Topic: What went wrong with bitcoin! Reply - page 2. (Read 488 times)

For me this is essential, knowing what Bitcoin can offer me and secondary to that
is the investment aspect.

I would snobbishly only consider a person a true Bitcoiner when they have an interest
in Bitcoin other than its ROI or they have a long term outlook. I dont consider anyone
with a "get rich quick" or only interested in Bitcoins market value to be Bitcoiners.

The OP has only focussed on "The price" and "The market" and "Investment", Bitcoin has
a lot more to offer, its just a pity that it seems they are overlooked even when explaining
Bitcoin.

Are these things you mentioned that you applied or did you also tell your friend? Because as I have in mind, we may know better than most people the beauty of Bitcoin.

Sometimes when we are too overwhelmed we can't stop ourselves from sharing it with our acquaintances especially if it is close to us. It's just that sometimes in being overwhelmed we don't notice that we also forget to mention the disadvantage of Bitcoin once they invest in it, and that's where we often have problems in the end.

In my opinion, the first thing that must be explained to people who want to invest in BTC should be like that, that is, they must explain that investing in BTC has negatives and positives.

and I personally also have friends who want to invest in btc and finally I explain about btc and I also share my experience of getting profits investing in btc and also my loss experience investing in btc.

and finally he understood and not long after he invested and finally he didn't blame me even though the btc price fell.

the point is to tell the positives and negatives to people who are interested in investing in btc.

People like to shift blame for everything that goes wrong in their life. They do not want to take the responsibility for mistakes that they have made ...so that is the reason why you have to distance yourself from the decision making process from the start.

I always talk about Bitcoin and people tend to listen, but I never force "Bitcoin" down their throats, because I know from experience that they will blame "losses" on me, when they sell early.

So, next time.... tell the people that you only told them about the technology... and you never forced them to buy it. They make all the decisions to buy and to sell.... not you. 

If they fully understand Bitcoin and aware of the possible consequences of investing their money, they will not held you as responsible for any losses since Bitcoin is an speculative asset and can't he controlled. This is the problem of investor who just blindly invest without even researching on their own to educate themselves.

True. Don't let yourself use their money to invest/trade on their behalf. It's quite risky and we're not certain if we will going to have a good result. So if they're interested then teach them and don't let them rely on you.

Investing in Bitcoin takes a lot of guts and patience. If you can't wait then maybe this is not for you because you might sell at loss for not being able to wait for the perfect time to take profit. If you want to be a huge gainer, you need to be patient and don't ask questions on why the price is not increasing or when it will become bullish because we can't accurately predict what lies ahead.

Good explanation OP, I believe the person will learn so much from your advice because when the price of Bitcoin increase higher he or she will definitely make a huge amount of money that will make he or she to invest more in Bitcoin. The most important thing in Bitcoin investment, is to try your possible best to know how to involve in long term holding, because that is where many potential holders are making their incomes from because they are very comfortable with their holding that one day or some day the price will increase higher for them to earn well at the moment.

Is that person dumb? When you invest anywhere, be it stocks, cryptos, lands, anywhere, the risk of getting loss is equal to the chance of getting profits. At the time of investing, does he thought that, Bitcoins are sure money and he won’t make losses and will earning profits for whole life? These types of people don’t deserve any kind of investments. Moreover if anyone don’t know why or how the price of a coin affects, then let me tell you that, Bitcoins are limited in supply, so if the demand to acquire the coin increases, then the price increases and the reverse happens when demand is low.

1. If you introduce Bitcoin when your friend doesn't even know what's, you're responsible for anything because you're the one who invite your friend to invest in Bitcoin. It's different if your friend already know Bitcoin and he ask few questions to you since he's interested before you talk about Bitcoin.

2. No one is controlling Bitcoin price.

3. If you force someone to invest in Bitcoin, you're liable to any losses.

4. No one can verify.

5. 6. & 7. are money making purpose, don't invite anyone about Bitcoin if it's only focus about money making.

Good advice can always be useful for others, especially if the advice is about investing for the future. Well, in this case it is also important to remember for those who give advice that he must give it in as much detail as possible so that he is not blamed one day when there are obstacles or crashes or suffers a loss due to the negligence of the person receiving the advice.

Because guiding others to a better direction is a must even though it is not mandatory, especially if the person being guided is someone who is very close to him and who has a very strong emotional bond. Of course it wouldn't be wrong if we wanted to provide good guidance and advice for him, besides we would also advise him to continue studying and reading every thing he needs while asking people who are experienced in certain fields, so he doesn't just rely on the direction and guidance we provide.

