Bitcoin Forum

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

Firstly, their is no point in mentioning your guys name, another thing base on your explanation you told him the risk involve and how he shouldn't only be expecting profit both can also get losses sometimes which is also a good start. It's always good to tell people what they should be expecting and not just the advantage. 

OP, you have done well. I also want to ask you a question: since you have explained the inflation part to your friend in question, did you also explain the risk involved part and how to protect and maintain his funds? Buying funds is one thing; protecting those funds is another. I will advise you to also educate your friend regarding fund protection.

How to protect his private key, which wallet is best, how to avoid some untrusted sites and links from unknown sources. If he is using a centralized platform, it should be temporary until he familiarizes himself with the blockchain and makes his own choice of security.

He is 100% in charge of his own security; you should educate him on that so as not to hold you liable if he loses his funds in any way. I just think it's very important to point this out to anyone we are inviting into the crypto community.

Did you tell him to do uis own research and weigh his options before jumping the gun? If no is your answer then I can’t really say you gave your friend good advice. What he invested is more than a month’s worth of paycheck. If he could afford losing that in one go then coolsies. If not then he’s in for a bad run. It’s really tempting to invest in bitcoin with the premise of high profits, especially when bull runs come. But you have to also keep in mind that its volatile nature had left millions of people around the world with busted savings and debts that they probably are still paying for now. So be smart, invest what you can afford to lose, have him weigh his options, and only by then will I consider your advice a great financial suggestion. It’s not enough to tell them that there are risks, you have to show them how risky it could be.

I told him a lot about safety, imparted knowledge in various ways. Since the investment will last for a long time. I recommend the Electrum Wallet wallet. He is using Electrum wallet.

My friend has already invested in Bitcoin with my advice. I clearly told about that Bitcoin is a good investment and how to secure the investment. I also explained the risk involved in this, but still he is interested he invested in Bitcoin.

Another topic dedicated to the story of investing mother-father-brother? :)

I believe, believe, and this is the truth. Ok. Your story would be more complete with the provision of supporting information (of course, one that can be shared online). It's your friend and I don't think there could be a problem with that, right. I'm sure you can explain to him the desire to share this with the bitcoin-community.

If you told your friend about bitcoin, it would be wrong to keep silent about the bitcointalk forum. Help him create an account here and let him delve into the basics of BTC. It will be useful for him, because he's are interested in btc, as you say.

500$ for the first investment in bitcoin. Isn't it too risky? And if a newbie friend makes a mistake with the address or something else, it will be a shame. Why not try with a small amount first to practice?

By the way, when did your friend buy btc? Were there high transaction fees back then?

When in the context of discussions and talking about it and deciding to be in bitcoin then indeed I think it's pretty good, but in this case I would prefer to emphasize that things like this are not as easy as they seem. Telling bitcoin is indeed a pretty good step towards greater adoption of course, but on the other hand we also have to emphasize that even if it's good but nothing is certain in this case and your friend should research more about it.
Even if nothing is in vain in the end when talking about bitcoin, but your friend is a beginner, it would be better to find information and learn more than to invest directly here because of course we know that the risk is also quite large.

You shouldn't listen to Internet strangers for financial advice (except from staying away from them, lol), so there isn't much to be said here.

Time will tell if your friend made the right choice, which happens to be almost everyone's choice in this forum. If I were you, I'd have clarified he shouldn't be expecting profit in the short term, and that he is entirely responsible for his wallet's integrity; there is no company to address for that matter. So I'd guide him at start, on what wallet software to choose, how to securely airgap a device etc. I'd also advice him to stay away from centralized exchanges; at least not leave funds there.

Well, if you've said the potential for him to lose and to profit and so I guess that's enough already for your friend to understand that Bitcoin isn't just an overnight investment that people have been misleading of.

If you didn't convinced him and you just told and introduced him to Bitcoin, it's not your fault if you see him or he actually sees that the market is dropping and his entire portfolio or purchased Bitcoin starts to drop in value.

You've explained well to him that he could profit and lose from it, so, that's all about he has need to know. It's also possible that he had made his research even before you've mentioned it to him or just after he heard it from you.

Telling your friend about Bitcoin, is a way to help increase the Bitcoin community, Weldone mate. But I don't think your friend should have invested on Bitcoin just yet. He barley understands the risk involved. As his friend, you should have advised him to exercise little patience and start investing when he has taken his own time to learn about trading.

Jumping into investment could put his money at risk and later on he could run back balming you for this. 500$ is a big amount, hope he is not thinking that Bitcoin is a get rich quick program? Because if yes then that would be a fault from his end.

Also, I think you should Invite your friend to this forum  BITCOINTALK so he would at least be able to ask questions if need be. And from time to time check on him. So he wouldn't loos his funds to scammers through various means.

OP you have had the experience with bitcoin so I must say all you must have told your friend about bitcoin must be genuine without ill intentions.

You should also tell your friend not to click on links he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds.

Lastly, do well to recommend good and well secured wallet for your friend to store his bitcoin, advise him on the dangers in holding his assets and funds with third party exchange as they are not safe and trustworthy to hold funds and assets.

From the discussion pattern and the way OP's friend have decided to invest in bitcoin, it looks like OP's friend have heard about bitcoin earlier through someone else or through some source. When OP too spoke about it, the friend might've built confidence on investing into bitcoin. Nothing seems to be the fault of OP, it is our responsibility to spread the word. OP have done it and he hadn't compelled his friend to invest into bitcoin or other cryptocurrencies.

Investing $500 in bitcoin as a novice is too especially at this time. It is good enough that you told him about bitcoin but you should have counselled him properly. There are a lot of things missing... why did he try the Dollar Cost Average method. Imagine if he had only invested $50 instead of $500. How do you think he would feel if his invested dropped from $50 to $30 as opposed to a drop from $500 to $90. I hope you see the point in my example. So you still have to educate him.

That is a good thing, you will not be mistaken if he makes a mistake in his investment after you explain the risk and suggest how to invest in bitcoin safely.
Your friend may have learned bitcoin outside what you have given that makes it confident with the opportunity.

I have also done what you did, but what I have explained to my friend he did not remember what was concerned in the investment of Bitcoin, one day he had panicked in his investment and forcibly selling Bitcoin in last year and suffered sufficient losses Quite large, and strangely he blamed me and acting Victim playing, he made me who plunged him to the loss he experienced, it made me disappointed and lazy when my friend asked and asked for guidance.

You explain give your friend about Bitcoin, and he made up his mind to jump onto Bitcoin investments, you try tell your about the risk involved, It’s not enough to tell your friend that there are risks, you have to show them how risky it could be. And tell him  some more things that you supposed to tell him things like, invest what you can afford to lose, don't fear or panic on the market price speculating, don't discouraged when other are panic, if you fear you lose more, focusing on what you are investing, know when to buy and to sell, and not hurry in investments. Informed him this too how to protect his private key, which wallet is best, how to avoid some untrusted sites and links from unknown sources. You should also inform your friend not to click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds.

You were honest with your friend and that is what matters, you told him a little bit about the history of bitcoin and you were open about the possibly of earning and losing money as well, if your friend then decided to invest on their own and they lose some money that is on them and in my opinion you hold no moral responsibility if that were to happen, but at the same time your friend could still blame you so you need to be careful about this scenario as you could potentially lose a friend.

First I really appreciate you trying to make him invest and letting him know about bitcoin,for him to per-take in the moving train.
But the wrong side about it is that you didn't explain to him broad about bitcoin and how it works.
The fact there is that it shouldn't come to his lost days and come saying bitcoin is a scam,for because the bitcoin I know is never a scam it just what you have to learn and get more knowledge about. My advise now to you is for you to call your friend and explain to him perfectly well on how bitcoin works and how he made his Invertement in it, then if you don't have much knowledge you can advise him to do some research to know more. But I most confess you did well by telling him about bitcoin 👍

Well I wouldn't have to condem your story but I will say that your stories don't look rely impressive  to me though you're not here to impress  or please anyone but I'm just saying that your story don'took very real to me and please pardon me if that got so hard on you 😌 I just had to say it.
I also want to know how much knowledge  you have of bitcoin  and you shouldn't  have allowed your friend rush into investing simply because he has some money to invest at the moment  and if there was any need for investment now, then it should be investing in the knowledge  of bitcoin  rather than buying the bitcoin  now.

