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Author Topic: Is it proper for one to trade Bitcoin through a trusted friend ?  (Read 1074 times)
goldkingcoiner
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August 27, 2024, 01:13:40 PM
 #121

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Verification is better than trust. Be sure to get your transaction in writing, if you absolutely must do such a trade. Trust your friend all you like, but that does not mean they are 100% reliable. We all trust the people we trust until we do not trust them anymore.




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August 27, 2024, 01:20:32 PM
 #122

But the problem is that as OP shared, he has no intention of becoming a bitcoin trader in the near future . What he wants is to be able to make money from the market without spending time on it and relying on friends is the solution he is thinking of.
There are people who give their money to a fund manager the latter manages everything for them. This mindset seems wrong to me and hence I trade on my own. However certain people like it and they run it like that too, I am not aware of their profits but I would never advice someone to do that.

In case of the OP, this sounds very much like this group of people. My personal advice is always to learn about bitcoin and trade it on their own. If they are not doing that then they will lose money. I see the point of "not your keys not your coins" has been brought up. Indeed, these stubborn practices of handing over the onus of your own money on someone else's shoulders need to stop.
I understand why OP has come to question this. It’s obvious that he has not gone into trading and just think that trading is just easy to gain profits so if he will entrust his funds to his trusted friend, that will eventually become a successful trade and be in profits.

Reality is any trading activity won’t even guarantee profits even if the trader itself is good and reliable enough. That’s how risky trading is, which means he should learn trading on his own so he will develop his own knowledge and skills in trading, rather than relying on a trusted friend and yet in the end, the trade itself does not end well, so that only increase the risk on losing his funds. At least if he do that on his own, he may lose on his first trade but he’ll eventually learn his own lesson and becomes a better trader the next time he’ll trade.

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August 27, 2024, 01:28:29 PM
 #123

A trusted friend or not it is safer to trade yourself if that's what you want. I can't advise anyone to go into a business of finance with a friend without putting a legally binding or documented agreement. The world has changed, and humans are bound to change with it, someone we call a friend today might be our enemy tomorrow. It is important to ensure that there is an agreement if we want to someone else to trade for us.

At the end of the day, you have the right to your own decisions because you will be the one to take responsibility of any action you do when it comes to finance. If you choose to risk, it based on trust then fine. Just know that no one will be willing to support you when things go south in the future.

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iBaba
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August 27, 2024, 05:10:16 PM
 #124

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

Verification is better than trust. Be sure to get your transaction in writing, if you absolutely must do such a trade. Trust your friend all you like, but that does not mean they are 100% reliable. We all trust the people we trust until we do not trust them anymore.


In my own opinion, it is not encouraging to trust a friend with the trading of my bitcoin asset or any other cryptocurrencies. Though I've seen uninterested traders who do not have vested interest in learning about the intricacies of trading crypto, but they go into alternatives like receiving of trading signals by more experienced traders. However, they also learn those very basic skills of setting a long time or short time trade and when to make profit off the market.

It still boils down to trust though, and it's not an issue to trust a friend with a trade because we do that virtually every day by trusting our friends with our assets either in trades or investments. The best thing to do is to learn the process if yu must put large amount of money into the trading business.

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Cookdata
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August 27, 2024, 05:57:24 PM
 #125

A trusted friend or not it is safer to trade yourself if that's what you want. I can't advise anyone to go into a business of finance with a friend without putting a legally binding or documented agreement. The world has changed, and humans are bound to change with it, someone we call a friend today might be our enemy tomorrow. It is important to ensure that there is an agreement if we want to someone else to trade for us.

At the end of the day, you have the right to your own decisions because you will be the one to take responsibility of any action you do when it comes to finance. If you choose to risk, it based on trust then fine. Just know that no one will be willing to support you when things go south in the future.

It's not just about the trust here, why would a trader seek for funds to help another person trade when they can get the money by their self and enjoy the journey of money without involving anyone. I keep saying that where is there is money, people don't like to share only few will do that. So giving your friend money to help you trade is a kind of red flag. It's either the money will be eaten and forgotten or he he get a feedback that the funds were lost to trading .

If anyone don't have the time or knowledge to trade, there is alternative and you just have to be a diamond hands, it's not easy and it's not hard too but you have no option other than that one. Just hold your coin on your wallet and when you have profited enough, sell if you wish or continue to hold if you have intention of holding the coin for long.

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September 02, 2024, 12:24:19 PM
 #126

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?

It’ll definitely be a more trusted transaction going P2P and you will have the benefit of exchanging for whatever physical goods or cash you agree too as long as your friend is on board, if it’s higher magnitude and you’re looking to sell and get a lot of cash and your friend will buy that’s even better you don’t have to go though any third party to sell it. Less fees there etc.

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September 02, 2024, 12:46:41 PM
 #127

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
Friends can be trusted but not all friends should be trusted. A lot of close friends often cause huge losses, in this case you must be careful so that close friends don't do any damage to your wallet. I had a loss in life by one of my high profile trusted friends so I always used caution from friend circles afterwards. If you want to trade Bitcoin through your friend, you must be careful because if your friend is greedy then your friend will never treat you well. Also, keep your Bitcoin wallet safe from your friends at all times as it can be compromised by anyone at any time.

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September 02, 2024, 12:52:49 PM
Merited by Zadicar (1)
 #128

Haven't nurturing this idea of trading a Bitcoin in the near future,but one question that's always come as a concern to me is. Is proper for me to trust a friend of that high magnitude ?
Friends can be trusted but not all friends should be trusted. A lot of close friends often cause huge losses, in this case you must be careful so that close friends don't do any damage to your wallet. I had a loss in life by one of my high profile trusted friends so I always used caution from friend circles afterwards. If you want to trade Bitcoin through your friend, you must be careful because if your friend is greedy then your friend will never treat you well. Also, keep your Bitcoin wallet safe from your friends at all times as it can be compromised by anyone at any time.

Trusted as companion but for money discussion I guess everything is questionable regarding in those matters. Money could reveal the true personality of people and their friendship might get broken towards that situation. So even if we trust our friends we should never let them handle our investment or trades. Since by doing that this maybe the starting point where a conflict will be created especially  if there's misunderstanding on how they use or spend our money for those activities they have done.

Much better we trade on our own since we cannot step someone's ego and we can make sure that there's no further doubts on each result since we are the one trade for our selves. Remember money is root of evil so temptation is always there especially if there's huge money involve in the transaction.

R


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