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Poll
Question: What was the outcome of this for them?
It was positive. - 8 (32%)
It was negative. - 4 (16%)
I do not introduce family & friends to Bitcoin. - 5 (20%)
They lost money. - 3 (12%)
They made huge profits. - 1 (4%)
They use it every day. - 1 (4%)
They are long-term hoarders, so the outcome is still unknown. - 3 (12%)
Total Voters: 25

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Author Topic: Bitcoin - Friends & Family adoption - Share your experience.  (Read 316 times)
Kakmakr
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September 11, 2019, 05:51:00 AM
 #1

So, all of us had at one stage, introduced some family member or friend or work colleague to Bitcoin and at some time they decided to buy some bitcoins. Many of these people trusted us as the "expert" in the field of Bitcoin, but we do not have control over the future of Bitcoin and the final outcome of this decision.  Roll Eyes

Can you share your experience with the forum and how this turned out for the majority of them. Did they buy bitcoins as an investment or did they buy bitcoins to use it as a currency.

If they bought bitcoins as an investment, did they make a profit or did they lose money? Was a possible loss as a result of their own doing or did they ignore your advice?

If they bought bitcoins to use it as a currency, did they have a positive experience or were they disappointed? If they were disappointed, give us some reasons and more detail about that. If the experience was positive, also share with us why they liked it.  Wink  

We can learn from other people's mistakes and also their success, so please share your experience with us.  Grin


 
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September 11, 2019, 06:19:14 AM
 #2

As for me, when they see me counting some money that I got from bounties
I used to tell them that I got it from some kind of online job.
Of course, they are curious about how did I get it. I told them that it is complicated to explain
I personally look for a simple explanation but still, they don't get it and today
when they saw me counting that money again, they will say: his doing his thing again.



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September 11, 2019, 06:42:53 AM
 #3

I never tried to share with any of my family member about bitcoin. In fact, they would never get interested into this. I have shared about bitcoin among couple of my friends. Had a long discussion with only one friend, who had a little idea from long ago. He was more interested, later he invested which turns into loss. He is not disappointed though.
I have been introduced with bitcoin as the purpose of receiving service fee by one of my clients. But now, I have as well turned it as an investment opportunity. Most people take it as this purpose. Otherwise, the monetary value would never be higher like as it is now or it was back in 2017.

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September 11, 2019, 06:54:54 AM
 #4

I think timing has got a lot to do with the final outcome, because I introduced Bitcoin to a lot of people prior to the big spike in the price in 2017 and the people who invested before that spike, were the ones who benefited the most. The other people then looked at the success of those people and they invested late and these people are the ones that might be disappointed. < They might have bought bitcoins at a very high price, thinking that the price would go even higher and then the price plummeted with almost 80% >

Some of my friends just wanted an alternative payment option, because they were scared to use their credit card online or they got burnt by PayPal. These people love Bitcoin but they only complain about the lack of services and merchants that accepts Bitcoin as a payment option.  Sad

 
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September 11, 2019, 08:53:22 AM
 #5

My family know about Bitcoin because my income is from Bitcoin and they have nothing problem with it, but some of my neighbor thinking Bitcoin is like Gambling because sometimes they saw me can get money fast from Bitcoin and can buy anything what I want. Whatever they said I don't care, at least I can make my family happy...  Grin
I never use Bitcoin as a payment because in my country Bitcoin is illegal as a payment option, so I need to sell my Bitcoin first and then convert it into my local currency...

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September 11, 2019, 09:09:24 AM
 #6

Once I share with my friends about bitcoin, they don't interest. But then, when they saw me withdraw some money in the ATM, they asked me where I get that money. So I explain to them that I work as a trader, and do some little work. At first, they thought that trading was difficult, but I convinced them not to feel difficult, and if they can learn as I did, I am sure they can do too.

So they start to learn to trade, some of them are trying with the bounty campaign. And well, they all are making money from cryptocurrency in 2017 and yes, they are so happy to see the cash. But then suddenly, the cryptocurrency has fallen until now, and they knew about that.

We always share what we did and discuss in the cafe for the market moving so we can get more info about what is going on with the market. And now, we are doing what we like and some of us still making money from trading which they don't like it at first.

