I caught two persons arguing this morning that led to this post, one on the other hand says this person introduced me to bitcoin July 2022 while i was doing my normal buying and selling of yam and palm oil, quoting him; my business of selling yam was doing good, I buy yam in bags with palm oil and I have a store where I normally distribute it to customers, before he came with his ideas of buying and storing bitcoin and since then I have not gotten shishi, all my money has gone and am asking him to explains what went wrong? What happen to my money or bitcoin? Why is it only eating and not vomiting?
I will have to blame the person that introduced the business man to bitcoin investment, he didn’t make the business understand what bitcoin was all about and how it’s operates, also why will he want to divert his business money to buy bitcoin and you Will agree when you know that’s his only source of income, what the person that introduced the business man to crypto should have done is just asking the business man to be removing some little amount from his profits and be investing in bitcoin and not asking the businessman to switch completely.
You know how bitcoin operates and you know what bitcoin is all about, you shouldn’t have taken the risk of advising someone to divert his business money into bitcoin, Always invest any amount you can afford to lose in bitcoin.
The argument ends but I want to draw this lesson to everyone;
1. When introducing crypto to anyone let them know you're not responsible for anything contrary.
It’s better you clearly let them understand what bitcoin is all about, if the are interested then they should go ahead, you can guide them on how to make investments but you should make it clear to the person that anything can happen to their investment and you won’t be responsible for it. Whenever you are teaching people how to invest, don’t focus on only profits, let them also understand that they can lose their money.
2. Tell them you don't control the price, the system does.
Let them know how volatile bitcoin and crypto market is, let them know that the price movement is not in your hand, anything can happen to the price at any time, so that they won’t end up frustrating you to pump the bitcoin price as you don’t have the power to do that.
4. The person should make good decision before joining
After explaining the risks associated with bitcoin investment and other necessary things the person should know, then you should ask if the person is interested or not, you don’t have to force the person to invest, let the person be willing to invest and not you forcing the person.
5. Don't collect money from the person to trade or invest for them. Them should do it themselves.
The worst thing you will do is collecting money from someone to invest in bitcoin, if you can try that, then you are spoiling your reputation from the person, you are likely to be tag as scammer, because what the person might be expecting in return might not be up to what you will give him, he might be thinking maybe you decided to slash the money into two then you give him half alone. But if the person invest the money in his wallet, he will definitely be seeing the price movement himself.