Helped my neighbor to purchase some Bitcoins

[Nwada001]

There are people for whom the only way they have heard about crypto currency is from being referred to an airdrop by friends or through online ads, and this is my neighbor, who is one of them. I live in a rented apartment where others are also living. There is this guy who is kind of close to me. I'm always active online with either my phone or computer, which always made him ask me questions like, "What are you always busy doing online with your phone or computer?" Abi you don they do fraud?" I told him I'm a Bitcoiner, and I am also learning online. has ask how can he become a holder, I told him it's simple but the risk is huge. made him understand that holding Bitcoin is simple, but the risk of losing your starting capital is high, and that before you can consider buying and holding Bitcoin, you should prepare your mind to count loss sometimes, which can later turn to profit if you don't sell out of panic. Ask him to go and think about it first before rushing into it, and when he has come to a conclusion and is ready to accept the risk and take responsibility for anything himself, he should let me know. 

Yesterday, while watching a Manchester United match together, he brought out the topic again and told me he had some spare cash he was willing to risk, which he called a "bold step."
Today I helped him purchase bitcoin using Binance P2P, and it was a success. The crypto was deposited into his funding wallet. since he was already participating in airdrops and had a crypto wallet on his phone. I asked him to copy out all the phrases from the old wallet into his mobile wallet and back it up in a safe place where he would be the only one to access it. When he was done, I asked him to wipe the app data, and the mobile wallet was as clean as a new wallet. switch off the internet connection and create a new wallet again. After the successful creation of the wallet, I asked him to write down the new phrase and safe-keep it again, which he did successfully. We then generated a new Bitcoin address, which was used to withdraw the purchased Bitcoin to his private wallet, over which he has control. 
He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced. 
 

[rat03gopoh]

He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced.  

For some reason, I wouldn't lead idealistic thinking toward newcomers. I'm certainly not against the general rule of thumb of the self-custody wallet concept, just don't wanna be the one to blame one day especially talking about the rather high transaction fees that most newcomers aren't completely okay with. Teaching the advantages and rikss of each holding method may be better first, then letting them make their choice.

[Crypt0Gore]

I hope you have screamed the ugly side of keeping digital asset safe and also the volatility to this neighbor of yours. This is the only way you can be held less responsible if anything bad happens, I only bring in stubborn and self-ready people into Bitcoin investment, I always make sure to scare the heck out of them, to make them want to quit. This is the only way to find the strongest at heart among those who want magic investment without any risks.

[Z-tight]

If you helped your friend buy BTC and also helped them move the BTC to their own self cutody wallet, then maybe that your friend shouldn't be holding BTC now because they can easily lose their money. I wouldn't buy BTC for anyone for many reasons, it is better to go on a long teaching with them on how to buy, sell, hold BTC, the risks in it, privacy, the best wallets to use, etc, after sometime and if the person still shows interest, they will buy BTC themselves without any assistance.

If you buy BTC for your friends, they may blame you later if they lose it, or when the price plunges. With even experienced bitcoiners making mistakes and losing their BTC's, i always believe people should hold fiat until they believe within themselves that they can hold BTC themselves and control their money.

[Odusko]

Don't forget to tell him how risky it is to store your bitcoin in an exchange for a long time, this is the riskiest thing to do and as a newbie, you should teach him wallet security and exchange usage and risk.
But on a commendable level you took the right step of choice instead of misleading the ops to invest in some shitcoins you opted to buy Bitcoin but the only challenge is the purchase is done via Binance which is an exchange.4

[Yatsan]

He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced.  

For some reason, I wouldn't lead idealistic thinking toward newcomers. I'm certainly not against the general rule of thumb of the self-custody wallet concept, just don't wanna be the one to blame one day especially talking about the rather high transaction fees that most newcomers aren't completely okay with. Teaching the advantages and rikss of each holding method may be better first, then letting them make their choice.

It is easy to convince or persuade someone to engage towards investing in this industry but if you areally care for those you are wanting to invite, expose them to the idea of risk 'coz it will save you from blame. If you will just gaslight the advantages of this technology then you are simply dragging them to danger. A friend won't do that. Been there; I was just wanting to share how I got my profit so I encouraged some of my friends. But little do I know, the market is just unpredictable. When a correction occured, they suffered from huge loss and they immediately sold to somehow cut it. Make sure they have the knowledge to invest first.

[Mate2237]

Op you don't have to tell the forum because you helped someone to buy bitcoin. It looks like merit hunting and that is it. I came to understand that every newbies are using two ways to hunt for merit. 1. Teaching people, or students about bitcoin then post it here, 2. Buying of bitcoin which is the latest on board now. And I believe most of them are from one continent, and region.

