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

[Synchronice]

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 ?

It's safe to buy without the basic knowledge because it's quite easy to register on exchange and buy a coin. It's especially easy if he has any experience with any trading platform or even with bank but the problem is that you shouldn't keep your coins on exchange because there is a high probability that he will lose them, especially after FTX accident some companies, including BlockFi and Crypto lender Genesis filed for bankruptcy.
He needs the knowledge of how to create a secure bitcoin wallet, how to protect his keys and how to store them safely. Once he has this knowledge, he can buy and store them safely. He can buy them even this time if he thinks that today is the right moment for future investment but at least get the rid of storing funds on exchange as soon as possible.

People who say here not your keys, not your coins, don't say to spam this forum. It's reality! A lesson that you should wish to not learn from your own mistake!

[1714131723]

1714131723

[White pawn]

It is never safe to acquire bitcoin or anything else for that matter without having the minimum or the basic knowledge about what you want to acquire. Some would say it’s foolish even. That’s why the urgent need to do your own research pops up again.

I wouldn’t advise you to do anything for him. He’s basically asking you to run and manage his investments cause he doesn’t have the know how of how it goes. Perhaps you’re an investment manager, I don’t know.

It’s not wise to manage and perhaps hold his investments for him. That beats what bitcoin is all about. The ability to hold and have total control of your funds at all times.

[ultrloa]

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 ?

Simple answer is no because you don't know what to do especially when crisis time happen. Newbie investors should always remember that there's always risk upon taking decision upon acquiring bitcoins since for sure their emotions will eat them and in the end they lose their money especially when they see the value of their holdings are melting due to market situation. Better invest for yourself first and learn basic knowledge about bitcoin since this is really a big help.

Other things will be learn thru experience so don't let yourself go unarmed with knowledge about cryptocurrency and bitcoin.

[noorman0]

It's safe to buy without the basic knowledge because it's quite easy to register on exchange and buy a coin.

Not really, there are a lot of fake bitcoins (hardforks, wrapped-bitcoins) hanging around CEX. Sure they have different networks, but would people with no basic bitcoin knowledge be okay sometime especially if they decide to withdraw bitcoins (if they only dealt with CEX their whole life)? Hearing stories about sending to the wrong network, recovering funds on centralized exchanges is generally not possible.

[Hyphen(-)]

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 ?

Knowledge is very important in all aspects, not just Bitcoin investment, but if he can calm down and acquire some basic knowledge about Bitcoin and Blockchain Technology, he will have the main insight into how the blockchain works, and you will have less burden from him if anything goes wrong with the investment.

[danadc]

If I had enough money to buy bitcoin it would be ideal because it is the best investment for the future, if the majority of people who do not know anything about bitcoin are implanted with that thought, the price of bitcoin would be sky high, and without so many things , but since there are so many enemies of bitcoin, it is difficult to reach people, but that is their own fault for thinking like this, it is assumed that in government systems they do not like that everyone is millionaires, if you have the necessary conviction, it does not make You need to know a lot about bitcoin, just have the money to buy and that's it, because it will be enough to secure your life.

[Bushdark]

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 could remembered my first Bitcoin purchase then, I never knew anything about Bitcoin then but my passion to be a holder made me to purchase it with the help of a friend before I starting learning about the market. I see nothing wrong if he want to be an holder but you will need to let him know some of the things he would put in consideration so that he would not lose his Bitcoin due to mistake.

There are lot of people that would want to buy Bitcoin and hold due to some things they might have heard about the market but for your own side clarity, you will have to learn him know some things that is necessary about how to send and receive Bitcoin which is good to go if he still considered buying Bitcoin.

[kryptqnick]

As many others, I think storing the money on behalf of a neighbor is a bad idea. Surely, the neighbor should also realize that it's unethical to put you in such position, as you will be blamed if anything goes wrong, and storing this money is another thing for you to worry about. But you can explain that you don't need that responsibility and that a big point about Bitcoin is that a person can store one's own coins, without needing an intermediary like a bank or another person. Doing basic research is crucial for responsible financial decision-making, so if that person is interested in Bitcoin, he should learn how to use a crypto wallet, what are the risks of investing and storing cryptos, how to avoid issues, etc.

[JoyMarsha]

Definitely not. If your friend wishes to invest in bitcoin, he should at the very least have a basic understanding of it, just in case.

Every investor in cryptocurrencies should be willing to take a chance and carry their own cross by themselves. So that nobody should hold each other accountable tomorrow for a wrong investment.

