My friend's investment in Bitcoin

[Lorence.xD]

You introduced him into BTC and also told him that there's a possible of loss of your funds since its a risk. So if your friend's action it's not already your responsibility as you gave him the idea of risk. It's a good thing that you spread the information of BTC as there's actually a opportunity for a profitable actions. Hopefully your friend did some research first and not invested without thinking of his funds because he might invested money that he will be needing soon which is not recommendable in investing.

[Dr.Bitcoin_Strange]

Firstly, their is no point in mentioning your guys name,

There's no point mentioning the guy's name, but I don't think he gave out any more identifying information about the guy, so I don't think it really matters. By the way, do you know who Naher is? No, Naher is one of many people bearing the name; to identify him, you must first identify the OP, which is not really necessary.


OP, I must say, you did a nice thing to introduce a friend to the Bitcoin space, but I hope you have educated him about the more important things he should know. Bitcoin is a very volatile asset, and some new investors get scared when they see that their investment has lost -20% or more, but we, who are so experienced, don't bother about the price volatility because that's just the nature of Bitcoin. Also, using the right wallet (which includes the electrerum, exedus, and blue wallet) is what he should be doing and how to securely keep their wallet phrase safe, not only in one place but in different locations, so that if one gets lost, he still has others to look for in other places.

[Kakmakr]

You are not a financial advisor and he did not pay you for a discussion about Bitcoin. I am saying "discussion" ....because that is what it was, not financial advice. Your friend showed interest in the technology and he decided to buy some bitcoins, you did not force him to buy those bitcoins.

Bitcoin are regarded as a high risk investment, if you are going to buy it as an investment option.... so your friend has to accept that Bitcoin might not yield fast profits. (Explain to your friend that Bitcoin is a long-term commitment and if he pulls out early, then he might occur losses)

[Oasisman]

OP, I must say, you did a nice thing to introduce a friend to the Bitcoin space, but I hope you have educated him about the more important things he should know. Bitcoin is a very volatile asset, and some new investors get scared when they see that their investment has lost -20% or more, but we, who are so experienced, don't bother about the price volatility because that's just the nature of Bitcoin. Also, using the right wallet (which includes the electrerum, exedus, and blue wallet) is what he should be doing and how to securely keep their wallet phrase safe, not only in one place but in different locations, so that if one gets lost, he still has others to look for in other places.

He can just tell his friend to hold it no matter what, even if the Bitcoin is going to have a sharpest dip, just don't sell it until the target is achieved. That's gonna be the most simplest advice you can give to a friend who have zero knowledge about Bitcoin, he might get overwhelmed by how vast of information Bitcoin has, he's for sure gonna be working on that in the process while holding.
I'm gonna be showing him the historical data as well so he can have a better picture how Bitcoin has been doing since it was created and how far Bitcoin have gone for the past 14 years.

[Z390]

You did what you could, I hope your friend won't freak out if Bitcoin goes back to 20k. If he just bought Bitcoin that's between 27k to 26k, many of those new investors pretend to understand the long-term goal and when the market dips they will start to get worried, it has happened to me a few times until I stop encouraging people to invest in Bitcoin, most people want the crazy gains but they aren't ready for the dips.

Tell your friend to keep looking into crypto and blockchain technology, it is better if he knows about the technology than investing on Bitcoin which he knows not much about, I like seeing people doing things on their own, like I used to tell my friends, what if I am no more around you guys? Asking me to trade for them, asking me to help them to sell their coins and tokens, this shouldn't be the way.

[michellee]

You have given the right advice to your friend. You could tell him to invest using DCA so he can regularly buy bitcoins by setting aside a small portion of his salary so he can collect more bitcoins.

He can invest as much as $500 in one purchase, but it would be better to buy bitcoins regularly every month. You can suggest that to your friends.

But if he doesn't want to follow your advice, you shouldn't force him because investing in bitcoin depends on each person. We just need to explain what bitcoin is and how we invest. The other thing you need to say is don't panic if the bitcoin price goes down but tell him it's a good time to buy bitcoin at a low price.

