Advise to a friend

[glendall]

my version of the answer. We can't  force investing in BTC actually, everyone has a choice, it's not wrong for us to give advice but there's no need to force it enough once we give an explanation of the good and bad after that we leave it to our friends the choice is in those who have the finances
remember that investing in btc is very prone to loss, so avoid this mistake in our future because our advice will make our life a burden

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[landheer]

I think advising people to buy bitcoin is not a good thing and this is my personal opinion, but I think what is more important is that you provide an explanation about bitcoin so that he understands what the bitcoin system is like and the risks of investing in bitcoin.
so someday if he is interested in investing in btc, and suppose he experiences a loss investing in btc, then he will not blame you.

but I feel sorry for your friend who has the potential to lose investing in altcoins, so I think you can explain about btc to your friend so he can understand about btc, but you don't force him to invest in btc.

[vitya1982]

I think advising people to buy bitcoin is not a good thing and this is my personal opinion, but I think what is more important is that you provide an explanation about bitcoin so that he understands what the bitcoin system is like and the risks of investing in bitcoin.
so someday if he is interested in investing in btc, and suppose he experiences a loss investing in btc, then he will not blame you.

but I feel sorry for your friend who has the potential to lose investing in altcoins, so I think you can explain about btc to your friend so he can understand about btc, but you don't force him to invest in btc.

I agree, we can't force others to buy Bitcoin or to make any financial decisions at all. Sure, it's good to disguise financial stuff if you're both interested and maybe share some experience, but I think that's enough. If you think your friend makes a financial mistake just ask him if he is aware of the risks, that should be enough.

[crunck]

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.

If you can't be sure what will happen tomorrow, then it's best not to give him advice. If unfortunately, the market gets dumped again and he starts dumping in a panic, then he will blame you, and it's really your fault because you are the one who told him to buy bitcoins. Why not let him make the decision? No need to push him.

[Stella Mese]

In my opinion, the decision to buy BTC or not rests with your friend, and I think you only need to explain to your friend what bitcoin is, and you should also explain the risks of investing in bitcoin. because investing in btc still has risks.

and i think if for example your friend wants to invest in btc it's up to him to want 40% of his savings or not. because it's his right.

[borovichok]

In my opinion, the decision to buy BTC or not rests with your friend, and I think you only need to explain to your friend what bitcoin is, and you should also explain the risks of investing in bitcoin. because investing in btc still has risks.

and i think if for example your friend wants to invest in btc it's up to him to want 40% of his savings or not. because it's his right.

What I do is wait for the bear market to arrive, then I gather additional bitcoin to my reach and wait for the bull to show up, at which point I will trigger my sell option. This is a straightforward method that will always result in profits for a trader. Although my friend has the right to decline my advice when trading Bitcoin, if he were clever enough, he wouldn't dare and would instead adopt my trading method to boost his account and abilities to expand the market. I suggested to my friend to buy bitcoin during the bear market since I'm not a rash trader who seeks to make a quick buck; there are losses and gains in the market. 

[balotelli]

As you said he had a lot of money and only used $500 to buy altcoins, then consider that the "Start". Bitcoin is still very good choice, so you would advise him to buy some more BTC. The strategy is quite clear.
Good Luck.

[LogitechMouse]

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.

In another thread that I saw, and shared my opinion, he bought Bitcoin, and I think it's a good thing that he started with Bitcoin instead of other coins or some shitcoins out there.

In this one, he started investing into some shitcoins out there which you said is worthless now. Now to answer your question, I guess it would be better if you will help him out, let him buy Bitcoin instead of some shitcoins out there. TBH, I'm not encouraging people to buy Bitcoin unless they aren't ready with the risk that they might face when investing into it, but in this case, I guess your friend knows it already. I suggest that you should guide him, and let him buy Bitcoin... or not. I mean letting a person invest into something that they don't know personally always lead to trouble. At least teach him first I guess then if you feel that he knows the basics already, then let him buy Bitcoin all by himself. Don't recommend anything aside from Bitcoin.

Many are saying here that you should not let your friend buy Bitcoin etc. For me, there's nothing wrong with it as long as your friend is knowledgeable enough to know the things that should be learn. Educate him first, let him do some research, guide him if needed, and after that, let him decide whether he wants to invest still into Bitcoin or not.

[Mr. Magkaisa]

    -   You know it's better not to dictate to your friend to buy bitcoin, because it's still good that the decision that we want to buy bitcoin comes from ourselves.

Because if you insist that he buy bitcoin without really fully understanding it will come out in the end when there is a bad result in the end about bitcoin he can blame you and say that if you didn't force me it wouldn't have happened will happen to me, words like this will even destroy your relationship as a friend. Did you get it?

[Merit.s]

You should teach him the basic concept of bitcoin first,after that if he is  eager to invest,let him show the seriousness by coming to meet you. If he comes,it shows that he has made up his mind to accept the risk in bitcoin investment. Teach him how to get a noncustodial wallet which he will store in coins in,don't let him leave his investment in an exchange. Introduce him to this forum,so that he can learn by himself about his investment. As you said that he has saved in traditional bank for two years,I think he will love to hold for long and wouldn't regret buying bitcoin. Altcoin is discouraging people who take altcoins to be bitcoin because of lack of knowledge on bitcoin, from the cryptospace.

[fuguebtc]

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.