Op from the evidence you show here, really you bought the asset but it is because of merit you bought it and not because you want to hodle or invest. I bought bitcoin from p2p every week before and I have not post it here. Well I will still advise you to move the coin from binance to a non custodian wallet.

[Easteregg69]

Op from the evidence you show here, really you bought the asset but it is because of merit you bought it and not because you want to hodle or invest. I bought bitcoin from p2p every week before and I have not post it here. Well I will still advise you to move the coin from binance to a non custodian wallet.

Since less mistakes was found at that point.

[Frankolala]

You did well by bringing in your friend into the cryptospace. Helping him to do the purchase and the rest is good but I hope if anything happens to his investment, you wouldn't be help responsible? if not a good neighbour will turn out to be a bad one. He has an investment that he doesn't know anything about which might lead him to lost,if he thinks bitcoin is for making quick profit.

You should teach him constantly and if possible introduce him to this forum so that he can learn on how to keep his coins safe at all time. You would have taught him on the wallet aspect and tell him to create his wallet himself because from your explanation,he has zero knowledge on bitcoin. Private keys that two or more persons have seen is not private anymore. Hope you also told him to keep his seed phrase secured from third party.

People think they are better is what it boils down to.

Pls stop spamming, you should have written the two post you did in one post.

[danadc]

That is something that I congratulate you on and I hope you continue doing the same, because there are many people who want to buy bitcoin and they find it complicated, I also have neighbors but they are already older adults and I have also helped them buy bitcoin, which they What I am saying is that they see it as an investment and not as savings, that they do not see the price right now, and when the price of bitcoin rises, if they want, they withdraw or continue letting that investment continue to grow fat. The bitcoin culture is the most effective way to help eliminate all those negative things that are talked about on television.

[BALIK]

Honestly, if I were you, I wouldn't agree to buy bitcoins for him, he said he was ready to take the risk and take responsibility because he was very excited and wanted to own bitcoin at the time. Maybe you mention the risks, but he won't understand because he hasn't experienced it, and if unfortunately, the investment loses, he will most likely come back to blame you because it was you who took the money to buy bitcoins, not him.

Try to teach him all the necessary knowledge about bitcoin so that he better understands the pros and cons of investing in bitcoin, only when he understands it can't blame you.

[Ahli38]

At least he was interested of his own accord. because you have given your friend time to think long enough before deciding. and your steps that have informed you of the risks to be taken are also good enough. But I hope your friends can go deeper and understand it in more detail. so he really knows what he's doing. and experiences like this are actually quite common. especially if we have friends who spend more time with us. then of course our friends will start to be curious about what we are doing on our computers and smartphones. and we certainly have to explain to our friend if he starts asking. but if he doesn't ask then I prefer to keep quiet.

[GeorgeJohn]

The basic things to do is to purchase Bitcoin, but the recipient should at least know the elements or the rudiments of Bitcoin before venturing into Bitcoin investment. It's admirable to purchase Bitcoin but it depends on the kind of investment you want to venture into, either long term investment or short term investment, i believe that Bitcoin investment you have scrutinized very well before you can as well venture into Bitcoin investment in order to avoid all the necessary mistake of the lost over investment.

[bettercrypto]

There's nothing wrong with teaching your friend how to buy Bitcoin, in fact, that's okay. But you should have also explained to him point by point the pros and cons of it. And you also said that he should not blame you when something bad happens in the market.

     You know bitcoin can make you smile and make you angry emotionally. So it's good that he is the best person who would have voluntarily taken a step about the thing he wants to know about bitcoin.

[Mr.suevie]

There is this guy who is kind of close to me. I'm always active online with either my phone or computer, which always made him ask me questions like, "What are you always busy doing online with your phone or computer?" Abi you don they do fraud?" I told him I'm a Bitcoiner, and I am also learning online.

Funny enough i had some of my friends who actually have been noticing me always getting lost when pressing my phone and have asked me some similar questions. Ever since I got introduced to the forum my curiosity to acquire more knowledge has been very intriguing, i normally spend up to 4 to 5 hours glued to my phone just trying to surf the forum for new knowledge about crypto and to use for my own development and maybe share the knowledge i have gotten but i will do that only when i am certain i have learnt and developed myself.

He asked me why not just leave the coin on Binance so that when ever he wants to sell it, he can just use the same method; that's when I brought to his notice "Not your key, not your coin," and he was convinced. 

Thats very good that you explained to him on the preferences of you having the full control of your coins in non custodial wallets unlike the central system exchanges where you will have to share your privacy with some CEO.

