Advise to a friend

[Mr.sprin]

for me personally advice from friends is one of the encouragement for bitcoin investment yesterday I asked friends for advice about when is the right time to invest in bitcoin and my friend gave advice not to buy bitcoin yet wait until the market improves he said and I listened to it as time went on my friend's advice was right it was not the right time to buy bitcoins had i not asked my friend for advice i would have lost a lot of money.

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[John Abraham]

~ I won't suggest everyone invest in something where he can also lose. I mean, Investment means there is a possibility to lose. But, You have to choose the right people who understand those things.

Yeah. Unfortunately, a lot of people don't want to accept when bad things happen. Most of them are always looking for something to blame.

Surely you don't want to suggest anything if the person is unknown or random. We usually recommend to our friends whether he should do it or not. Let's say your friend seeks your suggestion; you may suggest what is best for him. But, You cannot suggest to him what you don't know. For example, I am a shitcoin millionaire and have faith in shitcoins. I don't like Bitcoin, and it's my personal opinion. Now, If my friend asks me about my shitcoins, I will always suggest he buy shitcoins because that's how I become a millionaire.

The fact that Shitcoin worked for me doesn't mean it will work for him as well because we don't know which coin will do 100x in the next bull run. About blaming, You shouldn't suggest anyone upfront if they don't look for your opinion. They cannot blame you if you don't tell them upfront. That suggestion thing should be in a closed circle like friends and family. Your friends and family won't blame you for a loss because they know you well.

[gunhell16]

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.

First of all, you have no obligation to convince him to buy Bitcoin, even if you know it's good to invest in Bitcoin, he has no interest, and it doesn't matter what you do.

I understand that you don't want his hard-earned money to go to waste, but we can't do anything about where he wants to use it. Just let him get interested in Bitcoin on his own. So what are the altcoins you say it's invested in here? Because if the altcoins he bought are on a good exchange and it is included in the top exchange, it is possible to say that he can still make money in the future if he has not sold it, even if we say that their value has dropped a lot as long as he holds it first .

[Popkon6]

@op For my part, it is better not to wish to give wisdom to others. Since he has suffered losses once it is better not to advise him a second time. If there is an accident, he will blame you for the rest of his life and he will say that my savings were good.
Finally I would like to say if he wants to buy then definitely recommend investing in Bitcoin. However, hardware wallets and software wallets must store bitcoins. If you keep it for a long period of time, you can definitely reap huge benefits from here.

[cozytrade]

for me personally advice from friends is one of the encouragement for bitcoin investment yesterday I asked friends for advice about when is the right time to invest in bitcoin and my friend gave advice not to buy bitcoin yet wait until the market improves he said and I listened to it as time went on my friend's advice was right it was not the right time to buy bitcoins had i not asked my friend for advice i would have lost a lot of money.

I think your friend who advised you not to invest in Bitcoin right now probably knows a lot about Bitcoin.  You would have done much better by not investing in Bitcoin now. If you had kept investing in Bitcoin now, you might have lost more than your profit.  Because right now the price of Bitcoin is very reasonable if you were to invest in Bitcoin at this time.  Then within a few days of investing in Bitcoin, if Bitcoin goes dumping again, then you have the possibility of a big loss. Maybe your friend advised you not to invest because of this.  I think this is the right advice given to you.

[Xinarae*]

My personal oppinion is, you can advise your friend if you want but you should not force him to invest, because I think it is better not to impose your decision on your friend's personal decision. But if both of you want to take risk together then the matter will be considered differently. If you think she will take your advice then you can give her advice but keep in mind that it should be a long term plan.

[AnonBitCoiner]

Your friend is saving money in the bank because it is his personal desire and he is satisfied even if he gets less profit from it. But you cannot give him financial advice that if he invests in Bitcoin he will get us profit and he should invest 40% of his savings. Because if he loses his hard earned money somehow he will blame you and you will be responsible for that. So refrain from giving financial advice to anyone.  You can tell him about Bitcoin and of course you should also inform him well about the risks of Bitcoin investment.

Yes exactly you are right that we should tell a person that what is good and what is bad because everyone has their own decision and they can take care of their money in better way. Little or more but he is earning from bank and that's enough for him but if you tell him about the bitcoin and he doesn't get success then he will think wrong about you as he changes his thought because if you.

I think that its not matter that you are getting more or less profit but desiring for greater profit sometimes become risky and that's why individuals get deprived of their minimum profit too. bitcoin is good opportunity for profit but as compared to bank there is more risk involved in bitcoin.

