

I get it, people have to learn but the best way to show them is to provide them the application of a specific cryptocurrency.  The worst thing possible is just to let anyone go in blind during such a chaotic time, even worse would be to show them leverage.  It's probably best to tell them if you are going to use any trading platform and think of leverage, you will see me come at you like a catholic school teacher with a metal ruler.

The bold part; no one should ever try to influence in any financial decision as at the end, if it turns out bad, you will be accused of. I have shared about bitcoin among a lot of my friends but they were never interested untill recently when they saw news on Bitcoin here and there. A few of my friends knocked me and started to ask whether they should invest now or not & my answer was same almost for everyone as the price has skyrockted already, "DYOR". However, to my known, one has invested around $33k; I had helped him picking wallets, purchasing his first bitcoin.

First, I would say without a doubt that trying to help newbies know about bitcoin, buying and selling it is the way to make bitcoin more and more popular with the wider public.

I have the same experience with the storyline at OP, two of my friends were interested in trading bitcoin in mid-2020. I didn't influence them to buy and trade bitcoin at that time, but they were interested because they saw my activity almost every day monitoring price movements . Their interest grew stronger after they learned of the profit I was making from trading at that time and they were eager to do so.

Because trading is a risky activity, I did not immediately grant their request to make the first purchase because I had to explain the risks they might face later. I wanted them to first learn and figure out what bitcoin is by encouraging them to read, watch YouTube and so on and that took over a week. Once done, I thought it was time for them to make their first purchase.

There were two things I offered at that time, whether they wanted to own bitcoin directly from me or they want to get them from an exchange. Because they want to have it from the exchange so I had to register it with the local exchange at that time and do the verification which will be processed in 24 hours. The next day they made their first bitcoin purchase on an exchange with an initial capital of not more than $500.

As far as I know, they have been selling bitcoin and profiting from it for the first time even though at some time they asked if it was time to sell. But yes, now I think they have to be independent and carry out trading activities with full consideration and analysis without having to depend on other people. When I explain to them about the risks, they are fully responsible for their money.

Too many technically new words will be in the explanation of bitcoin, which many have never even heard. Therefore, it is necessary to explain in the simplest possible language. Here are some explanations from Martys Bent:

"Why is the price of Bitcoin going up?"

"Is there really a limited supply?"

"How the hell does mining work?"

But a very big problem for people is that they only see the PRICE in Bitcoin. They're not interested in anything else.

This for sure subsides my worries on the matter. It's all in the purpose because, it would be very bad to start a trade and be under the weather and not just the mid one, a stormy one at the very first step and that's what most tends to face at the ATH. It only takes one with such purpose of hoarding the acquired or have other means of reinvesting to maximize profit to last in such situations. Devising another source of income or setting up a young wards or anyone's future plan could be just that as they all require a waiting period, a long wait at that.

Really shitty, and I have an experience to back up how actually shitty it is: When Btc touched 20k few weeks back, I was contacted by a friend for advice if he should buy or not, of course I tried as much as possible to play safe with my advice, leaving the ultimate decision in his hands, though, that in one way or another discouraged him from buying cause he weighed up what could happen if the cons instead of the pros was what was going to happen...

Moving on from then to Bitcoin reaching 41k, my friend talks to me like I let him miss out on huge ROI, forgetting that the reverse could also have been the case, I don't feel bad for not categorically telling him to buy, but I feel bad cause he doesn't believe in the network, many people are like that, they've been hearing of Bitcoin, even when it was 9k, but it only piques their interest, causing them FOMO when there is a Bull run and the price is appreciating like it is now, it's more difficult advising such people imo.

Wait is my sandwich based portfolio missing out on something?? Agreed on the rest, Bitcoin needs not be shilled.

That's a good way to approach it. I did specify the need to be wary about exchanges, past reputations, verifications, as well as custody of coins. What was nice was having irl conversations on the what might it do? (pullbacks and run-ups large and small, as well as talking some of the long term projections)

It could be a negative experience that's for sure. That's why it's about guidance and letting everyone make their decisions. On the flip side how shitty would it feel to dissuade someone from buying at say 12K or the last bottom. These people I assisted this time around are in certain points of their life that while not fully appreciating what Bitcoin and Blockchain in general are capable of understand the potential.

Neither are looking for a quick trade. One I believe plans to leave it to his daughter, the other is growing an empire whose size remains to be seen. This is an offshoot for him to diversify and learn BTC, and I plan to try and get him to accept crypto payments in the future through his company.

