My friend's investment in Bitcoin

[Dr.Bitcoin_Strange]

Laziness in literacy is still a problem that is very real, especially for bitcoin because I don't mean to be condescending, but if you look at the conditions in my current environment, many are in bitcoin just because they are lured by the lure of the financial conditions that are being made.
Believe it or not there are still many like that out there and it only depends on the people who introduce them to bitcoin. Even though this is indeed an increase in the conditions of adoption, but still things like this in my opinion are like a time bomb because indeed they are just like a doll that is controlled without knowing what they are doing and without understanding what they are doing which makes this look ridiculous in my opinion.
At least if their intention is to get rich because of bitcoin, even though this is not a very good intention, of course learning more about bitcoin by increasing literacy is at least a good thing.

There is nothing that bores me more than someone pestering me with things they can do themselves. That's why I rarely teach someone who is not ready to work something out for themselves. If you are teaching someone who is craving Bitcoin knowledge, they will only bore you with some critical quotations for some period of time, and sometimes even before they ask you anything, they might have gotten some answers already from their research, and they might only want you to confirm that it's true. But when you teach someone who seems unserious about the knowledge you are giving them, you will get tired of explaining everything to them for almost an entire year, even if you send some articles for them to read, they will not. Just as you have said, there are people who get drawn to Bitcoin because they think they can be rich in an instant, but they get disappointed along the way. But I just often see that some of those who have such character end up doing well because they let themselves calm down, do research, and learn themselves.

I am not an expert in the crypto industry, but when I started, I just needed someone to explain a few things to me and teach me how and where to buy Bitcoin and also how to convert it to my local currency if I wanted. That was how I started doing some research for myself. After some months, I felt I had learned a lot, but when I joined this forum, I still realized that I had not even known much about Bitcoin, so my learning never ends, even if I am not asking questions all the time. Developing time to learn will even help you get grounded knowledge.

[Josefjix]

You have told your friend about the possibility of loss when investing in bitcoin, so there is no need to worry about it. Moreover, this is just a conversation between you and your friend and does not force or pressure your friend to invest in Bitcoin. Investment is their decision, and they are responsible for losses. So there's no need to feel sorry for yourself because you've fulfilled your responsibilities as a source of information.

Taking risks is a significant daring step in bitcoin, constantly prepare your mind for the worse or better things ahead, it always increases unanticipated parts, which is where option B comes in. There's nothing wrong with informing a friend about cryptocurrency; all he needs is a determined mindset and good trading plan. He advised him correctly about investing in Bitcoin, as well as the risks and rewards involved. Bitcoin volatility is extremely high in comparison to other projects in the market, and users make critical decisions every day that will either build or liquidate their account.

[TheUltraElite]

But your story looks like a cookup stories, how did your suddenly invested without him knowing about the kind of wallet to use and where to buy bitcoin.

Lets cut them some slack and assume that its what happened which is maybe not a poor attempt to draw some merits.

Still advising a family member who earns a specific amount per month to invest a part of their savings into bitcoin is a good advice as long as the person investing knows the risks involved and the nature of bitcoin, its problems with the government and so on.

Assuming "Bd officer" to be Bangladesh origin, I doubt how much they are actually investing in bitcoin because of their government's restrictions on crypto.

[SmartGold01]

But your story looks like a cookup stories, how did your suddenly invested without him knowing about the kind of wallet to use and where to buy bitcoin.

Lets cut them some slack and assume that its what happened which is maybe not a poor attempt to draw some merits.

Still advising a family member who earns a specific amount per month to invest a part of their savings into bitcoin is a good advice as long as the person investing knows the risks involved and the nature of bitcoin, its problems with the government and so on.

Assuming "Bd officer" to be Bangladesh origin, I doubt how much they are actually investing in bitcoin because of their government's restrictions on crypto.

Maybe I think for him to draw merits to himself, the write up should be more organized and how he goes teaching than just slicing it short and it looks very confusing and not true. Before convincing people to invest in bitcoin there are some certain things they must know because whatever that happened with the investment he would be hold responsible because of convincing he did.

