What Would You Tell a Friend Who's New to Bitcoin? - page 2.

fikrett

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Quote from: Reatim on January 17, 2025, 05:25:26 AM

Quote from: bakasabo on January 17, 2025, 05:08:15 AM

Majority of those to whom I told about bitcoin, dont believe in it, and even stories about $5k>$100k in 3-5 years with examples did not inspire them. I cant explain why there is no trust in Bitcoin from them.

to me it seems like they just can’t let go of preexisting ideologies about bitcoin it is one thing to be unaware of how bitcoin works due to lack of information and another to still not understand bitcoin even after it is explained

A person should be willing to go a bit deeper and crave knowledge about Bitcoin.
If he isn't - that's his loss. It's unfortunate, but it can't be reasoned with, mostly.

Reatim

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Quote from: bakasabo on January 17, 2025, 05:08:15 AM

Majority of those to whom I told about bitcoin, dont believe in it, and even stories about $5k>$100k in 3-5 years with examples did not inspire them. I cant explain why there is no trust in Bitcoin from them.

to me it seems like they just can’t let go of preexisting ideologies about bitcoin it is one thing to be unaware of how bitcoin works due to lack of information and another to still not understand bitcoin even after it is explained

Quote

They say it is a joke. However, they better believe and spend time on Hamster or other tap or click primitive games, than buy any amount of Bitcoin and hold.

that’s quite confusing lol if they would rather spend time in memecoins then maybe they just don’t want to spend any amount of money in something even if it means they will be making profit soon

bakasabo

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Quote from: krishnaverma on January 17, 2025, 04:51:21 AM

I used to tell my friends about Bitcoin when the concept was new. But sadly they did not believe in it. One of my friends asked me some advice on where he should invest his extra cash. He was making good in savings that time and if he started converting all in crypto that time , he would have been a millionaire. But he never listened to me and invested only in bank deposits.

Majority of those to whom I told about bitcoin, dont believe in it, and even stories about $5k>$100k in 3-5 years with examples did not inspire them. I cant explain why there is no trust in Bitcoin from them. They say it is a joke. However, they better believe and spend time on Hamster or other tap or click primitive games, than buy any amount of Bitcoin and hold.

krishnaverma

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I used to tell my friends about Bitcoin when the concept was new. But sadly they did not believe in it. One of my friends asked me some advice on where he should invest his extra cash. He was making good in savings that time and if he started converting all in crypto that time , he would have been a millionaire. But he never listened to me and invested only in bank deposits.

Agbe

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You don't have to tell him tech or even bitcoin itself. Your answer to his question should depend on the area he is also asking. You don't have to swim in the ocean without direction. Your friend have to ask what he wants to do. Is it investment, trading and mining. And when he has asked base those subtopics then you also give the answer base on the area or the field. That is how I have been doing. I do don't answer a universal question but it should be specific so I know what I will say but if he asks a universal question then I will be talking in and out of point.

Ghosty100201

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As some people think the technicalities should be the one someone should be going over but is and how it works wont be required. But I would rather tell my friend about what bitcoin is and what it rather stands for that is I would say freedom from centralized financial systems. And a tad-bit of its history and obviously about the the Man, the Myth and the legend Satoshi Nakamoto.

Cityhunter34

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Quote from: Marykeller on January 15, 2025, 12:12:55 PM

Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

My answers to them are simple as this: Don't invest if you don't have a long term vision of hodling Bitcoin. Keep your investments in Bitcoin private. Make sure you have a side hustle to avoid selling your Bitcoin at loss price. Don't be push by FOMO to invest in Bitcoin and the best time to invest in Bitcoin is during the bearish market not the bull run season because you can actually miss the right time to sell

Yea that is the real truth about it, it's essential to let them know that investing in Bitcoin without having a side hustle can make you sell your Bitcoin when you are supposed to sell it. So for you to be able to hold onto your Bitcoin investment is by setting up a good plan for yourself, so that Incase of any emergency you can be able to settle it without touching your Bitcoin investment.

