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Author Topic: A milestone of introducing and initiating a friend to Bitcoin investments  (Read 198 times)
Fiatless
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November 05, 2023, 11:44:51 AM
 #21

I was so overwhelmed he that has aided to save me longer time in educating him
Bitcoin was around $26K when he came into the industry and Bitcoin market values today is impressively varying in-between $34K and $35K plus.
So he had engaged on diversifying his portfolio having his first investment for a long-term investment on ageing plans ahead the future while he has also invested a short-term for his up closed bills.
Your friend shouldn't be deceived by the quick profit he made within a few months, he is just fortunate to buy at the right time. It took some investors several years to make a profit from their Bitcoin investment. To be a long-term holder, he should be exposed to open-sourced decentralized wallets and he also needs to learn how to keep his coins safe. He needs to learn more about trading if he is also targeting to make a short-term profit because trading is more complicated than holding.

From demo trading to actual trading, big difference.

With demo trading, you don't lose anything and you don't have to care about market movement, loss in demo trading is not actual loss and don't make you stressful. Profit in demo trading is not actual profit and you don't feel greed with it.
Demo trading doesn't come with the pressure and anxiety that real trading causes. In demo trading, you already know that you have nothing to lose so it's just like play. But it is a good platform to learn trading and demo trading shouldn't be the end of learning, one needs to keep reading. But after learning, starters should start with little funds until they have mastered the process.

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November 06, 2023, 10:29:39 AM
 #22

Depends on how you said it to that person though, if you're the kind that's talking only about bitcoin in terms of hype and all the positives and putting bitcoin on a pedestal so you can sell bitcoin to that person then be prepared to have that relationship to be gone because you deceived that person to some degree by telling them only the good stuff when there's also a lot of negatives that your friend could've been warned about. But if you've introduced your friend in a way that's informative but at the same time makes them do the decision of investing then I don't think that your relationship with that friend will be going anywhere bad.

How can I just say bad or hype. Whereas I am a bitcoin or crypto user who does not want to make his name ugly. Only fools do that, although in the near future it is not visible but in the long run it will have great adverse effects.
Even when I've warned and handed over the decision. When he tells me surely he will bring our first name to start his bad story about what we teach. And the best thing right now is that I'm quiet enough as @mk4, I'll talk more if there's a serious right to learn.

R


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November 06, 2023, 11:37:55 AM
 #23

It takes two different ways in brining one onboard which is either by convincing him or he developed a personal interest but you just have to give him the guides.
You would be at the safer side if he had a personal interest and you must not only give him the positive guides as to sugarcoat the whole thing all to attract him but also tell about the potential risks involved.
I never convince or promoting Bitcoin to my friend because there's no point to do that, if you think I convince my friend about Bitcoin by using sugarcoat strategy, prove my I'm wrong by find my post where I said that.

Either convincing or help him to understand more about Bitcoin, the ending is same: they will talk about profit and blame you when they're loss.

Quote
I have got you with no cooked stories my dear.
Unfortunately I'm not stupid to believe such stories.

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November 07, 2023, 06:45:20 AM
 #24

The "Crypto online demo trading app" lets people who are new to crypto practice without taking any risks. However, it could also make them feel safe when the crypto markets are really unstable. Because of inflation and the rise in the value of your local currency, your friend quickly switched from a demo account to a real investment. This is an example of risk and return.

It was smart of you to teach him about private key protection before you started. How this information can be used in real markets is a different story. Even though his passion is great, he needs to be more patient to understand how markets work and how traders think. Remind him that the market's kindness can change at any time as he tries to balance short-term debt with an older portfolio. Even the most advanced tool can't take the place of understanding the market and being disciplined about investing. Tell him to think carefully about market stories and make smart investments.

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