Helped my neighbor to purchase some Bitcoins

[The Cryptovator]

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

[kawetsriyanto]

~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.

It is the right way to let him know about the big risk of Bitcoin investment. To be successful in Bitcoin investment isn't as easy as people think. The price of Bitcoin is very volatile and it is sometimes unpredictable. Your neighbor needs to know how big the risk of Bitcoin investment, so they are aware of the potential risks in the future if he is ready to invest in Bitcoin. And let him invest with his own will, so he won't blame you if he fails then.

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.

So, finally, in what wallet he keeps the Bitcoin? I know you said that he keeps it in a private wallet, but what wallet is it? Makes sure you choose a safe private wallet like Segwit or hardware wallets. Better to avoid keeping it in new app wallets, or to hold it in the wallets of new crypto projects. Only choose trusted private wallets only!!

[_BlackStar]

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

Nice to hear that someone is willing to help others understand bitcoin.
But instead of using it as currency I guess they are just interested in the possible benefit. Trading and investing is what new users are most interested in, and it has become such trend among the people that they even just ask to be taught trading instead of the technical knowledge.

[Distinctin]

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.

Trying to invest or venture into something new needs more time to make thorough research and even look for feedbacks if that certain investment goes well in the long term. But we know for bitcoin, it’s a certain fact that it will be profitable in the long term. But trying to invest in an abrupt way will add more risk to the investment alone. Probably, your neighbor must have done a thorough research first and obtain knowledge before buying his first bitcoin. At least, you don’t want to be blame if ever his investment fails in the future.

[DoublerHunter]

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

Nice to hear that someone is willing to help others understand bitcoin.
But instead of using it as currency I guess they are just interested in the possible benefit. Trading and investing is what new users are most interested in, and it has become such trend among the people that they even just ask to be taught trading instead of the technical knowledge.

^The reason behind this is the profit that they get in BTC not how it will use.
That is a part of us as human beings, if we know that we can benefit from such things we simply adopt and use them.
The same thing on BTC, that is what they heard from the start to get profit and the reason they adopted it. However, keep spreading this to those people close to you or your loved ones is a great initiative idea on how to promote BTC. We should be we explain the good side and the bad side so that they will not blame us in the future especially since BTC is a very volatile asset.

[OgNasty]

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.

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. 

It really is a little hard to believe that a lot of people only know about crypto from ads...  I'll admit that a couple of my friends only got into crypto to buy SAFEMOON after seeing ads and being convinced it would be the next big thing.  I don't think they ever got into BTC either and now think crypto is a scam.

Kudos to you for helping your neighbor to get his hands on some BTC as well as informing him on the proper way to safeguard it from centralized services.  Slowly but surely I think the world will be convinced to put at least a little bit of their savings into Bitcoin.

[Stalker22]

I think it is actually quite common for people to first learn about cryptocurrency through ads, especially when they talk about the potential for huge profits. If you are not well-versed in finance or economics, these ads can be very enticing. In fact, a lot of people buy into crypto because they see other people doing it and they want to get a piece of the action. But the problem with this is that if you don’t understand what you are investing in, then you could easily lose a lot of money. Having someone you can trust to guide you through the process can definitely help.

[borovichok]

I think it is actually quite common for people to first learn about cryptocurrency through ads, especially when they talk about the potential for huge profits. If you are not well-versed in finance or economics, these ads can be very enticing. In fact, a lot of people buy into crypto because they see other people doing it and they want to get a piece of the action. But the problem with this is that if you don’t understand what you are investing in, then you could easily lose a lot of money. Having someone you can trust to guide you through the process can definitely help.

The incorrect impact of cryptocurrency on my neighbors is full assurance of gains rather than worry about risk mitigation and loss. Because of the market's extreme volatility, many view cryptocurrency as a get-rich-quick scheme that is completely undesirable. Sharing daily cryptocurrency advice with my neighbor was one of my more difficult experiences because they are beginners and you have to explain everything to them on their level before they can fully comprehend what you're attempting to teach them. Serving assistants who have assisted some of them while some of them make poor decisions and lose money as a result.

[Broadanbig]

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. 