Whatever they are might be, since nothing is certain in bitcoin  and  many people already believe  that we should be expecting  a bull run most especially  after this attack on mempool so we hope his investment yields profit for him and not lead to regrets.

I think you should minimize  your effort of spreading  the news of what you're still trying to figure out so as not to get into any troubles if things suddenly goes sour.

Yes, but before investing in Bitcoin, you could have told him to do more research about Bitcoin by referring him to some books to read and gain more knowledge about Bitcoin.

Most importantly, he needs a solid background and understanding of keys and addresses because this is the first step before investing in order to avoid losing the entire Bitcoin he purchased.

It's not all about telling your friend about who created bitcoin, the in which bitcoin was created, did you tell him about wallet security, did you tell him about different scam patterns in Cryptocurrency, did you tell him about appropriate wallet for him to secure his bitcoin, did you tell him to avoid storing his coin on exchange and other things like that, because what's the essence of investing in bitcoin then at the end he ended up falling for simple scam, and we all know scammers are always targeting newbies that don't know much about cryptocurrency.

The way you explained bitcoin to your friend and you easily convinced him and he invested in bitcoin, that's the Same way scammer will talk to him and convince him and he will be scammed. Everything is not just about investing, show them how they will protect their investment.

I can tell from your explanation that you went over some key points for your friend on investing in bitcoin, including its advantages and potential risks Bitcoin involve.

Although bitcoin is a fantastic investment, one must get more knowledgeable about it in order to reap its benefits and minimize its risks. Before invested, your friend should have done more research on Bitcoin, but now that he has invested, try to encourage him to keep learning, especially about how to secure his Bitcoin investment.

Rushing to make an investment in Bitcoin is never a wise idea when you have not able to gathered good knowledge about it, because it can result in significant danger due to they are unable to offer good security to their Bitcoin investments. many new investors loses their money to scammers or in other ways because of they don't have the proper knowledge of Crypto industry also.Many people leave their Bitcoin in exchanges, which are vulnerable to assault, simply because they are unaware of the best wallet to use.

You haven’t done anything reprehensible. You have simply told the friend about the opportunity that exists.
When talking to friends and relatives, the most important thing is not to convince them of anything and not to advise them when it’s better to buy or sell BTC. Let them do their own research and make a decision, rather than relying on someone who seems more experienced. Otherwise they will then blame the person who instructed them.

Your friend already invested in Bitcoin so telling him to do his research before investing won't work anymore but we can tell him to get familiar with the market movement.  You can tell him to understand the market pattern and have an exit plan or target market price where he will sell his holdings.  It is also a good suggestion to have a diamond hand, hodling Bitcoin for more than a decade can be fruitful if the price of Bitcoin always uptrends every cycle.

We can also suggest that your friend should hold his BTC in his own wallet and much better if he can use hardware wallets for security purpose.

As long you havent been able to give out some assurance then you are just doing fine because you've been saying about the risks involved and its not always on how to make money or profits but also you could

really be having that potential loss because if someone do make out some introduction into their friends then they are usually talking about making money and this is where some people do have those kind of wrong beliefs and having that high expectations or simply anticipates about sure income which it is really that very wrong because on the time that people would really be having those negative portfolio or
something that they do saw that their investment is declining then this is where blaming time would happen and its not really something new.

Basing on the situation that you have said then it is really just fine on what your friend does, as long you would really be saying transparently then it is really depending on your friends actions
on what he would really be doing. You are out of that, thing here is that you do only explain about it and the opportunity and risk that it gives.

^Drop him a source of link quickly to understand him further.  https://bitcoin.org/en/
I believed your friend comes from Bangladesh right? which is the name commonly found in that country.
Understanding BTC should not be done in one day, he needs to explore more so that he will understand not only the potential of making a profit and also the potential of having huge losses. So it could be equal not only to the positive side of BTC.

Your friend invests $500 in bitcoin, which is more than his $400 monthly wage. Anyway, that's excellent, but I have a question for you.
1. Did you try to ask your friend whether he put $500 in bitcoin with money he could afford to lose freely without blaming you tomorrow?

They say that investing in bitcoins involves taking risks, but how long will one wait for those risks to pay off? That's a question to ask. Did you make an effort to warn your friend that taking the risk of investing in bitcoin may take a very long time to mature? Can he hold off until then without feeling pressured to sell at a loss for personal reasons?

When we talk to our friends about bitcoin and investments, there are supposed to be a lot of things we should make them  consider that it can be gloomy are rosey when you least expected in a twinkle of an eye

In my opinion, you were right to specify first of all the various critical issues, bitcoin has an extremely volatile market, and you were right to specify that it shouldn't just expect profits. the only flaw in my opinion was the fact that I did not specify why bitcoin was born

No, you gave him the wrong advice by not asking him to go get some knowledge on what he's investing on before allowing him to invest. In as much as we promote Bitcoin by encouraging some people around us to invest, we should endeavor to let them understand that investing in Bitcoin can't guarantee you financial freedom even though it does when right investment is done and the price of Bitcoin is high compared to the amount it was when the investment was made, he shouldn't expect a quick return because the price of Bitcoin is not stable.

With the storyline of the OP, his friend isn't a dumb. His friend had surely researched about bitcoin after hearing from OP and that is why the friend was confident enough to invest $500 and I can also say that it is a fair investment. Someone who earns $400 monthly investing $500 means he invested what he is able to lose and if he will be patient for a long term purpose,  he will never regret his actions.

OP, you didn't advice him wrongly since you were able to let him know the risk involved in bitcoin investment.

Yes, but ultimately he needs to sit down and do his homework himself.  One of the absolute biggest mistakes I see people making is investing in things they have little to no knowledge of and without much homework or research time put in.  This is pretty freaking stupid, and yet I see it all the time.   

If he only makes 400 a month, I think he needs to rethink this decision.

Good start for your friends participation on cryptocurrency investment but if he didn't have enough knowledge about it much better if he do more proper researching about important things like the risk of its volatility,scams and technical situations which is important to consider. But anyhow still you give a good advice even if he is at profit loss since he could realize that investing on bitcoin is not easy rich scheme. Its up for him now on what action he will take after those incident.

     There is nothing wrong with what you did, you just shared with him an opportunity that could help your friend. And as I see the one time you met, he immediately got interested because of what you explained about bitcoin.

     And at this point, he may have become interested because of his trust in you, even though despite this he has not really fully understood the depth of Bitcoin. We know that bitcoin cannot be understood overnight. Maybe your friend was hyped or excited so he was able to invest, this is just my opinion.

The advice could have been invest only an amount you can afford losing, in that way it would be clear to him what he is engaging himself into. But based on your story, he just invested a little more than his monthly salary, and if that is out of his savings, then that will just be a fine amount and if it won't leave him tight. Also to add, clear your intentions that you have warned him about the risk 'coz if not, we cannot tell by now but once a collapee occur, for sure you'd be one who will suffer from burden and blame. Actually, same thing happened to me before wherein a friend of mine became interested with what I am doing. A crash occured and even if I have mentioned volatility on his end, he still chose to blame me for his losses which is why I never encourage people in this industry other than myself.

You should give him an advice if you are true friend of him, just tell him the chances that his money possible to lost if the bitcoin decrease the value. But in the end it depends on him if he continue to invest in bitcoin or better if he going to learn more about it so that he have knowledge and he can use it in investing when o here to invest.

We all know investing in bitcoin is really good and gives  a good profit but also it is very risky because of the price of it is increasing and decreasing that possible for the investors to earn money or losing his investment.

OP the way you advised your friend to invest in Bitcoin is a good decision. and even if you don't disclose your friend's name, there is no problem. Since you discussed the past and future of Bitcoin with your friend. And later your friend decided to invest in Bitcoin with confidence.
But your friend may have little idea about Bitcoin before then how did you make him believe in Bitcoin so quickly. Maybe he had some idea about Bitcoin before and he got more confidence about Bitcoin from what you gave him. Your friend needs to accept that investing will have the potential for losses and gains. So your friend should invest cautiously and you better educate him about Bitcoin.