Honestly, it is a good approach to prevent any disappointments regarding the investment decision-making process. As some of our personal recommendations could be wrong and the outcome may contradict their expectation. Thus, it is better to suggest the evaluation of the market themselves to help them realize what actions they should do. In that manner, they will learn to weigh the possible risk associated with their investment. Personally, when my friends ask me about bitcoins' price and functional capabilities, I informed them of the basics and propose to do the rest of the exploration.

Where I become confused is advising or allowing them to buy at the ATH because, eventually a retrace dose happen on the price, it would go a long way in demoralizing them temporary for those that would be able to hold their coin until the next bullrun occurs while those that couldn't would just abandon crypto. Though, putting the choice in their hands is as well, taking the blame words off there mouths but, would it be wise to just let them get on board at that hour knowing that, it's a risky time to get on board and only a few dares to buy then and still bare what comes with it should it be a negative one.

That's roping people into Bitcoin through the potential of profitability, which is something that you cannot guarantee. Do you know a similar business model that employs this kind of strategy? Pyramid schemes, which a large number of people tend to equate with Bitcoin (though, it's lessened to a certain degree these days), and you will only further this conflated concept without explaining the reality of Bitcoin in at least some basic way. If people don't want to invest in it for that alone, then so be it!

I don't force you to eat ham sandwiches every day, and not everyone is ready for the volatility of Bitcoin: easy come, easy go.

I always put a warning whenever some of my friends on my social media accounts approach me about bitcoin and how to invest on it I always said to them its not a financial advise dont blame me in the future and if they agree on it then its time to teach them all I know about how this stuff works buy, sell and take profit or I always advice must better hodl.   

When my relatives come to me and ask me about bitcoin or cryptocurrency after the read news on newspaper, watch videos, interviews, highlights on televisions, I try to tell them that it is risky investment.

I reject all offers from them to keep their capital and help them to invest at any commission rates. It is stupid to take all risks and try to make profits for people who don't understand what is bitcoin, and what are crypytocurrencies. What sort of risks they need to accept. They only beware about risks if they actually involve in the market.

You can lose your bitcoin, crypto from hacks, from liquidations, anything but you know about risks and accept them. Those people, they do neither know nor accept risks.

Yeah my idea is we are all adults (at least me and my friends are) and they know that they need to be independent when it comes to making their own decisions but really I myself personally cannot feel guilty just by thinking a chance that I have made my friends lose money because I somehow influence their decision. When it comes to exchanges or what kind of wallets they would store their Bitcoin in I can answer all of that kind of questions but when you ask for me for an investment advice this is something that I am afraid to answer because I don't want to take any kind of blame. That's why I always say DYOR to them because even my views can somehow be biased or inaccurate that they will also be affected because of it.

Just tell them the profits and they are ready to invest as per your guidance

I am yet to find someone who is genuinely interested about this whole aspect of "Where does the value come from?". They have mostly already drawn their conclusions comparing Bitcoin to Stocks. The question is "What is the value when there is no product or company behind it?, It is all virtual"

Over at my place most people are looking for something that will give them an instant profit as people have all heard stories about those who bought at 1000 USD and then bought land and cars at the ATH. Everybody wants to be that guy. Not that I have enough to sell to someone but even if I had, I wouldn't be the one selling it for the reason that I don't want to be the one who takes blame for failing those expectations. I have seen that the best people to share it with are the ones who are interested in the tech part of it first. Sooner or later they realize the financial aspect as well.

Bitcoin introduces complexities in two distinct ways. The technology itself is highly complex by design; the complexity that drives bitcoin is what makes the network so secure. And bitcoin besides the technology is a fundamentally new way of understanding money.

The underlying technology that powers Bitcoin will always be complex - it has to be. Satoshi had the following quote, "If you don't believe me or don't get it, I don't have time to try to convince you, sorry" in the early days of building the network. I believe it's vital that those of us who have learned so much along the way and have the time to help others do so. I am a major advocate of ultimately transitioning new bitcoin users towards self-custody and managing their own bitcoin and private keys. I worry a bit once retail adoption becomes very widespread that self-custody will be only managed on the fringes because users are too intimidated to do it themselves - there's an opportunity here to help.

I agree. I love to help new people here, under Porfirii's mask, whenever I can (unfortunately, less often than what I'd like), but when you consider teaching someone you know in "real life", you must be more cautious than here. Even in the countries where it is legal you can be inviting people to carry out taxable events without being aware.

I want to say something out of the box . That is never try to show up your kindness like this when your country does not support/accept crypto currency as legal. Otherwise most of the cases you will be in risk and the more people you teach the more risk behind you IMO.

