My friend's investment in Bitcoin

[DiMarxist]

Mention the importance, and explaining the potential risks of Bitcoin investment and emphasizing the need for  secure storage. Informed him this too how to protect his private key, the best wallet to save, how to avoid some untrusted sites and links from unknown sources. Tell him don't click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds. Convincing people to invest in bitcoin is not good, because whatever that happened with the investment he would be hold responsible because of the convinced.

[Kasabus]

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

You are great in here. You have made him aware that bitcoin investment is not just all about profits but losses as well. And since he invested on it, it only means that he trusted bitcoin and that he’s taking a risk by putting a good amount of money. But I just hope that what he invested can never be an issue for him once the capital ends up as a loss. Because I think the amount he invested was quite big, since he was still a beginner, maybe he should consider of just putting a small amount first and when he profits, that’s the time he will increase the amount of his capital.

[Mame89]

Did I give my friend the right advice?

In essence, as a trader you have to think carefully, everyone is responsible for their respective investment decisions. Here your steps are correct, you have explained objective information and about the risks when investing in bitcoin to your friends. it has helped your friend to make the right decision when he invests in bitcoin. If he loses on investing, you don't need to feel burdened or feel guilty. because he has done the right thing, the rest he has to manage his own finances.

However, it's even better when you give information to friends, you have to be careful about giving investment advice or influencing people to invest in bitcoin. If he doesn't understand completely, you must accompany him. If the price drops, don't sell it immediately. Because not only knowledge is needed when investing. but it is also important that we must be able to control our emotions when investing.

[Pandu Geddon]

Mention the importance, and explaining the potential risks of Bitcoin investment and emphasizing the need for  secure storage. Informed him this too how to protect his private key, the best wallet to save, how to avoid some untrusted sites and links from unknown sources. Tell him don't click on anyhow links that he sees or received via email on any device on which he stored his asset because scammers and hackers are always alert looking for who to invade their privacy as to get access to their informations and details to steal their assets and funds. Convincing people to invest in bitcoin is not good, because whatever that happened with the investment he would be hold responsible because of the convinced.

making sure to choose a Bitcoin asset to choose from is not a bad thing. but forcing someone to invest is the problem when we don't explain everything well.
the understanding of a beginner will be different when we see that they see success in investing in Bitcoin. they will see it is very easy to do and they can do it too. make sure every beginner knows the risks and they make their own choice.

[gabbie2010]

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

It is a very good thing to recommend him to invest in Bitcoin. After investing, he also needs to know how to protect his investment. Which exchange did he use, is there any information about any wallet? One of the best favors you can do for your friend might be to introduce him to this forum. I recommend this to you.

Protection of his asset using a secure wallet to avoid hack and enlightening him not to mistakenly reveal his seed phrase are some important ways of protecting his investment though he never disclose where he invested his Bitcoin whether it is in an exchange or wallet nevertheless the credibility and trustworthiness of both is very important for protection of his investment, I think after he introduced Bitcoin to him the guy made more research and enquires to get first hand information about Bitcoin before he invested $500 and obviously this is the right time for such an investment for a long term perspective which will guarantee him some profits.

[Distinctin]

I think if he is aware about risk and how market reacts to different conditions then it's all right but just want to ask that whether this amount is too big for him? As you said his salary is $400 and he invested $500 in btc which sounds big for him so you should also tell him invest savings but also have in mind the rule invest what you can afford to loose.You should also tell him not to panic in small dips and beleive in long term holding if we wants actual returns.

That’s also my concern the first time I heard the story. However, I’ve come to realized that maybe he has been earning that $500 for quite couple of months so it’s still considered as his spare money that he can afford to lose once his investment fails. But as long as he’s aware the high risk that comes along with bitcoin investment, then that’s fine. What’s important is he knows his investment well and if ever he won’t be profitable on his first attempt, he won’t just quit easily but continue to invest for long term.

[Sidra101]

For your friend to invest in bitcoin as far as early 2009, that must have been a big success till date.

