Interested in investing in Bitcoin my childhood friend after losing business

[synchronym]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

[dzungmobile]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss.

Life is usually challenging like this. When you start, it looks rosy like your friend business, profitable first and loss later.

My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing.

If you didn't tell your friend about risk, don't tell him about opportunity with Bitcoin. Because risk and opportunity, profit and loss are two sides of a coin, are two parts of investment. An investor must know about both and if you are a tutor of your friend, you must tell him about both.

You must be honest with your story and lesson to your friend, about your loss, profit with Bitcoin and what you learned so far, what you want to avoid in future and what he should not step in shits like you, if you did and escaped successfully from it.

Since he wants to invest, should I advise him to invest?

Just tell him stay away, if you are not ready to talk about risk.

[Renampun]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

my advice is that you better give him information to invest in bitcoin instead of investment advice. you have to explain to him things about bitcoin, and in particular you need to emphasize that investing in bitcoin is high risk and it is not a get-rich-quick way.

you have to explain to him that you are providing the information for the bitcoin investment because he asked, not because of your will. because according to my experience, usually these ordinary people will blame us if their investment suffers a loss or various other things. so you need to emphasize from the start that all risks are borne by him not you, you are here only as someone who provides education about bitcoin investment.

[Minor Miner]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Why don't you talk about the risks of investing in bitcoin? You already know that investing in bitcoin is riskier than any other investment.
I don't think advising him to invest in bitcoin would be a wise decision. Instead, you should tell him everything you know about bitcoin, especially you need to emphasize the risks he will face if he decides to invest. Let him decide things for himself, you should not interfere or give any advice, if you don't want to be the one to blame if his investment fails.

[tabas]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin.

Yes, you should advise him to invest in Bitcoin but give him the pros and cons of investing without knowing it first. Being transparent and tell him your experiences which will speak for you.

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Then, that's the start and you should tell him the risk of investing and since he's into a business before. He surely know that investing into such or any investment or asset bears risk. You just have to explain to him how volatile Bitcoin is and then let him all do the decision making after you explain it to him.

[Findingnemo]

Just like any other investments bitcoin also comes with the risk and you mentioned that you have been involved in cryptocurrency related things then probably you already know that so all you need to do is tell about the risk factors and benefits of long term holding and let him decide what is best for him.

Investing in bitcoin when you are not financially stable is like double edged sword so one who take the risk also need to face the consequences but if he can hold the bitcoin for more than 4 years then he won't regret about investing in Bitcoin.

[Sim_card]

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

If you don't want to be blamed tomorrow or create enmity between you and your friend,It is better that you tell him about the risk involve in bitcoin Investment. Let him know that bitcoin is not a get rich quick project,it needs patience and endurance for him to enable him benefit from his investment. Advice him to only use money that he can afford to lose,he should invest in a long term investment so that no matter how dip bitcoin price goes,he wouldn't panic and sell because bitcoin price is volatile and unpredictable. Tell him on how he can keep his bitcoin safe by using a noncustodial wallet to keep his coins and let him not leave his coins in an exchange. Bitcoin has high risk than any other business.

[Farma]

You can advise him to invest when you have explained the risks. I'm afraid that when the bitcoin price drops, your friends will blame you for this. IMO, it's best to explain everything about the advantages and risks of investing in bitcoin or crypto. after that, try to suggest that he do his own research. when he is ready to invest in bitcoins, you just have to tell him to come to you to know where to exchange or where to buy bitcoins and a safe place to store them. Besides that, make sure that all the risks that can occur are beyond your responsibility.

[Zaguru12]

With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss.

For the reason I quoted above I don’t think it is best for you to advice him to invest rather tell him the risk and the profit he might be getting from the investment and then let him make the decision of either investing or not. If your friend is coming straight into bitcoin invest right after loosing in his business then I think you friend is looking for way to help make up for his losses and probably might have seen how you have gained profits from bitcoin in the past and that is why he wants to invest in them. With such narrative it will be hard for him to hold for long because that is the easiest and safest way to earn profit from this space. And also as a person you shouldn’t be keeping the risk away from him just because you want him to come into bitcoin, any losses incurred by him will definitely be blamed on you. So best his give him the necessary information and allow to make his own decision

[laurenB7742]

If it were me, I wouldn't give any advice to my friends because I don't want to be blamed or our friendship will be ruined because of money. Instead, I will give him all the documentation and knowledge about bitcoin I know to him. I would advise him to find out everything before making a final decision.

I don't know if you don't want or haven't had a chance to explain the risks of bitcoin to your friend. But I think you should focus on that rather than just talking about bitcoin profits. Hiding it won't help your friend get better results in investing.