In this case it is good that you have given your friend the correct knowledge but you have no role in the fact that your friend is interested in Bitcoin and from that attention your friend wants to invest in Bitcoin. Since your friend will be investing in Bitcoin considering the profit and loss of Bitcoin, there is no need for you to ban him. If your friend earns like $400 a month and hence $500 is to be invested in Bitcoin, $500 is not a large amount for your friend. So thank you very much for including your friend to invest on Bitcoin by providing the right knowledge. Here's hoping you spread the Bitcoin song around you.

I don't object to us recommending bitcoin to everyone, especially our loved ones. But I think it won't be enough for them to feel and understand all the benefits and risks of bitcoin through a few pieces of advice. I'm sure they wouldn't be able to imagine everything they would have to face. In my opinion, give advice but don't let them rush to invest but make them spend time doing their own research for a while and then let them decide for themselves. Then say that they should only invest a small amount of capital to gain experience and should not invest a large amount in the first place.

I don't know if this is already a pattern, but this surely isn't my first and second time reading something like this. It's not just convincing the mother, father, brother, or sister, it is also convincing a friend, an uncle, even a complete stranger, a store owner, and a manager I remember.

And that name drop, it has to be taken with a grain of salt. It is there just to put a little convincing touch to the story. I hope I'm wrong, though.

I think what you said is correct. In investing there are two possibilities of profit and loss, in fact there will be no loss if you don't sell it when the price drops, again about knowledge about bitcoin you must also understand before investing. because most people think that by investing in bitcoin, you will definitely benefit and multiply, even though it is not as easy as one might imagine, you must have a basic investment in cryptocurrency, namely good knowledge and mentality

You introduced him into BTC and also told him that there's a possible of loss of your funds since its a risk. So if your friend's action it's not already your responsibility as you gave him the idea of risk. It's a good thing that you spread the information of BTC as there's actually a opportunity for a profitable actions. Hopefully your friend did some research first and not invested without thinking of his funds because he might invested money that he will be needing soon which is not recommendable in investing.

There's no point mentioning the guy's name, but I don't think he gave out any more identifying information about the guy, so I don't think it really matters. By the way, do you know who Naher is? No, Naher is one of many people bearing the name; to identify him, you must first identify the OP, which is not really necessary.

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OP, I must say, you did a nice thing to introduce a friend to the Bitcoin space, but I hope you have educated him about the more important things he should know. Bitcoin is a very volatile asset, and some new investors get scared when they see that their investment has lost -20% or more, but we, who are so experienced, don't bother about the price volatility because that's just the nature of Bitcoin. Also, using the right wallet (which includes the electrerum, exedus, and blue wallet) is what he should be doing and how to securely keep their wallet phrase safe, not only in one place but in different locations, so that if one gets lost, he still has others to look for in other places.

You are not a financial advisor and he did not pay you for a discussion about Bitcoin. I am saying "discussion" ....because that is what it was, not financial advice. Your friend showed interest in the technology and he decided to buy some bitcoins, you did not force him to buy those bitcoins.

Bitcoin are regarded as a high risk investment, if you are going to buy it as an investment option.... so your friend has to accept that Bitcoin might not yield fast profits. (Explain to your friend that Bitcoin is a long-term commitment and if he pulls out early, then he might occur losses)

He can just tell his friend to hold it no matter what, even if the Bitcoin is going to have a sharpest dip, just don't sell it until the target is achieved. That's gonna be the most simplest advice you can give to a friend who have zero knowledge about Bitcoin, he might get overwhelmed by how vast of information Bitcoin has, he's for sure gonna be working on that in the process while holding.
I'm gonna be showing him the historical data as well so he can have a better picture how Bitcoin has been doing since it was created and how far Bitcoin have gone for the past 14 years.

You did what you could, I hope your friend won't freak out if Bitcoin goes back to 20k. If he just bought Bitcoin that's between 27k to 26k, many of those new investors pretend to understand the long-term goal and when the market dips they will start to get worried, it has happened to me a few times until I stop encouraging people to invest in Bitcoin, most people want the crazy gains but they aren't ready for the dips.

Tell your friend to keep looking into crypto and blockchain technology, it is better if he knows about the technology than investing on Bitcoin which he knows not much about, I like seeing people doing things on their own, like I used to tell my friends, what if I am no more around you guys? Asking me to trade for them, asking me to help them to sell their coins and tokens, this shouldn't be the way.

You have given the right advice to your friend. You could tell him to invest using DCA so he can regularly buy bitcoins by setting aside a small portion of his salary so he can collect more bitcoins.

He can invest as much as $500 in one purchase, but it would be better to buy bitcoins regularly every month. You can suggest that to your friends.

But if he doesn't want to follow your advice, you shouldn't force him because investing in bitcoin depends on each person. We just need to explain what bitcoin is and how we invest. The other thing you need to say is don't panic if the bitcoin price goes down but tell him it's a good time to buy bitcoin at a low price.

This mean your friend is using all of his money to invest in Bitcoin because to earn $400 it's need a month, he's a human which mean he need to eat and pay bills, it's impossible if he can save the whole $400. Maybe he already work for at least 3 months to get $500 to save.

Based on your explanation, it's true you're not convince him to invest, but you can't know his brain and his reaction if Bitcoin is dump, he can blame you and say you're the one who's responsible.

Advices are not necessarily to be considered always. Your friend invested himself. So he will be now completely responsible for the investment. The advice that you give was through your experience, you knew what is Bitcoin is capable of, and you have seen what it has given to people. Now he has to figure out the risks involved there and hence he will be only responsible by chance if loss occurs. At last you need not have to worry about your friends investment.

Or it will be a risk at some point if the OP doesn't really care about privacy. I don't know how long OP will stay in this forum and have a lot of activities. Just imagine if the OP disclosed a lot of anything related to his privacy then someone nearby matched some of the things (especially the names of his friends) that he had written to do something distasteful.

You did an excellent job. I feel you assisted your closest friend in starting another business rather than leaving the money in his savings account; this is another chance for him to make more money. Even if it is difficult to advise someone to invest in bitcoin and have them believe what you say and work with it, I believe you should also inform him of the risks associated with these investments as well as other important details such as how secure his assets are and which wallet to use.

And I hope he invests the amount of money he can afford to lose. I believe that as a salary earner earning $400 investing $500 is a significant amount. You should inform him that the bitcoin price can fluctuate so that he does not blame you when the price falls.

You explained your friend very well. Of course you gave your friend the right advice.  But your friend's decision to invest in Bitcoin on the basis of high profits will be really tempting.Because he works for about $400 per month and invests about $500 in Bitcoin, which is completely risky for him.  Since he is investing in the initial stage, he should not invest more than his monthly salary.At the initial stage, many investors do not know which wallet is safer and how software wallets and hardware wallets work.  He needed to analyze these things more deeply. I don't know whether he invested short term or long term.

You have given the right advice to your friend. After you explain at length to a friend, why don't you direct him to join the bitcointalk.org forum, he will get more valid information here than reading news from the internet. The bitcointalk.org forum has provided important points related to Bitcoin, from buying to choosing a safe wallet.
Try introducing the forum to your friend, it's easier for them to understand the valuable information about Bitcoin here than to hear stories from you.

OP I would never consider the advice you gave to your friend as bad. But it is not right for your friend to jump into investing so early. He should have spent some time here and got to know all the rules and regulations of the investment and then he should have invested. Because investment is the most risky business. Here every investor should invest the amount he can afford to lose. Also a secure wallet is definitely needed to keep investments. Which wallet is more secure but your friend doesn't know well. Not only should the wallet be secure, but the seed phrase of the wallet must be kept in a place where no one can see it and no one can steal it.

