Advise to a friend

[loopes]

I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers.
I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin.  
From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine.

You made the correct decision; pressuring him to purchase Bitcoin even with a small percentage of his life savings could have ended awfully badly. You'd be the one to blame in case anything happened. -snip-

I agree with you, convincing or even forcing your friend to invest some of his money in bitcoin is not a good idea. But educating your friend is a tricky enough to do. i mean you should be a neutral guider while explain how bitcoin works and do not to conceal the deficiency aspects such as the high volatility of bitcoin price, and etc.

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[nakamura12]

Well, if you don't want to sound like a fraud if it didn't go as planned or not what you both expected that will happen once your friend invest in Bitcoin. Let's say that you have already taught your friend about Cryptocurrency and such. When your friend decided to buy crypto or you made your decide to invest in Crypto then you should tell your friend that even holding Bitcoin may result in losing some money if the price decrease. In other words, you are telling him that he should be willing to take the risk if your friend wants to invest. It is the same as explaining the advantages and disadvantages of Cryptocurrency.

[Party24*7]

If you want to convince him to let him believe in bitcoin, then show him proof that you have made a profit on bitcoin. The proof is the only thing bitcoin skeptics need, they don't require you to explain at length when you have not yet made a return on your investment. Your friend has a lot of money, and if you are poorer than him, there is no reason for him to listen to you. Like me, I would recommend bitcoin to my boss, but he is richer than me, and I can't teach him to get rich. That is ridiculous.

[jeraldskie11]

When your friend decided to buy crypto or you made your decide to invest in Crypto then you should tell your friend that even holding Bitcoin may result in losing some money if the price decrease..

You must provide complete information. You should have stated that if he ever sell, he will only lose, but if not, he will not lose even if the price of the bitcoin you purchased falls below your purchase price. As long as you retain Bitcoin, you will undoubtedly profit when the time comes, as long as you do not sell if the price is lower than your purchase price.
So, at the very least, he will not be discouraged about investing in cryptocurrencies. His thinking will be favorable about it, and he will not blame you because you told the truth.

[goldkingcoiner]

Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.

I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.

The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.

So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.

I think that your friend will not be trusting of Bitcoin at this point. I doubt he will change his mind after losing his hard earned money. His experience with the shitcoins has probably left him very bitter towards any kind of cryptocurrency.

This is why Bitcoiners hate altcoins. Not only do they give cryptocurrency a bad image, they also ruin the Bitcoin experience for newbies before they have even had the chance of buying some BTC.

I think that if you try to push him, he will only push back harder. If you want to convince him then you should lead by example. Show him your profits and share your success stories with BTC.

[passwordnow]

Only his friend alone can be blamed for the misfortune and the result of his decision. I've got those types of friends before that they've asked me what is bitcoin, stuff about it, and if it's a good investment and I'd told them everything and with a yes. But then later, it seems that they don't believe me and went to invest in altcoins, they just revealed that to me when they lost almost all of their capital to a shitcoin because they thought that I was wrong and they better. Remember that these people are just new to the market, they think that they're better than with those experiences and that's why they gather info and decide to follow their own decisions and not the good advises.

This is the reason on why i dont like on recommending or advising something when it comes to things not only on Bitcoin but also on other stuffs as well as i dont like on getting blamed when things goes shit and wrong.
Just simply tell them about that they should invest on the amount that they could afford to lose and thats all, you should really be trying out to avoid on things because there are people who are really just that good
when they need something from you but if there's none and having no use then they would be starting on having that u-turn against you which do really sucks.

There are also people that don't take advice even if they're listening to us. The reason for that is because they think that know more and better than the person who's giving them advice about the market. No doubt that there are people that are only for the need and will approach the people they know for it. But then, we know that everything happens for a reason and when a friend is like that, fate is just trying to help us avoid these type of people.

[serjent05]

There are also people that don't take advice even if they're listening to us. The reason for that is because they think that know more and better than the person who's giving them advice about the market. No doubt that there are people that are only for the need and will approach the people they know for it. But then, we know that everything happens for a reason and when a friend is like that, fate is just trying to help us avoid these type of people.

I think that is not a reason to convince them to engage and invest in Bitcoin instead it is more of a reason to refrain ourselves from convincing them.  As you stated they think they are more knowledgeable than the person who introduced Bitcoin, advising and convincing them to invest in Bitcoin is more futile because if something wrong in the future happens with their investment, they will be blaming us even forcing us to take responsibility of their losses.  So it would be better to just let people decide for themselves whether they will invest in Bitcoin or not.  After all, it is their gain and loss and is not in any way profitable for us if they engage in Bitcoin investment. 

