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Author Topic: Is it safe to acquire Bitcoin without having the basic knowledge?  (Read 859 times)
Distinctin
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February 02, 2023, 08:31:08 PM
 #81

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?
Do not make it more complicated on your part OP. Tell him that you’ll never be in charge of other person’s investment to avoid being blamed in the future when sudden problems and losses start to arise. Bitcoin is profitable but it has also calculated risks one person must learn to take. So if your neighbor only want to make the best of profits but is never good enough in making the efforts, then regardless of what investment he may enter into, that will never work.

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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February 02, 2023, 08:38:54 PM
 #82

Do you really want the responsibility of holding coins in behalf of a person? There's literally nothing for you to win and everything to lose. Think about if it's the case that you get hacked (though hopefully not).
If you don’t want to be blame in the future, then always avoid that kind of situation. Even if your decision will make him offended, don’t mind it as long as you are not putting yourself in a bigger problem in the following days. Bitcoin is good and a profitable investment, but one should also be knowledgeable and responsible enough to manage it seriously if he wants to gain huge benefits in the future. Without it, everything will end up in mess.

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February 02, 2023, 11:57:03 PM
 #83

I was talking to a neighbour within the weekend and suddenly he grew so much passion in wanting to invest but now the problem is that his wanting me do this for him with excuses of not having the basic knowledge and I've told him to Google and do his own research about it.
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?
Basic knowledge is what we do need at least because if you dont have it then you are really that prone to errors and mistakes specially we are talking about money on here or does really have value.

If you dont have that basic concepts and ideas then you would really be getting scammed because you dont really know on what you are doing.Unlike when you do have at least some slight idea

on how it works and on what are the things that should really be avoided and should really be engaged then it would really be a plus or would really be an advantage for your side.

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