Advise to a friend

[Minecache]

Instead of giving advice, why don't you give him more knowledge and time so that he understands bitcoin well and can decide for himself? I know you're well-intentioned to help him make money, but giving someone financial advice is something I wouldn't do even if it were someone close to me. Since I myself do not guarantee 100% that bitcoin will bring me profit, so I have nothing to prove to my friend that he will not lose his investment. If he really wants to invest, let him decide for himself.

[1714315981]

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[taufik123]

The first mistake lies in someone convincing your friend to get into altcoins and at the end he has to get a loss after holding on for a long time.
But if you are trying to convince him to get into Bitcoin, there is no doubt about it, bitcoin is the best.

If you are afraid that you will fail, then use management to buy gradually or do the DCA strategy, it will keep your funds safe and you can buy at a lower price.

Bitcoin is not a get-rich-quick scheme, it is a more promising long-term investment than altcoins or Fiat. If you buy at the current price, of course, it's cheap enough. The benchmark is the last ATH of 2021, and if you are targeting a new ATH of maybe $100k, that would be a pretty ideal target for the next few years.

You just need to reassure your friends who are quite traumatized by altcoin investments and switch to Bitcoin which is more secure.

[jrrsparkles]

First of all he made a huge mistake that he kept his savings in a bank account because over the two years the value dropped 20% as per the actual stats in practical world if it's USD or if it's other fiat the value maybe dropped higher.

Now about investing on Bitcoin, I suggest you to show the price chart of Bitcoin which itself is convincing enough to make anyone to invest for long term but if he is not used to investment on speculative assets then gold can be an alternative.

[aryana42]

Why do people like to give investment advice to others so much? Does it benefit you? If it were me, I would never give anyone advice because we don't know what they are thinking and what they want. I don't want to lose a friendship just for advice if their investment goes wrong. That was really a bad idea for me.

[bittraffic]

He once was introduced to a scam altcoin and to his limited knowledge the one who convinced him to invest in the altcoin is influential to him. Though he may have learned his lesson after the loss, he may not be interested anymore until something will force him to. But today his friendship with that influential guy must have turned sour.

You can only advise so far but its still his decision.

[initim]

You can introduce your friend but remember to educate him appropriately. We have different coins, so it is good you tell your friend the advantages and disadvantages and leave him to then decide on which to invest in.
I will also recommend portfolio diversification, he should not put all the eggs in one basket. Keeping money in banks is just like enriching banks because they will trade with your money and give little or no profit at the end of the day.

[Yatsan]

~snip

If you are ready to take responsibility for asking him to invest in bitcoin and your conscience doesn't bother you if something goes wrong, then go ahead - advise him to buy. I understand that this is your friend and you want to do good to him, but sometimes in life it is difficult to distinguish good from evil and vice versa (never know what the outcome of any action will be). Personally, it would be extremely unpleasant for me to let a friend down and it would be difficult for me to take on the decision of his investment. Therefore, in this situation, I see the solution as follows: tell about all the opportunities and risks when investing in btc, but your friend, the decision must be made by himself. Best of all, after a few days of reflection, that reduce the impact of emotions.

Isn't it too much, 40%? BTC is still considered to be risky assets.

Not all people are aware that they would be holding the burden if ever the investment they are encouraging their friends to engage into would turn into huge loss. They would invest because they know you and not because they know what they are doing so never be surprised if one day, they would blame you if ever things would go the other way than expected. Much better if you will just let them find the initiative to do so than to interfere and to be biased. Nothing is certain in this industry and risk will always be there so set aside the confidence. Indeed this technology is profitable but that is only if the investor knows how to manage the risk in any price action.

[andriarto]

He once was introduced to a scam altcoin and to his limited knowledge the one who convinced him to invest in the altcoin is influential to him. Though he may have learned his lesson after the loss, he may not be interested anymore until something will force him to. But today his friendship with that influential guy must have turned sour.

