Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income

[BALIK]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

It's hard to understand how many people like to get themselves into trouble, giving advice or asking others to invest in bitcoin is an unwise idea. Think about it, if they invest profitably, we will not receive any benefits from them, but if they lose money, we will be the ones blamed, even called scammers. I really don't understand why so many people like to do this.

Basically, investing is risky, and it's riskier if it's bitcoin, a volatile asset. So let them learn and make their own decisions, don't try to ask or force them.

He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

I agree when OP gives advice to his cousin not to invest in bitcoin while he is unemployed. But if OP hadn't asked his cousin to invest in bitcoin before, he wouldn't be in this situation now. OP is in a dilemma as he is the one who introduced bitcoin to his cousin but now OP is also the one who refuses his cousin to invest in bitcoin.

[KiaKia]

People always want to overdo it in the crypto space, even if all they can spare for Bitcoin investment is one percent of their monthly salary they will feel the hype later and increase the amount themselves, I know people who do this just because they want to have a lot of Bitcoin as fast as possible.

OP dropped a good advice, if you don't have a good source of income don't think about Bitcoin investment, if you also can't stick to a certain percentage of your money into Bitcoin every month you will likely over-invest in Bitcoin and it could backfire later on.

As for him telling his cousin to invest in Bitcoin is not a forceful attempt, if his cousin says no to him it is the end, I've advised many people to grab Bitcoin at $3500 in 2020 and they said no, a year later they rushed to tell me how they regret not taking my advice, the same thing will happen to anyone who failed to listen.

[Kristiyana]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

It's hard to understand how many people like to get themselves into trouble, giving advice or asking others to invest in bitcoin is an unwise idea. Think about it, if they invest profitably, we will not receive any benefits from them, but if they lose money, we will be the ones blamed, even called scammers. I really don't understand why so many people like to do this.

Basically, investing is risky, and it's riskier if it's bitcoin, a volatile asset. So let them learn and make their own decisions, don't try to ask or force them.

He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

I agree when OP gives advice to his cousin not to invest in bitcoin while he is unemployed. But if OP hadn't asked his cousin to invest in bitcoin before, he wouldn't be in this situation now. OP is in a dilemma as he is the one who introduced bitcoin to his cousin but now OP is also the one who refuses his cousin to invest in bitcoin.

Actually due to what op said earlier that he advice his cousin to invest in bitcoin but he was afraid that he don't want to experience any lose in the market, had it been he listen to op advice he wouldn't have been in this situation right now. sometimes this happens as a result of being greed unlike what op said earlier that his cousin Said that he don't want to invest his money in bitcoin meanwhile he has a decent job that is paying him very well then, what will happen to him if he just invest with a little amount that he can afford to lose and just forget about it? that is why is not good to put our egg in one basket because had it been he invested in bitcoin at that early stage, I think there will still be a hope for him now that he lost his job. However Most people always forget that bitcoin is a very good asset that can profit One in the future.

[kotajikikox]

I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, The advice I gave to my cousins was not to invest in bitcoin but to save in bitcoin.

Did you copy this?

The reason why I'm saying this is because it was not quite long ago when I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, 

I don't know if you want to add by making comments. Don't just copy and paste the text you want to discuss as it might seem like it directly came from you. Quote the post you want to talk about, you can find the quote button at the top right.

[khalidkhan82118]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

That's an interesting situation with your cousin. Do you think it might be a good idea for him to start with a small amount to get a feel for the market without risking too much? How have others in this group handled introducing cautious friends or family to crypto investing? Any tips on managing their expectations and helping them understand the volatility?

[bitzizzix]

It is not easy to suggest Bitcoin investment to new people, even if you already know about it, but new people will not easily believe it even if you provide proof of good profits from Bitcoin. Especially for those who feel comfortable with the income they earn every month, because there will definitely be worries.
Since this person is your cousin, you should invite him to do a business that is easy for him to understand and that he also knows about profitable businesses. And with this you can meet often and have a lot of free time to educate your cousins ​​about the benefits and advantages of Bitcoin, and having a business is one of the best ways when you lose your job.
And I'm sure this way your cousin will definitely be interested if he really understands and has enough knowledge about everything related to Bitcoin and the risks involved, and he will definitely start while he is still working and doing business with you. And when he lost his job, he still had a business and also invested in Bitcoin, and it was all because of you.

[kro55]

Well, actually you were right to recommend that he invest while he still has a job. In fact, I also thought like that, and at that time I was forced to invest. However, when I lost my job, I really felt the benefits of the investment. However, this could be a lesson for him that while he still has income, he needs to think about what things are good to invest in and not be quickly satisfied with his income at that time. Investments will help us when we have no source of income. Currently he has no source of income, and wants to invest in bitcoin which has quite a high risk of investing if you don't have a source of income. I suggest looking for income first, because I still adhere to the principle that don't invest using money you don't want to lose.

