Succeeded in introducing Bitcoin to a friend

[stadus]

I understand that your intention on showing him your bitcoin amount in your wallet is not actually to brag but to make him convinced that bitcoin is legit and not a ponzi scheme. However, disclosing your bitcoin property to  other people is not really a wise idea. You could have lost your bitcoin all of a sudden knowing your friend might sabotage you in the future. He could be your friend for now, but believe me when it comes to money, your best friend might become your best enemy once he gets tempted to steal your bitcoin without you knowing.

This is the reason why privacy and security are at its utmost important. Once you fail with these aspects, your bitcoin might not be safe anymore.

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[Rruchi man]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You did well introducing your friend to bitcoin, but it was not a wise move to divulge the details of your current bitcoin balance even though you see the person as friend or family.  We always need to be cautious when we tell people things, so we do not over speak and share the information that is not meant to be shared. You can be friends with someone and they are not friends with you, and also your relationship with someone may not remain the same forever, so always be cautious the information you divulge, sensitive information about yourself can be used to hurt you later.

[Rockstarguy]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You don't have to show people the amount of Bitcoin you have just to convince them to invest bitcoin or love bitcoin. Even if you show the person you are teaching about bitcoin your accumulation it may not change anything if he does not have understanding of bitcoin but just want to have bitcoin to have generate quick money. What every beginners needs to know about Bitcoin is to understand the market, the volatility,  which will take the mentality of making money from bitcoin fast. Showing beginners the amount of Bitcoin you have accumulated they will just assume you made all the money you have in life from bitcoin.

[bitzizzix]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You did well introducing your friend to bitcoin, but it was not a wise move to divulge the details of your current bitcoin balance even though you see the person as friend or family.  We always need to be cautious when we tell people things, so we do not over speak and share the information that is not meant to be shared. You can be friends with someone and they are not friends with you, and also your relationship with someone may not remain the same forever, so always be cautious the information you divulge, sensitive information about yourself can be used to hurt you later.

That's right, introducing Bitcoin to friends, close people and even family is just sharing experiences and providing good basic knowledge so that they can know and understand Bitcoin so they can develop it themselves if they are interested.
However, you do not need to reveal your Bitcoin amount and details as it is very risky. Moreover, OP states that she hasn't been friends or known him for years, maybe he was a good friend at that time, but OP also has to consider whether the person he was then is still the same as he is now, and this must be taken into account.
And this is a beginner's mistake and who knows what the purpose is, if only to make them believe by showing ownership. In my opinion, it can't have any effect, it will actually make you cry if something undesirable happens.
And a good way in my opinion is, you become generous and change overall significantly so that it makes them wonder what made you change, and with this you can easily introduce Bitcoin because the proof is that you changed in appearance and also financially.

[SatoPrincess]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

No, it was not wise at all. It’s one thing to share how much you earn at your job and it’s another to share your details of your crypto portfolio. Anyone can have a good idea of your job salary if they know your role in the company but what you do with your salary is your personal business. You took a big security risk telling someone (an estranged friend) about your bitcoin hodlings. There are better ways to share your Bitcoin knowledge to others for example Bitcoin price history is a good selling point.

[ChiBitCTy]

A few things.. first off NEVER show anyone your bitcoin holdings.  In fact you should never tell anyone you even own bitcoin. It's a bit different with a friend so I understand that.  Secondly, sounds like you've got all your bicoin in a hot wallet- move that to cold storage! 

Lastly, unless you're a financial advisor who's discussed his entire portfolio, it's not smart of him to listen to your suggestions.  How do you know he can afford bitcoin?  Never buy anything until you've done the research.  I didn't buy btc for about year from discovering it.  I read multiple books and make sure I knew what is was, how it works etc.  Never just buy something because someone tell you that you should.

I appreciate you well meaning behind this though!

