Bitcoin Forum

I have a friend who speaks so much about how good he's life has become ever since he explored the world of BTC and other crypto currency. I also have the desire to get the benefits of Bitcoin and other crypto currency. but as a newbie, I still have this fear that I may not be able to withstand the risk involved. Can anyone advice me on this?

Don't believe him if he only talk about his success. Cryptocurrency market is not a heaven for everyone.

As a newbie, learn with Bitcoin first.
Investing in Bitcoin first.

After about four years and get good profit with Bitcoin investment, you can use 10% of it to start Spot trading. Don't use margin.

Do never use all your money for altcoin investment or trading with altcoins. They will make you poorer.

Read books.
The Internet of money
https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/1537000454
The little Bitcoin book https://www.amazon.com/Little-Bitcoin-Book-Matters-Finances/dp/1641990503
Mastering Bitcoin https://github.com/bitcoinbook/bitcoinbook

You'd better learn to take risk if you want to make something different from what you've been having, but you can minimize this risk by going for bitcoin first being a newbie, then later when you think you've got a thicker skin in crypto and in taking risk you can go for some other cryptocurrencies as well, but everything begins with a step, take the first and bold step to learn and know that you've acquired something about bitcoin before investing, if you ask your friend again, he will tells you how long he has been in the system and the level of risk he had taken, before getting to where he is now.

if he is your good friend, why didn't he share his experience with you and guide you in more detail? I have met various braggarts, I hope he is not like that.

there are many possibilities in the bitcoin/crypto world and it is very complicated for anyone to list the full potential. It is certainly the best advice to learn about everything before taking any steps.
Also, if you got interested only because of the possibility of getting rich and living comfortably, I'm afraid you will be disappointed. Several factors are needed for that.

Thanks so much... I so much long to understand bitcoin very well and will love to invest and enjoy it's benefits. You have made a clear point. But u have spoken about minimizing risk, and in other to do that you recommended Bitcoin. Do u mean there is lesser or no risk in Bitcoin compared to other crypto?

Does a friend of yours speak so much of how his life has become much better ever since he joined bitcoin?
If yes, have you also witnessed what he said to you?
Does his life actually improve after he joined Bitcoin?
Or is he just saying sweet words to entice you to join Bitcoin?

I think the later is meaningless because bitcoin is not a Ponzi scheme and is not a referral program. Whether you join bitcoin or not, it does not add anything to his success and neither does it subtract. So you have to meet your friend to know more about bitcoin. It is not all about earning you have to learn first before you earn.
Try and read the books shared to you by dzungmobile

Even though everyone here believes that Bitcoin is not going anywhere and that it will be worth much more than it is worth now, it is still a fact that its a high risk investment.

It is normal to be afraid to be afraid of something that you don't know much about so what you can do is educate yourself about all the pros and cons and if you are still afraid and think that you can't handle the volatility and being responsible for safety of your money, better stay away from it.

You don't need to be scared of investing in Bitcoin. Bitcoin investment is just like the other investment that we put our money in. You need to make an if you want to invest in Bitcoin and you just don't have to enter the market and come out without knowing the next direction of price and where price is going.

You would also need to learn about the cryptocurrency market so that you will be able to measure your risks and plan how to execute your target that it will be affect your holding. Have it in your mind that Bitcoin investment is risky and entering into the market is at your own risk.

I think you entertain such FUD because probably you feel the best way to meet up is to invest all you've got which is not advisable since to trade or invest in Bitcoin is to do it with an amount you can easily part with thanks to the volatility rate of it.
 Secondly, nothing meaningful in life is worth it without engaging in some form of risk. Learn about Bitcoin first do it gives you a background knowledge of what you are heading into.

Lesser risk. Bitcoin represents 14 years of Blockchain advancement and has been the most valuable for all of that time. There is a real product and has maintained the exact same process for all of that time while getting more secure and more valued. Other cryptocurrencies are copies of existing ones, only few having an original idea, but still falling short in security or decentralization. The chances of a good investment with them is not favorable.