You did well OP to have given an assist to your friend in  purchasing bitcoin as a first timer. This is what we want to be seeing, telling each single one individual around us about bitcoin and how it works. This will aid to the fast adoption of bitcoin globally.  I like it the fact that you told him to think about it before coming back to you because that shows he has made up his mind and was fully convinced that bitcoin is real and genuine. For this you have done I applaud you.

[Adbitco]

Please I would want to let you know to be very careful while helping him because I believe if anything goes wrong you have to be held responsible why?
He might not be as careful as you are knowing the importance of bitcoin and the usefulness of it. He might just be overwhelmed or over excited of holding bitcoin and mistakenly involved another person who may knows more than him and from then his secret phrase can be revealed and fund might get stolen. At this point he might get back to you thinking your response for what happened without knowing it was his errors. Please I would want you to pass to him this information ( he has to be greedy with his phone, device and any other gadgets in other to maintain a long term holding otherwise he might got his phone stolen).

[uche6215]

You have done pretty well "op' trying to purchase Bitcoin for your neighbor is a good thing though, but I want to ask a question,  please have you taken your time to teach or tell your neighbor how Bitcoin works? If you haven't I assure you that if anything happens to his capital it's gonna generate problems for you and it might destroy your reputation in your neighborhood.

[AnonBitCoiner]

our neighbour is newbies and you teach them some initial step but may be he has no knowledge about its worth, about its price chart and more other features so it will take time. Newbies cannot understand it easily there will be more complications with him when he think about its selling according to price of market.

I think that telling someone about bitcoin is very helpful for others but newbies does not get the point quickly so if they do mistakes and due to these mistakes he loss cash then surely he will ask you first about his money because that's was you who put his money in crypto.

So giving knowledge about crypto is appreciable but then giving them details that if they unfortunately loss their cash then it will not be your mistakes as the market is not guaranteed.

[GiftedMAN]

Please I would want to let you know to be very careful while helping him because I believe if anything goes wrong you have to be held responsible why?
He might not be as careful as you are knowing the importance of bitcoin and the usefulness of it. He might just be overwhelmed or over excited of holding bitcoin and mistakenly involved another person who may knows more than him and from then his secret phrase can be revealed and fund might get stolen. At this point he might get back to you thinking your response for what happened without knowing it was his errors. Please I would want you to pass to him this information ( he has to be greedy with his phone, device and any other gadgets in other to maintain a long term holding otherwise he might got his phone stolen).

Helping people is very good but we need to be very careful how we go about it. If the person we are trying to help finally lose money then we may be hold responsible for such attempt. I am very careful when I advise people on switching to Bitcoin investment. I always advise people on the risk that is involved in investing in Bitcoin so they will know what it takes to be a Bitcoin investor. We should not forget telling people about Bitcoin and we should also be ready to take them through the steps that is involved in making sure that there investment is risk free letting them know the risky aspect.

[Rana590]

our neighbour is newbies and you teach them some initial step but may be he has no knowledge about its worth, about its price chart and more other features so it will take time. Newbies cannot understand it easily there will be more complications with him when he think about its selling according to price of market.

I think that telling someone about bitcoin is very helpful for others but newbies does not get the point quickly so if they do mistakes and due to these mistakes he loss cash then surely he will ask you first about his money because that's was you who put his money in crypto.

So giving knowledge about crypto is appreciable but then giving them details that if they unfortunately loss their cash then it will not be your mistakes as the market is not guaranteed.

I believe also that teaching others about crypto is appreciable but it is not good idea to encourage them to buy. Because newbies don't know the basics and market very well and there is high risk to loss capital. Personally I tell my neighbors about crypto. If they have intention to know more, they can do research more. Thus they will be able to learn where, when and how to invest.

[Odusko]

He asked me why not just leave the coin on Binance so that whenever 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 risks of each holding method may be better first, then letting them make their choice.

Educating newcomers before owing their first bitcoin is very important and to say we must take note of the various risk levels associated with Bitcoin and what their stand to gain, because if for instance, a newcomer bought Bitcoin in January - February if they are not properly educated on the volatility of Bitcoin at this moment there would have lost motivation by now where the price of bitcoin dip down to 20k and below in the last few days.