Since you informed him of the risk associated with investing in bitcoin, it's not a terrible idea to advise him to conduct his own study. Holding has a lower risk, but it also demands a lot of patience to reap the rewards. Considering it's now difficult to convince someone to start investing in bitcoin, especially if they don't understand how it works, you may find yourself taking the blame. For the aforementioned reason, after providing you with the fundamentals, I suggest you to go home and give it some more thought if you still want to invest in bitcoin. Before blaming the individual who introduced you for your financial losses.

Why not impart knowledge to him but only give advice? Even the best advice is never enough. I will not give advice but will focus on teaching the basics because we invest in bitcoin is a long journey, and the market is very risky, so it is not possible to rush to invest without knowledge.

OP's friend will listen and absorb everything OP says, but there's no guarantee that he won't panic when the market is volatile, and his assets dwindle. But if he has knowledge, he will understand how bitcoin moves, and he will know how to control his emotions.

Well done OP, for bringing in your friend into the bitcoin community. It is your task right now to lead him through the important aspect of bitcoin. Which kind of wallet software that is best for storage of his investment. I hope that you told him that bitcoin is not a get rich project, that for him to benefit from his investmen, he must invest in long term . I will advice you that if you really want the best for your friend in his bitcoin journey,you should introduce him to this forum, so that he can learn about his investment himself. The forum is open for everyone who is interested in bitcoin,just like your friend after you told him about the risks involved, but he was still interested.

If you have told your friend that investing in bitcoin has profit and loss then and he still wants to invest and is ready to take risks, then you will not be blamed if indeed later he loses money in investing, the important thing is that you do not force him to invest in bitcoin and give a big lure of course this is a mistake even though many people have been successful in bitcoin but we must know that everything that can be profitable must be There are risks, and I'm sure your friend is so interested in Bitcoin that he immediately wants to invest in it.

Yes, with a salary of $400, a friend invests all $500; why waste time on trifles? ;D
But something else is interesting; read the posts previously written by him. He recently did not know which wallet to use himself, being a newbie, with registration six days ago. And of course, who better than him to agitate a friend to invest in Bitcoin?
OP, the story is made up; you are not new here, and you know how and what to write in order to get merit. As you can see, people are already fed up with such tales. But for diligence and cunning, you five

His friend invests through the OP's advice, so if you think that friend made the wrong decision to invest in a hurry, the OP's advice is incorrect. I don't agree with that advice either, because I'm sure that when we try to recommend something to people, we often emphasize the advantages and not talk too much about the risks. OP mentioned the risk of investing in bitcoin, but what is the risk? I don't see him talking much about it. Not only knowledge of storage wallets but a lot of other knowledge needs to be learned before anyone starts investing.

You have done well to your friend and he should forever he grateful to you because you have opened him to a new kind of wealth. In the future you friend will be thanking him for introducing him to Bitcoin investment and it was a good thing you didn't force him but only showed him the way to invest and now you have to encourage him to hold when the price starts dropping.

Guide your friend so he doesn't over invest due to happiness and then he'll need the money in a very short time. Advise him to only invest the amount that he's not start panicking when the price starts dumping. For someone earnings $400 monthly, $500 is too big to invest.

Do you forget that there are people who also depend on spoon-fed information because they are too lazy to do research themselves? Even if you send them a couple of materials to read or videos to watch, they might not have the zeal to do so as they see it as boring to them. It's just good that the OP should at least give his friend all the possible knowledge they need to know about Bitcoin at this early stage? It can really help his friend to have a healthy investment without having to go through the trouble of both holding his asset and also making security a priority.

By your report I think you did the right thing. You explained about the risks of losing money when investing in BTC, due to the volatility of the market, right? And aware about the risks, your friend still wished to invest in Bitcoin, so he made his own decision, and from that moment on, all the responsability was on his shoulders. You were simply a source of information and knowledge for him, even if in a very basic proportion.

Now he has to seek for more knowledge by himself on his own. That is the natural course of the journey of every Bitcoin adopters. We are firstly introduced by someone, but as soon as the introduction is over, we have to walk by ourselves. Mistakes are part of the process, and in case your friend commit any, you shouldn't feel guilty about that, if you gave him the right advice!

It is admirable if your friend invests in Bitcoin and knows both its pros and cons but is still interested in Bitcoin. $500 as his first bitcoin investment is a huge amount for him. Advise him to use a non-custodial wallet to hold his bitcoins as it will keep his bitcoins safe. and if he wants to invest more then he should buy a hardware wallet and store it there. and remind him one more thing he invested in bitcoins it's not bad but he must hold them for long time to get any good out of it.

You probably know your friend's attitude right? Since you've mentioned the risks of losing and winning, as long as he won't blame you if he lost then it wouldn't be a problem. It's great that you've mentioned the possibilities and risks he might encounter when investing, but since he still decided to invest then perhaps he's fine with it. You still gave him the right advice so there's no need to worry.

But don't forget to remind your friend to do his research and what to avoid. You can give him a lot of advice since there's still a lot to learn about Bitcoin.

We can identify the OP's friend's interest in bitcoin solely because he sees the potential for profit, so it's possible for him not to care too much about the risks. Basically the risk of losing money on a bitcoin investment is not only about its price volatility, but also about the security risk of the wallet that the user uses. I agree about the hardware wallet advice for the best experience in increasing asset security, but only if the OP's friends are experienced in their use and anticipate all risks of error.

But to be honest, $500 to start with is probably worth the investment plan. He probably has more savings in fiat or other assets, so $500 might not be that big. But about the OP's question, I think he has done a good job, but don't be responsible for other people's gains and losses on his investment because whoever invests will not be guaranteed to make a profit. Profits will be generated naturally due to market volatility, so you don't need to guarantee it.

There is nothing wrong with that, so long as you did not try hard to convince him to invest in bitcoin. There's always the risk when it comes to investing. For newbies, it is easy to say it is extra money but many of them became emotional when the price of bitcoin drops 10% or even more. If I were your friend, I would divide the $500 into 5 and buy bitcoin monthly with just $100. After 5 months and all of the capital is used, he can withdraw it from the exchange and keep his bitcoins thru a non-custodial wallet.

Tell your friend to create an account here at Bitcointalk.org. It will help him a lot.

Investment in bitcoin hadn't come by compulsion. The friend have known about bitcoin and invested. Each and everything have got risk associated with it. With cryptocurrencies we can experience it even high. With rest of the investment we don't have the profit for the risk we have take. With bitcoin we have the advantage of bigger profit based on the risk we take. Some feel lucky to make big profits in a short time period. Following them one shouldn't expect the same to happen for them. Here it looks like the friend have opted for a better earning that could help him grow.

The point is here. as long as you have told that investing in Bitcoin is not only about earning money from profits but also the risk of losing the money, you did the good explanantion. Moreover you didn't promise him about the big profits that he may probably earn from Bitcoin. it has been wise and enough, because you don't also promise him many things.
if he decided to make such investment or not, it will become his responsibility, at least we have told the posiitive and negative sides  So, he should be able to manage it for himself.

Assuming OP that you have told him all the things you know about Bitcoin, then I would think that your friend knows already what will happen you his money. What he did now and with that $500 capital investment was his choice, he really be thinking that investing in Bitcoin is safe and profitable. You have nothing worried about as you did it right, there is no need to spoon-feed your friend and control his decision, and he should be thankful to you.
But I was worried about having such start-up capital when you are just about to earn $400 per month. He is supposed to start in small amounts and see what will happen. Well, I hope it works well for him.

Well, I can say that you did the right thing for telling your friend that there's a bitcoin and other cryptocurrency. But hopefully, what you wrote here in this discussion is also exactly what happened and it's not that you're almost forcing your friend to invest into bitcoin because $500 is a huge sum and if things get worse, you could be blamed because you're the one who told him to invest. Don't forget that our purpose is just to give them some ideas and let them know the existence of cryptocurrency, now if they are interested then they should be the ones who will take the next step.

You have done your part OP, now it’s time for your friend to do his own due diligence in researching. He must have gained more knowledge first and read reviews about bitcoin before he decided to invest. Also, the amount he put in the first place is quite big, I don’t think he can afford it losing when his investment does not work out like he expect it to be. But maybe let’s just admit it that newbies only learned after losing, and probably once he lose, he will now be cautious on his investment and creates a solid plan.