You can only advise so far but its still his decision.

that's where the danger is a lack of knowledge, thus creating a split friendship. therefore we who give advice and other people who are given advice must be smart. in the sense that you have to study thoroughly first, don't just believe in what your friends say, of course, what you imagine at first is happiness without any knowledge about risks, so that it ends badly

[Eternad]

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.

Your friend is already exposed on the shitcoin poison. It's very hard or nearly impossible for him to convince on investing only on Bitcoin since he already tasted the bitter experience on altcoin investment. I have a friend like this that learned lesson the hard way. He completely avoid crypto even Bitcoin because categorized as same investment type.

The only way to convince this kind of person is to show him what you are doing by holding only Bitcoin and have a good result in terms of profitability. This is a very hard commitment to someone   that has very bad experience in crypto. You should avoid discussing crypto investment on this guy if you knew that his mind is not stable to commit Bitcoin investment only because he will surely purchase again altcoin once he feel the slow growth on his portfolio while other shitcoins is pump hard.

[HONDACD125]

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.

First thing is that if he had invested in an altcoin and without any knowledge and research and experience entry into any token is always detrimental.Always think carefully and invest in the best and top tokens in the market.

As far as Bitcoin is concerned, Bitcoin is a very reliable and least risky cryptocurrency.Because Bitcoin has a huge role to play in all the ups and downs in the market.And all cryptocurrencies also depend on the price of Bitcoin.Bitcoin has a low profit rate compared to other cryptocurrencies, but the loss rate is also extremely low.As far as losses are concerned, the crypto currency market is a very risky market where the market can crash at any time and any bad news can affect the market badly.But bitcoin is a cryptocurrency that is very reliable and you can tell your friend to invest in bitcoin. Even if the price of Bitcoin decreases, he should invest more. The lower the price of buying Bitcoin, the higher the profit in the future.Because one who has lost in cryptocurrency , he does not trust any cryptocurrency.Now you can attract your friend to invest in Bitcoin.And your friend can also recover his loss by investing in Bitcoin

[mvdheuvel1983]

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.

You shouldn't go ahead to advise him to invest in bitcoin. It is not your call. It wouldn't help.
How well do you know your friend?
There are tons of reliable resources out there that you can provide your friend with. Let him read it. Let him understand more about the market together with the risks involved in investing in bitcoin just like he did with his altcoin. From there your friend will come out well informed enough to know if he can handle and manage the risks involved.

[Mate2237]

Is this the latest trend of threads that existing in the forum? Because I am seeing this at all corners in the forum. Or is it the only way newbies to Full Members ranks can write about? Op before you advise him to buy bitcoin make sure you know the in and out of the business. Because if you fall your hands, you have to face the consequences of the introduction. Let him come to you then ask him to invest by himself. Before then tell him the cons and prons so that he  be well inform to the system and the blame game will not come to you.

[nimogsm]

This makes no sense. Another thing is if he himself came to you for advice, wait until this moment and discuss in advance that you will not bear any risks for him. The best thing will be in this situation when your friend himself will show interest and turn to you for advice and your help.

[DiMarxist]

Don't advance him to buy bitcoin, give him proper education for investment, impact him with the knowledge of Bitcoin, teach him how to invest, if himself is interested, and come to you to take advance, or want you to advance him, don't advance him to invest in bitcoin, tell him the merits and demerits or in and out about investment. If you don't tell him about the risk involved, just advance him to buy, if anything happens you will face the consequences, but if you tell him how the market is before he fall into it, if anything happens you will not be blamed. Let him understand well  about the market together with the risks involved in investing in bitcoin.

[rby]

Do not ask your friend to buy Bitcoin, what you should do is to explain everything about Bitcoin investment, starting from how much to invest in case of how much he earns. How not to invest what he is not able to lose, how to buy Bitcoin, about the bull run and bear markets. Tell him everything he needs to know and showing him how to buy. If he is interested to buy, he would want to approach you by himself to buy eventually. If he does not now and comes to ask you how to buy during the bull run, advise him to wait for the next cycle. By so doing you will not have any grudges in your conscience in case things goes wrong for him.

