Interested in investing in Bitcoin my childhood friend after losing business

[lovesmayfamilis]

How many accounts do you have, OP? You appeared on the forum for the pizza baking contest; therefore, you can hardly be called a newbie, since your goal was defined as getting merit. But you, like many from your country, Bangladesh, forgot to mention that Bitcoin is banned in your country. Therefore, talking about investing in Bitcoin and, moreover, campaigning your friend would be another crime under the law. As I have repeatedly said on similar topics, it is strange to me why people advise people but cannot show them the right way out. Show your friend the way to the forum. If he is not a stupid person, then he will find the right answer for himself. It's always better to hear the opinion of the majority of people, have several options, and do your own analysis.

[ultrloa]

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?

He might suffer for another financial loss again if he will not be careful on dealing with Bitcoin. So best is to advice him to read or research first before entering the scene since telling him to invest at this early might give him wrong expectation that if he invest a large amount of money he became rich so quickly. So guide him up by sending some good article to read like its benefits and also the scams then the other risk involve.

[aioc]

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 always involves risk and a long wait for the profit, it will have a serious strain on your relationship if he invests and you did not tell him the many things including the risks involved in investing in Bitcoin, you have to be honest and open to your friend if you have told him about the good side, you should also tell him about the bad sides.

Now after you told him both then ask him and let him decide if investing in Bitcoin is something that he really wants,  after he loses his business ventures, he understand the risk factors in investing in every venture, so he can decide but you have to be honest.

Because of the high volatility in investing in Bitcoin, investors should be aware of the many sides of investing in a highly volatile market, your friend has the right to know, so give to him.

[leonair]

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?

Business helps a person to develop a lot financially, but to get something good from business, he must learn business techniques. but a person doesn't need to do much analysis or strategy to invest in bitcoins, just buy and hold bitcoins to get profit. But investing in Bitcoin is much higher risk than business. you should explain this to your friend first. If your friend can accept this risk then he can invest in Bitcoin. But another thing you should do is teach your friend how to hold bitcoins safely and then your friend can make his personal decision whether to invest in bitcoins or not.

[safar1980]

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?

Tell him a little about the risk management system. Buying bitcoin is probably less risky when buying other cryptocurrencies, but the crypto market loves to take money from newcomers. If he invests all his money in bitcoin, then he too may lose the investment or lose bitcoins on the exchange. Advise him a good secure wallet.

[SOKO-DEKE]

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's fantastic to invest in bitcoin because I see it as good investment. But now that your friend has made the decision to invest in bitcoin, make sure he understands every aspect of it. If you can, try to teach him more about it or provide him some articles.I tell him to read up on Bitcoin and conduct independent research on it.

Giving your friend an advice to invest in Bitcoin may not be a good idea as for me because he may not understand how the Bitcoin market operates. However, I will advise you to encourage him to do his own research, and I believe that will help you if anything goes wrong in his Bitcoin investment in the future. This is because Bitcoin is a volatile digital currency, and its price may drop to a certain level as a result of a bear market currently. New investors may easily get worry if market didn't go the way they want and they may end selling their investments at lost, and after they will like to to blame on anyone that advice them to invest.

[Dr.Bitcoin_Strange]

It's not a bad idea to introduce something relevant and very cool to people, mostly when you stand as evidence of success in what you preach. I don't know if you have bought some bitcoin already because it will build full confidence in you to convince your friend you have enough experience with bitcoin. Imagine someone who bought Bitcoin at $30k and sold it at $20 because of panic telling another of his friends to come and invest in Bitcoin. You have seen the other important things that other members here deem necessary to educate your friend about before investing in Bitcoin.

In bitcoin investment, security and privacy should be his priorities. Every investor must know that investing in Bitcoin is not mostly a short-term investment.

[xSkylarx]

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?

Your friend is a smart person for sure; he knows what he is getting into, and even if you don't tell him the risk, he will eventually know it, as he has been a business owner before, and their number one thing to do is do research on risk and how to lessen it. What I've suggested you do is guide him on where to start, introduce him in this forum, provide YouTube videos and articles, and mostly tell him that investing in Bitcoin is like riding a roller coaster.

[Rruchi man]

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.

Take it easy on the financial advice that you give when you are not a financial expert, even if it is to your friend.

A funny but wise video that I saw sometime about giving advice to friends when they demand it, says we should always add "well, I don't know though" at the end of every advice you give in field where you know you are not an expert. Funny, but the purpose is to act as a disclaimer should they want to blame you tomorrow for any action they finally take.

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?

Your friend should know everything about what he is about getting into. There is no need witholding any information even about the risk involved from him. Him understanding the risk involved, will help your relationship with him so he does not blame you tomorrow for not letting him know.

[someone703]

You should share your own experience with Bitcoin to provide a real perspective. Sharing your own journey and experience can help your friend better understand the potential rewards and challenges associated with investing in Bitcoin. Furthermore, you must emphasize risks and encourage thorough research to avoid misconceptions and unrealistic expectations. This can help your friend develop a comprehensive understanding of Bitcoin and its investment potential. Encouraging them to delve deeper into Bitcoin technology, market dynamics, and potential risks will equip them with the knowledge they need to make informed decisions.

[justdimin]

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.

This is exactly why I do not ask my friends to invest, hell it is not even nice to ask for birthday gifts lately I learned. My birthday is coming up, and they were all coming to celebrate with me, and there was this game I wanted to play, and told them you do not have to get me any presents, just get me wallet code so I can buy the game, and some of them took offense to that for some reason.