[MFahad]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

​First of all, it's great for you to have such an old friend again.in my opinion the best thing to do is to let your friends, relatives and close people know about Bitcoin. Showing someone your assets or bitcoins is not right in my opinion. You must tell your friends or relatives about Bitcoin and how much profit we can get in the future by investing in it, but one should never flaunt their assets.

Tell them about the profit or gain from Bitcoin to guide them. However, you may have shown him your bitcoins to pique his interest. I often tell my friends about my full wallet assets myself, but often do it on impulse even though I don't think it's right.There are many other ways to interest others without necessarily showing them the bitcoins we have.
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[puloweh555]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

No, it was not wise at all. It’s one thing to share how much you earn at your job and it’s another to share your details of your crypto portfolio. Anyone can have a good idea of your job salary if they know your role in the company but what you do with your salary is your personal business. You took a big security risk telling someone (an estranged friend) about your bitcoin hodlings. There are better ways to share your Bitcoin knowledge to others for example Bitcoin price history is a good selling point.

Yes, exactly. To provide knowledge about bitcoin to a friend, you don't need to show your bitcoin balance so that he is interested in bitcoin, because this is very risky for you. After all, bitcoin is personal, so why should we show it to other people, this is not a wise choice of course.

I'm more interested, as you said, when telling or teaching your friends to be interested in bitcoin, it's better to show the history of bitcoin from when it was first created until now, bitcoin is a scarce asset in the future, that's why we need to buy bitcoin or maybe the use of bitcoin , and there are many other benefits of bitcoin that need to be shown to friends. So it's not your balance.

[The Cryptovator]

When you show your wallet to someone, it means you have compromised your privacy. It doesn't matter if he is your friend or a relative. You know about your friend, but we don't know if he deserves to see your wallet. It isn't necessary to show your personal wallet when you are trying to convince someone to invest in Bitcoin. I advise you to always protect your privacy and be careful. We can trust our friends, but privacy is a matter. However, it is good to see you convince your friend to buy Bitcoin with the DCA strategy, which is a good strategy. Keep up this good work by always protecting your privacy.

[macson]

indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested, But the important question is whether you also warn your friend about the risks of investing in Bitcoin! Many people don't explain in detail what risks they might encounter when they become a Bitcoin investor, There are things you need to explain about the benefits of investing in Bitcoin;
- Bitcoin price is volatile
- best private wallet for Bitcoin ^{(long term)}
- best exchange to buy bitcoin
etc
and you also have to be prepared to continue receiving questions from him, it will likely annoy you until your friend really believes in bitcoin, it's not easy to introduce bitcoin to other people, but we have to do that to encourage bitcoin adoption.

[terrific]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

This is like showing your bank account balance to someone. Are you comfortable with that? if you are then no problem.
Well, he's got the idea now that he's got more money than you so I guess that's fine for him but it won't be enough if he gets interested.
Because whether you show it to him or not, if he's truly interested he'd do his own research about btc.

[Z-tight]

indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested,

You do not have to 'force' the interest of BTC on someone, if they have an interest in BTC and they ask for your help, then you can go ahead and help them, but you don't have to try and convince someone to buy BTC. It would affect your relationship with the person if they lose their coins or make a loss through buying it. Your BTC wallet and how much money you have should be private stuff, i would not show it to anybody to prove a point, even Satoshi didn't try to force the BTC idea on people .

[AmoreJaz]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

This is like showing your bank account balance to someone. Are you comfortable with that? if you are then no problem.
Well, he's got the idea now that he's got more money than you so I guess that's fine for him but it won't be enough if he gets interested.
Because whether you show it to him or not, if he's truly interested he'd do his own research about btc.

that is exactly true. with the current technology these days, basically everyone can do their own further research if they want to explore things. we don't know the absolute truth about the OP's story, but if that was indeed true, then, yes, he got his friend's interest into this market. but do remember that he should advise him about the risks involved in getting into this market.

there's nothing wrong showing someone else's your wallet. but do you really think that is a smart move? i am not comfortable on that kind of situation. but as a holder, much better to be discreet with your dealings here. you'll never know potential risks that you are getting into up until you are in the terrible situation of losing your funds.

do remind yourself that you don't need to convince anyone to be on this market. they can get involve here, but it should be voluntary. they won't hold anything against you whatever may happen to their assets.