[adzino]

I think you should be careful with giving investment advice, especially to someone who is working two jobs and might need that money for something important. While Bitcoin is a great investment opportunity, it's also a high-risk investment and there's no guarantee of making a profit in the short run, unless he is willing to hold his coins for years and years. But if your friend does have some extra money lying around that he doesn't need for anything important, maybe he could consider investing a small portion of it into Bitcoin, but don't suggest him to go all in. And definitely steer him away from buying any more shitcoins. Tell him to donate the money instead of investing in those shitcoins. You should be glad you didn't suggest him to invest in bitcoin 2 years ago. What he would have now would be half of what he had investing and would be indirectly blaming you for his losses.

[pinggoki]

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.

Well, that ain't a good start for him. Luckily, despite of having a bad start he didn't lose a faith in crypto and that is a good thing because it only implies that he is willingly learn and be part of the community. Now for you friend, it isn't bad to give some advice to anyone regarding in this matter, in fact it is in favor of the community however, you shouldn't urge anyone to invest especially if they had no idea on it because if things doesn't go well it could become your responsibility, instead let them invest on their own accord. I think it is better for him to come in himself.

[benalexis12]

My personal oppinion is, you can advise your friend if you want but you should not force him to invest, because I think it is better not to impose your decision on your friend's personal decision. But if both of you want to take risk together then the matter will be considered differently. If you think she will take your advice then you can give her advice but keep in mind that it should be a long term plan.

As people, the only thing we can do is to remind them and not force them to do what we want, of course it's not like that and it's not good either. Now, it's up to your friend to trust or believe what you say, because that's the way we have friends who don't understand everything we say right away, they can understand but for sure it's later.

[Litzki1990]

@op For my part, it is better not to wish to give wisdom to others. Since he has suffered losses once it is better not to advise him a second time. If there is an accident, he will blame you for the rest of his life and he will say that my savings were good.
Finally I would like to say if he wants to buy then definitely recommend investing in Bitcoin. However, hardware wallets and software wallets must store bitcoins. If you keep it for a long period of time, you can definitely reap huge benefits from here.

Saving is safe but investing is the way to grow money. And it is natural to take risks in making these investments. There is nothing wrong with giving someone investment advice. If you advise someone but he fails to invest according to your advice then that is not your fault. For those who don't know about it, we can only help them by informing them about it, but managing money is at their own risk. Investment should always be done after understanding the market, rushing here will never bring benefits.

[demonica]

If he is really open about crypto investment, then it's easy to convince him without actually telling him directly to buy Bitcoin although he already had a bad experience with altcoins. You can discuss him about Bitcoin (and you've mentioned that he's already aware that it's not a get rich quick scheme, he probably have understand Bitcoin). But instead of persuading him to buy Bitcoin (cause it might sound like an investment scheme), tell him that he can study about it by himself and decide whether he wants to risk some of his savings or not. Don't force your friend if he decided not to. But if he decided to invest and asked you for some advice then it's good.

[Road21Bitcoin]

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 he would buy Bitcoin if you asked him to, that is not already advising but convincing and urging him to buy Bitcoin. You have already explained to him what he needs to know about Bitcoin and he understands that it is not a scheme or a scam - then let that be enough. If he did buy Bitcoin with almost half of his savings because you asked him to and by some act of God, Bitcoin crashed in the near future - would you be able to bear for being the cause of your friend losing half his savings?

Tell him that if have questions or clarifications that he can always come to you or you can lead him to more resources where he can learn more. Also, don't dictate him how much of his savings he should use to BTC, that ain't your hard-earned money, you are not the one working two jobs. Let the final decision be upon him.

"You can lead the horse to the water but you cannot force the horse to drink it."

[Josefjix]

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.

Advice is simply assistance offered to those around us in order for them to understand our point of view about something. Your friend is fortunate to have you; not all friends can supply critical information, especially when there is a good probability of making substantial figures in crypto. Bitcoin has had more dumps and pumps in recent decades; this is notable, and we should maintain a positive attitude about the project. I've put 20% of my savings into Bitcoin, and believe me when I say it's worth it. Taking massive profits as bitcoin launched a market bull run. It is better to invest in Bitcoin and Ethereum rather than altcoins that lack market roadmaps and get delisted from exchanges. Altcoins can't survived the bear season, although altcoins have their specific bull season, if memory serves, GMT and Shiba Inu generate massive profits and beautiful smiles on the faces of investors and traders.

