A milestone of introducing and initiating a friend to Bitcoin investments

[EluguHcman]

Greetings to everybody.
Please share with me if the introduction of the "Crypto online demo trading app" would have had the tendencies of risk impact on my friend.

At July 2023 I met an old school friend who has been unfortunate to success after the years at schools. So he was interested to know what my lean to financial explore is and I told him I deals on Building Materials. Sometimes he comes spending time with me at the shop and at most times, there is just no patronage then he was worried to ask... "How do you make it this way that you don't regularly have customers"? And how is it possible you can still achieve a whole lot of things in life such as cars and house including the possibilities of meeting with your responsibilities?
I told him that I diversifies my investments in Bitcoin and it is my most profitable source of income.
Then he said if he was financially buoyant he would love to into the Bitcoin because he has to me as a testimony of the industry.
Then I told him he can equally startup with any affordable amount which I intended to help raise a specific amount for him but because I wanted him to feel the struggle and raise the capital by himself so that he would pay a recommendable interest on the process of educating him in the industry because he has no knowledge about Bitcoin and also he will learn to value his profits with proper management.

So, I hinted him briefly about the potentials of Bitcoin with some primary technicalities and also the interests in long-term and short-term investment so he has going into a short-term investment then i asked him to go watch Bitcoin trading on YouTube and also download "Exness crypto online trading demo app" where he can practically learn about crypto trading but specially of Bitcoin.
In just 1 day spent in the demo app he felt to had learnt enough and was desperate to get into the Bitcoin market but I keep calming his desperacy because I wouldn't want to be blamed for any lost.then I asked him to keep exercising himself on the Bitcoin demo platform.

But since there was a high inflation in my country which has depreciated our local currency over USD ($) and he could raise the highest amount of capital he could but seems to be underated in USD($) exchange to purchase Bitcoin but so far so good our local currency could gained some appreciative values over USD($) again then I opted him to key in and Invest now as a means to take advantage considering the current values of the fiats while he is yet to learn about the technicalities but though some basic educations on how to secure his private keys has been imputed to him.

Now he has already invested while we undergoes the overall educational skills and techniques required to a proefficient Bitcoin investor. It was interesting that he could discuss about how he can take Bitcoin for his favorite crypto trading and funding his BTC wallet including  analysing the coins values and how BTC is being at top, talks about an overview, speculation and also as the market chart.
I was so overwhelmed he that has aided to save me longer time in educating him
Bitcoin was around $26K when he came into the industry and Bitcoin market values today is impressively varying in-between $34K and $35K plus.
So he had engaged on diversifying his portfolio having his first investment for a long-term investment on ageing plans ahead the future while he has also invested a short-term for his up closed bills.

[lombok]

Reading your short story, your friend is the type who wants to learn and try. Good for both of you.

Every investment, especially Bitcoin, has a risk, wild price volatility too. This must also be explained in detail so that there are preventative steps or at least thinking about risk management and money management.

[DapanasFruit]

With the generally regarded impending bull run of Bitcoin and the whole crypto industry especially next year, you and your friend made the right choice and timing of entering Bitcoin while the price was just $26K and that means you are in the profitable level already. I am advising that you continue on holding on and even adding more so you are all in a good position once 2024 will come. So many people were enticed to "invest" with Bitcoin but they're afraid to start their journey and so when things are getting brighter they were left behind...good to see those who summoned the energy and the resources to join the BTC Club.

[mk4]

Looks like it ended up great for you, but we really need to be very careful when pitching bitcoin to other people. It could end up really great with them if bitcoin pumps — but man if bitcoin's price goes the other way, it could end up really different for your relationship.

[Luzin]

Looks like it ended up great for you, but we really need to be very careful when pitching bitcoin to other people. It could end up really great with them if bitcoin pumps — but man if bitcoin's price goes the other way, it could end up really different for your relationship.

This is a difficult one, sometimes people just want to make a profit. Not at a loss. A demo account might help practice, but not a real account. There will be another burden in every action we take.
So we should talk about losses at the beginning. This is to prevent a bad relationship after they feel wronged. But it is difficult, even I currently do not talk much about trading to friends because the risk is quite large. Because I once told a friend to join trading and in the end they gave up.

[Poker Player]

Well, this is another typical story in this section, which we may doubt if it is made up to get merit, but even giving the benefit of the doubt to the OP, I think a bit along the lines of mk4 that you have to tread carefully when introducing other people to Bitcoin. Firstly because by telling other people about Bitcoin, we are revealing that we have and that poses a potential risk, and secondly because of what was said that it may result in financial loss to that person and them blaming us.

[Plaguedeath]

Because I once told a friend to join trading and in the end they gave up.

Base on many people around me who hear about "trading" for the first time, it's correct they will give a try, lose and then fear to trade again. This should be the real story when someone get convinced to trade or other thing that related to financial decision.

Well, this is another typical story in this section, which we may doubt if it is made up to get merit

Nothing different, just like you caught him in his old thread.