[Zoomic]

indeed the best way to attract someone's interest is to show them what we have and in this case you as a bitcoin investor show the bitcoins that you hold, which automatically makes your friends very interested, But the important question is whether you also warn your friend about the risks of investing in Bitcoin! Many people don't explain in detail what risks they might encounter when they become a Bitcoin investor, There are things you need to explain about the benefits of investing in Bitcoin;
- Bitcoin price is volatile
- best private wallet for Bitcoin ^{(long term)}
- best exchange to buy bitcoin
etc
and you also have to be prepared to continue receiving questions from him, it will likely annoy you until your friend really believes in bitcoin, it's not easy to introduce bitcoin to other people, but we have to do that to encourage bitcoin adoption.

Telling people the good sides of Bitcoin without telling them the other sides of Bitcoin is very risky. Newbies also need to be aware that the bitcoin price is very volatile which can either reduce or increase the value of their investments.  They should be fully aware of the inherent risks involved in investing in Bitcoin, also the dos and don'ts.The OP might be in some sort of trouble if at the end his friend begins to make losses instead of gains as opposed to what the OP told him and this might affect the friendship  in the future.

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

As much as I find this story sketching and a pure work of fiction,  I still need to advice. Ten years is a lot to change someone you knew before.  Showing your your Bitcoin holdings is not safe at all. It can expose you to different attacks.  Your financial information is one of the things you should keep private. Those you trust can change any moment.

[flyingcarpet]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

In my opinion, it is not the right behaviour not to pay attention to the privacy of your wallet. In the market, such behaviour is often seen as a mistake. Of course, there may be people we trust, but we need to be completely sure. The way to convince your friend is not to show him your wallet, but to give him information about the subject he is curious about.

In some cases, showing your wallet can be more effective, i.e. you can influence the other person and encourage them to find out more about what they want to do, but this is a risky move.

It's good to tell someone about Bitcoin and convince them to invest in it. You are guiding someone in your circle to the right investment vehicle. And don't forget to mention the risks of the market.

[lalabotax]

Bitcoin and he bought Bitcoins worth $520 that is about 0.012194 btc so he told me that he wish to acquire 1 btc so I told him not to worry that he will use the DCA method to buy same amount of bitcoins at different interval then with time he will surely acquire the 1 btc.
My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

Actually, it doesn't matter when we introduce Bitcoin to anyone. However, there are several things that need to be considered before we decide to invite him to invest in Bitcoin, whatever the method.

The first thing that must be informed is not only the possible profits but also the risks that must be faced. Don't let your friends think that this is zero risk. This will create missed understanding later. Then, make sure that your friends also have time to learn more about investing in Bitcoin and the crypto space in general. Don't just be about getting lots of money and profits. So, balanced information is really needed here.

And regarding you telling how much BTC you have, I don't think that should be necessary. Because you need to maintain your own privacy and security. This is quite dangerous.

[Fatunad]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

You did well introducing your friend to bitcoin, but it was not a wise move to divulge the details of your current bitcoin balance even though you see the person as friend or family.  We always need to be cautious when we tell people things, so we do not over speak and share the information that is not meant to be shared. You can be friends with someone and they are not friends with you, and also your relationship with someone may not remain the same forever, so always be cautious the information you divulge, sensitive information about yourself can be used to hurt you later.