Bitcoin has a fixed supply and is not vulnerable to inflation.

- Jay -

You cannot see changes in your life if you stay living in your comfort zone. Take some risk too so you will develop challenges in your life that will give you more motivation to succeed. And you can only do that if you start being knowledgeable in the crypto market at first. By knowing a lot about bitcoin and other potential cryptocurrencies, you will be aware of their risks so you start learning on how to manage the risks by then. Little by little, you will understand how crypto investment works and when you fully grasp its whole idea, then you can start taking some calculated risk and invest in crypto. But take them as long term investments because that’s the best way you can earn from them.

If you really think investing all in, then you will surely fear of its outcome. You cannot start investing if you see yourself less knowledgeable in the crypto market. Take the process of learning first until you see yourself start to completely understand how crypto investment works. Risks will always be there. If you keep on fearing it, nothing will happen to your life. That is why learn first before you take the risk so you can lessen the risks and manage your losses if ever you start investing.

Normal for newbie to get afraid to explore new things since they are afraid to lose something. If there are people who can guide them upon looking for things like investment on crypto maybe they might get courage to try to spend some amount of their hard earned cash. But for sure once they got enough knowledge they provably try what they learn they start to spend money with the learnings the accumulate for many months of research.

What you’re experiencing now is called FOMO (fear of missing out). Bitcoin is a high risk investment, there are no guarantees you will be successful. Your friend told you high parts of the story and didn’t mention the lows. There is too much misinformation about bitcoin, newbies are attracted to these braggadocious characters and influencers claiming to be bitcoin experts and millionaires. At the end of the day, the newbies are sold on one Altcoin or the other. 

Risk isnt an easy conquest and a lot of fears actually. Maybe many people says that crypto is one way to do a good fortune and escape from financial problems. But it can also be your worse nightmare. Some people or lets say many have loss their hard earn money believing their life would change but instead got broke. Its a million times learning in crypto so if you dont do your job of studying it carefullu then its gonna be a mess around.

Why are you afraid to take risk? you already done so many risk in your life that you just don't realize that everyday you are at risk, its only your mind that saying you have not done it yet, the only thing that you may regret is you have not take the shot earlier, we all afraid of risk its normal, but we still do it, you have no idea what your friend have to endure to make where he is now, we may see his success but the nights where he can't sleep, stress, thinking what will happen to him is just in the background, taking risk is part of our life, let me tell you a short story about me, i only got 600$ got some other cash but its reserve for emergency, during first 4 months of 2021 still in pandemic, I have to help, to pay the bills, but i have to cover the last 1 and half year, i have to take a risk and bet on a coin which some say is a shitcoin, i don't listen to them, and do my research, hold the coin for a month, i don't expect it will spike that much, turn the money to 5 digits, and help me out a bit, lost some but keep others to help pay rents etc., as you can see, you have to take risk, sometimes but always have a backup plan, im not saying you go all in, but keep some just incase, as you see taking risk is part of our life, take it no regrets, learn from it, do not dwell on failure, take it as inspiration to move up.
I hope this will help you decide, but no matter what its still your call, we are just here to give are advice, and experience good luck.

Have your friend first show this positive change in his life that has come about since his exploration of bitcoin world. What I'm saying is that words need to be checked for facts. Maybe he is just telling you, while not having anything that he boasts about.

Whether you can bear the risk or not will be known when faced with it. Therefore, don't be shy, but act. Otherwise, you will regret that at the very last moment you didn't have the courage to plunge into the bitcoin's world.

I don't recommend anything out of the ordinary. Study, educate yourself, become an expert in this area and then you will have a chance to get the benefits of bitcoin. But keep in mind that this will take effort and remember that nothing comes for free.

