Bitcoin Forum

There are many people out there that have enough discretionary income but they don't know the best investments should embark on till one day a friend of mine that is a farmer and i know that he has been gotten profits through his farming work, he came to me and ask me if he should invest in Bitcoin investments how can he gain more profits because he has been reporting his discretionary income to the bank without having a profit instead he do received debit all the time from the bank, then i started explaining how Bitcoin works and how he gets more profits once he starts accumulating his Bitcoin,  i want ahead showing and telling how dollar cost average have make it easier for newbie to buy gradually by gradually when comes to buying of Bitcoin, he agreed with me and he have started investing because he said that he doesn't want bank people should be deducting from his bank account, and even since that friend of mine that is a farmer has been thanking for adding another skill to him joined to his farming work, so i want know if actually i did the right thing by introducing him into Bitcoin investments?

Your friend asked you about Bitcoin, which means he already has little knowledge about it. You have done well by giving him the guide on how to acquire Bitcoin, but there are a few things which you did not mention here that I consider important if you want to be honest with any investor.

I hope you did not forget to tell him about how profit is not always counted; sometimes the market can be against him, and he will see his capital reducing and how to react in such situations. And I also hope you did not forget to educate him about the importance of security in his holdings in order for him not to lose it to hungry scammers.

Wetin you do dy legit my brother, na really good thing to introduce someone to Bitcoin investment because the fight na against poverty no be against one another, but my primary concern be say, I hope say you tell am about the risky side of Bitcoin and how him fit lose all him money if e no go as planned, so that him no go put all the blame on you if something disappointing happen to Bitcoin in the future.
Another thing you need to put am through is that him need to know say the best way to achieve something great from his Bitcoin investment is by holding for up to 10years or more, so for him to be successful while investing in Bitcoin, him need to dy think only long term, because the longer you hold the more possibilities of making more money.

You did well by telling your friend about Bitcoin investment but one thing I was expecting from you to tell your friend is that he needs to be fully aware of the potential benefits risk aspect of Bitcoin, Bitcoin is not a quick and get rich scheme, for him to see reasonable profit he must able to for a long term unless maybe you are encouraging him for a short term profits maximization which can be very risky especially for a beginners because of the volatility nature of Bitcoin, he might invest and Bitcoin can dip, I just hope that you are giving him more lectures about Bitcoin investment.

The fact that he's thanking you shows that you did a good job. But I hope you've take the time to also explain Bitcoin price movements to your friend, because this is a major challenge for many new Bitcoin investors, often causing them to give up on their investment. The excitement or fear surrounding Bitcoin price movements lead some new investors to make bad decisions, like selling their investment at the wrong time. Make sure your friend knows about this to avoid making a wrong decision, because regardless of how deep the price of Bitcoin is, there is a good chance that it will rise above our expectations. And that's what makes Bitcoin investments different from other cryptocurrencies. The most crucial thing is to advise your friend not to let his farm work divert him from exposing his bitcoin securities because doing so will cause him to lose his assets.

Make sure that you are not giving investment advice but rather advising him to gain knowledge about what Bitcoin is and how Bitcoin works and to gain knowledge about Bitcoin investment. I will never agree to give advice to anyone on Bitcoin investment and will not encourage him to give advice. Because I will not agree to take responsibility for the profit/loss of his investment.

Investment should always be self-reliant for each person. If your friend invests based on your advice and due to his mistake he loses from the investment or for some reason loses from his investment or loses all his money then your friend will definitely blame you. So it would be better to advise him to gain knowledge about Bitcoin and Bitcoin investment and help him if needed. After gaining knowledge, maybe he will enter the investment on his own interest and self-reliant, then if he loses or loses from the investment, he will not blame you. Rather, he will be able to identify the reason why he had to face loss or lose. He will understand the reason and refrain from blaming anyone. Never take responsibility for others, no matter what the task.

There is nothing wrong with onboarding a friend into Bitcoin and also showing him how the system works and how it works but I will ask you these questions, Did you take your time to also show and tell him the rough side of it all? Did you let him know how volatile the market is? Did you ask him about his investment plan, whether it is a long-term or a short-term investment plan he has in mind? Did you also tell him the safety aspect of it? How informed is he to avoid clicking on links and ads he sees or is sent to him via his handles, mails, and chats? I hope you also told him some basic fundamentals about the wallet he chose and how to operate it, so that he does not send his assets to the wrong wallet or encounter wallet poisoning.

Onboarding newbies these days would mean spending little time teaching them more about their safety aspect, because that is a major challenge as they would need to understand this aspect better to properly keep their asset safe, and to also be on guard, too, because if anything happens as a mistake from the wallet they use, you will also share part of the blame for not keeping them informed about it but all the same, they too would need to be careful and also do their own research to further build their knowledge as it involves their invetsment.

Your friend should know that Bitcoin investment is not get rich quick scheme, if he has enough money to buy bitcoin he should he should be patient to invest because it will take a long time to get the kind of profits that he will appreciate. Moreover he is a farmer and he must know what patient really are. So for patient he might have it. I really enjoyed seeing people referring Bitcoin investment, but there are some stress attached to it because you will take your time to lecture the person about crypto currency.