[Gladitorcomeback]

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

I appreciated your comments and directions that are given. Although anyone has right for dissenting point of view and reservations that how I can invest. You should also told him that "do you own research'' because Bitcoin will give him guaranteed profit and he should manage risk also so that he does not get the wrong guide.

Whenever i told any new friend about btc then first i told him the the interestes history of BTC start and other information that Bitcoin transactions are verified by network nodes through cryptography and recorded. Bitcoin trading offers several potential advantages, often referred to as "plus points." Its value is highly volatile, meaning that it can fluctuate rapidly in short periods of time. This is due to a variety of factors such as market demand, supply, and regulatory changes. Its high profit potential, liquidity, security and variety make it unique amongst the other networks but the same time it's price can go down if any uncertain happen or any bad news comes in market so that he doesn't invest other than he afford to lose.

[BVeyron]

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

I think it's ok! If he has no loans, then approximately a month salary is a good sum for investment. As for benefits... I think if it's BTC, not altcoins, then it will be beneficial in long term. The risks of fiat inflation now are so high that even just holding dollars or other fiat is a risky investment.

[Maslate]

I think if he is aware about risk and how market reacts to different conditions then it's all right but just want to ask that whether this amount is too big for him? As you said his salary is $400 and he invested $500 in btc which sounds big for him so you should also tell him invest savings but also have in mind the rule invest what you can afford to loose.You should also tell him not to panic in small dips and beleive in long term holding if we wants actual returns.

That’s also my concern the first time I heard the story. However, I’ve come to realized that maybe he has been earning that $500 for quite couple of months so it’s still considered as his spare money that he can afford to lose once his investment fails. But as long as he’s aware the high risk that comes along with bitcoin investment, then that’s fine. What’s important is he knows his investment well and if ever he won’t be profitable on his first attempt, he won’t just quit easily but continue to invest for long term.

Well, hopefully that is truly the case here because investing a $500 is already considered as huge some for someone with a $400 income per month. Nonetheless, we are not that sure because the OP didn't specify either if that $500 was just a spare money or not, but I seriously hope that it's really a spare where there's no quarrel if everything goes sideways and that the OP's friend knows the risks when it comes to investing crypto where volatility is much higher compared to other fields.

[Finestream]

I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin.  
Did I give my friend the right advice?

By your report I think you did the right thing. You explained about the risks of losing money when investing in BTC, due to the volatility of the market, right? And aware about the risks, your friend still wished to invest in Bitcoin, so he made his own decision, and from that moment on, all the responsability was on his shoulders. You were simply a source of information and knowledge for him, even if in a very basic proportion.

Now he has to seek for more knowledge by himself on his own. That is the natural course of the journey of every Bitcoin adopters. We are firstly introduced by someone, but as soon as the introduction is over, we have to walk by ourselves. Mistakes are part of the process, and in case your friend commit any, you shouldn't feel guilty about that, if you gave him the right advice!

Yes, I can see that OP has done his part in informing his friend about the risk of bitcoin, but knowing his friend still invested on bitcoin, then probably his friend had really seen the potentials of bitcoin especially if it’s invested for long term. And most likely, he made a thorough research first in bitcoin before he came up with his final decision to invest and trust bitcoin with its process. If ever he commit mistakes and losses while investing, at least he’ll be responsible of his own action, and not to put the blame on OP’s shoulders just because the initial information was from him.

[Bitcoin_people]

Of course, you did a good job teaching a person about Bitcoin. Since you gave your friend some idea about Bitcoin investment, he may have gained special knowledge about Bitcoin later on. But you told your friend that you were not interested in investing in bitcoins yet your friend invested. This suggests that your friend may have had some idea about Bitcoin before, which is why he invested his money as soon as you told him. But be sure to warn your friend that the Bitcoin market is not always stable. So that you don't get impatient if you lose it, but you have to be patient for a long time by investing in Bitcoin.

[AnonBitCoiner]

You make his concept about the bitcoin but you should also tell him about the strategies to overcome his losses and should tell him about the holding up to many years so it will be more suitable for him to get the point easily.