That's the point, don't say about this investment just based on friends who say that bitcoin is good because basically something like this will actually make those who are involved in such conditions uncertain I think because they don't know the concept of bitcoin and don't study further but insist on investing just because of trust in friends.
This must be clarified because indeed all possibilities when talking about bitcoin can still happen. Hope and belief in more than now is very good, but on the other hand with conditions like now for bitcoin that guarantee does not exist because of volatility and conditions that can sometimes change at any time which makes us have to be aware of all the consequences if we really want to be here.

It's great that Op did his part to outline the risks associated with investing in bitcoin. Because it was his personal choice to invest in it, his friend is alone and responsible for himself if his investment fails or incurs losses. Op simply finished answering all of his inquiries out of curiosity, but he had previously warned him about the risks involved.
When they hear that investing in Bitcoin might be profitable, some investors get excited, but they lack the curiosity to dig deeper and discover how the market actually operates. I hope Op's friend is doing his part to learn more about blockchain technology in order to broaden his understanding of it.

You've clearly informed him of the risk of investing and I don't think that he isn't stupid that he doesn't know that investing comes with an inherent risk no matter how promising the rewards are, and in your post, I didn't see any signs that you(OP) forced your friend to invest so I think you've given your friend the right advice.

Laziness in literacy is still a problem that is very real, especially for bitcoin because I don't mean to be condescending, but if you look at the conditions in my current environment, many are in bitcoin just because they are lured by the lure of the financial conditions that are being made.
Believe it or not there are still many like that out there and it only depends on the people who introduce them to bitcoin. Even though this is indeed an increase in the conditions of adoption, but still things like this in my opinion are like a time bomb because indeed they are just like a doll that is controlled without knowing what they are doing and without understanding what they are doing which makes this look ridiculous in my opinion.
At least if their intention is to get rich because of bitcoin, even though this is not a very good intention, of course learning more about bitcoin by increasing literacy is at least a good thing.

I won't say it's true that you didn't show him an interest in investing in Bitcoin. Nobody will invest $500 without knowing where they are investing. You could have told him that Bitcoin would gain in the long run (which is true). Or you have told him something where he sees some profits. So, he got interested in investing in Bitcoin. However, I won't suggest suggesting an Average Joe invest in Bitcoin without knowing it. I can't imagine how much he learned before investing in Bitcoin. He should have learned Basic things before he invests. Otherwise, he might do something wrong with his Bitcoins, and you are one to blame because you introduced Bitcoin and did not explain how other things work!

Ask him to learn more and don't touch his Bitcoins until he know what is he doing with his coins. Just hearing about Bitcoin and Investing in it without knowing it is not a smart idea.

In One word, Yes. It was right advice. But, ask him to learn more about Bitcoin. You can Ask him to Join Bitcointalk and read.

It's hard to call it advice. Most likely he just listened and just bought bitcoin. More surprising is that after only one conversation, he immediately figured out everything and quickly bought bitcoin. Your friend figured out how everything works pretty quickly and this is surprising in your story.

You have told your friend about the possibility of loss when investing in bitcoin, so there is no need to worry about it. Moreover, this is just a conversation between you and your friend and does not force or pressure your friend to invest in Bitcoin. Investment is their decision, and they are responsible for losses. So there's no need to feel sorry for yourself because you've fulfilled your responsibilities as a source of information.

If what you said is true, then at that time you gave him the right advice. You told him upfront not only the benefits but also the hazards of investing in Bitcoin. You did not mislead him, did not promise him instant success or instant riches from investing in BTC, did not manipulate or coerce him into buying and investing - he did it all himself. From reading some of your replies, you also advised him in good faith. Though, encourage him also to read and research more about Bitcoin and cryptocurrency in general.

Sometimes is very hard to say but you need not to mentioned about investment aspect of bitcoin.
There's something I understand so far about people whenever they had of investment they quickly want to jump into without them making a quality research about what they are venturing into.
But your story looks like a cookup stories, how did your suddenly invested without him knowing about the kind of wallet to use and where to buy bitcoin.

There is nothing that bores me more than someone pestering me with things they can do themselves. That's why I rarely teach someone who is not ready to work something out for themselves. If you are teaching someone who is craving Bitcoin knowledge, they will only bore you with some critical quotations for some period of time, and sometimes even before they ask you anything, they might have gotten some answers already from their research, and they might only want you to confirm that it's true. But when you teach someone who seems unserious about the knowledge you are giving them, you will get tired of explaining everything to them for almost an entire year, even if you send some articles for them to read, they will not. Just as you have said, there are people who get drawn to Bitcoin because they think they can be rich in an instant, but they get disappointed along the way. But I just often see that some of those who have such character end up doing well because they let themselves calm down, do research, and learn themselves.

I am not an expert in the crypto industry, but when I started, I just needed someone to explain a few things to me and teach me how and where to buy Bitcoin and also how to convert it to my local currency if I wanted. That was how I started doing some research for myself. After some months, I felt I had learned a lot, but when I joined this forum, I still realized that I had not even known much about Bitcoin, so my learning never ends, even if I am not asking questions all the time. Developing time to learn will even help you get grounded knowledge.

Taking risks is a significant daring step in bitcoin, constantly prepare your mind for the worse or better things ahead, it always increases unanticipated parts, which is where option B comes in. There's nothing wrong with informing a friend about cryptocurrency; all he needs is a determined mindset and good trading plan. He advised him correctly about investing in Bitcoin, as well as the risks and rewards involved. Bitcoin volatility is extremely high in comparison to other projects in the market, and users make critical decisions every day that will either build or liquidate their account.

Lets cut them some slack and assume that its what happened which is maybe not a poor attempt to draw some merits.

Still advising a family member who earns a specific amount per month to invest a part of their savings into bitcoin is a good advice as long as the person investing knows the risks involved and the nature of bitcoin, its problems with the government and so on.

Assuming "Bd officer" to be Bangladesh origin, I doubt how much they are actually investing in bitcoin because of their government's restrictions on crypto.

Maybe I think for him to draw merits to himself, the write up should be more organized and how he goes teaching than just slicing it short and it looks very confusing and not true. Before convincing people to invest in bitcoin there are some certain things they must know because whatever that happened with the investment he would be hold responsible because of convincing he did.

So for my advice is that teach them the whole concept of bitcoin, usefulness and important more especially the security aspect of it then let them learn to read more content the relates with bitcoin to build their faith and belief towards bitcoin before finally making decisions to invest in bitcoin at this point you may see that everything is in line and whatever that may come of it they are already aware of the risk associated with the investment they are about to venture into.

I agree with your opinion, because every information we provide must have bitter and sweet clarity, like investing, there must be profit and loss, if the friend we tell is ready to take risks, we will not be guilty even though we invited him to get involved, and our friend, there must be consideration because every thing he wants to do and already knows the risks, he still joins, so he is indeed a businessman who has ambition because, as you said, he is very interested in bitcoin.

I think if he is aware about risk and how market reacts to different conditions then it's all right but just want to ask that whether this amount is too big for him? As you said his salary is $400 and he invested $500 in btc which sounds big for him so you should also tell him invest savings but also have in mind the rule invest what you can afford to loose.You should also tell him not to panic in small dips and beleive in long term holding if we wants actual returns.

I think if he invested more than his salary it just means that he has confidence in his friend who shared about bitcoin. He may have heard this before and it may not have been explained as well as his friend's.

     So I can say that somehow he is aware that there is a real risk in the investment. And first of all, maybe because of his trust in the person even though he didn't say that he would invest, but he still invested.

there is nothing wrong if you provide input to your friends because from the start you and your friends discussed bitcoin issues before, but never force your opinion on your friends because 100% of the decisions return to your friends all the risks he will accept after investing in bitcoin

You have given him good advice but since this is a high risk platform he probably may face big loss in his investment. You should try to understand about that fact carefully. It is your responsibility to educate him more. As your words he has given much priority so you should guide him until he gain basic knowledge about Bitcoin. When new comers hears about Bitcoin's volatility or learns about it, many people get excited. When they are in a long bearish position at some point they start to comment negatively on it. Share with him the positives as well as the negatives. At least he can't blame you if the market is extremely negative. Make sure to tell him that the amount he can afford to lose should be invested in Bitcoin.