[Little_Sister]

If he is really open about crypto investment, then it's easy to convince him without actually telling him directly to buy Bitcoin although he already had a bad experience with altcoins. You can discuss him about Bitcoin (and you've mentioned that he's already aware that it's not a get rich quick scheme, he probably have understand Bitcoin). But instead of persuading him to buy Bitcoin (cause it might sound like an investment scheme), tell him that he can study about it by himself and decide whether he wants to risk some of his savings or not. Don't force your friend if he decided not to. But if he decided to invest and asked you for some advice then it's good.

The key word is never to persuade and force other people to invest in bitcoin because market prices fluctuate very risky that prices don't match expected speculation, so we can only share knowledge about bitcoin with anyone, but if it's related to investment it must be based on individual decisions because they have to be responsible take responsibility for their own investment. If any of my friends ask for advice, they always recommend the DCA investment strategy to avoid losses due to market corrections and at least he has to buy when the price drops above 15% of the current price.

[lepbagong]

My personal oppinion is, you can advise your friend if you want but you should not force him to invest, because I think it is better not to impose your decision on your friend's personal decision. But if both of you want to take risk together then the matter will be considered differently. If you think she will take your advice then you can give her advice but keep in mind that it should be a long term plan.

As people, the only thing we can do is to remind them and not force them to do what we want, of course it's not like that and it's not good either. Now, it's up to your friend to trust or believe what you say, because that's the way we have friends who don't understand everything we say right away, they can understand but for sure it's later.

actually there is nothing wrong with giving advice to friends who we think need to be advised, but I really agree with the colleague above, we should not impose our will even though the advice we give is clearly very good and helpful. because all is returned to those who receive the advice whether to follow it or not. individual rights must always be respected, otherwise everything we do will be like an order that must be carried out, not like advice.
sometimes the advice we give will not necessarily be in accordance with the recipient because there are differences, of course, every problem will not be the same.

[RealMalatesta]

Investing is not just about having good financial backup, investment knowledge, financial backup, risk taking, patience, market analysis, etc. are all necessary to invest. A person with good financial backup but no investment knowledge will not be able to do much in the field of investment. And that's why I said to be patient because many times it is seen that after investing, the invested money loses some amount, as a result of which there are many new investors who cannot accept the losses, so they are forced to sell their investments.
Our main objective of investing is to earn some profit from the investment but if we sell our investments due to some temporary loss then we will never see the profit.

I agree, having all of those together does result with a much better profit and that should be something that is provably a better deal. I believe that the best thing to do right now is to make sure that we can't really end up with ignorant moves.

There are many people who make moves that are ignorant because they do not check the data behind it and even if they try to, they do not know what that data represents. So that is why it is important to make sure that you invest at the right time to the right thing by knowing what you are investing into and why you are investing into it. There are a lot of stuff that you can study, and there are a lot of websites that helps you study it as well, so it shouldn't really be an issue for anyone to learn to be better.

[Alucard1]

Always remember that do not ever convince anybody to invest in Bitcoin or any cryptocurrency, we all dont know how long it will work, and if the person you convinced cannot wait anymore while his investment is not in good condition he or she might blame you.

You dont need to do that, especially for those persons who dont have any knowledge about cryptocurrency.

Instead of convincing him to invest in Bitcoin, why dont you just convince him to learn about cryptocurrency first, that is the best option for you to advise your friend, he might understand it sooner.

[Smack That Ace]

@op For my part, it is better not to wish to give wisdom to others. Since he has suffered losses once it is better not to advise him a second time. If there is an accident, he will blame you for the rest of his life and he will say that my savings were good.
Finally I would like to say if he wants to buy then definitely recommend investing in Bitcoin. However, hardware wallets and software wallets must store bitcoins. If you keep it for a long period of time, you can definitely reap huge benefits from here.

Saving is safe but investing is the way to grow money. And it is natural to take risks in making these investments. There is nothing wrong with giving someone investment advice. If you advise someone but he fails to invest according to your advice then that is not your fault. For those who don't know about it, we can only help them by informing them about it, but managing money is at their own risk. Investment should always be done after understanding the market, rushing here will never bring benefits.

Giving investment advice to someone is also not a wise thing because even ourselves have no guarantee that our investment will definitely return. So, depending on the object and relationship, giving appropriate advice, IMO.
Furthermore, we need to give fair advice, meaning you need to tell him all the pros and cons of investing in bitcoin, not just say to him about the profits and ignore the risks.

For me, I won't give any advice, if someone wants to invest in bitcoin, the only thing I can do is give them basic knowledge. The rest, all decisions are up to them, I don't want anything to do with their investment, and I don't want to be blamed.

[Alisha-k]

Let him come to the conclusion himself and be sure that's what he wants so that if at the end of the day it doesn't work out well, it wouldn't be said you lured or compelled him into investing into something that made him lose out on his fortune.