First story Bitcoin help him become rich, second story he help his friend to invest in Bitcoin, I guess the next one Bitcoin help his country (Nigeria).

[airbin]

The recommendations to have bitcoin, do not have to be p2p, there is no guarantee of funds, like it occurs in a P2P, real exchange. a friendship has a lot of value, Bitcoin does not need this type of help, people need to have confidence in bitcoin Not in a friend.

[Husires]

Diversifying his investment portfolio is the safest course of action. If you are in a country that has a variable exchange rate for the local currency and a variable rate for the price of Bitcoin compared to the dollar, calculating net profits and losses will be complicated and may lead you to a loss. Therefore, the best advice is to diversify your investments and focus on Bitcoin as a long-term investment versus buying dollars for investments. Short term or gold if he wants to build a house or buy a car. I know that saving will be more difficult, but some sacrifices are necessary in order to achieve financial well-being, which requires more hard work, and after 4 to 8 years, his Bitcoin investments will be sufficient to achieve what he dreams of.

[mk4]

This is a difficult one, sometimes people just want to make a profit. Not at a loss. A demo account might help practice, but not a real account. There will be another burden in every action we take.
So we should talk about losses at the beginning. This is to prevent a bad relationship after they feel wronged. But it is difficult, even I currently do not talk much about trading to friends because the risk is quite large. Because I once told a friend to join trading and in the end they gave up.

True. But unfortunately a lot of times even if you made it very clear that losses are possible and that they're buying a very risky asset class, problems can still arise. This is why I've personally chosen to not push crypto to any of my friends and family at all lol. I only answer when they ask questions, and that's it.

[pinggoki]

Looks like it ended up great for you, but we really need to be very careful when pitching bitcoin to other people. It could end up really great with them if bitcoin pumps — but man if bitcoin's price goes the other way, it could end up really different for your relationship.

Depends on how you said it to that person though, if you're the kind that's talking only about bitcoin in terms of hype and all the positives and putting bitcoin on a pedestal so you can sell bitcoin to that person then be prepared to have that relationship to be gone because you deceived that person to some degree by telling them only the good stuff when there's also a lot of negatives that your friend could've been warned about. But if you've introduced your friend in a way that's informative but at the same time makes them do the decision of investing then I don't think that your relationship with that friend will be going anywhere bad.

[Cryptomultiplier]

The word '...initiating...' as used in the topic by OP made me have a thought after reading the headline. Well, I had to read the story to understand that he was making reference to someone coming onboard or taking a risk to join/invest in the crypto space.

The friend in the story agreed to invest still in Bitcoin despite the risk of losing his investment to market volatilities. To me it sounds more like a willful decision borne out of good conviction, rather than an initiation to join some kind of Mafia organization.

More power to your elbows OP.

[rat03gopoh]

I'm compelled to share this with you, @OP:
Your friend is interested in investing? Introduce them to p2p trading and non-custodial wallets. Your friends are interested in trading: Introduce them to CEX platforms.
I honestly never knew about "Exness", and it's worrying how you recommend such a foreign-sounding platform. Idk if you have also taught your friends Bitcoin on the side of volatility and security risks.

[SmartGold01]

This is hard to comprehend from newbie investors because they always wanted it urgently without knowing that investment be it trading doesn't work that way they must learn and study the principle of what they are about to venture. Most times lots of newbies investors lost their investments due to this desperacy to start quickly the way it's to them so that they can start making profits as soon as possible, I do also have a girlfriend who is desperately wanting to learn what I do.

[KiaKia]

What is the most important about bringing in new Bitcoin investors is if they are willing to learn themselves, there will be no connection of you forcing them to learn, it will always be them probably begging you to show them the way to become a Bitcoin expert and this are the type of people I like wasting my precious time on, not those that aren't sure of what they want.

I have wasted my time in the past on people that later told me that they are not interested, it's part of the reason why I don't host any Bitcoin seminars anymore, as majority of them are not even ready to take risks, and it's part of the reason why the world if full of more poor people than the average people that can still provide for themselves.

Today I choose to not introduce Bitcoin to anybody, not until I noticed that they have a passion to pursue the goal, some pretend to be ready for the risk and when the I expect things start happening they will lose control and probably sell for loss or start giving you some headache like calling you because the market dumped or something related to this.

[EluguHcman]

Because I once told a friend to join trading and in the end they gave up.

Yes, they gives up because they literally focused on paving profits without the readiness for lost if occured and such a personal was likely to had been convinced on that trade and wasn't his personal desires to Invest on the trading else even at a downfall he would be firmed hoping he would get it right somedays as much he keep to adapting and acquiring the systems techniques.

quote author=Plaguedeath link=topic=5472876.msg63106760#msg63106760 date=1699157943]

Base on many people around me who hear about "trading" for the first time, it's correct they will give a try, lose and then fear to trade again. This should be the real story when someone get convinced to trade or other thing that related to financial decision

It takes two different ways in brining one onboard which is either by convincing him or he developed a personal interest but you just have to give him the guides.
You would be at the safer side if he had a personal interest and you must not only give him the positive guides as to sugarcoat the whole thing all to attract him but also tell about the potential risks involved.
This would activate their enability aid to stay at alert to absorb whatever comes out of the journey.

