What Would You Tell a Friend Who's New to Bitcoin? - page 3.

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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.

Each of us, see something different in bitcoin or can't just choose only ONE aspect that can truly win among others.
Probably what I have tried to explain to friends or people in the "family" has always been something so easy =
you must learn what this technology is. After you can understand what there is behind, and what you don't know about it, ok you're ready to see the economic potential.
But then you will understand that what bitcoin brings to you isn't "economic" but it is something definitely more important... yes FIAT can't buy this.

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Quote from: LogitechMouse on January 10, 2025, 09:56:57 PM

I let him do his own research. For me, that's the best way to teach your friend about Bitcoin.
If he really wants to learn about it, he will have the initiative to do it, because at the end of the day, it's for his own sake.

You can tell the basics to them if you feel you can, but in my case I can't, and the only thing that I can do is to re-direct them into different videos online since they can explain way better than I am, and answering some questions of them if they will ask me (if I know the answer of course). Them doing their own research will make them decide if they want to learn it even more or not. If they're eager to learn about it, they will do everything to learn it. If they want to invest into it, they will do everything just to learn it.

I can guide them of course so that they will not fall into scams, but if they want to invest into it, I'll teach them some basics and let them do the rest.

Agree that letting them learn about bitcoin on their own is better and will benefit them more in the future. But do you think maybe they are having trouble learning on their own and that is why they are asking us for help? Because not everyone is capable of learning everything on their own like us and that might be why many people prefer to have a guide rather than learning about bitcoin on their own.

I won't spend time giving advice or convincing anyone about bitcoin but I won't hesitate to share what I know if someone proactively asks me about bitcoin. But like you, if they want to ask and seek investment advice from me, I will decline and let them make their own decision that is their money and their benefit.

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Quote from: Dr.Bitcoin_Strange on January 10, 2025, 05:03:43 PM

First question I ask them is, do you have money that you can afford to hold for some years?

I agree and usually what I tell people if they ask me. I don't volunteer info these days, as it's easy to catch blame for investment tips that go sour.

Crypt0Gore

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Telling people that Bitcoin is risky nowadays is like telling them not to make money, at least this is what I am getting from people now, meaning that more people have now understand what Bitcoin is all about.

Some even hide it and they lost a lot of money, yet they are able to digest the pain all alone, so I feel I don't need to tell anyone about Bitcoin anymore, they know the pain involved, I am getting that gambling vibe, like a do or die since crypto is changing the lives of many.

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Well recently saw topic recently is nice idea to learn bitcoins. Bitcoin is a lucrative market right now and is very popular and easy to look into. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. My advice is for him to seek advice from top investors or miners with their help little by little something good woukd surely comes out. So take your time 🕰️ Good luck!!

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Quote from: Ale88 on January 10, 2025, 10:03:43 PM

Quote from: livingfree on January 10, 2025, 06:11:30 PM

Straight to the point...

Invest what he can afford to lose.

There is no catch about the tech thing anymore because majority of the newbie investors are more focused on the financial side of Bitcoin.

And how it can bring them and help them achieve financial freedom so that's it. If they cannot take the heat of its volatility, they better get out of the kitchen.

Everybody always says that you should invest only what you can afford to lose but let's be honest, who can afford to lose money? That would mean that the average person living and working in a first world country could invest like... $100 maybe? Is that an investment? How could those $100 make any difference in your life? Even if bitcoin makes a 10x you would have $1,000, and even if you invested $1k then it would be $10k so, again, what difference does that money make? Almost none, eventually you can enjoy a nice vacation, that's it. Everybody is different but if you don't take risks than you won't get any rewards.
At the end you talk about achieving financial freedom, you'll never achieve financial freedom playing safe.

It doesn't mean that you'll definitely lose money but invest what you're okay with an amount that you can freely move and go on with your life.

We tend to tell that for people to expect that this market isn't how they thought it to be. Because majority of the new investors think that after placing money, they would earn on an instant.

But that's not the reality in here and they might be sad if they happen to see that their money moves up and down in value and that's why telling them to invest what they can afford to lose isn't only about that literally but about being okay to invest with an amount that they will not feel bad about it until they get used to it and understand how this market works.

