I Finally Helped My Friend Invest $50000 Into BITCOIN for Retirement.

[scoumoune]

This is amazing! Assuming he had the money and it wasn't foregoing some real living expenses, this is a great story.

[zbutterfly]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

this is too risky, bitcoin and other chains are too volatile, if you want minimal risk leave it to the financial manager, or you can use the money for stocks (obvious companies) that have dividends. I even agree to buy gold instead of bitcoin, because in this case your friend doesn't understand blockchain and has never been in that field. If you really want to invest in bitcoin, start with a small investment, in my opinion 1 BTC is a large amount.

[lovesmayfamilis]

Being a skeptic, I'll bring a bit of skepticism to this pleasant conversation topic. Having 50 pieces of bucks, a person does not know how to dispose of them? I don't believe it. Did the money fall on his head? Maybe five thousand, I would believe, but trusting such an amount in a business in which you don’t understand anything and are just starting to take the first steps is unlikely. Even if a friend recommends it. Or maybe your friend is some kind of millionaire who just throws money around?

Moreover, everyone has long understood that in any random or non-random situation, if something goes wrong, you will be to blame. The fact that they attracted, and in my opinion, persistently attracted him to investments

For a forum, the post is a nice story, but why don't I see the merit? Or maybe it's just self-praise. Lots of "I" pronouns. And people pretend to believe you?

[Russlenat]

Convincing him to get into bitcoin is a pretty good move as long as you also educate your friend how to properly secure his asset. Because if not, I am certain that you'll be having a bad day when those bitcoin gets lost either by getting hacked or losing the seed phrase.

Teach him at least some basic cyber hygiene.

He won’t get wrong investment with bitcoin as it remains the best asset in the crypto market. Gold and estate returns may also be good but definitely, bitcoin exceeds them when it comes to profiting. However, there’s always high risks when you invest in bitcoin, as you won’t be seeing stable price for bitcoin because it’s more on price fluctuations, and hopefully your friend is aware of that. And yes, let him be aware too that stealing or hacking bitcoin is very possible, so he should always be responsible on keeping its private keys more safe and fully secured. Bitcoin’s value is growing in time, that is why we should guard its safety at all times.

[ingiltere]

Even though it was due to misinformation it's still interesting that somebody who "don't like Bitcoin" decided to invest 50k dollars. You must be adept at getting your ideas accepted.
I think he made a good choice. I don't know if it would be enough to retire but it certainly will help him retire earlier. In ten years anything is possible, we can only presume of what we learned from the past. I'd say ten years later Bitcoin will still be here and in higher price than today. There is no way of knowing if it will be millions of dollars or stuck at thousands if you don't have Back to the Future Time Machine or something like that.
Every investment have some risks. In my experience Bitcoin is one of the safest ones, see the irony.

[pawanjain]

Wow, that's really good to see people are still helping their friends and relatives to get into bitcoin. Due to the FUD happened recently bitcoin was dumping a lot.
This made many people to panic sell their coins and some are even afraid to invest in bitcoin again.
But it's good to see there are also people who are ready to grab this opportunity to invest in bitcoin.
Do make sure that your friend is aware of the risks associated with investing in bitcoin and also why he shouldn't share his private key to anyone.
Let him know the dos and donts of investing in bitcoin.

[Leviathan.007]

That's good to hear you explained to him everything related to wallets because unfortunately mainly whenever people explain bitcoin and cryptocurrencies to other people for investing the only thing they explain them is about the profits they can get from investing in bitcoin and they don't really explain bitcoin itself for them while people should understand in what they are investing and what they are buying, also the other thing you could do about him was about the money management and you could teach him also about this because that's the first step whenever someone starts to invest on something.

[Strongkored]

He's rich and willing to spare/invest about $50000 into something that will grow over time ,that is in the long run. So when he asked me about the best investment which he could go into, I told him I'm gonna give him a feedback soon.

Not to doubt your story, but you have to be a richer person than your friend to be able to get him to come to you and ask about investments, it is very impossible for someone who already has a lot of money but asks about investing to someone whose wealth is below him.
And if your friend is really rich why does he need to do DCA to increase his assets in Bitcoin it will be easier for him to immediately buy as much as he can afford and save in the period he has targeted to take his profits.

[Frengki_cisco]

If I have a friend like you, who asks about Bitcoin investment I will also do the same thing as you, your friend is lucky to be able to invest with his pension fund.

Considering the crypto market is currently falling, maybe your friend has to be patient a little to get good results, 5-10 is a pretty good time for a change.

[BobK71]

If you are able to convince your friend to make a big investment in Bitcoin that is really commendable. But here you should be aware of Bitcoin's security issues including its volatility. Here not only the profit but also the reasons for the loss should be reported to him. You will give him maximum support so that he can never blame you. But since you are advising him, he will be grateful to you if you can earn profit by him.

[Kakmakr]

People should never give investment advice to friends, if they are not financial advisors.... and definitely never have to convince people to buy bitcoins. I made this mistake once.. and the guy pulled out early, because he panicked when the price dropped with 30% and he lost money. 