Yes, that's right we all should teach newbies about bitcoin as well as the crypto. And I personally always favor to teach someone who don't know me and my real identity.

Newbies that have experience mentors are very lucky unlike some of us who learn through our own experiences in the cryptocurrency market, with lots of positive and also negative experiences within the space of learning. That not withstanding the past experience has made us who we are today and we can now confidently make crypto decision with less risk so newbies who came in through us don't have to go through what we have gone through and can and will make positive decision easily with our guide.

I was told to about Bitcoin by a stranger
, I had every reason not to believe him because I don't know this person, but his manner of approach and the way he made sure to tell me as many time during the conversation to do more research myself and if there was any thing I can contact him, this arouse my curiousness and excitement about Bitcoin, I did do my research and even went further than him I think, we are in contact and now he ask me what do I think about so Bitcoin news and I feel good about how steadily I have been going.
Well I have had opportunities to help -newbies- about Bitcoin and like I learn, I always tell them to man up and work on what I have giving them, then after some day I ask what they have come up with, this way I know their level of seriousness And capacity and know where I can come in again, I have also helped friends bought Bitcoin and they are starting to adopt it.

Thats life , you need to give to get so im sure if you help one person ro reach something and maybe that thing gonna change his life  you will get the same ,one day in another different circumstances you will need help and definitely you will find it , thats my conviction in life.

for the moment i dont have much experience in crypto or blockchain that allow me to teach people but if i get the chance one day i will help with anything i could,because i wouldnt be here without the help of other pros in the field , you did a great thing mr Darker45 by helping those two .

As far as my personal experience is concerned, friends become curious with Bitcoin because of the price. Along the way of discussing where and how to buy, where to keep it, how and where to do conversion, and so on, the question what is Bitcoin really suddenly pops out as if it is of secondary importance but shouldn't be left out as the talk proceeds or else everything seems hollow. Sadly, it is also where they find things a little boring because, as I've said, they came for the money. Seldom does one remain very attentive, vibrant, and still full of curiosity when the very basics of Bitcoin technicalities are being discussed.

As regards their interest to buy in relation to the best entry price, I don't recommend them a certain buying point. I'd rather present them with all the information and the possibilities and let them decide in the end.

Somebody asked for my assistance when Bitcoin started to conquer the 5-digit price once again around August or September. I told her that the price at that moment was higher than in the past weeks and months. I've also told here that Bitcoin's price is always rising and falling. And she asked me if it's good to just wait for the price to fall before buying. I said yes. That yes was justified, although it proved to be wrong because the price didn't really fell significantly since then. And even until now when it has already hit $40,000.

That's a nice story. It is truly a good feeling when you get someone in crypto especially during months where the market is going up lol.
I've had the opportunity to do it a few times and it just so happened that it was the right moment for everyone involved. Although I do regret not being more convincing about it some of these times so some of them wish they could have invested a bit more right now 
But at the end of the day, as I say to everyone, it's their money, their responsibility, and their choice.

I've been assisting people too.. I teach them how to trade and I sold to them at ATH too.
They never regret because the price have passed my selling price.

At the end of the day, they should still accept the responsibility that they are ultimately taking it into their own hands the moment they decide to trust your recommendation. You'll see a lot of users here recommend Coinbase, but it doesn't mean there hasn't been issues for certain users over the years. Doesn't mean the exchange is bad. Personally, I would tell them that there's two ways of trading, via an centralized exchange where you deal with a company, and you should do your research on the best for you. Alternatively, there's P2P exchanges which I'd explain the risks of that, but the potential of getting better deals. (not necessarily though)

I think its good to distinction between the difference of the two, and possibly the pros, and cons, but still encouraging them to do their own research on which type of exchange is best for them, and finally what exchange they choose (coinbase, localbitcoins etc).

On my side of things I want to teach my friends everything that I know in the crypto industry especially on Bitcoin but when it comes to the question with regards to buying or selling I ultimately avoid answering it and explain to them that this kind of decisions are supposed to be made by you. Why do I avoid it? Because I don't want my friend to blame me when it comes to him losing money because he followed what I said even if he/she doesn't blame me I will feel guilty that he/she had suffered a loss because of me. That is what I am trying to avoid I still say Do Your Own Research (DYOR) even on my friends because of it. Also I think this is better because in the long run they can be independent when it comes to buying and selling cryptocurrencies.