It's telling them about how to start until they make their own decisions and strategy on how to go on with this highly volatile market. I get your point and I understand it, this is just about starting and the end game depends on these people on how they will stick to their plans or will do the same as how we did it.

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Quote from: mirakal on January 10, 2025, 04:58:30 PM

I would tell him to do his research first before he'll rush to invest in bitcoin. Bitcoin is never a ponzi scheme but it's known more of a risky thing, so it's really necessary to know bitcoin well first through proper research and studies prior to trusting bitcoin as a long term investment.

Bitcoin is risky compared to other forms of physical investment assets. But when you compare Bitcoin with other digital forms of investments or altcoins, Bitcoin is far safer than others. To start investing in Bitcoin, people had to learn many things in the old days, including installing wallets on their desktops. But it is easier today. Anyone with a smartphone can install a wallet and start receiving Bitcoin.

To start investing in Bitcoin, learning only a couple of things is enough. People should know how to manage their wallets and which wallet they should use. People should know when not to panic and when to invest. They should know that Bitcoin is volatile and it can go up/down more than 10% in a day

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I wound rather focus on its security, Bitcoin can provide very high levels of security if used correctly. if its not secure then tec and investment potential is just a waste of time. your friend need to be sure his assets are safe before any other thing. he should know that his bitcoin ownership is safely recorded, stored, validated, and encrypted on the blockchain. To date, there are no known events where Bitcoin has been stolen by altering the information on its blockchain because of the encryption methods used. when my friend is sure about how safe his assets are then he can now think of investments.

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

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 a friend of mine asked for advice on investing in Bitcoin, this is how I would advise my friend. Bitcoin is a risky asset so first of all he needs to be aware of the risks of Bitcoin. If you can invest with risk then don't invest more than you can afford to lose. Plan to hold for the long term. Short-term investment may face loss instead of profit. You should never invest with borrowed money. Invest according to your ability in DCA method.

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Quote from: livingfree on January 10, 2025, 06:11:30 PM

Straight to the point...

Invest what he can afford to lose.

There is no catch about the tech thing anymore because majority of the newbie investors are more focused on the financial side of Bitcoin.

And how it can bring them and help them achieve financial freedom so that's it. If they cannot take the heat of its volatility, they better get out of the kitchen.

Everybody always says that you should invest only what you can afford to lose but let's be honest, who can afford to lose money? That would mean that the average person living and working in a first world country could invest like... $100 maybe? Is that an investment? How could those $100 make any difference in your life? Even if bitcoin makes a 10x you would have $1,000, and even if you invested $1k then it would be $10k so, again, what difference does that money make? Almost none, eventually you can enjoy a nice vacation, that's it. Everybody is different but if you don't take risks than you won't get any rewards.
At the end you talk about achieving financial freedom, you'll never achieve financial freedom playing safe.

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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?

I let him do his own research. For me, that's the best way to teach your friend about Bitcoin.
If he really wants to learn about it, he will have the initiative to do it, because at the end of the day, it's for his own sake.

You can tell the basics to them if you feel you can, but in my case I can't, and the only thing that I can do is to re-direct them into different videos online since they can explain way better than I am, and answering some questions of them if they will ask me (if I know the answer of course). Them doing their own research will make them decide if they want to learn it even more or not. If they're eager to learn about it, they will do everything to learn it. If they want to invest into it, they will do everything just to learn it.

I can guide them of course so that they will not fall into scams, but if they want to invest into it, I'll teach them some basics and let them do the rest.

ancafe

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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?

That’s the trickiest part because explaining something to someone about investing can be risky if not done properly and the fear of losing money can turn on you. I usually only talk about bitcoin to people who already understand and are doing investing, the rest of the time I choose to stay silent and not get involved in a wilder discussion without results.

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

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.

But if you care about your friends, tell them about the risks and most importantly they can understand that investing won’t give you big and fast profits in a short time so they will go through the process of getting started. Most people come to investing because they think they can make big and fast profits but they don’t understand the process and that mistake makes many people lose money without realizing it. If you want to say something, it is better to provide education and how to invest properly so that they do not think practically in getting profit from investment.