Well, this is another typical story in this section, which we may doubt if it is made up to get merit

Apparently I brought to the public notice about this with some insights as...
*The advantage steps taken over my local currency which gained an appreciate value over USD($). So I asked him to invest on that run to boosten the rate of Bitcoin he could buy for his trading as this could be a served strategic planning for others.

* Another reason why I shared this was to hear about public opinion if it was wrong of me engaging him to begin his trading learning with the Online crypto trading demo whereas... There could be risks of him acquiring wrong knowledges along the lines.

* Lastly, if it was right keeping one on pending at where he feels tasty to get onboard because this guy was being too desperately eager without undermining the potentials risks involved as I hinted him about but yet he insisted of investing because I asked him to calm down.

Nothing different, just like you caught him in his old thread.

First story Bitcoin help him become rich, second story he help his friend to invest in Bitcoin, I guess the next one Bitcoin help his country (Nigeria).

Well @ plaguedeath you got this twisted.
On that of my previous thread, I talked about how leaving my introversial life for extrovert has positioned me to a greater height where I found love and a life partner who is at a virtue willingness to paste me in a better financial status quo by gifting me a pare of shoe, pams including a laptop that I requested for to help handle my Bitcoin tasks flexibly with eases and she also promised to support me with a valuable amount of money to boosten my investments.
I saw that happening in the nearest even though it didn't come a reality at last because we broke up 😏.
Life is just unpredictable as not all that we plans for life comes as expected.
I have got you with no cooked stories my dear.

[SquirrelJulietGarden]

Please share with me if the introduction of the "Crypto online demo trading app" would have had the tendencies of risk impact on my friend.

From demo trading to actual trading, big difference.

With demo trading, you don't lose anything and you don't have to care about market movement, loss in demo trading is not actual loss and don't make you stressful. Profit in demo trading is not actual profit and you don't feel greed with it.

You don't have to be serious when choosing a platform to use demo trading but if it is your real capital, be more careful. If you choose a scam platform, you will lose your money to them.

Reminder: do not keep your money in online accounts.

[michellee]

If I can also find a friend who is willing to accept something new and is willing to open himself up, that would be really fun. We can spend time together learning many things and have the same passions. You are really lucky @OP, to find someone who will accept your suggestion to learn Bitcoin. And it was an interesting experience.

It didn't take him long to understand investing in crypto. He has also started diversifying his investments but you may need to remind him about the risks of altcoin investments. He needs to know about it so that he is not careless in choosing his coins and can diversify his investments well.

It also reminds him of the volatility in the crypto market if he still wants to trade. If he could learn more about trading, he would understand it himself. He will also prepare himself well to invest in crypto and trade.

[EluguHcman]

I'm compelled to share this with you, @OP:
Your friend is interested in investing? Introduce them to p2p trading and non-custodial wallets. Your friends are interested in trading: Introduce them to CEX platforms.

Thank you. I will put that to considerations on a further research. Hence I am opened to opinions and flexible to learning new ideas.

[quote author=rat03gopoh link=topic=5472876.msg63107095#msg63107095 date=1699166686
I honestly never knew about "Exness", and it's worrying how you recommend such a foreign-sounding platform. [/quote]

Check out Exness online trading demo app on  https://play.google.com/store/apps/details?id=com.exness.android.pa.
it is basically a demo which is programed as a reality online crypto trading. Although I feel it may inspire some kind of unconscious emotionalities since there was nothing to loose as demo it is but could practically enhance ones aids to educating about Bitcoin trading.

Idk if you have also taught your friends Bitcoin on the side of volatility and security risks

Certainly I did because that definitely is my "hold-on keywords" where a proper sanctions were given and so I don't get to be blamed in way way on negative occurances.

[Lorence.xD]

Looks like it ended up great for you, but we really need to be very careful when pitching bitcoin to other people. It could end up really great with them if bitcoin pumps — but man if bitcoin's price goes the other way, it could end up really different for your relationship.

This is a difficult one, sometimes people just want to make a profit. Not at a loss. A demo account might help practice, but not a real account. There will be another burden in every action we take.
So we should talk about losses at the beginning. This is to prevent a bad relationship after they feel wronged. But it is difficult, even I currently do not talk much about trading to friends because the risk is quite large. Because I once told a friend to join trading and in the end they gave up.

That's the common thing why people explore into this industry right, is to make profit or to make money. Which I think it could be bad cause you are counting profits and losses than learning from your past mistakes. If you are teaching someone into this industry you would really need not to be biased as you introduced Bitcoin with its pros and cons so they would be aware. That way they would know to themselves that its their responsibility that they choose to to take the path you are taking, which is involved risk, this way it could really prevent of bad relationship. You could teach the basics, we have demo account right? But never told and spoonfed them as they will rely all the things to you. And for sure once you have a bad call the blame would be pointing at you which is pretty toxic.