Investing more than salary is not a problem because OP didn't mention whether his friend invests with salary or from savings, as I believe everyone will have savings. Moreover, he only invests once, so it will not be able to affect his daily living needs. I am more interested in whether OP's friend understands the risks of investing in bitcoin? I don't believe anyone could fully understand investment risk in just a few sentences in that brief conversation. I feel OP's friend is investing hastily without any knowledge, too risky for both.

Man? So you think that Satoshi is a male? Where did you know that thing?

Well, I guess there's nothing wrong in helping your friend. The problem lies when you don't share the possible risks and consequences that he might face when investing into Bitcoin. As long as you shared the pros, and cons of investing into Bitcoin then you did the right thing.

I guess it's good for me that there's no one that's interested in Bitcoin here in my place. I'm the type of person where I don't want to just open a topic regarding Bitcoin out of nowhere, but I'll let them open the topic about Bitcoin (if they heard it), and from that I will answer their question thus, helping them to have more information.

I am also a Bangladeshi citizen and I have also invested in Bitcoin. Many people have invested in bitcoins in our country keeping the privacy. Bitcoin is illegal in our country but we get all kinds of benefits. On the one hand, we have benefited a lot because we don't have to pay taxes to the government. I think it's better that Bitcoin is illegal in our country. We will invest with confidentiality. Bitcoin will be legalized in our country one day.

To be honest, you shouldn’t have mentioned your friend’s name, that was unnecessary OP. Otherwise, you have not screwed up when you introduced Bitcoin to him, you have made the right decision. Plus, Investment is clearly risky especially when have no knowledge and experience in this field. In addition to that, investing a large amount in BTC does not guarantee huge returns. As you see the market is dramatically unstable and unprofitable specifically in short term, and unfortunately BTC’s price has not increased significantly for a long time.  Regarding your friend, he shouldn’t invest more than he can afford to lose. And from my perspective, it is better to find another source of income and invest the profit in BTC and spend your salary on necessary needs.

Investing is already taking a risk, so probably right after you mentioned to him about bitcoin, he has started to educate more of himself before he was finally convinced to invest in it. Good thing you mentioned to him and made him aware that bitcoin is capable to make him lose more than profiting, at least he won’t dare to blame you when in the future bitcoin price will start to plummet and drop its price sharply. But I guess he’s already aware that everytime bitcoin drops, there’s always a chance after for recovering.

Every individual's investment journey is unique. You have introduced your friend to the good and bad sides of investing in bitcoin. So you did nothing wrong; they should be responsible for their own loss or decision. The best thing to do now when meeting your friend is to give some useful advice when they have made such an investment that can both increase their friendship as well as help them gain some knowledge in the market for this school.

That is the best case scenario, in my experience most people never consider things not going their way and then when they inevitably find a setback they are incredibly surprised this took place, however instead of taking a moment of introspection and devote some time to the task of finding out what is exactly what happened, they prefer to blame someone else for their problems, and in this case the OP will be the perfect candidate for this on their minds as they were the ones to introduce bitcoin to them.

I would like to welcome your friend to the world of Bitcoin and advise him to do his own analysis and research before investing. Earlier I saw a topic of yours where you are investing from the tuition fees you earned as a student. Since you belong to my local community, I will tell you that now bitcoin is illegal in our country, so be careful about security. Here you directly mentioned your friend's name, hope it will not bring any danger. And I will also hope that your friend will not be angry with you, you have already explained the precautions to him well.
I want to make another suggestion to you that you introduce your friend to bitcointalk forum, I hope it will help him a lot in the future for this related learning.

All you do is tell him about bitcoin. Everything about it. Advantage, disadvantage everything. All you do it put the food in front of him. It has to be his own decision to whether to eat it or not. Because the moment you push someone for eating, they are most likely to vomit afterward. Same with bitcoin investment. What you did is alright, but you should have told him to wait a bit longer and process the knowledge. Because when they take a decision in a hurry, they will most likely blame you later on if things went south. But it's ok as you have explained all the risks already. Now you should tell him to learn more about Bitcoin. Because there's no limit in learning. Cheers.

You provide sound advice when you mention the importance of explaining the potential risks of Bitcoin investment and emphasizing the need for secure storage. It is crucial to highlight that Bitcoin is not a get-rich-quick method and that patience is necessary to generate profits from it. Since the person in question has already invested, it would be beneficial to thoroughly explain how Bitcoin works, including technical aspects, in order to provide them with a comprehensive understanding.

It is a very good thing to recommend him to invest in Bitcoin. After investing, he also needs to know how to protect his investment. Which exchange did he use, is there any information about any wallet? One of the best favors you can do for your friend might be to introduce him to this forum. I recommend this to you.

Mention the importance, and explaining the potential risks of Bitcoin investment and emphasizing the need for  secure storage. Informed him this too how to protect his private key, the best wallet to save, how to avoid some untrusted sites and links from unknown sources. Tell him don't click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds. Convincing people to invest in bitcoin is not good, because whatever that happened with the investment he would be hold responsible because of the convinced.

You are great in here. You have made him aware that bitcoin investment is not just all about profits but losses as well. And since he invested on it, it only means that he trusted bitcoin and that he’s taking a risk by putting a good amount of money. But I just hope that what he invested can never be an issue for him once the capital ends up as a loss. Because I think the amount he invested was quite big, since he was still a beginner, maybe he should consider of just putting a small amount first and when he profits, that’s the time he will increase the amount of his capital.

In essence, as a trader you have to think carefully, everyone is responsible for their respective investment decisions. Here your steps are correct, you have explained objective information and about the risks when investing in bitcoin to your friends. it has helped your friend to make the right decision when he invests in bitcoin. If he loses on investing, you don't need to feel burdened or feel guilty. because he has done the right thing, the rest he has to manage his own finances.

However, it's even better when you give information to friends, you have to be careful about giving investment advice or influencing people to invest in bitcoin. If he doesn't understand completely, you must accompany him. If the price drops, don't sell it immediately. Because not only knowledge is needed when investing. but it is also important that we must be able to control our emotions when investing.

making sure to choose a Bitcoin asset to choose from is not a bad thing. but forcing someone to invest is the problem when we don't explain everything well.
the understanding of a beginner will be different when we see that they see success in investing in Bitcoin. they will see it is very easy to do and they can do it too. make sure every beginner knows the risks and they make their own choice.

Protection of his asset using a secure wallet to avoid hack and enlightening him not to mistakenly reveal his seed phrase are some important ways of protecting his investment though he never disclose where he invested his Bitcoin whether it is in an exchange or wallet nevertheless the credibility and trustworthiness of both is very important for protection of his investment, I think after he introduced Bitcoin to him the guy made more research and enquires to get first hand information about Bitcoin before he invested $500 and obviously this is the right time for such an investment for a long term perspective which will guarantee him some profits.

That’s also my concern the first time I heard the story. However, I’ve come to realized that maybe he has been earning that $500 for quite couple of months so it’s still considered as his spare money that he can afford to lose once his investment fails. But as long as he’s aware the high risk that comes along with bitcoin investment, then that’s fine. What’s important is he knows his investment well and if ever he won’t be profitable on his first attempt, he won’t just quit easily but continue to invest for long term.

For your friend to invest in bitcoin as far as early 2009, that must have been a big success till date.

I appreciated your comments and directions that are given. Although anyone has right for dissenting point of view and reservations that how I can invest. You should also told him that "do you own research'' because Bitcoin will give him guaranteed profit and he should manage risk also so that he does not get the wrong guide.

Whenever i told any new friend about btc then first i told him the the interestes history of BTC start and other information that Bitcoin transactions are verified by network nodes through cryptography and recorded. Bitcoin trading offers several potential advantages, often referred to as "plus points." Its value is highly volatile, meaning that it can fluctuate rapidly in short periods of time. This is due to a variety of factors such as market demand, supply, and regulatory changes. Its high profit potential, liquidity, security and variety make it unique amongst the other networks but the same time it's price can go down if any uncertain happen or any bad news comes in market so that he doesn't invest other than he afford to lose.