This is super common in any industry, and its my biggest gripe when learning a course through one of the learning resources like Udemy I've even caught University glossing over things which are pretty fundamental, and that stuff is peer reviewed. My recommendation when teaching someone is treat them like they are five years old, and describe every minor detail, in fact at the very beginning of their learning introducing them to complex, albeit major conceptions can actually be detrimental to their eagerness. Also, avoid using abbreviations, and jargon until they are considered intermediate. If you try learning a programming language this structure is somewhat important, but the best learning resources for me actually compared it to real life scenarios which you can relate to, and gradually introduced the jargon. This is especially important when it comes to Object Oriented Programming, such as important topic, which often requires real word examples for it to properly sink in.

I'll always have time for even the most mind numbingly frequently asked questions, because I remember what its like looking at Bitcoin, and thinking "What?". A newbie today, who keeps annoying you with boring, and repeated questions might some day become a part of the history of this forum through their contributions. Plus, sometimes it can be important going over these so called boring topics, because you might fill in a gap you didn't know existed in your knowledge, because explaining things to another person is a very useful learning tool. because lets face it most of us aren't experts at all, and are continuously learning.

I definitely agree. I consider myself far from an expert on the technology but was definitely brushing over small things in our discussion such as confirmations and blockchain explorers. What I did notice was as we discussed it further the questions became more focused and helped bridge the learning quicker. For instance getting across the idea that the wallet is more a portal to your assets than where they are actually stored.

Not sure if he put it into practice but this led me to suggest he play around with creating a wallet deleting the file and/or restoring it on another device or the same device. Then playing around with sending transactions to other addresses within their wallet. Then we got on a whole discussion about fees and fee selection and where to locate that information.

I always go out of my way to try and explain the value of the network aspect of Bitcoin, to bring them toward understanding the fundamental prospects rather than the economic 'gains' (though, who would deny that it plays a factor in adoption). As a Bitcoin user, there are a lot of implicit ideas that you already know as evident in the world, yet it's important to remember the basal ignorance of one's pre-coin knowledge.

Forget what the term is, but as you grow in experience with regard to a certain topic, you slowly forget the initial difficulty curve of having learned necessary concepts and falsely assume that it's just as easy for everyone as it is for you. Maybe related to 'fallacy of common sense'.

---

This learned knowledge gives them the information necessary to make their subsequent choices: teach a man how the fishing industry works, not how to get a job fishing or where to fish.

So my title isn't false in any way but it's not the whole story. I recently had the opportunity to assist 2 people with their first time buys and holding plans. Each case ended differently but had similarities throughout. First was a coworker who had heard about it before but only considered it say August/September, the second a longtime friend who has heard me talk about it for years when we get together.

The overall similarities were funny as they both got serious-ish around the 12K price mark and then went radio silent on the subject during most of the recent run-up. The co-worker did buy himself a ledger as that's what made him most comfortable longterm, about a week before the data breach announcement. That was funny, either way I got him set up on a platform I use to buy sometimes so he could jump in whenever he was ready. Onboarding was nearly painless except his bank flagged his first transaction and was hold/blocking it without details being given to him or the recipient. Apart from that he got in for something around 32K and bought the dip at 28K - got lucky as he happened to be going into work and as a new holder was obsessively checking price.

Second friend is busier runs a company so when he got back in touch I said it would be fairly easy to get him crypto, but did he have a wallet downloaded yet. Obviously that was a no, but easily remedied as he had at least looked into Electrum as I suggested. So he took care of the install, then over a phone call I walked him through the features of the wallet and answered whatever questions still lingered. In the end he wanted to make his first purchase and I gave him the same platform option as the first guy and also offered to sell some of my coin. He put out a FIAT range and I chose the smallest denomination. This was last night around 39.5K.

I figured I'd share this story as I imagine a lot of you have been in or could be in a similar situation given the current climate. It can be tough not to get overly excited and/or let our opinions influence a newbies final decisions. For each of these people I gave them the same information about wallets and basic pros/cons lists. I also pointed them towards info for their own research. I made sure to point out the importance of protecting their seed phrases and back-ups, as well as making sure they are familiar with any recovery process. Then each time I demonstrated a transaction or some other functionality with them to get through that first hurdle. Finally we talked about price. In both cases they expect some sort of drop, but it hasn't happened yet so they wanted to start their first buy and will continue to grow their holdings over time. This made their journey easier for the moment as it was pretty much done, they know how to accumulate more and how to sell if they need/want.

TL;DR
You will likely have the opportunity to help a newbie. Each situation can and will be different but try to remember you should use your experience to help, but not influence. Everyone should get there in their own way, and you can help them do so in an informed and safe way.

Also I did introduce and sell a friend BTC at the ATH