You should rather tell them about your experience with Bitcoin and then wait for them to approach you for help to buy bitcoins. Let them make the choice... DO NOT force them into something that might spoil your friendship, IF it does not succeed. 

[Mauser]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

Great news, I think this is the best approach you can make when it comes to buying bitcoins. Take advantage of the cheap prices at the moment while still having some funds left to keep buying in the future when prices might drop lower. And even if prices are rising sharply again you are already invested. I am following the DCA method myself for several month now. Dividing assets into Real Estate / Gold / Bitcoins for retirement is a good idea, but I think you are missing one important thing, Stocks. All three assets you recommend don't provide any income when holding it. Real Estate might give you income when you rent it out, but the most likely scenario is that you live in the house or apartment yourself at an old age. And Bitcoins and Gold only gives us income when we sell it or use it to pay bills. One option that makes sense in my opinion is to invest in high dividend stocks, like that you always have some additional cash inflow every year in form of dividends.

[UserU]

People should never give investment advice to friends, if they are not financial advisors.... and definitely never have to convince people to buy bitcoins. I made this mistake once.. and the guy pulled out early, because he panicked when the price dropped with 30% and he lost money.  

You should rather tell them about your experience with Bitcoin and then wait for them to approach you for help to buy bitcoins. Let them make the choice... DO NOT force them into something that might spoil your friendship, IF it does not succeed.  

It's mostly the introducer getting blamed when things go South but when everything is going swell, no credit given when due.

Seen so many stories like this on Reddit.

[buwaytress]

All those comments about people saying introducers get the blame when shit hits fan.

 True. But hard to feel sorry for anyone who also wants to take credit for introducing people to Bitcoin. I love it, good for them and I cannot say I know the full story so reserve comment.

Hope your friend has the stomach for holding if sub-10k BTC appears.

[Zlantann]

I have learnt from experience not to advice anybody to invest in any business or venture. This is because many times I have been a victim of the blame game. I can only introduce a business to anybody and the person would receive a comprehensive lecture about it. And my major focus sometimes would not be on the gains or profit from the venture but the risk involved in it. You would also learn about the skill and virtues that you need to be successful in the business. The decision to invest in the venture would totally at the person's discretion. Investing $50000 retirement benefit is an unimaginable risk. Retirement benefit should be used for more stable investment like real estate. But your friend can bear the risk, then you did a very good job.   

[traderethereum]

@OP has managed to convince his friend to invest in bitcoin and hopefully, @OP can still accompany his friend to stay calm if the market is experiencing a downturn like we are currently facing.
His inexperienced friend can panic if the price drops drastically and can't hold his bitcoin anymore because he bought it at a higher price than now.
But if @OP can calm him down by saying that rising and falling prices are normal, the prices will rise again.
Precisely at the price decline, his friend could buy bitcoins in greater quantities but hopefully, his friends don't buy bitcoins in one order but divide them into several orders.

[Hamphser]

All those comments about people saying introducers get the blame when shit hits fan.

 True. But hard to feel sorry for anyone who also wants to take credit for introducing people to Bitcoin. I love it, good for them and I cannot say I know the full story so reserve comment.

Hope your friend has the stomach for holding if sub-10k BTC appears.

Shit things is about to happen or would really be put the blame on you whenever you do recommend something into someone even your friend.Once things becomes sour and bitter then expect that there's always

a blaming time which is really that a very common scenario that would happen.Its not bad to give out recommendations but dont really give out any guarantees or positive things that someone would be expecting

for it to happen.Making out introductions wont really be that bad but you should really make yourself to be safe when it comes to negative things later on when
the market turns out to be salty.

[darewaller]

I still do not think that it would be a bad idea. The problem is that you do not know what that person will do. It is not about investing, it is about staying long term and not many people can do that. Reality is that your 50k investment could first become 20k and then become 300k, but if you sell at 20k then you are going to lose it all. I personally advice everyone to not just buy, but consider it gone.

There are a lot of people who didn't listen to me, and there are a lot of people who failed to do what they planned, I mean even if they say they will hold for 10 years, then sell after 6 months of bear market, that is the type of problem we face when we give advice.

[Hyphen(-)]

Just yesterday I was amazed he told me that he now wants to buy the Bitcoin and I have helped him we've just started with buying 1 BTC at around $23k and the remaining balance will be bought using good dollar cost averaging (DCA).

You did a very good job for convincing him to buy Bitcoin and I am sure he will not regret his actions as many more profits awaits him.
Bitcoin is my Number one priority/option to buy as an investment, I am just waiting or an opportunity to buy mine too because I now it's still never too late to invest in Bitcoin.

[Rockstarguy]

If he should choose bitcoin for investment it is better you give him a proper understanding about bitcoin,  the risk involved and bitcoin is good for long-term investments.  If he agrees to go for bitcoin I believe he won't have much challenge,  according to you Op you said he is rich he won't be desperate to get rich from bitcoin,  atleast he will have patience  to hodl to get better outcome of investment.