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

bitzizzix

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Quote from: BitJannik on Today at 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.

Based on my real experience, I prefer to suggest potential investment because people will do it and interested if the suggestion can or has the potential to make money or the money works and grows.

And it will be more accepted because after telling Bitcoin is an investment that can make profit especially I will suggest to do it in the long term by doing DCA and all that I explain in detail and also tell my experience in terms of profit that will make my friends excited to get involved and after that I tell Bitcoin is an amazing technology and also freedom because we control everything ourselves, but unfortunately and maybe most people will be more interested if it deals or can make money. Because for other things they can find and learn it as time goes by, and it is real and happens to some of my friends too when I try to explain to them because they want to know and see me good in terms of finance.

Franctoshi

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Quote from: BitJannik on Today at 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.

To me, one of the major thing that has attracted most people told of Bitcoin is the freedom aspect of it because we haven't had such a thing in the history of mankind, and secondly, The inflation hedge because based on the staggering economic situation of most countries where inflation is ravaging various economies of a country and their fiat currency collapsed, people are very much interested in asset where they can hedge their funds and further makes some returns over time and Bitcoin is a safe-heaven for them. Lastly, it decentralized nature, most financial we've had have a central control (centralized) but Bitcoin is opposed to that.

Swordsoffreedom

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Quote from: Nwada001 on Today at 09:20:38 AM

If it's the first time that they are hearing about bitcoin, the first thing is to educate them about the basic knowledge needed; they should know what bitcoin is all about. It's important how it could be used as an asset, store of value, and alternative payment option.

And if they ask about investing in the currency, I will advise you to start telling them about the risk involved before the profit that could be made from it; putting profit in front first might give the wrong impression. Many have only learnt that profit can be made from bitcoin and do not know that they can experience portfolio depreciation.

Trust me, if you just talk about factors like technical, technology, use cases but don't mention the investment potential of bitcoin. People will instantly get bored and not want to hear anything more about bitcoin from you.

The truth is that money is what people prioritize the most these days and profit is also what we care about the most when it comes to bitcoin. I don't think people will think differently from us, people will put money first so let's talk about investment potential and profit first. Then talk about other factors so they know why bitcoin has potential and is worth investing in. Of course, risk is one of those things that we should not ignore and even emphasize more to avoid being blamed later.

maydna

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I will suggest him about the investment potential. If I tell about the technology behind Bitcoin, that will be too complicated for new people. It is better to direct him to use Bitcoin as his investment so he can start to buy Bitcoin.

I will introduce DCA method to him so he can start to learn for more. But that depend on my friend because not many of my friends wants to know about Bitcoin or accept a new thing so I will not explain for too detail.

Nwada001

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If it's the first time that they are hearing about bitcoin, the first thing is to educate them about the basic knowledge needed; they should know what bitcoin is all about. It's important how it could be used as an asset, store of value, and alternative payment option.

And if they ask about investing in the currency, I will advise you to start telling them about the risk involved before the profit that could be made from it; putting profit in front first might give the wrong impression. Many have only learnt that profit can be made from bitcoin and do not know that they can experience portfolio depreciation.

Sanitough

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It’s simple to explain if you understand it yourself. The reason it’s popular is its technology - it introduced a decentralized system that has the potential to disrupt centralized systems, and this is already happening due to Bitcoin’s increasing adoption rate. We’re also seeing institutional investors entering the space.

So, explain that with massive adoption, its value is likely to increase. Unlike fiat currency, which governments can print anytime they want, Bitcoin has a fixed supply, and a lot of it is even missing in circulation. As demand rises, its value naturally goes up. With this explanation, I think he’ll understand it better and won’t hesitate to invest.

kryptqnick

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I say that Bitcoin is a digital-only currency that is not issued by any central authority, which can fairly easily be exchanged into local fiat and is sometimes used directly as a payment. Then the second thing I say is that it's also a very high performing asset, which grew from being worth less than $1 in 2009 to $100k in 2024. I think it's hard not to be impressed with a result like that, and even with previous results like $60k or $20k.

Then the conversation depends on what another person brings up, but I think it's important to mention that there's no guarantee of profit and that it's easy to lose your money with Bitcoin if you're careless (e.g. forget where you put your passphrase or accidentally send BTC to a wrong address).

Callido

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Quote from: BitJannik on Today at 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.

No, i do not focus on the tech. I tell them about investment first, the easiest way to understand a lot about Bitcoin is starting up from the investment part before gradually learning about the technological aspect. At the early stage, the newbie brain can not get the whole knowledge about Bitcoin blockchain since some terminologies will be heard for the very first time.

Once he has gone pass understanding Bitcoin and some used practice surrounding, it will be easier on him to extend his search about Bitcoin technology on his own.

GideonGono

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I would just tell them something about it, how to use and keep it safe, basic knowledge about it, I would also encourage them to do their own research, I wouldn't try to encourage them to invest on it or give them investment advice.

Apocollapse

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Quote from: ? on Today at 05:57:21 AM

Did you have a bad situation regarding such cases?

Until now, no, that's why I had never experience any bad situation because I always stay private with my crypto holdings.

Fiatless

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Quote from: BitJannik on Today at 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.

The first stage should be teaching him about Bitcoin as a currency and referring him to the Whitepaper. The next phase should be based on his level of understanding and interest. Some people are not good at the technical aspects of some concepts, they might not understand them. But if they have an interest in learning about it, I will refer them to the forum's technical board. Most people are interested in the investment part of Bitcoin. I will expose him to the Bitcoin cycle and other concepts that relate to volatility, bull run, halving, etc. The best place to learn everything about Bitcoin is bitcointalk, refering him to the forum will be good.