That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing.

By the way, I also agree with you that the idea of investing while we are unemployed is a bad idea, and OP was clearly right in giving advice to his cousin.

[NotATether]

But bitcoin alone is not an income. That is if you're not doing anything with it, anyway. So talking about alternative income doesn't really make any sense here since technically he had no income at all.

That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing.

Investment is only good if you've already done it, and it's only going to help you not run out of money. It won't help you if you're trying to make more money.

[avp2306]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Don't feel bad regarding on his decision since after all its really hard to trust something that you don't know. Maybe he's fine at his comfort zone since he think that he can stay long on his current job. Also it seems he is currently happy on what he's doing so don't get angry if he's decision is not to invest on bitcoin for now. But for sure later on once he realize that bitcoin is good currency and investment then for sure he will come to you and ask so hopefully you are still ready to guide him once he decide to invest on bitcoin.

Next time don't come unto those people who doesn't have clear interest to know about bitcoin since you might just really get disappointed on their answer since for sure they would provably decline your offer. But instead let those people come and see your result since for sure if they are so interested about bitcoin then they are the one who will find ways to learn information about bitcoin.

If he get broke due to his decision not to get out on his comfort zone then its unfortunate for him, but don't close your door on him and still have a good approach to teach him if he's ready to learn since for sure teaching those interested individual is fulfilling especially if they succeed on their investment also their activities on bitcoin and altcoin space.

[Baki202]

It is not easy to suggest Bitcoin investment to new people, even if you already know about it, but new people will not easily believe it even if you provide proof of good profits from Bitcoin. Especially for those who feel comfortable with the income they earn every month, because there will definitely be worries.
Since this person is your cousin, you should invite him to do a business that is easy for him to understand and that he also knows about profitable businesses. And with this you can meet often and have a lot of free time to educate your cousins ​​about the benefits and advantages of Bitcoin, and having a business is one of the best ways when you lose your job.
And I'm sure this way your cousin will definitely be interested if he really understands and has enough knowledge about everything related to Bitcoin and the risks involved, and he will definitely start while he is still working and doing business with you. And when he lost his job, he still had a business and also invested in Bitcoin, and it was all because of you.

It is not actually easy because people always start with the good side of it and they get interested immediately but if not someone that is also desperate instead of asking a question they are more interested in making a profit than knowing about the risk that investing comes with, or even security of how to keep your assets self. but they won't ask they will jump in steps and be asking when to start and how to start making money. and what they fail to understand again is that you can not compare yourself with someone who has been in the system for a very long time. but they will always want to show their self and compare and if you do things like that you will not learn.

Even if the person is family is better to make everything clear because a lot of people will want to trade but do not know what is behind trading, but when you make everything clear you won't have a problem because they know the dangers and the risk and they still want to trade that shows they are dedicated about learning, and if they have another source of income will even make things much easier because they wont rely on trading alone. and one source of income no longer works because bills keep increasing. and bitcoin is not a bad idea to turn to, so everything at the end of the day will be in the hands of the person interested in learning trading if he or she wants to actually learn.

[lovesmayfamilis]

It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

The last sentence made me laugh. OP, teach living luxuriously and economically. How do you imagine this?  
To be an investor, no matter where, you always need free capital. There can be no talk of any investment at all if people live and work only on food and clothing. And sometimes I read stories that people only have enough of their salary to buy food. If you skimp on this, your health will soon be ruined, and then additional problems will arise with the purchase of medicines. You always have to think about this. But I will agree that someone could deprive themselves of some alcoholic beverages, gambling, and other entertainment and instead buy some Bitcoin, realizing that this money could go nowhere. Moreover, campaigning for investments of other people's money, knowing that finances do not allow this, is tantamount to leading people into another abyss. Give people information and freedom of choice.

[Abu-Naim]

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

You are right and this is a good advice for him. If he has invested in Bitcoin a while back, he would have by now be in profit, but he is coming back to Bitcoin just because he lost his job, which means that he is here for money that will be used to care for his needs.

NB: Bitcoin investment is not a get rich scheme, you need to be patient to be able to earn from the investment; it is also not advisable to invest all your money in Bitcoin, it is advisable to invest the amount you can afford to lose, and your Brother's money is something he cannot afford to lose.
Therefore, your brother should consider learning crypto trading instead so that he can know how to analyze the market and earn a leaving for himself.

[kingvirtus09]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

You know your cousin is funny; when he still had a source of income, he didn't think of investing in Bitcoin, which would have been a better opportunity for him because he somehow had a source to sell Bitcoin while doing DCA. 