[Solosanz]

He works for a salary of about $400 per month. He invested about $500 in Bitcoins.

This mean your friend is using all of his money to invest in Bitcoin because to earn $400 it's need a month, he's a human which mean he need to eat and pay bills, it's impossible if he can save the whole $400. Maybe he already work for at least 3 months to get $500 to save.

Based on your explanation, it's true you're not convince him to invest, but you can't know his brain and his reaction if Bitcoin is dump, he can blame you and say you're the one who's responsible.

[Nrcewker]

Advices are not necessarily to be considered always. Your friend invested himself. So he will be now completely responsible for the investment. The advice that you give was through your experience, you knew what is Bitcoin is capable of, and you have seen what it has given to people. Now he has to figure out the risks involved there and hence he will be only responsible by chance if loss occurs. At last you need not have to worry about your friends investment.

[rat03gopoh]

Firstly, their is no point in mentioning your guys name,

Or it will be a risk at some point if the OP doesn't really care about privacy. I don't know how long OP will stay in this forum and have a lot of activities. Just imagine if the OP disclosed a lot of anything related to his privacy then someone nearby matched some of the things (especially the names of his friends) that he had written to do something distasteful.

[Dzwaafu11]

 
Did I give my friend the right advice?

You did an excellent job. I feel you assisted your closest friend in starting another business rather than leaving the money in his savings account; this is another chance for him to make more money. Even if it is difficult to advise someone to invest in bitcoin and have them believe what you say and work with it, I believe you should also inform him of the risks associated with these investments as well as other important details such as how secure his assets are and which wallet to use.

And I hope he invests the amount of money he can afford to lose. I believe that as a salary earner earning $400 investing $500 is a significant amount. You should inform him that the bitcoin price can fluctuate so that he does not blame you when the price falls.

[Rupok]

You explained your friend very well. Of course you gave your friend the right advice.  But your friend's decision to invest in Bitcoin on the basis of high profits will be really tempting.Because he works for about $400 per month and invests about $500 in Bitcoin, which is completely risky for him.  Since he is investing in the initial stage, he should not invest more than his monthly salary.At the initial stage, many investors do not know which wallet is safer and how software wallets and hardware wallets work.  He needed to analyze these things more deeply. I don't know whether he invested short term or long term.

[Razmirraz]

Did I give my friend the right advice?

You have given the right advice to your friend. After you explain at length to a friend, why don't you direct him to join the bitcointalk.org forum, he will get more valid information here than reading news from the internet. The bitcointalk.org forum has provided important points related to Bitcoin, from buying to choosing a safe wallet.
Try introducing the forum to your friend, it's easier for them to understand the valuable information about Bitcoin here than to hear stories from you.

[Rigon]

OP I would never consider the advice you gave to your friend as bad. But it is not right for your friend to jump into investing so early. He should have spent some time here and got to know all the rules and regulations of the investment and then he should have invested. Because investment is the most risky business. Here every investor should invest the amount he can afford to lose. Also a secure wallet is definitely needed to keep investments. Which wallet is more secure but your friend doesn't know well. Not only should the wallet be secure, but the seed phrase of the wallet must be kept in a place where no one can see it and no one can steal it.

[RockBell]

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?

Since you informed him of the risk associated with investing in bitcoin, it's not a terrible idea to advise him to conduct his own study. Holding has a lower risk, but it also demands a lot of patience to reap the rewards. Considering it's now difficult to convince someone to start investing in bitcoin, especially if they don't understand how it works, you may find yourself taking the blame. For the aforementioned reason, after providing you with the fundamentals, I suggest you to go home and give it some more thought if you still want to invest in bitcoin. Before blaming the individual who introduced you for your financial losses.

[Minecache]

OP, I must say, you did a nice thing to introduce a friend to the Bitcoin space, but I hope you have educated him about the more important things he should know. Bitcoin is a very volatile asset, and some new investors get scared when they see that their investment has lost -20% or more, but we, who are so experienced, don't bother about the price volatility because that's just the nature of Bitcoin. Also, using the right wallet (which includes the electrerum, exedus, and blue wallet) is what he should be doing and how to securely keep their wallet phrase safe, not only in one place but in different locations, so that if one gets lost, he still has others to look for in other places.