Hamza2424

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Quote from: betswift on Today at 06:33:27 AM

Interesting if that person did it themselves or they broke their socials / etc. and got the info from there.
In any case - I do think that's right too. Nobody except who you trust would need to know how good you are currently portfolio-wise. It's a person's choice to think out loud about it, and it would end up badly in some cases.

My job is to give him/her advice and mentorship, for the rest you need to know that is his/her own choice. If someone is not following the advice for the upcoming consequences he/she should be responsible as here in this digital era one wrong action can cause extreme damage.

Some people do such stupidity for flexing only or to attract other intentions for their social life.

serjent05

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Quote from: BitJannik on Today at 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?

Depends on what he wanted to know about Bitcoin, but as a starter I just tell him the basic, Bitcoin a technology made for financial inclusion and freedom of transaction. From there I would follow through on which topic he wanted to know.

People will ask question if they become interested and those questions will open up the path for discussion. I will also give him useful links so that he can research it by himself. It is best to let the new comer to make an effort in learning about Bitcoin. If we feed them everything, they will tend to become lazy and possibly miss out on important factors since we do not know everything about Bitcoin and need useful information on the internet. Instead of looking things for them, let them look for the things they want to know personally.

betswift

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Quote from: Hamza2424 on Today at 06:26:57 AM

Never revealing your holding to anyone would be my first advice for him/her, as recently some horrible incidents have been happening. For example, some officials and a thief blackmailed a few people in one of the big cities here and asked for their entire holding, in other words, crypto loot.

Secondly, Buy and Hold and never lose hope. The market always tests your patience level.

Interesting if that person did it themselves or they broke their socials / etc. and got the info from there.
In any case - I do think that's right too. Nobody except who you trust would need to know how good you are currently portfolio-wise. It's a person's choice to think out loud about it, and it would end up badly in some cases.

rodskee

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Quote from: BitJannik on Today at 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?

it should depend on who my friend is if he is one looking for an investment opportunity of course i would focus on that but if he is a developer or he works in tech related industries then i would probably direct him towards the technical aspects of bitcoin

one thing’s for sure though is that i would explain what bitcoin actually is which is a decentralized currency and from there i am sure he would ask questions which could determine where the conversation will go but at the very basic i’d focus on what i do with bitcoin which is use it for transactions and profit

icalical

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If some friend asks about Bitcoin, what is important for me is the interest of this friend. I could relate and explain to him that, for investors, it's something like digital gold, risky but with the potential for gain. If his frustration is because of banks, well, Bitcoin does allow sending money without middlemen. I don't go all technical unless he seems interested in that aspect. Instead, I try to underline how it is different from regular money, decentralized, always available, and not controlled by any government. However, I will still mention the risk of loss, scam, and advise them to start small, learn a bit more. I'm trying to make it relevant so that they can see how it might fit into their life, not some hype or complicated technology.

Hamza2424

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Quote from: BitJannik on Today at 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.

Never revealing your holding to anyone would be my first advice for him/her, as recently some horrible incidents have been happening. For example, some officials and a thief blackmailed a few people in one of the big cities here and asked for their entire holding, in other words, crypto loot.

Secondly, Buy and Hold and never lose hope. The market always tests your patience level.

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Quote from: Felicity_Tide on Today at 06:22:27 AM

If I'm opportune to lecture someone about Bitcoin, it will be more proper that I start from the financial aspect because that's what concerns most people today. then with time, I can introduce the technical (technology) part in a very simple fashion, like how secure it is, how the transaction works and why it is different from the regular transaction we do through our bank apps. Though, it doesn't involve much technicality, but at least, it is a clear insist.

I do think that when a person sees potential in BTC, he is blinded by the fact and don't see that there is much to learn besides that. You can understand what BTC upholds, but still would lack knowledge in certain areas, and because of that, some questions would be left unanswered.

Felicity_Tide

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Quote from: BitJannik on Today at 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?

It really depends on the angle that the supposed friend is asking from, but from a general view, people are more interested in money or how to get it, than trying to understand the mechanism or its working principal, which also implies to Bitcoin as well. Most people are aware of its benefits, so they often ask questions relating to that.

And to answer to the question, I will gladly give my response according to what's been asked.

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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 I'm opportune to lecture someone about Bitcoin, it will be more proper that I start from the financial aspect because that's what concerns most people today. then with time, I can introduce the technical (technology) part in a very simple fashion, like how secure it is, how the transaction works and why it is different from the regular transaction we do through our bank apps. Though, it doesn't involve much technicality, but at least, it is a clear insist.

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Quote from: Patikno on Today at 06:02:24 AM

Quote from: BitJannik on Today at 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.

First thing that I will tell people is the investment potential, because most of them just thinking and talking about the profit by investing on Bitcoin, so I will start tell them by the side of Bitcoin as a potential investment. So, after it I will tell them about the fundamental of Bitcoin to ensure that Bitcoin will be exist forever, like the security and scarcity, these both points always be interesting things for beginner.

Clear points too - lots of people are viewing BTC only investment-wise. And it's bad they don't want to learn more, - going from such attitude to respect and understand what BTC stands for.

Topic: What Would You Tell a Friend Who's New to Bitcoin? - page 2. (Read 351 times)