Is it safe to acquire Bitcoin without having the basic knowledge?

[Hispo]

It is not safe, no.
The lack of knowledge it is what drives people who do not know the basics to fall for the most obvious and stupid scams that are out there on the internet.

Do not compromise to take responsability of your neighboors money or investment, but let him know that he if changes his mind and wishes to learn , to let you know so you can recommend reliable sources to him, so he won't fall victim of scams in the future.

[serveria.com]

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 ?

Well, you could just spare him a minute of your time and a) create a wallet or an account at a crypto exchange b) help him to transfer funds and buy Bitcoin c) help him secure his password/keys and explain some security basics. I believe that eventually he will learn Bitcoin. You don't require any special IT knowledge or something, but you do need to be careful - treat Bitcoin like cash money. I've seen total noobs successfully hodling for years and crypto pros losing it all to hacks and scams within days. 

[avikz]

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 ?

never ever do that! Bitcoin is an ultra-volatile asset so it is very important that the investor understands that risk. You can surely guide him on buying bitcoin, using a wallet, etc. But you must not hold his bitcoin in your wallet at any cost. If I were you, I wouldn't do it! But yes, I will share my honest opinion about bitcoin and other related services with that person just to help him find a suitable way. The decision must come from the other person and he can base his decision on my input. But I wouldn't take the risk to do things  on his behalf.

[Frankolala]

It is impossible to have bitcoin without the knowledge or else the coins aren't yours,remember the slogan not your key,not your coin. Bitcoin is designed to be decentralized i.e it should be kept in a noncustodial wallet which you own the keys. If you don't have this knowledge,how will you keep your investment safe,after you have been hacked by someone you will end up saying that bitcoin is a scam. No,you caused it yourself because of lack of knowledge, you throw away your hard earned money. The bible says my people perish because of lack of knowledge.

Pls don't take responsibilities of other people, don't play the good neighbour who turned out to be a bad neighbour,because if something happens to his bitcoin, you will be the one to be held responsible. Tell him he needs to have a knowledge about his invest so that it can grow bigger

[sulendra12]

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 ?

I wouldn't recommend you to accept it. I don't know what would happen if you accept it and it ended up in losses, what are they going to say because they just wanting you to invest for them. No matter if it's your neighbours or someone else, if it's involved with money then the risk is really high as they can turn around against you because of that stuff.

Just ask them to learn first before investing on Bitcoin for their own sake.

[Faisal2202]

Well after reading your post I can conclude that this is not a big problem if someone is giving you his money to invest in BTC or any other cryptography on behalf of him/her herself but the first you should deal with him on some points like only handle your money to invest if you do not seek to get back from me after i loss them in the market.

I can suggest you that if your neighbour is not a technical person then you can make any excuse if you want to, other wise bring him to some agreement  you can give him the knowledge of vulnerability volatility and risk of investing money in btc blindly. If you are main concerns are to hold them for your neighbour for long term then its ok in my point of view otherwise it's your neighbour so you should now him better than me.

[Oceat]

It's safe if you wanted to do it for him and also if you have all of the knowledge about cryptocurrency and investment.

But would you really wanted to do it on someone? It just means you have to spoon-feed them all the time. If that's me, I won't do it on their behalf even if they try to bribe me. They should find/hire someone that can handle all of their investment like a financial advisor.

In the end, it's not that hard to understand the basic knowledge of Bitcoin although, things might get complicated once they include the wallet including the security features and how to manage them to avoid getting hacked. They just need to read and that's it, they just need to put it on practice on how effective is for them.

[teosanru]

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 ?

Yes it is absolutely safe to buy bitcoin without having the basic knowledge about it only make sure that you don't buy any other Cryptocurrency and also make sure that you learn basic knowledge about wallets and exchanges so that you do not get scammed this won't take more than an hour you can see any youtube video for help it'll be enough.

[alastantiger]

First off this is not a good idea. As you may have known bitcoin is very volatile assets. In fact, it is so volatile that about two weeks ago the price moved from 16000 dollars to 22000 dollars right now. And nobody knows what's next with it. Anything anyone is saying now, is mere speculation. Second, there is no rush to investing in Bitcoin it is better you are armed with the right knowledge that you jumping without the right knowledge not knowing what to expect and then you lose your investment. Like Gary Vee will always say macro patience micro speed.

[Fivestar4everMVP]

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 ?

Well, I currently have some friends that are holding bitcoin that don't really have the basic knowledge, what I did was to help them create a Bitcoin wallet and hand over the seed or phrase of the wallet to them, and teach them how to keep that piece of information safe.
Then I help them purchase bitcoin from an exchange and move it into their wallet.
I know that it is actually risky, but I tell them my disclaimer which states I am not responsible for any loss which they have to angry before I go ahead and purchase bitcoin for them, I just let them know how important keeping their seed or phrase safe is, as who ever gets it gains access to their wallet and could possibly steal their bitcoin..
And so far, non of them have reported any issue of any kind, I am happy they are holding bitcoin and also learning about it at the same time.

[Rigon]

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 ?