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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?

I would ask him first how he knew about Bitcoin. Or what he already knows about Bitcoin. Most people know Bitcoin when it has entered the hype period and many of them consider Bitcoin as an investment that can make you rich quickly. I would straighten out and fix his mindset about Bitcoin. I would explain that Bitcoin is a digital payment tool and most people see Bitcoin as an investment asset. I would explain about the volatile value of Bitcoin and its risks. It is important for anyone to see the risks, not just think about big profits. And if he is serious about learning about Bitcoin then I would explain about the technology behind it such as decentralization and blockchain. I am sure many people ask about Bitcoin because they are tempted by the profits they get and that means they need to understand about crypto asset trading and the risks of losses they will get.

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Bitcoin investment isn’t something you just hit straight on. You’ve got to know what you are up against or what you are getting into. As much as would have the funds to invest, a little knowledge for the get go would be where investors have got to start. Not knowing could easily get you in the hands of scammers who would ask you to invest with them or buy Bitcoin with them and see it flourish over time.

A little knowledge on what Bitcoin is, where to buy and store it and how to keep your seed phrase safe is the start.

To get the go going, you invest just what you’ve got, the much you could afford and gradually, using the DCA strategy, you build your portfolio.

livingfree

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Straight to the point...

Invest what he can afford to lose.

There is no catch about the tech thing anymore because majority of the newbie investors are more focused on the financial side of Bitcoin.

And how it can bring them and help them achieve financial freedom so that's it. If they cannot take the heat of its volatility, they better get out of the kitchen.

nakamura12

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I would start by telling my friend about bitcoin to make my friend learn about bitcoin before telling him about what he can do. If I tell him how to earn money then he might not take other matters seriously like the privacy and security measures. After explaining about Bitcoin in basic first then I'd tell him about doing his own research to avoid spoon feeding him everything I know. I would also tell him my opinion about it and what I am going to do and let my friend decide what he wants after he learned about cryptocurreny.

GiftedMAN

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Truth is that you can't help them to do everything but the least you should tell them is to start with the learning process, you can share a few links to them so they read and make more research after that I believe they will come up with their personal decisions and that's if they want to start the next step which you won't be the one to decide for them.

Make sure you do not discuss about making money fast with a beginner because their focus will be on the profit making most of them wouldn't want to learn again as beginners.

Dr.Bitcoin_Strange

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First question I ask them is, do you have money that you can afford to hold for some years? Bitcoin investment is about patients and capital, although you can invest a little amount into Bitcoin but it will only give you a little profit but if you have a large capital and you invest it into Bitcoin, you will surely get some good profit during bull season.

You likely will not make profit if you can not hold for a long time (being patient) and you can not also make good profit when you only put it a small amount. If you don't have enough money to invest at once, you can still use the DCA (dollar cost average) to accumulate some Bitcoin gradually.

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I would tell him to do his research first before he'll rush to invest in bitcoin. Bitcoin is never a ponzi scheme but it's known more of a risky thing, so it's really necessary to know bitcoin well first through proper research and studies prior to trusting bitcoin as a long term investment.

I prefer to warn him first the risks about bitcoin so that if he really finds it quite interesting and beneficial to invest, then he should find ways on how to learn bitcoin even the basic knowledge so he won't be investing in bitcoin blindly.

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

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.

And when it comes to explaining bitcoin to someone I also find it very difficult because how they understand it matter a lot, because there are are certain thing I would not even do because the consequences will be that majority of them might want to even blame you for leading them to bitcoin and it was suppose to be something that will benefit them when it works and when it does not work you will be the one to blame, and everyone investing in bitcoin should have understood this all thing that the investment comes with risks so ot will be better to learn before investing that is one of the things I will advise.

And when you share your experience it will actually help and just for encouragement and it is left for them to decide if it's going to be an investment to do, and I will know the kind of friend I have before I start telling them about bitcoin, because there people that even when you tell them about bitcoin they don't even, want to know anything, so people like that you can not even tell them about bitcoin.

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