Orpichukwu

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Quote from: ? on January 13, 2025, 12:16:27 AM

If a friend is new to bitcoin, i'd tell him it's exciting way to manage money w/out needing a bank. It is secure, fast and easy to use. Many people see btc as a way to protect their money from inflation and it is becoming more popular every day. I'd suggest they give it a try, learn how it works, and see how it could help them with their finances

Asking them to learn how it works and also asking questions where necessary before they can give it a try, especially in the aspect of sending bitcoin from one wallet to the other to avoid mistakes, they should learn the little basic things and also have a defined goal while they are investigating it, and making quick profit from it should not be part of that goal.

GbitG

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The first thing I will tell him is that Bitcoin is open source network no bank or authority can control it. It's a financial freedom as well as it has a possession of huge profit. Bitcoin can make you lose along with huge profit because of its volatile nature. Do your own research to invest in it. In Bitcoin we can organize profit through investment and trading. Those who have experience can manage profit in the short term as well as in the long term and if someone does not have that much skill, then they can organize their profit in the long term. It means that the risk is less in long term investment.

So this means that Bitcoin is not only a digital existence. its also has the potential of a lot of value in the long term perspective. But taking into account all the risks and hurdle, we should invest enough money in it that we don't risk your daily routine life by losing it. And the privacy stance should also be deeply figured out so that you don't get harmed later.

Marykeller

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Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

My answers to them are simple as this: Don't invest if you don't have a long term vision of hodling Bitcoin. Keep your investments in Bitcoin private. Make sure you have a side hustle to avoid selling your Bitcoin at loss price. Don't be push by FOMO to invest in Bitcoin and the best time to invest in Bitcoin is during the bearish market not the bull run season because you can actually miss the right time to sell

Victorybit1

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I would say the same thing I always to Every beginner, Bitcoin isn't a ponzi scheme or a way to make you a rich in a few days. It takes time and discipline, only those who are patient and consistent enough can reap the benefits of it. As beginners it's important to focus more on gaining knowledge than trying to figure out how to make money, in the crypto space you must learn before you can earn. Take your time to understand what crypto is all about, learn about how the market moves and when you are acquainted with some important things then you can think of making an actual investment. Knowledge, discipline and consistency those are the key things you need.

?

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Quote from: goldkingcoiner on January 14, 2025, 07:11:04 AM

I would tell him to go to Bitcointalk.org and start off by reading the pinned posts in each of the boards, especially Beginners & Help.

Bitcointalk really is the best place to start your Bitcoin journey.

If done responsibly and with determination - that I totally agree with you.
It would be beneficial and healthy to start from here, knowing fully well the possibilities out there and remembering the fact that each of us has our opinions on some things.

EarnOnVictor

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Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let me start by saying, after every conversation with the friend, still advise him to DYOR. It is by this you can exonerate yourself if things go south.

If I were you, I would first focus on the enticing part, which is the success possibility in Bitcoin to catch his attention. If the friend is interested, I can then proceed to furnish him with all the possible books, links and guides about Bitcoin and will still tell me to surf the internet better on it.

By this, the friend will naturally learn everything about Bitcoin without you stressing yourself too much.

dezoel

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Quote from: CageMabok on January 10, 2025, 07:26:40 AM

Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

I focus more on its investment potential when someone asks me like that, although after that I will also explain about the technology behind Bitcoin so that the person asking can have a more complex understanding of Bitcoin. Because when the person asking has been able to understand these two things, he will also have thoughts towards financial freedom that can be obtained through Bitcoin itself. But on the one hand, I also look at the condition of the person who asked first, because there are people who prefer to hear about its history first before about the technology and investment potential in Bitcoin itself.

Yes, bitcoin (and blockchain because of it) is both technological and also an asset for investment as well. If you can understand the system and how it works, plus if you can understand how the investment generally worked so far and what are the expectations, then you know everything you need to do know about bitcoin. The difference is, I wouldn't get involved because if I risk something missing then it would not make any sense and it won't be that great at all. I get that it may not be great and all, but it will definitely be something bigger for all of us for sure if I miss something then they may do something wrong then they will have a right to ask me why I missed that part.

This is why I do not get involved and instead I just let it be. Everyone has google, if they want to know more about bitcoin then all they have to do is google about it and they could make a lot more money and they could earn enough and that won't be too little.

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

I would tell him to go to Bitcointalk.org and start off by reading the pinned posts in each of the boards, especially Beginners & Help.