[SeriouslyGiveaway]

When you are in losing, you should take a break and don't try to recover your loss.

Because when you are losing money, your minds will no longer be good as when you are in a normal status. Having ability to take a break is important when you are losing money or you are in profit. Because in very negative or positive mood, your minds will not be calm and you will be keen on making more mistakes.

[bayu7adi]

Encouraging your friend to invest in Bitcoin is not misguided. Share with them the remarkable journey you've experienced alongside Bitcoin, so that they may be truly prepared to embrace the realities that await them. Mere tales of profits can inflate their expectations to great heights. However, it is essential to recognize that Bitcoin remains an asset laden with considerable risk.

Ensure that your friend also delves into understanding the intricacies of Bitcoin's functioning and the dynamics of its market, so as to avoid misconceptions in the face of adversity. Let us not permit your friendship to be jeopardized merely due to misunderstandings regarding money and the enigmatic realm of Bitcoin.

[eightdots]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

It would be wrong to get an opinion from someone who doesn't talk about the risks of investing. I think you should not give advice and direct your friend to consult someone else. When describing such an investment tool, it is necessary to talk about its risks first. After all, your friend will invest his savings there, and he has the right to know the pros and cons. Actually, it's strange that your friend didn't ask you about the risks.

[hZti]

You can just simply bring your friend to this forum where he can ask any question he would like. Here is unlimited professional information that can probably help him a lot. Maybe he is interested in starting a new business in the crypto world or something like this.

If you are not very much informed about bitcoin yourself it is probably not the best idea to teach other people about bitcoin, but you may provide them with useful things to read.

[mk4]

Don't tell him to invest or to not invest. Give him educational material then let himself decide if he wants to invest or not. Simple as that.


* If he likes reading articles: https://coindesk.com/learn
* If he likes reading books: https://theinternetofmoney.info/
* If he likes watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If he wants to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

[aoluain]

So everyone is talking about "investing" and "risk", it really comes down to education.
In order for anyone to even consider those two topics they need to be educated about
what they are getting into - Bitcoin

Why it was created
How it works
The benefits Bitcoin offers
How to store it and how not to
How the markets work
The Bitcoin halving cycles and the "4 year cycle"
Explain the concept of patience
Explain how FOMO and FUD happens
The risks of falling into the seemingly easy opportunities of $hitcoins

After all those discussions it would be up to your friend to make the choice and be
comfortable that you wouldnt be responsible if somethings goes wrong
for the "investment" and without that knowledge there would be a very high chance
wrong decisions would be made.

[348Judah]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it.

Introduce bitcoin to him, let him have interest and don't force him to invest, ask him to research about it personally and ask you on areas he's not clear with, let him know the risk involved and make decisions for himself, you can site out many examples for him to learn from and probably introduced him to the bitcointalk community here to deepens his learning if found interested in bitcoin, additional, advise him to also invest on other profitable assets aside bitcoin like gold or real estate investments to have more than one investment made.

He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

It will be very bad of you not telling him the risk involved because bitcoin is not a scheme to make money as they like or thought, which this is part of what he would have expected from you to tell him that han discovering losses after he invested, it may appears you're a liar or hide things from him about bitcoin which he should have known.

[superman184]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

If the desire to invest comes from the bottom of his heart, you also won't go wrong if you tell him the advice for investing in Bitcoin. As long as you also have to say how the risks are so that he can understand the risks and be able to deal with them himself when what he hopes for doesn't happen to his investment, apart from that you also have to advise him to keep working at a company or open another business that he can master so he can continue to earn real income while waiting for income through the investment he wants to make.

After all, the failure he has experienced can also be a valuable experience and the key to starting another business with the hope of becoming more successful, because there are many investors who, after investing, still work at their main job. So it won't be wrong if your friend also tries to keep working while investing in Bitcoin, that's a little advice from me to your friend.

[Franctoshi]

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Investing in Bitcoin is always never a problem, But getting the knowledge and understanding of how the industry works before getting involved, basically educate him on the risks that are associated with trading cryptos and the volatility nature of Bitcoin as well, hence their is a second chance that he's also going to lose if proper knowledge is not gained or acquired.

[rozak]

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

if you also invest in Bitcoin, then you can tell everything you know to your friends. including the risk of Bitcoin investment. but you also have to provide a solution to minimize the risk. such as having a hardware wallet to store Bitcoins and several ways to deal with panic situations in market conditions.
Your friend has good intentions to improve his finances. but I hope your friend still has income from his work and does not consider this investment as a source of income.