My friend's investment in Bitcoin

[Issa56]

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's not all about telling your friend about who created bitcoin, the in which bitcoin was created, did you tell him about wallet security, did you tell him about different scam patterns in Cryptocurrency, did you tell him about appropriate wallet for him to secure his bitcoin, did you tell him to avoid storing his coin on exchange and other things like that, because what's the essence of investing in bitcoin then at the end he ended up falling for simple scam, and we all know scammers are always targeting newbies that don't know much about cryptocurrency.

The way you explained bitcoin to your friend and you easily convinced him and he invested in bitcoin, that's the Same way scammer will talk to him and convince him and he will be scammed. Everything is not just about investing, show them how they will protect their investment.

[SOKO-DEKE]

I can tell from your explanation that you went over some key points for your friend on investing in bitcoin, including its advantages and potential risks Bitcoin involve.

Although bitcoin is a fantastic investment, one must get more knowledgeable about it in order to reap its benefits and minimize its risks. Before invested, your friend should have done more research on Bitcoin, but now that he has invested, try to encourage him to keep learning, especially about how to secure his Bitcoin investment.

Rushing to make an investment in Bitcoin is never a wise idea when you have not able to gathered good knowledge about it, because it can result in significant danger due to they are unable to offer good security to their Bitcoin investments. many new investors loses their money to scammers or in other ways because of they don't have the proper knowledge of Crypto industry also.Many people leave their Bitcoin in exchanges, which are vulnerable to assault, simply because they are unaware of the best wallet to use.

[duckalis]

You haven’t done anything reprehensible. You have simply told the friend about the opportunity that exists.
When talking to friends and relatives, the most important thing is not to convince them of anything and not to advise them when it’s better to buy or sell BTC. Let them do their own research and make a decision, rather than relying on someone who seems more experienced. Otherwise they will then blame the person who instructed them.

[serjent05]

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?

Your friend already invested in Bitcoin so telling him to do his research before investing won't work anymore but we can tell him to get familiar with the market movement.  You can tell him to understand the market pattern and have an exit plan or target market price where he will sell his holdings.  It is also a good suggestion to have a diamond hand, hodling Bitcoin for more than a decade can be fruitful if the price of Bitcoin always uptrends every cycle.

We can also suggest that your friend should hold his BTC in his own wallet and much better if he can use hardware wallets for security purpose.

[Lanatsa]

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 you havent been able to give out some assurance then you are just doing fine because you've been saying about the risks involved and its not always on how to make money or profits but also you could

really be having that potential loss because if someone do make out some introduction into their friends then they are usually talking about making money and this is where some people do have those kind of wrong beliefs and having that high expectations or simply anticipates about sure income which it is really that very wrong because on the time that people would really be having those negative portfolio or
something that they do saw that their investment is declining then this is where blaming time would happen and its not really something new.

Basing on the situation that you have said then it is really just fine on what your friend does, as long you would really be saying transparently then it is really depending on your friends actions
on what he would really be doing. You are out of that, thing here is that you do only explain about it and the opportunity and risk that it gives.

[DoublerHunter]

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?

^Drop him a source of link quickly to understand him further.  https://bitcoin.org/en/
I believed your friend comes from Bangladesh right? which is the name commonly found in that country.
Understanding BTC should not be done in one day, he needs to explore more so that he will understand not only the potential of making a profit and also the potential of having huge losses. So it could be equal not only to the positive side of BTC.

[JoyMarsha]

Your friend invests $500 in bitcoin, which is more than his $400 monthly wage. Anyway, that's excellent, but I have a question for you.
1. Did you try to ask your friend whether he put $500 in bitcoin with money he could afford to lose freely without blaming you tomorrow?

They say that investing in bitcoins involves taking risks, but how long will one wait for those risks to pay off? That's a question to ask. Did you make an effort to warn your friend that taking the risk of investing in bitcoin may take a very long time to mature? Can he hold off until then without feeling pressured to sell at a loss for personal reasons?

When we talk to our friends about bitcoin and investments, there are supposed to be a lot of things we should make them  consider that it can be gloomy are rosey when you least expected in a twinkle of an eye

[Lillominato89]

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?

In my opinion, you were right to specify first of all the various critical issues, bitcoin has an extremely volatile market, and you were right to specify that it shouldn't just expect profits. the only flaw in my opinion was the fact that I did not specify why bitcoin was born

[GiftedMAN]

Did I give my friend the right advice?

No, you gave him the wrong advice by not asking him to go get some knowledge on what he's investing on before allowing him to invest. In as much as we promote Bitcoin by encouraging some people around us to invest, we should endeavor to let them understand that investing in Bitcoin can't guarantee you financial freedom even though it does when right investment is done and the price of Bitcoin is high compared to the amount it was when the investment was made, he shouldn't expect a quick return because the price of Bitcoin is not stable.

[KingsDen]

Did I give my friend the right advice?

No, you gave him the wrong advice by not asking him to go get some knowledge on what he's investing on before allowing him to invest. In as much as we promote Bitcoin by encouraging some people around us to invest, we should endeavor to let them understand that investing in Bitcoin can't guarantee you financial freedom even though it does when right investment is done and the price of Bitcoin is high compared to the amount it was when the investment was made, he shouldn't expect a quick return because the price of Bitcoin is not stable.

