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

[jeraldskie11]

Say NO! It’s very risky putting yourself in that situation. You may not know it but you’re taking responsibility for his bitcoins and his money, for someone who doesn’t understand the basics of bitcoin, I don’t think he understood the concept of bitcoin being a volatile currency. If he did, then he’s trying to be smart and wants someone else to manage the risk for him. What happens when you hodl his bitcoins for him, let’s say $100 and the value dumps to $65, how do you explain this loss to him and what do you think his response would be? You’d be surprised how much people value money over friendship.

I have friends who wanted me to invest Bitcoin using his money. I don't know where he heard those thing, maybe he just hear it from my friends. I immediately said NO to him because I know how volatile is Bitcoin. I told to him to do some research about Bitcoin and how it works, and I'm glad he follows it. Since Bitcoin's price that time is so high, I don't know if he gains a profit and sold at a higher price. However, since Bitcoin's price is so deep where people are so scared, I highly suggest to invest in it with your extra money, a money that you can afford to lose. Buy Bitcoin where people are scared, that's one of what I have learned in Bitcoin.

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[salad daging]

Don't do that you have to bear all the risk if things go wrong then put it in the basic knowledge to start with if the sense of growth comes to invest from your friend then it's fine as long as he does it himself and this way he does what he can in learn the basics and give him various articles that can help him know about how to invest in bitcoin, you only need to guide and you don't need to be involved in investing let alone do it.

Of course it's not safe to buy bitcoins without basic knowledge, at least your friend knows how to trade, use a non-custodial wallet, make withdrawals and deposits, I know your intentions are good to help a friend who wants to invest but at least he must understand everything that is needed including basic knowledge is very important.

[BALIK]

Say NO! It’s very risky putting yourself in that situation. You may not know it but you’re taking responsibility for his bitcoins and his money, for someone who doesn’t understand the basics of bitcoin, I don’t think he understood the concept of bitcoin being a volatile currency. If he did, then he’s trying to be smart and wants someone else to manage the risk for him. What happens when you hodl his bitcoins for him, let’s say $100 and the value dumps to $65, how do you explain this loss to him and what do you think his response would be? You’d be surprised how much people value money over friendship.

I have friends who wanted me to invest Bitcoin using his money. I don't know where he heard those thing, maybe he just hear it from my friends. I immediately said NO to him because I know how volatile is Bitcoin. I told to him to do some research about Bitcoin and how it works, and I'm glad he follows it. Since Bitcoin's price that time is so high, I don't know if he gains a profit and sold at a higher price. However, since Bitcoin's price is so deep where people are so scared, I highly suggest to invest in it with your extra money, a money that you can afford to lose. Buy Bitcoin where people are scared, that's one of what I have learned in Bitcoin.

My cousin asked me to buy him bitcoins, and I flatly said NO, I feel like he's trying to be smart because if the investment is at risk, he's going to blame me. If he really wants to invest in bitcoin and is willing to take the risk, he can learn about bitcoin. I see it won't take too long to learn the basics of bitcoin, it can take as little as 1 week if we work hard and invest really seriously. Even if we cannot manage our own investment risk, it would be foolish to manage someone else's risk.

[Kaliandra]

to invest in bitcoin, after all, you must have basic knowledge, because to buy bitcoin too, if you don't use knowledge, of course there will be a potential loss. I personally also bought bitcoin for the first time to find out the knowledge first.

if you want to buy bitcoin for someone else's investment, I think you have to be ready to be blamed by that person if the investment loses.
unless you dare to take the risk.

[Bobrox]

I don't recommended some one for investing in Bitcoin without having the basic knowledge, actually have learn step by step and basic thing for investing in cryptocurrency possibility with Bitcoin or altcoin. Have bigger risk waiting later without having basic knowledge about Bitcoin your neighbor not already when some thing bad happen with his investment fund in Bitcoin.

if you want to buy bitcoin for someone else's investment, I think you have to be ready to be blamed by that person if the investment loses.
unless you dare to take the risk.

I agree with your ideas, not all people invest in Bitcoin have ready for their losing when Bitcoin price drop but they only know how increasing up and profit earn when investing in cryptocurrency without think how bigger risk waiting for later.

[kro55]

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.

Not only that, without knowledge of the market, we cannot distinguish between a reputable exchange and a scam. Nowadays, scam exchanges are rampant on google, and for someone who knows nothing about the market, visiting scam websites is inevitable. Not only with bitcoin, but we should not invest or buy anything without knowing anything about it. It is a stupid act that is wasting our money and does not bring any benefit to us.

[wxa7115]

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 ?

Are you a money manager? If yes then you could charge them for the business of managing their portfolio just as you do for the rest of your clients.

But if this is not the case then stay away from this situation, your neighbor sounds like the classic case of those which are interested in bitcoin just because it has presented high profits recently, but as soon as there is a problem they will sell and blame you for their losses, and believe me you do not want to be part of that mess.

[White pawn]

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 ?

Are you a money manager? If yes then you could charge them for the business of managing their portfolio just as you do for the rest of your clients.

But if this is not the case then stay away from this situation, your neighbor sounds like the classic case of those which are interested in bitcoin just because it has presented high profits recently, but as soon as there is a problem they will sell and blame you for their losses, and believe me you do not want to be part of that mess.