However, when money is involved, it is not nice to do anything for a friend but help, if you help them get more that's lovely, but if it goes down then it is going to ruin some part of your friendship and shouldn't be done at all. I hope that it gets better in the future and humans could finally talk about money a lot easier without worrying about it, but I can't really bother with it until then, just let them do what they want and I won't be part of it.

[lixer]

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?

What's the fear that you have talking about the risks involved with investing in Bitcoin or cryptocurrencies in general? What's the worst that could happen? He might change his mind, so what? He needs to know everything before he gets himself involved so that he doesn't call you out later on if his investment doesn't go the way he might have expected, so for the sake of your own safety, you should tell him everything very clearly.

I would suggest you tell him everything you can that you know and then tell him to do his own research for the peace of his mind, because you might tell him everything but he may miss some information from you that he might find somewhere else, so it's always better to advise someone do to their own research as well before making any investments.

[Jawhead999]

Don't convince him to invest in Bitcoin because you're involved in Bitcoin, if he's only looking to earn profit in Bitcoin, it's better if you tell all the possible bad reason can happen if he invest in Bitcoin e.g. must hold at least for four years, must learn about security, trust no one etc. If he can't accept that, you should advice him to invest what he believe and don't become a friend who's advice or making a decision for your friend because if he lose, he will mad to you.

[m2017]

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 your friend wants to invest in bitcoin, then why shouldn't he do it, since he is already interested in it. But first, let him invest a small and insignificant amount. Even with the fact that you didn't tell him about the risks, nothing bad will come of it. But his wish will be fulfilled, and he will also get the first experience of interacting with btc. Then, let him act at his own discretion, whether to increase the investment portfolio or not.

P.S. Of course, you must tell your friend about the risks and other nuances associated with cryptocurrencies, such as safekeeping. But judging by that story with his business of four participants and subsequent financial losses, then your friend, by personal example, faced risks and, in fact, already has an idea about this.

It will also be important to inform him that you don't have unlimited knowledge about bitcoin and therefore, after your introductory information about it, he himself will have to look for and study additional information about btc. Fortunately, in the age of the Internet this is easy to do and the bitcointalk has already existed for many years.

It will be good if one day your friend will create an account here and tell this story already on his own behalf mentioning you.

[Sanitough]

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?

Educate him first about bitcoin and its highly volatile crypto market. Talk about the risks and challenges when investing in bitcoin, and how it can bring life changing profits or losses in your life. Tell him to do his own diligence to research more about bitcoin and when he’s done, let him decided on his own if he’s still willing to invest or not. That way, whatever the consequences he may face, at least you’ll not be the one to be blame when he suffer some losses.

[acroman08]

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?

from your post, it seems that your friend has very little to no knowledge about Bitcoin. bitcoin is volatile, and investing in it without knowing anything about its market could lead to financial loss. the best thing you can do for him is tell him the risks he is going to take by investing in Bitcoin, if he is still interested after you lay out the risks to him, encourage him to learn more about Bitcoin before investing any money in it.

[Agbe]

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?

You can advise him to invest but don't invest for him. Tell him the risk involve in bitcoin, though later when he has understand how the market is, he will not have that FUD on bitcoin again. He will build the confidence to over come the fud and the risky. One thing I am trying to understand these days is that, investing in bitcoin does not need too much knowledge. And where knowledge is very much needed in bitcoin is trading. If you want to trade with bitcoin then you have to get enough knowledge to trade if not you will just loss everything at once. Tell him the different between investing and trading, so you wi choose where to go.

[Crypto Library]

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?

Since he was not involved in cryptocurrency and doesn't know about the risks of investing here and you didn't inform him about the risks,So I think your initial advice should be to mention to him all the risks involved in investing here.
There is no need to suggest or advise him to invest in Bitcoin or other cryptocurrency. After knowing the risks of investing here, if he wants to invest, it is his personal matter.  
Another thing I notice is that you are a member of my local community so before investing in crypto currency let your friend know about the current state of our government regarding this. Those who are associated with investment in cryptocurrency are currently facing a lot of pressure. Bank sectors are going to be more and more strict now so I would suggest your friend to learn the safety issues well before investing here now because one mistake in the new situation can make his life miserable.
Moreover, I will request you to show this picture below to your friend.

[serjent05]

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

You must make it clear that you tell him about the risk of Bitcoin investment.  I think it is very crucial for your friend to invest in Bitcoin without knowing the risk he has to face when he invests in Bitcoin.  You as a friend should feel responsible of telling him the pros and cons of Bitcoin investment.  Then after he heard it, you do not need to push him into investing in Bitcoin he himself will know whether it best to invest in Bitcoin at the current market condition.

[Oilacris]

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?

On the time that your friend approaches you to invest and since you havent explained to him about risks then better you have to, make him/her aware about the risks of losing money because this isnt

a market which would be guaranteeing profits or something that would be talking about this would be a sure back up plan specially to those who get bankrupt. This isnt a viable option i would say because we know that in crypto space on which everything is still that unpredictable and there's no way that we could be able to tell on where it would be going.
If your friend do pushes you on investing then better not to make assurance so that you wont really be getting blamed in the end of the line.  Dont make out some assurances
and tell him about on making in depth research and studies about the pros and cons of it.