Although he now thinks of investing when he no longer has a stable job, which will be more of a hassle and challenge for him in the beginning, good luck in starting to invest in Bitcoin.

[naira]

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

He wants to invest in Bitcoin not because he understands and is amazed by what Bitcoin has to offer, but he just the FOMO of seeing you who have achieved success through Bitcoin and ultimately wants to follow the same path but with a different point of view. You don't need to be responsible if at any time he feels at a loss or panics, because basically investing in Bitcoin is not just putting in money. There are many things to learn, and you must have a strong reason for deciding to invest in Bitcoin. If these things are not taken into account, then the investment is considered unclear. Investing is not a get rich quick way in any asset, including Bitcoin. But to give us awareness about financial management long term.

[pinggoki]

People always want to overdo it in the crypto space, even if all they can spare for Bitcoin investment is one percent of their monthly salary they will feel the hype later and increase the amount themselves, I know people who do this just because they want to have a lot of Bitcoin as fast as possible.

That's because no one taught them how to restrain themselves, they don't like the idea that they're going to miss out right now and they feel like something is really awesome within them if they're invested into cryptocurrency. Most newbies do it, I think it's always the case because no one guided them to not overdo it and also, it's worth noting that when you do it the first, you also have this feeling that what you've just invested in crypto isn't enough and so you go and do it again and you buy more so you can see the asset that you currently hodl to be much bigger

Totally in agreement with that advice, if you will starve just so you can invest in bitcoin, it's probably in your best interest that you find a way to make more money and with that, you will have a spare money which you can then use to your liking or to invest in bitcoin without the worry that your basic needs aren't met.

[Gladitorcomeback]

You did the right thing, obviously.
A lot of new investors in the market have a wrong perception about cryptocurrencies because they think they can make an investment and keep earning money constantly like how one can get some commission by staking their funds in a pool or something. They don't understand how cryptocurrency investments work which becomes the reason for them to lose money when they make their investments and then panic sell when they see the prices declining.

So, if someone comes to you asking for advice on making investments in cryptocurrencies, you should let them know the risks involved and tell them what they don't know and then ask them to do their research before they take any step to avoid unnecessary losses.

[retreat]

What you did was right. Bitcoin is not a place to get rich quickly, someone who wants to invest in Bitcoin must be aware of the risks of their investment in this instrument. If they don't have enough money, but want to invest in Bitcoin, then they don't need to invest in this asset, because they would rather use the money to find work or their other needs. Because the price of Bitcoin can go up and down, and when someone has no income but they still want to invest in Bitcoin with their last money, then in the end they will still sell the Bitcoin they hold to cover their needs - why invest if in the end you sell it in no time.

[Plaguedeath]

Even they have multiple source of incomes or rich, I won't suggest them to invest on Bitcoin.

Why I need to risk my privacy and spend my time when I didn't get anything, moreover it just make me to take risk for getting blamed if the Bitcoin price didn't go to the direction that they predict.

Most people have cell phones, if they interested with Bitcoin, they already googled to learn and find to tutorial how to buy Bitcoin.

[kryptqnick]

I'd change the sentiment to 'don't advise anyone to invest in Bitcoin', period. Believing in Bitcoin and even educating people a bit about Bitcoin is one thing, but recommending investing in it is completely different. Any investment is a financial risk, even if Bitcoin seems like a good investment option. I fully agree that a person needs to be able to afford to invest in Bitcoin, so there should be some source of that extra funding in order to invest, so that it doesn't jeopardize basic well-being. That being said, this funding doesn't have to come from an alternative source of income. If a person has a surplus of income at the main workplace, or simply some extra funding from anywhere, it can be invested in Bitcoin.

[boty]

What you did was right. Bitcoin is not a place to get rich quickly, someone who wants to invest in Bitcoin must be aware of the risks of their investment in this instrument. If they don't have enough money, but want to invest in Bitcoin, then they don't need to invest in this asset, because they would rather use the money to find work or their other needs. Because the price of Bitcoin can go up and down, and when someone has no income but they still want to invest in Bitcoin with their last money, then in the end they will still sell the Bitcoin they hold to cover their needs - why invest if in the end you sell it in no time.

It is very true if we think that Bitcoin is not a place that will make us rich quickly and understanding the risks of investing in Bitcoin is of course very important, because it is impossible for someone to start investing without properly understanding the risks of the investment they are making.
Delaying investing because we don't have funds that we can invest is very good, because it is very impossible to be able to carry out investments well if they still have difficulty meeting their needs and it would be very good if they looked for a job that can meet their needs so they can prepare themselves to make investments.