So for my advice is that teach them the whole concept of bitcoin, usefulness and important more especially the security aspect of it then let them learn to read more content the relates with bitcoin to build their faith and belief towards bitcoin before finally making decisions to invest in bitcoin at this point you may see that everything is in line and whatever that may come of it they are already aware of the risk associated with the investment they are about to venture into.

[ringgo96]

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.

I agree with your opinion, because every information we provide must have bitter and sweet clarity, like investing, there must be profit and loss, if the friend we tell is ready to take risks, we will not be guilty even though we invited him to get involved, and our friend, there must be consideration because every thing he wants to do and already knows the risks, he still joins, so he is indeed a businessman who has ambition because, as you said, he is very interested in bitcoin.

[worle1bm]

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.

[bettercrypto]

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.

I think if he invested more than his salary it just means that he has confidence in his friend who shared about bitcoin. He may have heard this before and it may not have been explained as well as his friend's.

     So I can say that somehow he is aware that there is a real risk in the investment. And first of all, maybe because of his trust in the person even though he didn't say that he would invest, but he still invested.

[glendall]

Did I give my friend the right advice?

there is nothing wrong if you provide input to your friends because from the start you and your friends discussed bitcoin issues before, but never force your opinion on your friends because 100% of the decisions return to your friends all the risks he will accept after investing in bitcoin

[Rabata]

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 have given him good advice but since this is a high risk platform he probably may face big loss in his investment. You should try to understand about that fact carefully. It is your responsibility to educate him more. As your words he has given much priority so you should guide him until he gain basic knowledge about Bitcoin. When new comers hears about Bitcoin's volatility or learns about it, many people get excited. When they are in a long bearish position at some point they start to comment negatively on it. Share with him the positives as well as the negatives. At least he can't blame you if the market is extremely negative. Make sure to tell him that the amount he can afford to lose should be invested in Bitcoin.

[Ayers]

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.

I think if he invested more than his salary it just means that he has confidence in his friend who shared about bitcoin. He may have heard this before and it may not have been explained as well as his friend's.

     So I can say that somehow he is aware that there is a real risk in the investment. And first of all, maybe because of his trust in the person even though he didn't say that he would invest, but he still invested.

Investing more than salary is not a problem because OP didn't mention whether his friend invests with salary or from savings, as I believe everyone will have savings. Moreover, he only invests once, so it will not be able to affect his daily living needs. I am more interested in whether OP's friend understands the risks of investing in bitcoin? I don't believe anyone could fully understand investment risk in just a few sentences in that brief conversation. I feel OP's friend is investing hastily without any knowledge, too risky for both.

[LogitechMouse]

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.

Man? So you think that Satoshi is a male? Where did you know that thing?

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?

Well, I guess there's nothing wrong in helping your friend. The problem lies when you don't share the possible risks and consequences that he might face when investing into Bitcoin. As long as you shared the pros, and cons of investing into Bitcoin then you did the right thing.

I guess it's good for me that there's no one that's interested in Bitcoin here in my place. I'm the type of person where I don't want to just open a topic regarding Bitcoin out of nowhere, but I'll let them open the topic about Bitcoin (if they heard it), and from that I will answer their question thus, helping them to have more information.

[Mr.corol]

.
Assuming "Bd officer" to be Bangladesh origin, I doubt how much they are actually investing in bitcoin because of their government's restrictions on crypto.

I am also a Bangladeshi citizen and I have also invested in Bitcoin. Many people have invested in bitcoins in our country keeping the privacy. Bitcoin is illegal in our country but we get all kinds of benefits. On the one hand, we have benefited a lot because we don't have to pay taxes to the government. I think it's better that Bitcoin is illegal in our country. We will invest with confidentiality. Bitcoin will be legalized in our country one day.

[Baoo]

To be honest, you shouldn’t have mentioned your friend’s name, that was unnecessary OP. Otherwise, you have not screwed up when you introduced Bitcoin to him, you have made the right decision. Plus, Investment is clearly risky especially when have no knowledge and experience in this field. In addition to that, investing a large amount in BTC does not guarantee huge returns. As you see the market is dramatically unstable and unprofitable specifically in short term, and unfortunately BTC’s price has not increased significantly for a long time.  Regarding your friend, he shouldn’t invest more than he can afford to lose. And from my perspective, it is better to find another source of income and invest the profit in BTC and spend your salary on necessary needs.