You can buy Bitcoin even without basic knowledge about Bitcoin. Keeping it safe after purchase is most important. So for those who don't have basic knowledge about Bitcoin, I would suggest you first learn how to keep Bitcoin safe. Then get ready to buy and invest in Bitcoin. Invest for what the OP has given you. No one should ever do this. If you make a loss after investing yourself, you are not accountable to anyone. But if you make someone else's investment then you must be accountable after taking the loss. So no one should ever do such work.

[uneng]

Some basic knowledge is essential and you can't use bitcoin or keep it safe without knowing it. Someone who isn't educated on the basic features of bitcoin and on the risks of crypto industry will inevitably end losing money to scammers by believing in fake investments' opportunities, sending their coins to wrong addresses, losing their personal keys or sharing it with other people, stucking transactions because proper fees weren't set... There are many mistakes newbies can commit, so it's advised they search for information and guidance before acquiring their first satoshis.

It's not that hard, though, and if you are a calm, attentive person you won't have any issues dealing with bitcoin.

[maydna]

I suggest not involving yourself in investing with other people. You can advise him to invest alone and keep his bitcoins in a safe place where only he knows about it. This is about how he wanted to learn how to secure his bitcoins so no one would know he had them. You can teach him or study with him so that both of you can have basic knowledge about bitcoin. Investing is a person's personal business, so he needs to know how to keep his investment safe.

[Cryptomultiplier]

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 ?

A wise person would have an idea/a knowledge even if it is in the slightest amount, before venturing into something as Bitcoin or into any business/trade in general. One can't just buy Bitcoin because others are doing so.
If the neighbour is willing to own some, that first indicates interest. You can study his attitude for sometime to know if he truly wants to know more or if he was just motivated at the moment, because you spoke beautifully on the subject.
Please teach him if he truly wants to learn, because we rise by lifting others, but give him research assignment which he must attempt on his own, guide him to a broker if possible, incase you don't want to get too involved  for good reasons.

[Ndabagi01]

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 ?

This is a huge risk that will ultimately lead to disappointment. If you profit from this, the profit goes to him because he owns the coin, and if you lose, the loss is blamed on you. So sit down and think it through to see if the odds are in your favor or against you. In general, it is recommended that one has knowledge of bitcoin in order to keep up with market changes. This will provide you with a better guide for your investment.

[romero121]

Basic knowledge is very simple if you're technically skilled. You need to know how to keep your recovery phrases secure and how to buy cryptocurrencies. This will let you know better about cryptocurrencies when you start to observe the market often. More number of cryptocurrency applications are available and that makes every process easier. Among the third party service providers, there are trusted ones. If is our responsibility to find the trusted one and use it.

[Leviathan.007]

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 ?

The short answer to that question is no, and that's not just about bitcoin, but it's the same with any other asset or any other thing you buy or sell. even if you are sure that by investing in bitcoin you can become rich person still you should not buy what you don't have enough knowledge about it, because if you do that there is always the risk of losing all you invested there because of lack of knowledge. So the best thing to do is to start researching bitcoin and get some knowledge before doing any investment there to lower the risk.

[Lucius]

Mistake number one, don't talk to your neighbors about such things - I talk to my neighbors about the weather, football or some harmless topics and I don't think of discussing what someone will do with their money.

Now OP is in a bad spot. If they refuse to help the neighbor, they will seem rude and the neighbor might do mistakes on their own and blame the OP for introducing them to Bitcoin but not helping with handling it. If OP agrees to handle coins on neighbours behalf, they will have an added headache of managing someone's money free of charge. And if OP simply teaches the neighbor how to use Bitcoin, they will still be responsible if the neighbor makes a serious mistake and losses the coins, or even if Bitcoin just crashes and the neighbor panic sells.

It seems that way, but there is still a chance for them to get out of this situation. Personally, I would try the approach of being honest and explaining to the neighbor that I do not want to be responsible for his money, and I would emphasize all the risks involved in such an investment. Another way would be to actually admit that I am also a fairly newbie who has read about all of this online, and that therefore I cannot help him with all of this.

What is important is to know that there is always a way out of every situation, you just need to know how to find it and then be ready to say and do everything to protect your interests. There is no doubt that it is easy to mess up, and much harder to clean up behind.

[xSkylarx]

The story is incomplete; for example, what happens if you have already purchased bitcoin? Is he getting the wallet? Or would it be left to you? What are the plans for it after buying it? Also, is his purpose to earn profit, or does he want to use it to transact online or pay something? If the goal is for him to profit, you should say no or any of the above instead of teaching him how to buy bitcoin and send and receive from it,  give him links to read or watch. Lastly, you should say, "Don't trust me, as I might get that bitcoin," so he doesn't insist on doing it on your own.

[Rikafip]

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 might be wrong here, but it seems to me like you hyped him about bitcoin so naturally he wanted to invest and that was your first mistake - don't hype anyone about bitcoin. I am telling this because if you explained to him what Bitcoin is all about, he wouldn't even ask you to do this for him.

Also, since you talked to him about Bitcoin, you could have explained to him about ways to securely buy and store bitcoin instead just saying "Google it" because there's load of misinformation on the Internet and he could end up getting scammed.