Only the fear of the unknown in crypto can't even allow me to invest in bitcoin for someone, talk more of hodl bitcoin on your behalf. I will reject such an offer of hodling bitcoin for a friend no matter the plea

[GreatArkansas]

(....)
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Bitcoin or non-Bitcoin-related investments are all extremely risky if you don't know what you are doing.
Even though other people say this is safe, that is safe, it's still useless. You can't guarantee what other people saying, it's easy to say something.
This is also the common mistake of new people who are entering Bitcoin or any other investment because they don't have knowledge of what they are doing. As famous sayings, "Don't invest in what you don't know".

[AverageGlabella]

No everyone should make the effort to get the basic knowledge before investing, They need to know how to secure the btc they buy otherwise they risk losing it. There is no backup with btc once you have lost your btc you have lost it. I think this will be the biggest problem for a lot of people who come into btc they will lose their btc and then turn hostile against it because they are used to banks charging back any funds that they have lost due to scams. I think it could be a big problem when we achieve mass adoption.

[crypticj]

Bro never do financial decisions/actions for another person cos, in the end, you will be the one to blame. And the fact that he is asking YOU to do it shows that he low-key wants to use you, at least I'm getting these vibes. So just stick up to your game and let people do their things themselves.

[bounceback]

-snip-
I want to know if it's safe to buy Bitcoin without having the basic knowledge of it ?

Bitcoin is a high-risk investment, so it is very risky for people who do not have the basic knowledge to buy bitcoins, especially if they think that investing in bitcoins is a get-rich-quick scheme, it is best to tell your neighbors not to rush into the market if they don't want to lose everything and also tell the person to understand the risks related to bitcoins first and learn how to store bitcoins safely after buying bitcoins, because basically bitcoins are also vulnerable to hacking besides the price is very volatile.

[siedemtrzy]

Well, buying BTC for yourself without any knowledge is ok I think, most likely you'll make research with time. But doing it for someone else is unacceptable and dangerous. It's better to at least just show him how to do that and tell him that it's still a risk that he takes.

[akuntester1]

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 think you should explain carefully to your neighbors.
First, explain that investing always has a risk, moreover investing in Bitcoin has a high risk because it is very volatile.
Explain the worst possibility if you make the investment for him.
So that there are no misunderstandings that result in damage to your relationship with your neighbor.
Be honest with him if you don't want to be directly responsible for investing his money.
But if he really wants to start investing in Bitcoin, you can offer a little help to accompany him to learn to start investing.
Then of course if he wants to accept it, you have to set aside a little of your time to accompany him to understand the basic knowledge of how to invest.

Of course it is not recommended if someone wants to buy Bitcoin without having clear basic knowledge.
If you let your neighbor start without clear basic knowledge, the worst possibility is that he will feel at a loss and be disappointed with you.
It might actually lead to misunderstandings and damage your neighbor's relationship with yourself.
My suggestion maybe you should offer a little help to accompany him to get to know the basics of what and how to invest in Bitcoin.
Than take full responsibility for investing with your neighbor's money.

[Osama Maaz]

Hello Crypto Community and newbies of crypto in my opinion for holding purpose this is a good time for all the new and old crypto users to invest in the crypto market because are are at 80% low from last top and if next bulrun starts then we will see huge profits ,
So dont be late and start buying Bitcoin slow and steady for gaining profits next 2 years .

[freedomgo]

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 question is, are you willing to grab that kind of responsibility? You know that's not an easy task as you yourself already know the risks entailed with investing cryptocurrencies as there's no such thing as assurance in this industry. Even if you hold it for a long-term, what's in it for you? And how sure are you that your neighbor will have that profits in the future? I doubt, it's not worth the risk.

[Yixing Lao]

I think it might be fine, if it's only a small amount you may hold. However, if it is big, I suggest you let go of it instead of just letting it sit. Those things can be a little complicated and it would be better if you study about them first.

[Raceonsucced]

In my opinion, your neighbor is better off exploring and learning about bitcoin first. he wants you to invest on his behalf. but in my opinion, surely you will be tired of thinking and investing.

Knowledge is the most important thing before starting something. If you start without knowledge, you are afraid that you will easily be carried away by other people.

I'm still a beginner here, I still want to know more about bitcoin and I'm still learning. So, it's better for your neighbor to learn about bitcoin first.

[Mofough82]

I would show him how to buy on Strike and how to buy a Trezor.   Once he does both send him to a BTC Sessions video on how to self custody and he will be set.  If he is uncomfortable tell him it’s a part of the journey for all of us.