[Russlenat]

Well, if you've said the potential for him to lose and to profit and so I guess that's enough already for your friend to understand that Bitcoin isn't just an overnight investment that people have been misleading of.

If you didn't convinced him and you just told and introduced him to Bitcoin, it's not your fault if you see him or he actually sees that the market is dropping and his entire portfolio or purchased Bitcoin starts to drop in value.

You've explained well to him that he could profit and lose from it, so, that's all about he has need to know. It's also possible that he had made his research even before you've mentioned it to him or just after he heard it from you.

Investing is already taking a risk, so probably right after you mentioned to him about bitcoin, he has started to educate more of himself before he was finally convinced to invest in it. Good thing you mentioned to him and made him aware that bitcoin is capable to make him lose more than profiting, at least he won’t dare to blame you when in the future bitcoin price will start to plummet and drop its price sharply. But I guess he’s already aware that everytime bitcoin drops, there’s always a chance after for recovering.

[southerngentuk]

Every individual's investment journey is unique. You have introduced your friend to the good and bad sides of investing in bitcoin. So you did nothing wrong; they should be responsible for their own loss or decision. The best thing to do now when meeting your friend is to give some useful advice when they have made such an investment that can both increase their friendship as well as help them gain some knowledge in the market for this school.

[Silberman]

Well, if you've said the potential for him to lose and to profit and so I guess that's enough already for your friend to understand that Bitcoin isn't just an overnight investment that people have been misleading of.

If you didn't convinced him and you just told and introduced him to Bitcoin, it's not your fault if you see him or he actually sees that the market is dropping and his entire portfolio or purchased Bitcoin starts to drop in value.

You've explained well to him that he could profit and lose from it, so, that's all about he has need to know. It's also possible that he had made his research even before you've mentioned it to him or just after he heard it from you.

Investing is already taking a risk, so probably right after you mentioned to him about bitcoin, he has started to educate more of himself before he was finally convinced to invest in it. Good thing you mentioned to him and made him aware that bitcoin is capable to make him lose more than profiting, at least he won’t dare to blame you when in the future bitcoin price will start to plummet and drop its price sharply. But I guess he’s already aware that everytime bitcoin drops, there’s always a chance after for recovering.

That is the best case scenario, in my experience most people never consider things not going their way and then when they inevitably find a setback they are incredibly surprised this took place, however instead of taking a moment of introspection and devote some time to the task of finding out what is exactly what happened, they prefer to blame someone else for their problems, and in this case the OP will be the perfect candidate for this on their minds as they were the ones to introduce bitcoin to them.

[Crypto Library]

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 would like to welcome your friend to the world of Bitcoin and advise him to do his own analysis and research before investing. Earlier I saw a topic of yours where you are investing from the tuition fees you earned as a student. Since you belong to my local community, I will tell you that now bitcoin is illegal in our country, so be careful about security. Here you directly mentioned your friend's name, hope it will not bring any danger. And I will also hope that your friend will not be angry with you, you have already explained the precautions to him well.
I want to make another suggestion to you that you introduce your friend to bitcointalk forum, I hope it will help him a lot in the future for this related learning.

[tjtonmoy]

All you do is tell him about bitcoin. Everything about it. Advantage, disadvantage everything. All you do it put the food in front of him. It has to be his own decision to whether to eat it or not. Because the moment you push someone for eating, they are most likely to vomit afterward. Same with bitcoin investment. What you did is alright, but you should have told him to wait a bit longer and process the knowledge. Because when they take a decision in a hurry, they will most likely blame you later on if things went south. But it's ok as you have explained all the risks already. Now you should tell him to learn more about Bitcoin. Because there's no limit in learning. Cheers.

[The Cryptovator]

You provide sound advice when you mention the importance of explaining the potential risks of Bitcoin investment and emphasizing the need for secure storage. It is crucial to highlight that Bitcoin is not a get-rich-quick method and that patience is necessary to generate profits from it. Since the person in question has already invested, it would be beneficial to thoroughly explain how Bitcoin works, including technical aspects, in order to provide them with a comprehensive understanding.

[flyingcarpet]

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.