From everything you are saying your friend is obviously new to investment and has probably never invested in anything before so you have to apply wisdom, be gentle and very reasonable with him.
Also I believe he has already had the idea that Bitcoin will create wealth for him in as much as I believe that with time Bitcoin has the ability to do that but you have to be plain, unbiased and don't hype.
Let your friend understand really what Bitcoin is all about and not just only investment, teach him about the danger and how he can protect himself.

With this your story, I don't think anyone will say you did a bad thing by introducing your friend to Bitcoin investment. Rather, they will say you have done the right thing.But I hope you made it clear to your friend that Bitcoin is all about long-term investment, and profit should not be expected immediately or in short period.the best approach is to invest only the money that one does not intend to use in the nearest future.this is especially important because most farmers usually get money during the harvest period. It is during that time they often have discretionary funds money they get after harvesting which they typically plan to use for the next farming season.

So, I hope the money your friend invested wasn’t from those discretionary funds that were already planned for the next farmingcseason. Because most farmers use the money they get after cultivation to fund the following season. He should not assume that when the time comes to farm again, he will simply sell part of his Bitcoin investment to fund it.

It's better he met you first not you going straight to advise him, that would've been bad to be honest. Someone that needs help should ask, which he did and that's incredible.

Let him know Bitcoin investment is not a get rich quick medium, let him be ready to loss the value of his investment and he shouldn't expect profits as soon as possible.

Anyway, since he is a farmer, he should've learnt what it takes to be successful like consistency, discipline, perseverance and all of that.

Congratulations on his new journey.

What you did was the best thing a friend can do for each other, to add to his investment, hw will be forever grateful, introducing bitcoin someone is a very huge favor and it is even through the wright source, a lot of persons has heard about bitcoin but do t know how to be involved or wants people to put them through a good investment that will be profitable to them without stress but not forth coming, also you should keep on mentoring him on how and what it takes to be a successful bitcoin holder, so that he would not go astray or fall into the wrong hands that might make him regret his relationship with you, you know money brings joy and sadness too, therefore give him all the necessary information he needs to know, well done .

Sure i explained everything to him and i went further showing him my investment that has started running and how many years I'm plan to allow it to runs before selling it and stick to it, there is something he said that I'm sure he can make a good Bitcoiner, that i don't have the knowledge the amount of money you do save in his account before now after paying all his bills, he still have enough discretionary income which he do save in the bank, so as newbie that he is right now, he is still on the learning process and i showed him how the forum look like and the rules that govern the forum not to fall victim within the forum and he has been doing well ever since i introduced to this forum.

That farmer will never forget u for that advice, if he or she utilize it well to add bitcoin to his investments, we have seen many people who added bitcoin as another source of income based on d advice successful bitcoin investors given to dem and dey are doing well today, which I have confidence on dis farmer that he or she will definitely going to do well in d future, now that farmers are in d season of crops, I think it will help dem to apply bitcoin investment to see what dey are going to achieve in d bullish season to no that dey have added a good investment that will boost their wealth in d nearest future.

Baba I don see person wey dem beat because him introduce person to business. Tell am say you no bi financial expert like so no bi you go convince am to invest oh. Make him do research and convince himself say investing in Bitcoin na good financial move. If him don decide to buy, no forget to tell am about wallet and security.You do well as you invite am come forum.

Exactly, if newbies have this mindset, it can protect or help them to be to navigate through challenges and be able to achieve their goals.
Also, having the knowledge and understanding that Bitcoin is not something that brings quick money, because of how fluctuating it can be, which is it's also crucial for them to be aware that Bitcoin is for long-term investment.
Having all the necessary awareness is very important if one wants to succeed in Bitcoin investment, because education and awareness are the key to success.

The first thing here that's important is that he came to you for advise and was willing to learn about Bitcoin, it's more easier for someone to understand crypto when they concentrate and their mind is fully made up. If you were the one that went to him and tried to convince him then I don't really support that. There are lots of people like this that are looking for something to make money from passively, the world has gone digital and making money now isn't all about doing a lot of hardwork. Those that have taken advantage of the crypto market are now enjoying the benefits of it

If he has enough discretionary income, then he has done it. But if he is not interested in long-term investment, then investment will not be right for him at all. Because he does agricultural work and he has discretionary income and also gets debit from the bank. Still, he was interested in Bitcoin. And he is investing. It is good if he can invest for the long term. When introducing someone to Bitcoin, it is better to warn them about the ethics of Bitcoin and the market downturn at the beginning. Because if he goes to Gavre later, then it will not be right for him at all, he may face losses. So it will be better for him to gain more knowledge about Bitcoin.