[GeorgeJohn]

Honestly, if I were you, I wouldn't agree to buy bitcoins for him

Actually it's normal to bring howsoever that have interest in Bitcoin into Bitcoin, since the buyer have concluded on his mind to buy Bitcoin, i believe that it will definitely purchase Bitcoin even though op did not assist he/ her, because probably it will look for another means to purchase Bitcoin through another source. The problem is the ability to know the rudiments that concerns Bitcoin investment, because i know quite well that many got lost over Bitcoin investment because of lacks of ability to know the possible risk's that's involve for the investment. When you have known the implication both positive one and negative one, i think you are capable of purchasing any cryptocurrency.

[Zlantann]

Op you don't have to tell the forum because you helped someone to buy bitcoin. It looks like merit hunting and that is it. I came to understand that every newbies are using two ways to hunt for merit. 1. Teaching people, or students about bitcoin then post it here, 2. Buying of bitcoin which is the latest on board now. And I believe most of them are from one continent, and region.

Op from the evidence you show here, really you bought the asset but it is because of merit you bought it and not because you want to hodle or invest. I bought bitcoin from p2p every week before and I have not post it here. Well I will still advise you to move the coin from binance to a non custodian wallet.

It is possible that OP is so excited that he wants to share his experience with the community. We have indeed had so much of this kind of thread created with the intention of merit fishing which is not proper. And I think it should be highly discouraged. Although everyone wants to receive merit but let's focus more on quality than reward. And the truth is that quality posts will always attract rewards (merit).

But I don't also think we should just conclude that their sole intention is to seek merit. These attacks might discourage some members that have genuine experiences about Bitcoin that deserve to be shared in this forum.
My advice is that if you think a post is targeted at merit hunting, just don't give merit to the post. If these merit fishers observe that they are not getting merits, they would no other option but to abandon this strategy.

[sheenshane]

Great initiative.

• Bitcoin awareness -check
• Understand Bitcoin  -check
• Proper Storing -check
• Choosing the right wallet --not stated

Thou you mentioned the golden rule of storing Bitcoin "Not your key, Not your coin" but seems it's risky because you are using a mobile wallet which is still prone to scams, most especially personal mobile phones that every day you've used.
Hardware wallets have strong security features on their own and that's worth it to store your asset, not on the phone or more worst custodial wallet/exchange.

[salad daging]

Op you don't have to tell the forum because you helped someone to buy bitcoin. It looks like merit hunting and that is it. I came to understand that every newbies are using two ways to hunt for merit. 1. Teaching people, or students about bitcoin then post it here, 2. Buying of bitcoin which is the latest on board now. And I believe most of them are from one continent, and region.

Op from the evidence you show here, really you bought the asset but it is because of merit you bought it and not because you want to hodle or invest. I bought bitcoin from p2p every week before and I have not post it here. Well I will still advise you to move the coin from binance to a non custodian wallet.

I often see posts like this with keywords: helping a friend buy the first bitcoin, helping neighbors buy bitcoin, my brother buying the first bitcoin and many more, I thought this was hunting for the merit they wanted to get from the thread that was created.

I know that beginners really need guidance from a senior, but giving a better explanation starting from the basics to being able to buy bitcoins yourself than you helping to do it ourselves.

That's good advice to choose non-custodial over than exchanges that often become insecure with their assets even though it's a large Binance exchange, it's a pretty good point for beginners to keep assets there as their own.

[BitcoinPanther]

If you helped your friend buy BTC and also helped them move the BTC to their own self cutody wallet, then maybe that your friend shouldn't be holding BTC now because they can easily lose their money. I wouldn't buy BTC for anyone for many reasons, it is better to go on a long teaching with them on how to buy, sell, hold BTC, the risks in it, privacy, the best wallets to use, etc, after sometime and if the person still shows interest, they will buy BTC themselves without any assistance.

It is easier to show how the task is done than teaching them with words and videos.  It is what we called practical application with guidance.  I bet his neighbor will be able to grasp the basic of Bitcoin buying because he had experienced it personally and not just from videos and articles.  It is also given that @OP will orient his neighbor of the do's and don'ts of holding BTC.

If you buy BTC for your friends, they may blame you later if they lose it, or when the price plunges. With even experienced bitcoiners making mistakes and losing their BTC's, i always believe people should hold fiat until they believe within themselves that they can hold BTC themselves and control their money.

How so?  They hold their BTC and @OP possibly explained the risk involved in holding BTC.  Too much negative thought will hinder Bitcoin adoption.  I believe @OP's neighbor knows the risk and as I said, @OP will surely educate his neighbor about safe-keeping of BTC.