That's right, introducing Bitcoin to friends, close people and even family is just sharing experiences and providing good basic knowledge so that they can know and understand Bitcoin so they can develop it themselves if they are interested.
However, you do not need to reveal your Bitcoin amount and details as it is very risky. Moreover, OP states that she hasn't been friends or known him for years, maybe he was a good friend at that time, but OP also has to consider whether the person he was then is still the same as he is now, and this must be taken into account.
And this is a beginner's mistake and who knows what the purpose is, if only to make them believe by showing ownership. In my opinion, it can't have any effect, it will actually make you cry if something undesirable happens.
And a good way in my opinion is, you become generous and change overall significantly so that it makes them wonder what made you change, and with this you can easily introduce Bitcoin because the proof is that you changed in appearance and also financially.

It is good to have this way if those family of yours and relatives or close friends are open minded type of person or people which it is unlike to my family and friends that they are really that skeptical on things that are found online. They are really just that sticking into those traditional stuffs and things on which they do really believe into it and wont really welcoming any new ideas or things that does exist.This is the main reason on why i had stopped on trying out to introduce Bitcoin or crypto into other people and would really be just focusing onto the things on what im doing here on crypto space rather than on sharing it up into those people who doesnt really even want to hear off about those sentiments. Even if you do speak about some money earning opportunity but still they would be having those doubts.

Well, there are people who are open minded and does welcome new ideas or things on which it would really be that somewhat interesting in making out some explaination into those people
who are really willing or interested to heard of but if its not or totally opposite then it would be better that they should really remain still and sit up and miss out those good opportunities.
Dont try out to speak or reach to me on the time that the market will really be that evident or something that makes up some noise.

[Russlenat]

My question now is that is it wise that I showed him the amount of Bitcoins I have accumulated before he developed interest?

It is not a bad decision to introduce people to Bitcoin because you are indirectly promoting Bitcoin adoption. But you have to give them the right information and also teach them how to keep their Bitcoin safe. Although this condition is relative to my location, I don't like telling people that I own Bitcoin because it could attract criminals such as armed robbers, kidnappers and fraudsters. Most people in my area don't know that Bitcoin can be bought in bits so they assume that you own one Bitcoin and above if they know that you own the coin. This has made me keep my hodling secrets and only discuss Bitcoin with fellow Bitcoiner.

Now to your question,  I don't think you had to show him how much you have accumulated or how much profit you have made to attract him to the sector. This might make him see Bitcoin as a get-rich-quick scheme which is a wrong perception. He should be able to understand the Bitcoin space before investing to avoid regrets.

Most likely, his friend was really thinking that bitcoin is a get rich quick that time when he agreed to invest in bitcoin as well. Because if not, he should have tell him that he will research first about bitcoin and think a hundred times whether to invest or not. But because of what he seen in the wallet, his decision to invest has become abrupt.

OP, what you did only bring danger to your bitcoin. You said you had never seen your friend for such a long time so you really are not sure that time what he's been into. He might be a scammer or a fraudster. Sometimes, what you didn't expect tends to happen to instead. So do not be too trusting even to your friends. You do not know what they are capable of doing when you're not already around.

[Mate2237]

This not a big deal, if I  will create threads to all the people I have introduced Bitcoin to, it will full 20 pages article because they re many but I don't have to to write threads on that. Because that is not an achievement. And also before you introduce Bitcoin to someone you have to know the two major risk involved now. Tell the person the high transaction fee and also the volatile nature of Bitcoin so that when the person comes to the field and anything happens he would know that you have told him before so you would not be blame again in any downfall of the person.

[Japinat]

I agree that you succeeded in attracting your friend to invest in bitcoin, but the problem is you never taught him how to secure his bitcoin, by not sharing it to others or letting other people know that you're actually owning bitcoin. What you showed OP creates a wrong concept about bitcoin, and he should not imitate you, otherwise he will blame you in the future if he lost his bitcoin because he also show it to other people to attract them to invest.

It's not too late OP. You can correct your mistake by teaching him the right way to secure the safety of his coins. And for you OP, beware of the future scammers. Your investment might be at risk already the moment you share your bitcoin hodlings to your friend.