[serjent05]

I believe also that teaching others about crypto is appreciable but it is not good idea to encourage them to buy. Because newbies don't know the basics and market very well and there is high risk to loss capital. Personally I tell my neighbors about crypto. If they have intention to know more, they can do research more. Thus they will be able to learn where, when and how to invest.

I agree, informing other people about the opportunity in the Bitcoin industry is a good thing but encouraging them to invest in it is another thing.  The willingness to invest must come from the person that will buy Bitcoin and not because we convince or encourage them to put money into buying Bitcoin.  Please take note that when the investment is not successful, the people that we convince may blame us.  I have seen several events that when the investment goes southward, investors often put the fault to the person that make them invest.

So I think, to be on the safe side, let's just limit our concern to informing or educating them about Bitcoin.  Whether they invest on it or not, let them decide for themselves.

[RockBell]

Being an investor in bitcoin is a good thing, and the majority of people believe that if you are using a phone or laptop frequently, you are engaging in fraud. However, the fact that your neighbor was exonerated will make it clear that you are not engaging in fraud when using these devices. You should also inform your neighbor of the risks associated with investing in bitcoin and explain the security measures that apply to not your keys, not your coins. Once your key is gone so are your assets in it.

[Adbitco]

Snip

Helping people is very good but we need to be very careful how we go about it. If the person we are trying to help finally lose money then we may be hold responsible for such attempt. I am very careful when I advise people on switching to Bitcoin investment. I always advise people on the risk that is involved in investing in Bitcoin so they will know what it takes to be a Bitcoin investor. We should not forget telling people about Bitcoin and we should also be ready to take them through the steps that is involved in making sure that there investment is risk free letting them know the risky aspect.

I think the best is we don't help them rather teach them so that they could know how to go about the whole process, if they proceeds it themselves is more better than anyone being involved, being involved means if there's any hack or lose of funds the next is to called the helper who assisted them to buy the bitcoin. I am on the opinion that you should give them all the steps if possible a video should be downloaded from YT after you leave then they continue than being around them while they purchased it.

[CODE200]

Thank you for trying to adapt Bitcoin. By helping your neighbour in purchasing Bitcoin, you performed a wonderful job. It's important that your neighbor comprehends the fundamentals of what Bitcoin is and how it functions. At the same time teach them related technical things of Bitcoin like secure the funds.

Nice to hear that someone is willing to help others understand bitcoin.
But instead of using it as currency I guess they are just interested in the possible benefit. Trading and investing is what new users are most interested in, and it has become such trend among the people that they even just ask to be taught trading instead of the technical knowledge.

If they want to use bitcoin in a trading platform, his neighbor must understand lots of things about trading. Trading is not just about the price of it getting high and low. He needs to study and learn how the price of it change, what are the things that has impact on it, when to buy and sell it. Because if he don't do that, I can say he has a high chance of losing his money. I already know lots of people loses a lot of their money who enter in trading without knowing how things work inside of it. Those people get attracted because of some successful people in trading that they see online. They only see the fruit of the hard works but they dont know what those people been through in the past to achieve that position in life. So its still always better to do your own research to avoid regrets in the end.

[ethereumhunter]

If they want to use bitcoin in a trading platform, his neighbor must understand lots of things about trading. Trading is not just about the price of it getting high and low. He needs to study and learn how the price of it change, what are the things that has impact on it, when to buy and sell it. Because if he don't do that, I can say he has a high chance of losing his money. I already know lots of people loses a lot of their money who enter in trading without knowing how things work inside of it. Those people get attracted because of some successful people in trading that they see online. They only see the fruit of the hard works but they dont know what those people been through in the past to achieve that position in life. So its still always better to do your own research to avoid regrets in the end.

Instead of teaching someone to trade who has the risk of losing and not being prepared for the loss, it's better for us to teach them to learn about investing in bitcoin so they don't have to learn more, especially if they are new to trading. By teaching them about investing, they only need to learn to determine when to increase their investment and that can be done when the market is declining or doing a DCA strategy.

By learning about it, they don't need to learn to analyze price movements because that will make them confused. But if they really intend to learn about trading, they will have to study harder than anyone else because trading crypto has fast fluctuations and can make the price move anywhere.