He can just tell his friend to hold it no matter what, even if the Bitcoin is going to have a sharpest dip, just don't sell it until the target is achieved. That's gonna be the most simplest advice you can give to a friend who have zero knowledge about Bitcoin, he might get overwhelmed by how vast of information Bitcoin has, he's for sure gonna be working on that in the process while holding.
I'm gonna be showing him the historical data as well so he can have a better picture how Bitcoin has been doing since it was created and how far Bitcoin have gone for the past 14 years.

Why not impart knowledge to him but only give advice? Even the best advice is never enough. I will not give advice but will focus on teaching the basics because we invest in bitcoin is a long journey, and the market is very risky, so it is not possible to rush to invest without knowledge.

OP's friend will listen and absorb everything OP says, but there's no guarantee that he won't panic when the market is volatile, and his assets dwindle. But if he has knowledge, he will understand how bitcoin moves, and he will know how to control his emotions.

[Merit.s]

Well done OP, for bringing in your friend into the bitcoin community. It is your task right now to lead him through the important aspect of bitcoin. Which kind of wallet software that is best for storage of his investment. I hope that you told him that bitcoin is not a get rich project, that for him to benefit from his investmen, he must invest in long term . I will advice you that if you really want the best for your friend in his bitcoin journey,you should introduce him to this forum, so that he can learn about his investment himself. The forum is open for everyone who is interested in bitcoin,just like your friend after you told him about the risks involved, but he was still interested.

[Wildwest]

If you have told your friend that investing in bitcoin has profit and loss then and he still wants to invest and is ready to take risks, then you will not be blamed if indeed later he loses money in investing, the important thing is that you do not force him to invest in bitcoin and give a big lure of course this is a mistake even though many people have been successful in bitcoin but we must know that everything that can be profitable must be There are risks, and I'm sure your friend is so interested in Bitcoin that he immediately wants to invest in it.

[lovesmayfamilis]

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

500$ for the first investment in bitcoin. Isn't it too risky? And if a newbie friend makes a mistake with the address or something else, it will be a shame. Why not try with a small amount first to practice?

By the way, when did your friend buy btc? Were there high transaction fees back then?

Yes, with a salary of $400, a friend invests all $500; why waste time on trifles?
But something else is interesting; read the posts previously written by him. He recently did not know which wallet to use himself, being a newbie, with registration six days ago. And of course, who better than him to agitate a friend to invest in Bitcoin?
OP, the story is made up; you are not new here, and you know how and what to write in order to get merit. As you can see, people are already fed up with such tales. But for diligence and cunning, you five

[fuguebtc]

OP I would never consider the advice you gave to your friend as bad. But it is not right for your friend to jump into investing so early. He should have spent some time here and got to know all the rules and regulations of the investment and then he should have invested. Because investment is the most risky business. Here every investor should invest the amount he can afford to lose. Also a secure wallet is definitely needed to keep investments. Which wallet is more secure but your friend doesn't know well. Not only should the wallet be secure, but the seed phrase of the wallet must be kept in a place where no one can see it and no one can steal it.

His friend invests through the OP's advice, so if you think that friend made the wrong decision to invest in a hurry, the OP's advice is incorrect. I don't agree with that advice either, because I'm sure that when we try to recommend something to people, we often emphasize the advantages and not talk too much about the risks. OP mentioned the risk of investing in bitcoin, but what is the risk? I don't see him talking much about it. Not only knowledge of storage wallets but a lot of other knowledge needs to be learned before anyone starts investing.

[irhact]

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 have done well to your friend and he should forever he grateful to you because you have opened him to a new kind of wealth. In the future you friend will be thanking him for introducing him to Bitcoin investment and it was a good thing you didn't force him but only showed him the way to invest and now you have to encourage him to hold when the price starts dropping.

Guide your friend so he doesn't over invest due to happiness and then he'll need the money in a very short time. Advise him to only invest the amount that he's not start panicking when the price starts dumping. For someone earnings $400 monthly, $500 is too big to invest.