With the storyline of the OP, his friend isn't a dumb. His friend had surely researched about bitcoin after hearing from OP and that is why the friend was confident enough to invest $500 and I can also say that it is a fair investment. Someone who earns $400 monthly investing $500 means he invested what he is able to lose and if he will be patient for a long term purpose,  he will never regret his actions.

OP, you didn't advice him wrongly since you were able to let him know the risk involved in bitcoin investment.

[ChiBitCTy]

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?

Yes, but ultimately he needs to sit down and do his homework himself.  One of the absolute biggest mistakes I see people making is investing in things they have little to no knowledge of and without much homework or research time put in.  This is pretty freaking stupid, and yet I see it all the time.   

If he only makes 400 a month, I think he needs to rethink this decision.

[ultrloa]

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?

Good start for your friends participation on cryptocurrency investment but if he didn't have enough knowledge about it much better if he do more proper researching about important things like the risk of its volatility,scams and technical situations which is important to consider. But anyhow still you give a good advice even if he is at profit loss since he could realize that investing on bitcoin is not easy rich scheme. Its up for him now on what action he will take after those incident.

[Ben Barubal]

     There is nothing wrong with what you did, you just shared with him an opportunity that could help your friend. And as I see the one time you met, he immediately got interested because of what you explained about bitcoin.

     And at this point, he may have become interested because of his trust in you, even though despite this he has not really fully understood the depth of Bitcoin. We know that bitcoin cannot be understood overnight. Maybe your friend was hyped or excited so he was able to invest, this is just my opinion.

[Yatsan]

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?

The advice could have been invest only an amount you can afford losing, in that way it would be clear to him what he is engaging himself into. But based on your story, he just invested a little more than his monthly salary, and if that is out of his savings, then that will just be a fine amount and if it won't leave him tight. Also to add, clear your intentions that you have warned him about the risk 'coz if not, we cannot tell by now but once a collapee occur, for sure you'd be one who will suffer from burden and blame. Actually, same thing happened to me before wherein a friend of mine became interested with what I am doing. A crash occured and even if I have mentioned volatility on his end, he still chose to blame me for his losses which is why I never encourage people in this industry other than myself.

[HatakeKakashi]

You should give him an advice if you are true friend of him, just tell him the chances that his money possible to lost if the bitcoin decrease the value. But in the end it depends on him if he continue to invest in bitcoin or better if he going to learn more about it so that he have knowledge and he can use it in investing when o here to invest.

We all know investing in bitcoin is really good and gives  a good profit but also it is very risky because of the price of it is increasing and decreasing that possible for the investors to earn money or losing his investment.

[Bitcoin_people]

OP the way you advised your friend to invest in Bitcoin is a good decision. and even if you don't disclose your friend's name, there is no problem. Since you discussed the past and future of Bitcoin with your friend. And later your friend decided to invest in Bitcoin with confidence.
But your friend may have little idea about Bitcoin before then how did you make him believe in Bitcoin so quickly. Maybe he had some idea about Bitcoin before and he got more confidence about Bitcoin from what you gave him. Your friend needs to accept that investing will have the potential for losses and gains. So your friend should invest cautiously and you better educate him about Bitcoin.

[NicNacCoin]

Cut...

Did I give my friend the right advice?

In this case it is good that you have given your friend the correct knowledge but you have no role in the fact that your friend is interested in Bitcoin and from that attention your friend wants to invest in Bitcoin. Since your friend will be investing in Bitcoin considering the profit and loss of Bitcoin, there is no need for you to ban him. If your friend earns like $400 a month and hence $500 is to be invested in Bitcoin, $500 is not a large amount for your friend. So thank you very much for including your friend to invest on Bitcoin by providing the right knowledge. Here's hoping you spread the Bitcoin song around you.

[Iranus]

My friend has already invested in Bitcoin with my advice. I clearly told about that Bitcoin is a good investment and how to secure the investment. I also explained the risk involved in this, but still he is interested he invested in Bitcoin.

I don't object to us recommending bitcoin to everyone, especially our loved ones. But I think it won't be enough for them to feel and understand all the benefits and risks of bitcoin through a few pieces of advice. I'm sure they wouldn't be able to imagine everything they would have to face. In my opinion, give advice but don't let them rush to invest but make them spend time doing their own research for a while and then let them decide for themselves. Then say that they should only invest a small amount of capital to gain experience and should not invest a large amount in the first place.

[Darker45]

Another topic dedicated to the story of investing mother-father-brother?

I believe, believe, and this is the truth. Ok. Your story would be more complete with the provision of supporting information (of course, one that can be shared online). It's your friend and I don't think there could be a problem with that, right. I'm sure you can explain to him the desire to share this with the bitcoin-community.

I don't know if this is already a pattern, but this surely isn't my first and second time reading something like this. It's not just convincing the mother, father, brother, or sister, it is also convincing a friend, an uncle, even a complete stranger, a store owner, and a manager I remember.

And that name drop, it has to be taken with a grain of salt. It is there just to put a little convincing touch to the story. I hope I'm wrong, though.

[awik p]

I think what you said is correct. In investing there are two possibilities of profit and loss, in fact there will be no loss if you don't sell it when the price drops, again about knowledge about bitcoin you must also understand before investing. because most people think that by investing in bitcoin, you will definitely benefit and multiply, even though it is not as easy as one might imagine, you must have a basic investment in cryptocurrency, namely good knowledge and mentality