There is lot more story between my friends and me, and not all of them can accept cryptocurrency as well, but I don't mind because we have different goals that we want to reach in the future.am

 
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September 11, 2019, 09:09:45 AM
 #7

I really don't tend to talk about bitcoin with pretty much everyone unless they're really interested. My friend's opinions are mixed. Some are bullish, some simply doesn't give a crap about bitcoin or investing in general; which is to be expected. Opinions will always vary for something so bizarre as bitcoin. 75% of my friends doesn't even know what to do with the internet besides social media and the casual Googling of information.

As with family though(the boomers, the older folks), they simply couldn't grasp the idea of something intangible(even though a huge majority of fiat is digital), and isn't backed by anything(even if fiat isn't backed by anything either). They think it's just some online investment scheme. I tried explaining it a bit, but they simply couldn't grasp it. As for the slightly younger family folks(30s), they get why bitcoin is important, as some actually worked in banking and they're aware of the corruption that's going on in there, but they simply aren't willing to speculate simply due to the risk; which is completely understandable in my opinion. Wish they still DCA-ed small amounts though. I definitely wouldn't want them to miss out once bitcoin goes skyrocketing.

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September 11, 2019, 09:13:39 AM
Merited by mjglqw (1)
 #8

In my opinion, telling people to buy bitcoin is a terrible idea, as any other investment advice.

If they lose money, they will blame you. And they probably will. Anyone who seeks for investment advice is going to lose money, because nobody that know what they are doing would ask for an investment advice.

What I do is to tell about BTC, and say that I invest in it. I tell about it, but most of the people have the completely wrong idea about it. I try to give them a more precise idea about what Bitcoin is, why it is important and why so many people buy it ( and no, it is not to make quick money).

I try to tell about decentralization," digital gold", buy anything with pseudo anonymously, freedom, etc.

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September 11, 2019, 09:19:01 AM
 #9

In my opinion, telling people to buy bitcoin is a terrible idea, as any other investment advice.

Precisely. Regardless if we think that bitcoin is a damn good long-term investment, telling people to buy in is just a bad idea, especially if the person isn't really used to long-term investing or investing in general. People that have no idea with investing tends to panic a lot more prematurely. *bitcoin drops 20% overnight* "Wtf you told me to buy btc and now I've lost 20% of my money". If you explained bitcoin well and if you got the person curious enough for him/her to do research, let him/her decide for himself/herself if he/she wants to invest in bitcoin.

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September 11, 2019, 09:52:22 AM
Last edit: September 11, 2019, 10:10:03 AM by tranthidung
 #10

Don't tell anyone about bitcoin or crypto currencies if in your local area, your nation, those terms are extremely strange. There are very limited exceptions, such as your wife, husband, and your very closed-friends.

There are some reasons why I believe this approach is good:
  • If they are not an investor, and don't have interests in investments (like stocks), there is no reasons to tell them about such highly volatile assest, like bitcoin, and crypto currencies
  • If they don't have interests in investments, they don't pay attention on what you tell them. It is just good way to waste your precious time. There are so many things you have to learn to be updated, and adapt with extremely fast changes in crypto, and you should spend your time for those things as your very first priorities.
  • If they need advice, they will go first and ask you. You don't have to go first
  • It will result in unexpected annoying things: like ask for investment advice.
  • When they have need, you help, your words will become more valuable
  • Newbies don't care about advice that help them to prevent losses, and stay away from scam projects. In contrast, they are more interested in highly profitable investment. In my opinion, avoiding losses are the first priority, rather than earning profits.




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September 11, 2019, 10:02:53 AM
 #11

I think those who introduced people at the apex of the bull run mostly likely regretted it. I introduced few people during the good time. I believe their lives were changed in positive way. I almost introduced few relations but forgot to do so.  Well, I became alittle cautious as I gained some experience in Crypto space.

My final take on this, it's better to teach people thoroughly before introducing them to Bitcoin or any kind of investment. Most investments are risky but with enough knowledge, the risk will be better handled.