I highly doubt that the OP is an investment manager. And he shouldn’t be managing other people’s finances and investments.
Obviously, his neighbor is a newbie to the cryptocurrency industry as I don’t think a veteran would be asking someone else to manage his portfolio. And yes, if bitcoin falls below the capital investment, the newbie would be sure to blame everyone else but himself for his losses

[CryptSafe]

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 would be in your own interest not to do that because you have done your best in educating him a little which made him pick interest in bitcoin. If he truly wants to invest, he should do a deep research on bitcoin and how it works so as to gain more knowledge added to that which you have already taught him. Investing in bitcoin means you signing up for whatever be the result in respect to the market volatility. Is it not better being at peace with him than having issues as a result of the fact that you led him to buy bitcoin which he should have done it himself so that adverse market reactions would not make him start blaming and disturbing you. Be wise and know that you should not be the one to fall into the trap if it happens that way. Act smart and do not get involved in his investment.

[TribalBob]

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

I don't think so, because at least we know the basic understanding of what bitcoin is, the benefits and risks that we will get in the future because as we know the value of bitcoin is not the same from time to time,
never accept responsibility in investing too risky, try slowly you give the explanation so he can do it himself

[Gallar]

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 ?

things like that are ridiculous, investing without any knowledge will definitely be very difficult and close to loss.
in elementary school we have been taught, to always learn whatever we are going to do.
in investing you also have to be like that, you have to have knowledge before you can start investing.

[Davidvictorson]

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 the main question should be "how much knowledge do you need to make your first bitcoin purchase"? And to your original question, passion is not enough. Since your friend is interested and wants to invest, you can serve as a mentor or guide for him. Some of us only read on how to make our first bitcoin purchase, we had friends guide us - like download Binance, create an account, verify it, and tell me when you are done. When we did it, we reported to them. They asked how much we had, we told them, and they also directed us on how to make the purchase through bank deposit. After the purchase, they started to send us links to join some WhatsApp bitcoin groups. And our curiosity took off. Where we didn't understand, we'd call them. And now here we are. Just serve as a guide to your friend if he is willing to learn.

[fadhilz123]

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 ?

Logically, actually, whatever we are going to buy or want to buy, we must have basic knowledge of it. For example, like you buying a product or device or vehicle or an asset like Bitcoin which of course really requires basic knowledge for yourself even though Bitcoin is very popular among many people now. Because you also have to provide an understanding of investment risks to that person so that in the future he doesn't blame you in any case when the investment you are running suffers a loss.

things like that are ridiculous, investing without any knowledge will definitely be very difficult and close to loss.
in elementary school we have been taught, to always learn whatever we are going to do.
in investing you also have to be like that, you have to have knowledge before you can start investing.

It is very true in what you say, because it does sound very ridiculous when someone who wants to invest but does not have the basic knowledge so that the road will not be smooth for him if he is determined to try it. Basic knowledge is the first way for anyone who wants to run their investments so that they can set their own time targets in carrying out their investments with patience and also with more knowledge after the basic knowledge.

[Marvell1]

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 ?

There will be a lot of problems when you buy bitcoins for him, first: if there is a loss, he will blame you because you are the one who introduced and used his money to buy bitcoins, not him. Second: let's say you bought him, but you can't hold bitcoins for him, and in case he has no knowledge, his bitcoins are in danger and vulnerable. All are disadvantages if investing your way, tell him, knowledge is necessary to start investing if he doesn't want to learn, don't invest because sooner or later, he will lose money.

[tjtonmoy]

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

This is not a subject to discuss. No one should acquire Bitcoin without the knowledge of what it is and how it works. And never help people who has no knowledge about it. You told him to learn first, and that's the best thing to do in any situation.

Even if they buy it now without the knowledge, then it is best to just hodl until the market is in bull run again. But given the current market condition, I think it is best to wait for the market's correction. Never take risks for someone else's sake. Being selfish in some situation is not always bad. It's a good thing in this situation.

[SOKO-DEKE]

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 don't think it is going to be a good idea for you to help anyone invest under you because cryptocurrency involves a lot risk and anything can happen in crypto industry. and if anyone invested under you and something later happen in future you maybe held responsibly for that so the best way is to teach anyone what you know about Bitcoin and ask them to go for more research own their own before they take any step of investment in any coin.

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

It's not possible because you can be easily get scam with scammers. So the best way is to have the basic knowledge first, because is the knowledge that will guide you to take the right steps. So it advisable to have the fundamentals knowledge of Bitcoin, blockchain and the risk it involves before any one taking step to invest in Bitcoin. So don't be desperate to investment because it will too risk for you.

[Cookdata]

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 is not just safe alone, it is healthy to know what you are buying and where your money is going, it will give you a lead of what bitcoin is about as an advantage as a holder. You should also know that security is paramount and very essential as a bitcoin holder. There is no point in buying and holding bitcoin if you don't have the basic and maximum security you can offer the bitcoin under your care, especially now that there are bitcoin scams everywhere and there where bad actors are looking for the easiest way you could hijack wallets, in addition, Bitcoin basic knowledge is also required as for beginners who love to keep their bitcoin on centralize exchange which is not always safe as they claimed.

[Ibrahim60]

It is not a good decision for anyone to invest money without knowing properly. Investing Bitcoin is profitable but obviously there is need to learn the basics about it for the investment. For a newbie, volatile condition will not be a good matter. It is highly recommend to learn and gather more experience to invest on Bitcoin.

[Spaceman1000$]

I think you should buy the bitcoin for your neighbor, since his money is involved, I believe he will grow interest in it. You should as well teach him the rudiments of bitcoin and crypto market so he won't get Lost.

[Finestream]

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 ?

We all know how risky to invest in bitcoin but it will be more risky knowing you invested in it without the basic knowledge. So I would say it’s never safe once and for all. Even if you took the responsibility of managing his coin, that would not guarantee that you’ll never endure some losses too especially in times of bearish season. So tell your neighbor to keep on DYOR first and let him have the responsibility on managing his own investment. He will never learn if he keep on depending on you instead.