I think it's ok! If he has no loans, then approximately a month salary is a good sum for investment. As for benefits... I think if it's BTC, not altcoins, then it will be beneficial in long term. The risks of fiat inflation now are so high that even just holding dollars or other fiat is a risky investment.

Well, hopefully that is truly the case here because investing a $500 is already considered as huge some for someone with a $400 income per month. Nonetheless, we are not that sure because the OP didn't specify either if that $500 was just a spare money or not, but I seriously hope that it's really a spare where there's no quarrel if everything goes sideways and that the OP's friend knows the risks when it comes to investing crypto where volatility is much higher compared to other fields.

Yes, I can see that OP has done his part in informing his friend about the risk of bitcoin, but knowing his friend still invested on bitcoin, then probably his friend had really seen the potentials of bitcoin especially if it’s invested for long term. And most likely, he made a thorough research first in bitcoin before he came up with his final decision to invest and trust bitcoin with its process. If ever he commit mistakes and losses while investing, at least he’ll be responsible of his own action, and not to put the blame on OP’s shoulders just because the initial information was from him.

Of course, you did a good job teaching a person about Bitcoin. Since you gave your friend some idea about Bitcoin investment, he may have gained special knowledge about Bitcoin later on. But you told your friend that you were not interested in investing in bitcoins yet your friend invested. This suggests that your friend may have had some idea about Bitcoin before, which is why he invested his money as soon as you told him. But be sure to warn your friend that the Bitcoin market is not always stable. So that you don't get impatient if you lose it, but you have to be patient for a long time by investing in Bitcoin.

You make his concept about the bitcoin but you should also tell him about the strategies to overcome his losses and should tell him about the holding up to many years so it will be more suitable for him to get the point easily.

I think your friend make one mistake that he just heard you but don't investigate more about it so this implies that what he will hear he will accept it whether its wrong or right and one another big mistakes is that your friend have no experience and no such a high knowledge about the crypto industry and put huge money into it.

You do the better thing to tell him about the risk but he should investigate more and should start by using little money, yes it's true that he earning maximum income but spend it Wisely is also important.

You have done well by talking your friend into Bitcoin investment, it is a nice move in the sense that it helps to build the Bitcoin community. But on the other hand your friend needs deep understanding and  knowledge about Bitcoin I understand you told him about the profit and lose but then it is not enough he needs a deeper knowledge for him to excel more in Bitcoin world.

You've given evidence-worthy advice that he didn't just ask but did so by going in and investing $500 in Bitcoins. regarding your risk has also provided a fairly clear picture. I think he made a mistake otherwise you can't say he has lost the profit I think he must come and tell me also why he is like that.

Let's just hope that your friend is not of the same mindset as others who blame those who teach them or introduce them to bitcoin and are confidently trying it because they think that it is an easy profit or because they just invested in ponzi. It was really good advice, but you also told him that it is better to hold it for a few years. No matter if he just invested $500, he should add more of it, like getting around $20 on his salary.

In my opinion, both were too hasty when investing with simple advice. OP's friend didn't do any research and decided to invest in a hurry, even the investment amount is more than his salary, I'm really worried for him. As for the OP, he didn't stop his friend from investing, and after it was all over, he needed our advice. In that case, I will pass on what I know to my friend and help him learn all the basics of the market before he puts money into bitcoin. That way, not only will they not blame us, but it will also be better for his investment. Personally, I only invest when I have knowledge about it, not investing according to someone's advice.

As long has you also mentioned the risk involved in investing in Bitcoin you gave a very good advice to your friend. But hope you mentioned the your friend never to trust any exchange with his coin. Remember not your keys , not your coin. Always tell your friends to choose cold wallets, preferably hardware wallet.

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

OP mentioned risk, but I bet he's just more profit focused, and that friend will also be asking more about profit than risk. Most newbies will have the mentality of hearing about profits and rush to invest without any knowledge. OP, I'm not like a lot of people here, I really disagree because your friend doesn't have the knowledge to invest in bitcoin.

Well, there nothing wrong showing your friend what you're into, but you know bitcoin investment is highly risky, I have made the same mistake of telling my friend to invest and when he loss his money, it seem to him as if am responsible for his loss or am indirectly aware how his money went to loss. So my kindy advise when telling people about bitcoin tell them to take enough time to learn first, when they learn and be satisfied to invest, at that point you're no longer responsible because the person knows what is fully involved.

Particularly at this time, investing $500 in bitcoin as a rookie is too. It is fine that you informed him about bitcoin, but you ought to have given him appropriate advice. There are many things that are lacking... He tried the Dollar Cost Average approach for what reason? What if he had only put down $50 as opposed to $500? Think about how he would react if his investment fell from $500 to $90 as opposed to $50 to $30. I hope my example makes my argument. Therefore, you still need to teach him.

It is a good thing that you told your friend about bitcoin because it is only when you truly love someone that you show them the path to light and educating your friend about Bitcoin is giving him financial freedom. But I hope you gave your friend all the necessary information about Bitcoin investment such as:
1. Bitcoin is a digital coin.
2. It is a volatile asset and the price fluctuates.
3. Bitcoin is not a ponzi or a get rich quick money scheme.
4. Patience is of great importance to become a Bitcoin investor.

I fully support you. Instead of giving someone advice or forcing them to make a hasty investment, we recommend they take the time to learn everything before making a final decision. With that, not only do we no longer have to bear the responsibility and worry for them, but they are also more secure with their choices because once they have knowledge, their beliefs are very solid. And as we all know, trust is very important when investing in bitcoin, a relatively new and volatile asset. Most of the people who lose when investing in bitcoin lack knowledge and don't have enough faith in bitcoin.

Actually you did great. Firstly You told him about Bitcoin. And secondly you told about risk. I think No only motivation need to educate about It's Risk. Otherwise you will be defolder in future.

On the another side you ahould advice him to learn More about Crypto currency and mainly learn about Bitcoin. Without proper knowledge anyone cannot get profit from Bitcoin. For investment in Bitcoin firstly need Proper knowledge About Bitcoin.

Overall i support your job. You did great job.

I think for the OP's thread this time he mentioned that the risk is clearly there even though it's not as clearly explained but the warning about the risk is still there.
But of course with that now it depends on the friend of the OP himself whether he really understands the risk itself or doesn't heed it because indeed when the warning is there and there is great interest then I think the friend from the OP will find out more about it.
But on the other hand, even though in this case it is very good, but for a beginner who doesn't really understand the conditions and immediately tries to invest $ 500 for the beginning, I think it really needs to be emphasized further and hopefully the OP understands the conditions because it is indirectly it becomes a solicitation when talking about bitcoin and our interlocutor is interested then the OP must also carry out conditions where he must try to remind more about this.

I guess what he invested is quite big for an initial investment. Even if he has earned enough from his job, it's still advisable to only invest at an amount he can manage to lose. But that is his decision, I just hope he'll be responsible whatever losses he will incur in the future. Don't worry OP, you have done your part well. At least he knows the risk before he invest.

Yes, it should really be balanced so that you wont really getting blamed on the time that the market would really be having some dip or correction on which it would be causing for his investment to deplete

down which as a noob then you would really be definitely be having those impulsive emotions which might be ending up on something about argue and quarrels in between just because you do give out those false hopes on making profits because you did really talk about only the positive and forgotten about its negative. Well he would definitely be finding out for himself about the reality on what
he had been dealing and be able to realize that this market isnt really only just for going upwards but rather it would really be a roller coaster ride of things.

Its always been that recommendable that it is really that better to explain about its pros and cons rather than on focusing that much when it comes into its pros because once
people would really be having that kind of trust and confidence because you did neglect out on telling the cons then most likely you would be blamed out later on.

Investing in Bitcoin can present both opportunities and risks. Your friend's investment in Bitcoin could potentially yield significant returns, given its historical price appreciation and the growing adoption of cryptocurrencies. Bitcoin's decentralized nature and limited supply make it an attractive investment asset, especially for those looking to diversify their portfolios. However, it's important to note that Bitcoin's value can be volatile, with frequent price fluctuations. Your friend should carefully consider their risk tolerance, conduct thorough research, and stay updated with market trends before making any investment decisions. It's also advisable to seek guidance from a financial advisor or explore educational resources to make informed investment choices.