For someone that is is still new to bitcoin you must tell him about the risks involved as well...A lot of people teach newbies about Bitcoin and don't tell these people are mentoring about that dangers of crypto currency...it's possible to make profit and it's also possible to lose...fee months ago Bitcoin was at ATH but as at today the market  isnt the same, the price is going down and people have lost a lot of money

Op you did a great job by giving your friend the idea of investing in bitcoin to save his money and probably add value when he hold for long. You mentioned something about making profit once he start investing well for bitcoin that is not true. There is no guarantee that we'll make profit for even the first few months as we could end up investing in the peak price before the dips start. However I believe it was a typography error because you know better than taking bitcoin to be like a get money quick scheme which is likely to be scam as most have turned out to be. I'll advise your friend holds for long term, and concerning deduction of money from the bank due to their policy, I must confess that most times they take more than they should and that's stealing, but in bitcoin investment no one can deduct fees for nothing.

You mean your friend started thanking you when he haven't tested the profit? or for recommending him to invest into bitcoin? Well whatever the case May be I think you did the right thing but if only him would keep to those things you told him about bitcoin investment without doing the one he have in mind because this is how most newbies do probably after giving them the scoop about bitcoin investment they can choose to do whatever they feel like behind your back. maybe after they most have messed things up by themselves then they will have you to be blamed for bringing such suggestion in the first place, I just hope your friend is not this type.

Yes, you did the right thing. Some friend's would rather offer bad advice or even advice their friends to invest in things that wouldn't yield any profit for him .

But he also needs to understand that when it comes to Bitcoin he has to be patient, not like he will start seeing the result almost immediately he invest..

I agree with you you totally on this one. When someone comes to you in search of a knowledge, the person tend to be more serious than whoever you go to. First of all, the person who came to learn from you must have developed the burning passion to gather such knowledge before approaching you in the first place. If you were the one approaching him, whatever you say or teach such person can be taken with a pinch of salt.
Everybody is search of knowledge today knows how to go get it even if it as far as China but is not always the same experience for those who you went to meet to teach the knowledge . Even the shoalin and taekwando students go to the school to learn how best to play such martial arts and  you don't expect them to sit at home where their masters come home to teach them.

Everything you've just said is true, when explaining things concerning Bitcoin investment to newbies you ought to be very specific and help them understand in details what they're about to embark on so while telling them the advantage of investing on it, you ought to let them know the possibille threats they might encounter that would hinder their investment.

 Newbies don't need to learn everything at once but they ought to understand the basic stuffs which involves how to buy, where to buy, how to secure their coin, and where to secure it, then along the line they'll learn how to be consistent, how to take advantage of the market etc however helping newbies understand the basics is very important.

Very well said, the risk thats associated with Bitcoin investment shield be among the first thing to tell a beginner so that he won't be thinking that once he invest, he will blow immediately, newbies think some how funny, some of them already have it in mind that bitcoin investment will give them all they want in a short period which we know that, such thinking is not possible.
If I am to advise anybody to invest in bitcoin whether the person is my friend or not since I know that if I don't explain things to the best of my knowledge to them, blame might come at last, i will take it upon myself to make sure the understand everything involved and allow them to take the rest decision.

E dey good to tell people about bitcoin and when dem want to invest you go tell dem di risk. And ask dem which of the plans dem dey interesting. Na di long term plan or di short term plan because many people think say bitcoin na like get quick rich scheme so some of dem go like to sell within weekly or monthly so you have to go deeply to explain many things to dem so that dem no go misunderstand di investment thing.
One mistake dey do in the investment process, dem go blame you for not guiding dem properly. And don't rush them to invest and if you know say dem go chop di money, you go fit buy keep in your wallet and wen di person Sabi well well, you go fit send give am. And di advice wallet na non custodial wallets.

Yes that's True it's a good thing that you introduce yourself friend to Bitcoin investment because it will be better if you explain everything to him since he is a new comer to the crypto space, because one thing that I have noticed is that people always don't tell newbies everything about Bitcoin investment they only tell them about the profit that they can make without telling them that Bitcoin investment is like any other business that can also record loses.



To give these newbies who are intending to come into the crypto community it's better that they get to know the details on how Bitcoin works especially the bull and bear run so that they can know when to invest or buy and even for long term investment plan.

I totally agree with ur analysis on what he should have told his friend who inquired of him concerning possible investments on Bitcoin, I think its very important for the person who intends to invest to have a full knowledge of the stuff he intends to invest in, he has to understand that investing in Bitcoin doesn't mean you will start making huge profits overnight and he needs to understand that  patience and perseverance and learning is required for him to get the required dividends in Bitcoin, if he doesn't know all these then he might feel discouraged shortly after investing.

You have done well by introducing your friend to invest in bitcoin.
This is why is advisable to have more than one stream of income, because it will enable you to gain financial stability.
Now, there is one thing to note in business, every business Carry's risk , and as an investor, you should be properly guided should in case you see something different from your original expectations.

Of a truth bitcoin is a lucrative investment, is an asset that everyone wishes to have and it is not without risk.

Investing in bitcoin requairs courage and patience and that's why holding it for a long time is the key.Bitcoin have been on the rise since inception till date couple with the growing adoption, it is believed that bitcoin has more to do even in the future.