I think that if you try to push him, he will only push back harder. If you want to convince him then you should lead by example. Show him your profits and share your success stories with BTC.

Worst is they will put the responsibility on us if the investment goes southward and if it is a success they will keep the profit not giving us a single cent. 

[passwordnow]

There are also people that don't take advice even if they're listening to us. The reason for that is because they think that know more and better than the person who's giving them advice about the market. No doubt that there are people that are only for the need and will approach the people they know for it. But then, we know that everything happens for a reason and when a friend is like that, fate is just trying to help us avoid these type of people.

I think that is not a reason to convince them to engage and invest in Bitcoin instead it is more of a reason to refrain ourselves from convincing them.  As you stated they think they are more knowledgeable than the person who introduced Bitcoin, advising and convincing them to invest in Bitcoin is more futile because if something wrong in the future happens with their investment, they will be blaming us even forcing us to take responsibility of their losses.  So it would be better to just let people decide for themselves whether they will invest in Bitcoin or not.  After all, it is their gain and loss and is not in any way profitable for us if they engage in Bitcoin investment. 

Yes, and I don't intend to convince anyone to invest in Bitcoin. I'm done with that several years ago and it was a disappointing moment for me to get rejected when I tried to and good thing those people I talked to didn't do it because right after, the correction and bear market came. And for some that did oblige, yes, I was blamed for the sinking of the value of their portfolios. We're just done with that part, we're with them sharing thoughts and ideas but not anymore, and no need to convince them.

[Iranus]

...
 If you want to convince him then you should lead by example. Show him your profits and share your success stories with BTC.

This is the best way of persuasion, and we don't need to explain much to them. I have also used this way with my loved ones, I don't want to waste time explaining their doubtful questions one by one, and I show them the results I got from my investment. Even though they haven't gotten into bitcoin yet, at least they stopped doubting me and started listening to what I had to say. I don't advise them to invest, but I tell them it's an opportunity, and it's up to them whether they take it or not. I won't get any benefit from them, so I don't want any responsibility to them, what I want is just to give them a chance, and the choice is theirs.

[rodskee]

So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.

even what you are doing in action , still it is His decision to made up mate.
the best advise to give is "Let Him realize and Learn" so there is nothing or someone to blame when there is a a different side moves from His money.
some of my friends ask me the same question but what i did? sent them some links and videos for them to understand what is this market all about.

If you want to convince him to let him believe in bitcoin, then show him proof that you have made a profit on bitcoin. The proof is the only thing bitcoin skeptics need, they don't require you to explain at length when you have not yet made a return on your investment. Your friend has a lot of money, and if you are poorer than him, there is no reason for him to listen to you. Like me, I would recommend bitcoin to my boss, but he is richer than me, and I can't teach him to get rich. That is ridiculous.

there is nothing to convince mate , because this is their money and it is for them to win or lose.

Bitcoin is safe indeed but it is for long term mate and not for ASAP earning .

[S A KHAIR]

Bitcoin is safe indeed but it is for long term mate and not for ASAP earning .

Bitcoin is not safe, it is risky and that's why you and I don't want to convince others. Because no one wants to be blamed or held accountable. I agree with all the comments that it is not advisable to convince someone because it is in their interest, if they refuse, let them choose.

[KiaKia]

The crypto price madness is almost over in the late of 2021, that's not a good time to start buying any coin because the Bear market is already around the corner.

Even Bitcoin is not a safe investment for someone who doesn't know anything about crypto, you are in on some trouble if you are the one confusing people to invest in crypto.

They don't have the desire, they only want to make money, but off something the know nothing about, this is why I believe that you will be the one to blame if anything goes wrong instead of right.

Let them be the one pressuring you to give them some guidance, make sure they have the desire to learn about crypto, and then you can make things more for them by teaching them.

[bxipp]

Bitcoin is safe indeed but it is for long term mate and not for ASAP earning .

Bitcoin is not safe, it is risky and that's why you and I don't want to convince others. Because no one wants to be blamed or held accountable. I agree with all the comments that it is not advisable to convince someone because it is in their interest, if they refuse, let them choose.

Bitcoin can make someone goes rich overnight and also can make you lose everything also. Its is best before to do trade with bitcoin once need to learn about it first rather jump like an idiot and losing all their saving. I already sees a lot of mistake thinking they can make a lot of money with bitcoin trading and loses everything they got in the next day because of greed. Learning about bitcoin will save a lot of your hard saving and always do trade what you can afford to lose is a great way to learn and try something you didnt know too much about.