[Weawant]

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.

Some individuals needs help in pushing them to achieve some financial goals, if you love that fiend I won't advise you abandon him. Keep telling him about Bitcoin and how it's different from the other cryptocurrency that he bought until he understands.

Don't think you telling him Bitcoin is different will convince him because it would had been the same things those that advise him to buy those altcoins told him too. Show him some proofs, show him the chart history of Bitcoin and explained all the recover Bitcoin did after crashing.

Make the friend understand that investing in Bitcoin is a very long term project and since he already has patience and consistency, it would be of interest to him and he might come around. Don't give up on him but don't pressure him to invest either.

[Dzwaafu11]

I feel that you did not fully explain how investing in bitcoin works. I recommend that you elaborate on how hodling for a long time will enable him to quadruple his money. I don't want you to give him any advice since I know that if you do, you won't disclose the procedure's inherent risks. But you ought to keep trying to explain to him how Hodl will contribute to his future financial success. I think you care for your friend, which is why you came here to ask for advice rather than letting him leave his money in the account without using it.

I think the reason he is still unsure of what you want him to do with his savings is because of the significant losses he has suffered in the past on cryptocurrencies. Try to educate him that since these are about holding for a while, he can sell them whenever the price of bitcoin rises rather than an altcoin

[blockman]

I will just give him a tip but will never go to the point of convincing him to buy bitcoin. I mean that it's a good investment but it's up to you how you'll do your research. With his experience with the altcoins that he has bought, he'll surely have some doubts now about investing in the crypto market. But giving him the light explanation that bitcoin is like the safe haven of this market is going to give him the idea on why he should invest in bitcoin but then, I won't force people to come up into the idea of buying bitcoin without knowing it first.

[TimeTeller]

I will just give him a tip but will never go to the point of convincing him to buy bitcoin. I mean that it's a good investment but it's up to you how you'll do your research. With his experience with the altcoins that he has bought, he'll surely have some doubts now about investing in the crypto market. But giving him the light explanation that bitcoin is like the safe haven of this market is going to give him the idea on why he should invest in bitcoin but then, I won't force people to come up into the idea of buying bitcoin without knowing it first.

Yes, don't convince him to buy, just let him decide on his own.
Give him the necessary information about btc, what you have experienced so far.
There's no guarantee in this market even if you say btc is the strongest among these currencies.
If he will sell it below his buying price because he urgently needs the funds, then he will be in the negative.
It depends on how he will manage his funds, he can still lose even holding with btc.

[blockman]

I will just give him a tip but will never go to the point of convincing him to buy bitcoin. I mean that it's a good investment but it's up to you how you'll do your research. With his experience with the altcoins that he has bought, he'll surely have some doubts now about investing in the crypto market. But giving him the light explanation that bitcoin is like the safe haven of this market is going to give him the idea on why he should invest in bitcoin but then, I won't force people to come up into the idea of buying bitcoin without knowing it first.

Yes, don't convince him to buy, just let him decide on his own.
Give him the necessary information about btc, what you have experienced so far.
There's no guarantee in this market even if you say btc is the strongest among these currencies.
If he will sell it below his buying price because he urgently needs the funds, then he will be in the negative.
It depends on how he will manage his funds, he can still lose even holding with btc.

IMHO, this is the reason why people tend to think of how bad bitcoin is. Because of the wrong perception and suggestion of forcing and convincing them to buy and then the market didn't go along.
It's nice to have people that are sharing what bitcoin is and I think that's more than enough for them to have that knowledge shared unto them of how it was but then if it's about their money decision, it should be them alone that must decide whether to buy or not but you just did your duty of explaining and telling them the details of what's with bitcoin and how volatile it is.