Even if we give understanding to newcomers who want to know more about bitcoin, it makes it more difficult what I feel, I even taught someone, but after giving all the more basic bitcoin concepts, they still don't understand if they don't practice it right away, while I don't want to be responsible for what is bought even though they buy bitcoin much safer, but the market is still unpredictable and high volatility means prices can change from day to day.

It's better to give enough understanding and then have him learn on his own and do what he can, let him lose at least don't be big if you want to get a bigger experience in his practice but what is clear I have explained about big risks with big returns, but the concept this is not for get rich quick like many people say.

That person may only be telling you the positive aspects of crypto currency but you should know that everything has positive and negative aspects. You might have made an investment decision just by listening to him and considering the positive aspects of cryptocurrency which was a wrong decision for you. You may have rushed to invest without thinking twice after listening to that advisor. You should learn from the mistakes you make. I hope that you will consider it carefully and then take such a decision.

First you have to risk your money. Others can only give you some idea about it. Online platforms have financial risks. But the person through whom you came to know about this should have shared with you something completely about it.  But he only shared with you the positive aspects of the crypto platform. Hope you take all these risks with caution in the future.

In general, we have to make them understand clearly that investing in Bitcoin doesn't guarantee instant returns and that is the reason why we have to encourage them to be patient and hold. Because some influencers and those who pretend a Bitcoin gurus, they never speak about losses but rather give promising words - profit and make rich. A reason why someone who invested in Bitcoin will wonder why he got nothing after a few days of buying, instead the value is decreasing.

I guess this happened to so many people. And the main reason I think is that many bought Bitcoin prematurely. Many are too eager to buy Bitcoin, but they don't even have a complete understanding of Bitcoin's volatility and its overall market dynamics. I guess this is primarily because a wrong impression is created in them. Many jumped into the bandwagon with the assumption that Bitcoin is a get-rich-quick scheme. So if one is to orient somebody about Bitcoin, one shouldn't miss emphasizing that it isn't. 

It would also be good to explain to such newcomers that their money hasn’t really gone. That investor owns the same amount of coins, stored in the Bitcoin blockchain. It’s just that in terms of fiat, the value of his asset has dropped. But not to zero (BTC hasn’t depreciated at all)!

This is the reason why some people have various misconception about Bitcoin. They have learned wrongly or have quickly rush to invest out of greed. (Let me explain why I said greed.)

I was opportuned to be in the presence of some folks discussing Bitcoin, so I just paid deft ear to them, just to hear what they were talking about, but among them was one who was really knowledgeable about Bitcoin; he was gradually explaining to them what Bitcoin was, but one among them said, "Please just help so I can buy; save up the stories for another day; I am already convinced by the whole lot of profit you have made."

So, some people are not ready to learn anything, but they just want to throw their money into something they don't even have a complete idea about, and when it gets complicated, they look for someone to blame. As a business person, it's not wise to sell off your business and invest in Bitcoin. Only investing some percent of the profit you are making from your business is pretty cool. It's perhaps not necessary that you invest all your profit, but just some, even if it's on a weekly or monthly basis, so that it doesn't put pressure on you or your business. Had he still had his business running so well, he would have been patient until the bull market comes, but it was good that you gave him confidence.

The best way is never to give investment advice to anyone, if they want to invest, they should learn everything themselves. Because everything is available online if they are lazy to study and just want from other people's guidance. Those people should not invest because they will also lose money and will blame us one day.

@OP we don't need those lessons if we don't push our friends or relatives to invest in Bitcoin.  The best lesson to learn here is to never convince any one into investing to an asset he has no knowledge.  Yes we can share information, inform the possible opportunities in investing itno Bitcoin but never force them or convince them ti put their money into something they recently know.

As I read about the situation...


This explanation is not acceptable.  If you convince a person to invest in the market, you should know how to explain the movement of the market.  Telling them you do not know only heightens their rage and made them more uncomfortable.

Why not avoid the situation completely by not introducing people to this market? No one introduced me here and I am sure I am not the only one, I found bitcoin precisely because I needed something like bitcoin at the time and I immediately adopted it because of it, I know that people want to increase adoption but we must let each person to decide on their own when they want to invest in this market, because if they do badly with their investments the first person they are going to blame is the one that introduced bitcoin to them.

Introducing bitcoin to someone is good but for them entering the market at the wrong is very bad because the person may not have the basic idea or understanding just as you does, so it is good only telling them how the bitcoin functions and benefits one holding it because if those areas aren't clearly stated and they venture into it without a thorough understanding might leads or result to much hatred whenever they had someone mentioning about bitcoin and anything that relates to digital currencies.

The main truth is don't force anybody to buy Bitcoin, introduce it to them as you said and tell them is not a must to buy through you, they can also do their research about it after being satisfied they can go for it finish knowing the pros and cons.