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September 11, 2019, 10:08:28 AM
 #12

I tried to explain Bitcoin and cryptocurrency to my father and mother as hard and understandable as I could. Nothing helped. Even showed simple videos on youtube, still no effect.
They are old style people. They believe in gold and cash. It is hard for them to understand that some digital currency (which isn't backed by anything, just the believe of people) can have some worth.
I guess my parents will never trust BTC.

My younger brother is thinking about cryptocurrency as a quick way of getting rich, but as we all know, we were late for that train and nowadays it is hard to choose one currency who can rise to extreme value. Smiley

Don't be afraid to donate BTC Smiley 3AsWVdytESviZoxpTyFXZwvBPuG6Pd3GEF
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September 11, 2019, 10:10:25 AM
 #13

I shared about bitcoin and other cryptocurrencies to my family, and to my friends and few people who are around my locality and has got good interest over technology and much into internet and computer usage. Initially my family wasn't that positive about bitcoin, but they saw the growth it experienced over the years from an value around $300 to a peak value close to $20k.

My friends were not that responsive, very few took forward the words from me and researched more about it while majority ignored though they are part of the information technology industry.

Right now one person whom I introduced about bitcoin and other cryptocurrencies is much active and he's progressing good in trading.




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September 11, 2019, 10:51:11 AM
 #14

I can only introduce people to the pros and cons which BTC have, and that's something I do when I have the opportunity. People need to be led into research, and if they show interest, they should be helped in the initial steps.

It is completely wrong to persuade someone to buy BTC, some people perceive it rather negatively, like you personally want to sell them something. From my personal experience, most people still think that BTC is just some ponzi / MLM which will collapse with time, when the flow of money stops. Therefore, it is very important to explain the technical side of BTC to them as simply as possible.

Perhaps the most important thing to emphasize is that behind the whole project is not one person or organization, it is one man idea for whole world, first decentralized cryptocurrency.

There will be some people who will want to be part of this idea, but also others who will be uninterested. The other's opinion and attitude should be respected, time will tell who was right and who was wrong.

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September 11, 2019, 10:58:12 AM
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My wife still does not adopt my passion for cryptocurrency
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September 11, 2019, 01:07:27 PM
 #16

My wife still does not adopt my passion for cryptocurrency

You really don't expect your wife to be interested in bitcoin/crypto just because you are passionate about it. Just like how your wife might be greatly passionate in some things like women's fashion, books, yoga, or whatever, and you aren't interested in them in the slightest, because you're two different people with different tastes and interests.

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September 11, 2019, 01:40:54 PM
 #17

I've tried to introduce Bitcoin here and there..

One friend of mine loves to hear stories, but still didn't invest in it.
Another friend invested some small amounts, but it was in January or February 2018. And then sold at a loss.
A third friend was very convinced to buy (and I really thought he will) in the last few months of 2017, but he didn't. He may have been also ending at a loss.

My wife was looking at Bitcoin like "monopoly money" until the days I've spent some to buy things for Bitcoin or to top up VISA card. Now she's impressed.

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September 11, 2019, 02:24:58 PM
 #18

For me, Bitcoin was very positive, especially when I entered in the year 2017. Many people are suddenly rich and Bitcoin is getting popular.

It is what I want to inform my brother and friends. I explained about the work of Bitcoin and I prove that it can make a profit. Those who are interested, but also some are not interested.

Until now in my area, many people do crypto trading. There are some people who try to use Bitcoin buying stuff. With the increasingly popular Bitcoin, there are some stores that try to accept Bitcoin.

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September 11, 2019, 02:37:19 PM
 #19

The experience is negative for now. Many people are standing afar and watching how it is going. They don't want to invest or get into anything that is cryptocurrency. Maybe they are expecting to see some good life from it before they join  Grin

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September 11, 2019, 02:42:23 PM
 #20

In 2017, when Bitcoin was at $6,000, my relatives asked me if they should invest in Bitcoin, since it was going up like crazy and they wanted to get some quick profits. I talked them out of it, because it could crash at any moment and the loss would be pretty significant for them, as they wanted to invest part of their savings and not just some spare money. I think I made the right decision, because the opportunity for profit was really narrow at that point, and after that they would be at a loss for more than a year. They followed my advice and never said that they regret it.

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