[Jawhead999]

If you want to convince him to let him believe in bitcoin, then show him proof that you have made a profit on bitcoin. The proof is the only thing bitcoin skeptics need, they don't require you to explain at length when you have not yet made a return on your investment. Your friend has a lot of money, and if you are poorer than him, there is no reason for him to listen to you. Like me, I would recommend bitcoin to my boss, but he is richer than me, and I can't teach him to get rich. That is ridiculous.

Do you think profit is the only one reason why someone want to buy and use Bitcoin? introducing someone about Bitcoin by the profit you make and you must be richer than the person you want to teach is really ridiculous lol. Some people choose Bitcoin to store their wealth because they don't believe with banks, there were many banks going to bankrupt and people are scared about it. That's true FDIC will insure your money as long as you not reach the maximum amount of insured funds, but there was few cases where the banks collapse and they weren't compensate any funds to the victims.

[Litzki1990]

Bitcoin is only going down in recent times. And gradually it is happening. The price of Bitcoin has dropped from around $30K to $27K over the past few days. If this continues, it won't take long for Bitcoin to go back to where it was before.  I do not understand any reason for such a sudden change in the market. 

Your friend suggested to invest 40% of his savings in bitcoins it is very good but at this time it might be better to wait for some time before investing in bitcoins. Because after investing during this time, if the value of Bitcoin gradually decreases, then your friend may break down mentally. So wait for some time and observe the market and then invest.

[DevilSlayer]

I keep reading replies that bitcoin is a "safe investment" even though there are no such really safe because everything has a risk it is up to you on how you can handle it. The higher the rewards, the higher the risks. Bitcoin is a high reward investment so it means that the risks are also high. The reason why it is called a a risky asset and not a safe haven asset is because of its high volatility and also the nature of uncertainty. The meaning of uncertainty is that you cannot have any guarantee that you can make money by just making investment on it.

If you will convince your friend to make investment in bitcoin then you should explain first its nature and you should tell them that they cannot become rich by just putting his money in bitcoin. It is a complicated process where you need to have a solid foundation and basic knowledge that can help you to create a strong solid plan that will lead to good trading performance. Make sure also that you should not force him to make investment, let him decide for himself.

[Bitcoin_people]

I have not yet been able to gain such good knowledge about the crypto market. And I can't tell someone to invest with such certainty because if I give an idea to someone to invest, it will be very difficult for him if he loses his money later. And I don't want anyone to take my advice and invest in crypto. What little knowledge I have about crypto will be best used only by myself as I am a small user. But I think if you want you should get knowledge from different big crypto traders who are always seasoned in investing. But it is hoped that you will be able to achieve success in the future by investing.

[Patrol69]

Investing is always a better decision than keeping money in the bank. But that investment should be well timed. And since your friend has been saving money no doubt he might have some big plans behind saving this money. Maybe he wants to connect himself with some business or some other profession by collecting a lot of money at once.

But investing involves some financial risk. And you want to ask him to invest like 40% to 45%of the assets but I think he should invest a little less amount first. Because if you invest with a small amount, your friend will understand the movement of the market. And if he decides to withdraw after investing a small amount of money, he will not lose much of his money. So before making the investment decision, you must think about it and then make a decision.

[dlightag]

Bitcoin investment has to deal with patients of time and as a new person towards cryptocurrency such as Bitcoin, have to educate your friend about it and if possible open a spot trading chart platform and show him/her how the market movements and previous histories of the market, while predict for a long time holding Bitcoin as percentage return from the initial investment, which no one can give actual price of Bitcoin, but it appreciate and no money lost in Bitcoin long time investment holding.

[darkv0rt3x]

Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.

I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.

The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.

So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.

I don't advise anyone to buy Bitcoin. I just tell people how it works, why Bitcoin is better than any other asset, I tell them I'm all in, I tell them I trust the technology, etc an also that they should only invest what they can afford (not to lose but to invest)! If they have spare few bucks at the end of the month, why not?
I also like to focus that I cannot teach them everything and that they also need to WANT TO LEARN and that they need to do their own research.

Sometimes happens that I am talking about Bitcoin to my colleagues at work and they start asking me: but how I buy it? Tell me? Where do we buy it, etc and I tell them that they should not buy it like blindly. That they should always learn at least the basic concepts, etc an then they get disappointed. But yeah, they need to want to learn. This is not easy money!