I think your friend make one mistake that he just heard you but don't investigate more about it so this implies that what he will hear he will accept it whether its wrong or right and one another big mistakes is that your friend have no experience and no such a high knowledge about the crypto industry and put huge money into it.

You do the better thing to tell him about the risk but he should investigate more and should start by using little money, yes it's true that he earning maximum income but spend it Wisely is also important.

[Crptomagma]

You have done well by talking your friend into Bitcoin investment, it is a nice move in the sense that it helps to build the Bitcoin community. But on the other hand your friend needs deep understanding and  knowledge about Bitcoin I understand you told him about the profit and lose but then it is not enough he needs a deeper knowledge for him to excel more in Bitcoin world.

[Velemir Sava]

You've given evidence-worthy advice that he didn't just ask but did so by going in and investing $500 in Bitcoins. regarding your risk has also provided a fairly clear picture. I think he made a mistake otherwise you can't say he has lost the profit I think he must come and tell me also why he is like that.

[xSkylarx]

Let's just hope that your friend is not of the same mindset as others who blame those who teach them or introduce them to bitcoin and are confidently trying it because they think that it is an easy profit or because they just invested in ponzi. It was really good advice, but you also told him that it is better to hold it for a few years. No matter if he just invested $500, he should add more of it, like getting around $20 on his salary.

[Marvell1]

You make his concept about the bitcoin but you should also tell him about the strategies to overcome his losses and should tell him about the holding up to many years so it will be more suitable for him to get the point easily.

I think your friend make one mistake that he just heard you but don't investigate more about it so this implies that what he will hear he will accept it whether its wrong or right and one another big mistakes is that your friend have no experience and no such a high knowledge about the crypto industry and put huge money into it.

You do the better thing to tell him about the risk but he should investigate more and should start by using little money, yes it's true that he earning maximum income but spend it Wisely is also important.

In my opinion, both were too hasty when investing with simple advice. OP's friend didn't do any research and decided to invest in a hurry, even the investment amount is more than his salary, I'm really worried for him. As for the OP, he didn't stop his friend from investing, and after it was all over, he needed our advice. In that case, I will pass on what I know to my friend and help him learn all the basics of the market before he puts money into bitcoin. That way, not only will they not blame us, but it will also be better for his investment. Personally, I only invest when I have knowledge about it, not investing according to someone's advice.

[Zilon]

One of my close friends his name is Naher. He came to visit my house. Once while discussing with him, I mentioned the name of bitcoin. He wanted to know what bitcoin is? I was telling him that bitcoin is a digital cryptocurrency coin launched in 2009 by a man named satoshi. I tell him Bitcoin has been around for 14 years. I give him more idea about Bitcoin. At one point he expressed his interest in investing in bitcoin, I told him that there is a possibility of not only profit but also loss from investment.To invest you have to take risk. My friend invests in bitcoin knowing profit loss. He works for a salary of about $400 per month. He invested about $500 in Bitcoins. I didn't show my friend interest in investing in bitcoin. He himself knowingly invested in bitcoin. 
Did I give my friend the right advice?

As long has you also mentioned the risk involved in investing in Bitcoin you gave a very good advice to your friend. But hope you mentioned the your friend never to trust any exchange with his coin. Remember not your keys , not your coin. Always tell your friends to choose cold wallets, preferably hardware wallet.

[Litzki1990]

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

[crunck]

I think you only mentioned the positive aspects of bitcoin investment to your friend which made him very interested in investing and he has already invested like $500. You should inform him that investing in Bitcoin is very risky and the money risk should be taken only by the person investing. If you mention when your friend has invested then maybe it would be easier for us to understand whether he is currently making profit or loss on his investment. Since your friend will not share the profit with you if he gains from the investment, you should make it clear to him that you are not responsible if he gets damaged by investing.

OP mentioned risk, but I bet he's just more profit focused, and that friend will also be asking more about profit than risk. Most newbies will have the mentality of hearing about profits and rush to invest without any knowledge. OP, I'm not like a lot of people here, I really disagree because your friend doesn't have the knowledge to invest in bitcoin.