Buying bitcoin is not too difficult, but to make a profit, we need to hold it for a long time and to be able to hold it for a long time, we need to have complete knowledge of bitcoin.
You can force your friend to buy bitcoins, but if he still doesn't really understand bitcoin, there is no guarantee that he won't dump bitcoins when the market gets volatile. Instead, give him the knowledge he needs and let him decide for himself.

[Alpha Marine]

There isn't a foolproof answer to this question... Personally, i have never tried to convince anybody to invest in anything. Not my parents, not my brother, not my friends...

If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.

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.

[DanWalker]

... 
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.

It was the right decision, and I support you in doing it. Giving investment advice to someone is a bad idea, but it would be great if we could provide all the knowledge about bitcoin for them to understand and make their own decisions.

My brother and a close friend are also asking me if I should invest in bitcoin or not. Because they see that I have a stable economy after investing in bitcoin for a while. But I answered bluntly that they shouldn't invest because they know nothing about it. If they want to invest, they need to have knowledge first.

[Rockstarguy]

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.

The truth is that you no matter how much you know your friend you can't really know the level of patience he has, you can't predict how he will feels when the market falls. If your friend decides to invest in bitcoin with all his savings and bitcoin price falls I'm not totally sure if he is strong enough not to show any sign of panic. 

You have done well by introducing him to bitcoin,  but it will be nice for him as a beginner to invest with the amount he can afford to lose,  as he gets more familiar with the nature of the market he can decide to take much risk as he can to invest in bitcoin.  But him as a beginner I don't take the idea to rush with a huge amount, let him start with amount he can afford to lose, let this build his confidence, and give him more assurance how reliable bitcoin is to invest than other coins.

[bbigtart]

I don't think you should advise your friend to buy BTC or any other crypto asset without him fully understanding what it is and how to use it. Before your friend decides to buy BTC or any other crypto asset, it is very important that he learn about blockchain technology, how to buy, sell and store crypto assets, and the risks and rewards associated with this investment.

We recommend that before suggesting buying bitcoin you should tell your friends about BTC first, because it is important to explain clearly what BTC is and how it works. You should also warn your friends about the risks associated with investing in crypto assets and tell your friends to do their own research before buying any crypto assets including bitcoins. That way you don't have to feel like a cheater or anything else that makes him not trust you anymore.

[lionheart78]

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.

The problem is you are trying to be some kind of a hero that would like to save your friend when he really doesn't need to.  I am sure that your friend is now knowledgeable enough to know that investing in altcoin is risky and will cost  him his money.  He has a first hand experience on this case while you are probably has no experience at all.

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.

You have already done your job of informing your friend about Bitcoin, whether he wanted to invest or not is up to him.  You don't need to push him into an investment that he think he must not.  Let him decide on Bitcoin investment for himself to save you from possible future problems.

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.

Let him decide for himself to save you from any responsibility for your friend's investment.

[bitzizzix]

If the OP is only giving advice to buy instead, I think you are wrong. And in crypto especially bitcoin, you can't just suggest buying it. What else do you suggest to buy in large quantities, and what you have to do is provide good understanding and knowledge first, especially about the risks that will be faced and you have to give an overview until he really understands and let him decide.
bitcoin or any other crypto is not a get-rich-quick investment scheme even if your friend has a lot of money, you still suggest to buy with money he can afford to lose or buy it gradually like DCA, and also need to have a lot of patience to do especially when the market is down.

[Asuspawer09]

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.

It would just depend on him if he wants to buy Bitcoin or Not you can't really push it to buy Bitcoin if he doesn't want to buy Bitcoin, it's understandable that he has a bad experience with cryptocurrency and money is not easy to earn, so he can do what he wants on his money.

Dont get me wrong but you don't really have the obligation to push him to buy Bitcoin, all you need to do is just to teach him what is bitcoin and why he should invest in, it, and then he can decide after that if he is going to buy bitcoin if he doesn't have time or doesn't want to learn Bitcoin by himself he should not buy Bitcoin because its still a risk investment even though we all believe on bitcoin.

[visionE2]

If you wisely give your friend enough knowledge and time to understand something, like Bitcoin, it will be better than just giving advice or personal opinion. you should try to provide accurate and up-to-date information about the topics discussed, including about Bitcoin. Your friend should fully understand that investing is a very personal decision and should be based on a solid understanding of the bitcoins being invested. Then I think you can provide objective information and explanation about Bitcoin and how it can impact investment. although the final decision to invest or not remains the right of your friend.

So, if your friend wants to invest in Bitcoin, make sure he/she has adequate knowledge about the asset, including the risks and potential rewards. You can help him by providing clear information, introducing him to trusted trading platforms, and guiding him in making the right decision according to the situation. Always remember him that investment decisions are his own responsibility.

[Easteregg69]

If you wisely give your friend enough knowledge and time to understand something, like Bitcoin, it will be better than just giving advice or personal opinion. you should try to provide accurate and up-to-date information about the topics discussed, including about Bitcoin. Your friend should fully understand that investing is a very personal decision and should be based on a solid understanding of the bitcoins being invested. Then I think you can provide objective information and explanation about Bitcoin and how it can impact investment. although the final decision to invest or not remains the right of your friend.

So, if your friend wants to invest in Bitcoin, make sure he/she has adequate knowledge about the asset, including the risks and potential rewards. You can help him by providing clear information, introducing him to trusted trading platforms, and guiding him in making the right decision according to the situation. Always remember him that investment decisions are his own responsibility.

Stick with science is top notch when it comes to financial advise.

Don't sell at a bad time is what he is trying to tell you.