I have a friend who has been trading in crypto for who knows how many years. And there is no word that he said that he said his life went better ever since he did it. He just said that it is high-risk on trading and if you study enough, it will definitely be worth it and yet he added that there is a lot to learn more and not be contained by something that you learned yesterday, which is what I am doing right now.

I have a lot to learn on starting on about trading in crypto and I have been getting a lot of great advices here as well. So, good luck to us!

Exploration or learning will consume your time at very least, some people even spend a lot money since they're invested on a scam project. If you're educated enough, you can minimize the risk and not fall into scam, but you can just lose for small amount money to try anything because practice is better than theory. Just like you can try to trade in leverage exchange, send transaction with different address format etc.

Instead of ruminating over such thoughts just dive in, you'll be fine.


At current btc prices, it's pretty much sure-fire profit if you buy now. Once bought, you must secure your btc. That is hold your btc into self-custodial wallet like electrum (https://electrum.org/#download).

Remember to keep your private key/seed phrase safe. Write down on paper, encrypt it and keep it on cloud.

I would start checking the validity of your friend's words myself. Start reading this forum slowly and asking questions you don't understand. It is better to ask the opinions of several people and add up your own than to listen to a boastful friend who himself cannot explain the basics of bitcoin to you.
Subsequently, as you begin to understand more things about bitcoin, ask your friend a few questions. You can easily test his knowledge. Will he be able to tell you correctly, or are his words just boasting?

If you already have a friend who is successful with bitcoin, you need to ask him directly. listen to his advice and what you should do. Lots of advice for beginners to be successful with Bitcoin. But remember, some people also suffer because of Bitcoin because they don't know what to do. You have to learn the initial knowledge about bitcoin, trading, investing and the like, so you won't fall into a panic when holding Bitcoin or when starting to invest. And remember, don't just look at other people's success with bitcoin, they must be hiding the losses bitcoin has caused.

My point also is that if you keep on thinking that you can’t withstand the risk, then you won’t really be successful in any investment endeavor since all investments has its own risk. Instead, focus on positivity and that you can do everything as long as you become educated on the investment you are going to enter. Risks will always be there, but you can always lessen the risk and take advantage over the investment if you can understand well the nature of the investment and how it will be profitable in the long run.

True. You will never be successful in your investment and you will never withstand the risk if you stay uneducated over your planned investment. Bitcoin is a risky one, so the more that you will study on it thoroughly and understand its concept well so you can expect positive outcome later on. Remember that no risk, no gain. And if you are willing to take the risk, then make sure you are prepared for it.

Your friend should be generous enough to tell you how Bitcoin changed his life financially. And the OP claimed that his friend told him how the sector has changed his life but did not confirm or ascertain if what his friend said is true. So I want to confirm from OP if his friend's words is synonymous with his pocket or standard of living.

It is possible that Bitcoin can change the life of your friend especially if he is one of the fortunate early hodlers. But recently the Bitcoin space has not been profitable and anybody telling you that his life has changed because of the sector might not be speaking all the truth.

There are some important virtue that you need to be successful in this sector. They are patience, bravery and courage. You need patience because you have to buy the deep and sell when the price goes up. And sometimes the bull run is unpredictable that's why you need patience which will make you wait and not sell because of impatience. You need courage and bravery because you will hear different predictions and attack by some anti-bitcoin forces predicting the doomsday of the coin. You need courage to hodl even when it looks like you are losing your funds. You need courage to stand strong in the face of intimidation and opposition.

You've said very little but yet, so much to define your stands in the event of a lose from your investment. Practically, your stating that, you hope to invest and not lose in the process which very much makes that which you hope to invest what you ain't ready to lose.
Yeah, bitcoin is the one crypto currency with a promising lead as an asset of value which, your lose or gain is very much defined by how long your willing to let your investment hang for a time to profit or go with the FUD.
The principle for now to ensure you could go with the market pressure and volatility is to invest what you can afford to lose. Until you've got that spare fund, you just might not be ready yet.