In my opinion, the Bd officer (OP) has done a good basic education effort, by trying to provide some correct advice in the form of relevant and educational assumptions for the theme when investing in crypto currency, in this case BTC. Good effort in my opinion.

Yes, it's true that from the 4 materials that you have conveyed, in my opinion it will be very easy for beginners to understand for us to explain because even if we convey it technically it can be confusing for the listener (audience).

That is a good decision you're friend take, because life is about information and update not to left behind, because Bitcoin is a digital assets that we soon stone the world and government are afraid of Bitcoin, because it has all it takes to serve the world, assume I get opportunity or information 2009 or early stage, I for invest Bitcoin as well, which Bitcoin has raised billionaire in the cryptocurrency industries.

Would you definitely invest in bitcoin if you knew it in 2009?  many people have also claimed like you, but I doubt and do not believe it.  we often have the bad habit of regretting something when we know about its future and have missed it in the past. but if we have the opportunity to go back to the past and not remember what is in the present, we will also miss it again. If you say you will buy a lot of bitcoin in 2009, why don't you buy now and wait for the future? You don't have to go back to the past to buy bitcoin because it's even easier now than in 2009.

You mention how things could work out, that investing could give him a profit or a loss so you just opened a door for him, it is his own choice if he would go in or walk away from it.
The best thing that you could do now is to guide him on how to manage his investment.

I do the opposite for other people, I just do not give them any advice at all and it is not my place to do so, obviously I also do not invest based on anyone else's advice neither, not just people I know but also for influencers as well, I do not listen to any of them and just make my own investment.

But at the end of the day, we are not going to see them change much neither and that's why it's important to consider that the best thing we could do at the moment would be allowing ourselves to reach to a point where it is not going to really change anyone's mindset. So, if we suggest something then eventually they will do what they do, like we tell them to wait and they may panic sell, and we shouldn't take that responsibility with us, there is no way to risk it.

his friend who sees other people's success in investing in Bitcoin might look easy. and that is a motivation to be able to follow starting investing in Bitcoin will definitely happen. but also teach the risks, not only the success you get.
and most beginners are too hasty in starting. they rush to enter the market and buy assets. it wasn't long before they left disappointed because they felt cheated by the fast-moving market. make sure our friends really know how the crypto market works and also how we overcome it all.

you have been right to educate your friend, because investing in crypto is a good thing and even better than other investments. at least now your friend understand more about investing in bitcoin by investing directly, maybe your friend can also understand more and want to learn about the pros and cons of investing in crypto, especially bitcoin.

if what you say is that your friend has invested $ 500 in bitcoin, of course, to also be informed that with small funds, it is more effective not to buy bitcoin but instead to altcoins. there are lots of good altcoins and it remains only to analyze at CMC so that they can adjust to the available funds. apart from really wanting to continue to add more capital so that you can continue to increase your funds, then obviously you can with bitcoin.

Trading is dangerous, with an 80% chance of losing everything. The market does not always go as planned, which is why we should always be prepared for the worst. We should not be afraid to record a loss on our first trade. $500 can turned into $50 in less than an hour,  that's exclusively how the market operates.Giving crucial bitcoin information to a friend is extremely beneficial; it's what we call "we rise by lifting others." It's a nice feeling to know that your friend is making money online because to information you gave him.

Most beginners would really be having this kind of common reaction on the time that they would hear out some money earning opportunity on which it would really be just that not shocking that they would be diving in without tending to know on whats the risks involved and as a friend then you should really be that mindful on telling about the risks and not re ally just only focusing about its pros.

We know that there are people who are really that making some suing later on on the time that they would be losing money. We know that relationships be wasted in speaking about money.
You know that there are people who  could really totally exchange that for money or once that problems would exist. This is why you should really be speaking about its pros
and cons so that on the time that the market would really be giving out some reds or declines then you wouldnt really be worrying yourself on getting sued or blamed out.

Op you really tried for telling your friend about bitcoin but before I understood what you were trying to convey there was not easy for me to understand them. Please read other people threads to learn how they structure and write their words. In this forum your will learn plenty things, and not only bitcoin and other Cryptocurrencies.
Your friend was also serious to learn the blockchain and that was why he learned fast and invest on his own.

You have given him the right advice he needs to hear. Maybe it’s already his own decision to invest with quite a bigger amount knowing he earns only $400 a month. I just hope he is aware that he can lose all his capital if he makes a single wrong move in his investment. However, for sure he will also learn something if he will lose his money in this investment. After all, losing is inevitable, we just have to be more open minded about it not just for bitcoin investment but even in other investments existing in the market.

if he has studied about bitcoin and decided to invest, then it is not our fault if something bad happens. Of course, as long as he studies it, he already knows the consequences that will be borne if something bad happens. but actually there is no big risk when investing in bitcoin, only those who panic who experience losses. as long as investing can be psychologically controlled, I think the money will be safe even waiting for the bearish season to finish, and unfortunately no one knows how long it will end

I disagree with saying that there is not too much risk in investing in bitcoin. Except the short-term volatility of bitcoin will most likely cause us to panic, lose patience, and dump, leading to losses. The future of bitcoin is still a question, we don't know if its future will continue to grow or will disappear without a trace one day. It is another risk when investing in bitcoin that we also need to be aware of when investing.
If investing in bitcoin didn't have too much risk and had the opportunity to yield huge returns, I believe we would all have sold houses, sold cars to invest in bitcoin, and everyone would be rich :D :D.

We can only call it losses when they panic sell. You have a point that losses only occur when they panic sell or sell their bitcoin as they can't control their emotions. When it comes to risk, if the friend really has knowledge on it, like he does his own research, he will definitely come up with the risk, which will mostly show up on you as the risk of losing your money is big.

We don't know if he used his savings or salary to invest, so it can't be said that he is risking more than he is earning. But I like your investment mindset, once invested, there will always be unforeseen risks. Therefore, when investing, we need to be psychologically ready, if there is a loss, we should not be too shocked or disappointed. But be open-minded, accept failure, and find a way to make up for that loss. I believe that people who invest in bitcoin, even those who have been successful, have had a few losses, and that is normal when investing. We need to be open to that.

It's never easy to actually understand what it takes some time to understand the fundamentals, and learning how the entire Bitcoin ecosystem functions require a lot of patience, gradual understanding, and lots of research. For this reason, many people find it difficult to keep up with Bitcoin, they constantly seek out the easy solution. However, some aspects of Bitcoin are not that simple, but at the same time technical aspects of it. If you start investing and start having emotional breakdowns, you need to be emotionally stable. everyone trying to invest in Bitcoin should know the risk behind it.

I think you did give your friend good advice since you told him about Bitcoin and its risks when you invest in it. It would be better if you told your friend to only invest what he can afford to lose in cryptocurrency. As you have said, his salary is about $400 per month, and what he invested is more than what he earns within a month. Did you also tell your friend to learn more about Bitcoin and to use this forum if he wants to learn more and can also ask questions? In my opinion, I think your friend will find out about BitcoinTalk soon when he does some research, just like the other people who came across this forum when they were searching for something to learn more about Bitcoin.

That's right, no one can guarantee anything when it comes to high-risk investments. And everyone who buys bitcoin understands this, especially in a bear market, the understanding of risks is especially well.  ;D But when a bull market begins, many people forget about this danger and there are always those who are ready to sell real estate in order to buy bitcoin, but do not always have smart to sell on time and then lose everything when they are unable to cope with the price drop.

OP explains that one of her friends visited their house one day and she discussed Bitcoin with her friend. After hearing a discussion about Bitcoin, his friend expressed interest in investing in Bitcoin. He shared all this information with us after his friend invested in Bitcoin after expressing his interest in Bitcoin. OP must be thanked for this reason because through him his friend invested in Bitcoin and I believe his friend will share the idea about Bitcoin that he got from him to some more people. This will increase the number of new investors in Bitcoin.