Bitcointalk really is the best place to start your Bitcoin journey.

bakasabo

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That is right. When asked about Bitcoin, we need to start from find out what that person expect from Bitcoin. Trading, holding, using as anonymous payment, and after understanding what person really wants, start explanation. I expect many have paid attention to Bitcoin after hearing how people turned rich after buying and waiting. I expect "getting money" will be the primary goal of our conversation with a friend. Then I would start with busting myth of easy and quick money. From showing other side of the coin, to bring my friend down to earth, to lower his expectation to level of reality. And only then ask if he would like to continue hearing what is Bitcoin. As I dont want him to buy now, then sell next week if Bitcoin losses 5-10% in one day, and get blamed for dragging into something unknown.

retreat

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Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

If they ask about the investment potential, I will briefly tell them about the potential of Bitcoin and how risky it is - maybe they heard how Bitcoin can give them profit, and explaining the basics of proper Bitcoin investment to them might help them navigate the Bitcoin investment. Since many newcomers have the wrong mindset when they invest in Bitcoin - they think it can make them rich in a short time - I will tell them that it is risky and they must have proper knowledge to start investing in it.

Kelward

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If my friend is new in Bitcoin and doesn't have any previous experience, what I'll focus on first is to let him understand about the responsibility of self custody. He needs to understand and be prepared to secure his seed phrase because if he loses it or it gets into the wrong hands, he can lose his Bitcoin forever. If he's willing to take this responsibility then I'll start to lecture him on other aspects of Bitcoin investment. Holding Bitcoin means that you're in total control of your coins, the blochchain is not centralized therefore you can't complain or hold anybody responsible if anything happens to your coins because of your negligence.

?

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Quote from: George Edward on January 13, 2025, 04:14:52 PM

Quote from: BitJannik on January 09, 2025, 02:36:40 AM

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

Well first I will ask how interested they are in knowing Bitcoin ,then their reply will determine if they are truly interested before I will tell them , by explaining in details, firstly it is like digital gold, but way cooler! No banks controls it ,it is super secure, knowing that the money u earn is actually yours, free from government , help them know that knowledge and understanding is needed though they are seriously risky. They shouldn't put in more than they can afford ,then I will give them some links to check out so they can get the full knowledge of Bitcoin and how it works.

Wouldn't start with the analogy to the gold, the person in question may envision some things in his head because of that, however, other actions are not that bad.
Especially the one that would manage the risk a bit for a newbie-friend.

Princess Leah

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Quote from: kawetsriyanto on January 13, 2025, 04:44:52 PM

Quote from: Rockstarguy on January 13, 2025, 12:38:52 AM

Telling a beginner about the investment aspect of bitcoin is not enough atleast the security and privacy of bitcoin needs to be told for them to get the understanding of how safe bitcoin is. It could be that the reason why some beginners are apeptical about bitcoin sometimes is because they never get the understanding of how safe the investment is.

Yes, usually, if the beginner is really serious about learning about Bitcoin, then he will ask a lot of things. Some of the information you mentioned will be very useful for them. And moreover, about the risks and profits that can be obtained. Yes, risks cannot be avoided from Bitcoin. So they will realize that before really entering Bitcoin, they must prepare themselves strongly, both mentally, financially, and also in understanding.

Well, many beginners only want to know about Bitcoin superficially, namely how to make money from Bitcoin, quickly, without wanting to try to prepare themselves thoroughly first both mentally and in terms of knowledge readiness. This is not right and is actually high risk. but unfortunately, there are many people like this, do not want to understand about the risks, only dream of getting big profits in a short time.

Exactly, it's not just about preaching to people about the important or benefits of bitcoin but safeguarding the assets they're holding matters as well and not many newbies knows pretty much about it, some don't even know the best place to save their bitcoin or how important the seed phrase is, you'll be shocked to know that some people still save their bitcoins in wallets in exchanges that claims to be safe and secured instead of a non-custodial wallet or hardware.

It's very obvious that lots of beginners are pretty much about what they stand to gain but disregard the safety of their asset so it would be very important to teach about security when passing knowledge to newbies about security, the worst an investor could encounter is to risk losing their bitcoin asset.

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