Is it proper for one to trade Bitcoin through a trusted friend ?

[Z-tight]

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

[Odohu]

Nothing spoil friendship more than money and in business, try to keep friendship aside. Why do you need to trade Bitcoin with a friend when you have both centralized exchanges and decentralized exchanges? Assuming you don't want to trade in CEX because of KYC, there are still some you can trade that does not make KYC compulsory but you have to comply with their daily withdrawal limit. Furthermore, you can simply use DEX to trade your Bitcoin and there will be no issue. If you treasure the friendship, try as much as possible to reduce the opportunity of money transaction if that is not what brought you together, let the friendship be built on other things if it was not started through such business collaborations.

[fauzan Ichsan]

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

[blckhawk]

It's not, it's a dangerous and risky thing to do because greed and betrayal can get in the way of this arrangement and at the end of the day, it's possible that your friend might hit the right trade and then disappear in your life because they don't to share with you what they've got, that's a real possibility, if you really want others to trade for you, it would be in your best interest to be investing in an index funds, that way there's a fund manager that's trading for you and it's much safer because it's their duty to do their best and at the same time not to mess with your money or run away with it because they'll get a criminal case easily unlike with your friend, it's informal and they can just lie to their teeth that you didn't give them anything and that it's their money all along. If you value your friendship with that person, you'd be wise to choose not to do this kind of thing.

[Volimack]

Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

[Belarge]

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

We remain calm and learn how to trade bitcoin at our ends, no longer entrusting them to our colleagues because we know how human being behaves, this minute they're upright in their behavior, the next hour they've changed and care only for themselves. Suitable investment shouldn't be a problem for us because we've mapped out our goals and becomes very straight when it comes to hitting top targets. People makes mistakes in the space and we turn around to blame bitcoin? This is absolutely out of the picture and we should having one of the smooth run in the market.

[bitterguy28]

Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

BTC is decentralized and it simply means that there is no central authority in control and every member in the community can contribute to the network and keep it running through collective effort. Take note that the BTC network in itself is safe, but if you as a person falls victim to scammers or a rug pull scam, then you will surely lose your money.

Bitcoin fraud victims usually also occur as a result of their own mistakes, resulting in our wallets being hacked. but basically bitcoin is very safe to invest in, as long as we understand it. because even though we say it is safe, many people disagree, this happens because of their lack of understanding of bitcoin, and things like that are very dangerous, it is better to keep quiet if it is not suitable for this investment

and also  Money can break friendship and that is what made partnership goes wrong .

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 ?

No and NEVER  , Bitcoin is something that you cannot entrusted to anyone because this can easily be taken and hide from you without a trace , meaning it will be harder for you to run against a friend if ever he cheated you and take your funds instead  of returning.

and also why need to consider trusting your funds when you can do it on your own? not sure what is your main motive in asking this but for me? that is something only stupid person will ever do.

[Fivestar4everMVP]

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 ?

People trading between other people without any form of intermediaries or centralized entities acting as a third party is the real peer to peer trading, also known as p2p.

If your friend is someone you completely trust and he (on the other hand trust you too) then why not, both of you can from time to time trade bitcoins without hassles, as long as you both are in agreement with your individually choosen exchange rate.
Like for example, I won't mention names, but I have some friends from this forum who I trade bitcoin with from time to time, we simply exchange bitcoin for fiat of usdt and vise viser when any of us are In the need of any this cryptocurrencies or fiat.
And most importantly, it will be interesting for you to note that this is the cheapest form of trading, since you won't be paying any fees, aside from the small amount the party sending the crypto will have to pay for blockchain transaction confirmation.

[dansus021]

Is it proper for one to trade Bitcoin through a trusted friend ? For me if that is your close friend and you know what your friend doing is totally fine to trust him for trade your money. Unless your friend don't know nothing about bitcoin crypo or trading than you wrong. I mean this term is exactly same like you invest in mutual fund or you do a copy trade. Basically you need data before you trust him how much the winrate the PNL ration the drawdown everything

[Marykeller]

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 ?

Your level of relationship and the life dealings you have with someone will determine the kind of transactions and trust you will have with someone when it involves money since bitcoin is one such that has to do with money for investment. However, the basic knowledge of bitcoin didn't in any way tell us to trade bitcoin through a friend or have a friend that we can trust with our crypto assets to take control of it. So, I don't see a need for one to trade their bitcoin through a friend when they can do that peacefully without no one knowing the amount of bitcoin the hodl in their portfolio

[Gaza13]

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 ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.

Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.

[kotajikikox]

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 ?

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.

Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.

I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.

[$weetne$$]

Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful

[AmoreJaz]

Putting a friend in a friend's place does not make sense to destroy the relationship while doing good business. Mistakes are often made at work and the crypto market is always up and down, so no matter how good a friend is there's always room to blame. I think it's best to do business alone rather than with someone. Here own funds will be protected and no one will get a chance to cheat.

Trading Bitcoin through a trusted friend could be trading Bitcoin through peer2peer with that friend and I do not see a problem with such transaction unless you do not trust that friend. If the friend has a trusted reputation then I do not mind doing business with him because I know him very well that he will not cheat me. If you trade with a stranger, he could scam you and there is no way you can get back your money but your friend knowing you would not scam you because he knows you can always find him and it will spoil the relationship you both have between yourself. If it is only business you guys are having them there would not be a problem but when you start taking investment decisions for your friend by investing for him by buying Bitcoin, then you have gone too far because you will be held responsible if the investment does not get successful

If you have no full confidence doing this p2p even if you say he is your trusted friend, why not use top trading platforms such as binance. I believe, most people are doing p2p because they want to convert their crypto to their own fiat. And now, you will be surprised that most of these top crypto-exchanges are already offering p2p services in so many fiat currencies. You can already see the trustworthiness of the buyer/seller on their star rating/feedback. So at least you already have idea of who to transact with, even if you say, they are strangers over the net.

[TheUltraElite]

I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.

You dont have any friends in the crypto trading sector - something you learn from experience. The people who might think as friends, you may get scammed by the same. So I would not trust anyone with my money unless I know from in real life for a long time.

For trading, it is not difficult to learn. Besides if their trading experience is poor, they can just buy bitcoin from time to time and not think about trading on it.

Never engage with anyone calling themselves some sort of "fund manager" because these scams are also common.

[uswa56]

Of course, his friend will ask for a percentage share if his trading is successful in making a profit, in other words the service (jockey) of someone playing it. Yes, paying attention to when he trades is much better, at least if we see directly how skilled or not he is at analyzing the market. It would be nice, apart from seeing him directly, we could also study before our eyes and gain knowledge from him before we entrust it to his friend. From there we gain a little knowledge and we continue to learn from various sources and combine what we have gained so far and then we try it. This method is much better than we entrusted to our friends.

I agree I think fully entrusting everything to a friend is the mistake here but if you really want to do it then the least you can do is at least try to learn. Maybe get your friend as a guide and use his expertise so you can learn and eventually do it all in your own without the help of anyone.

You are right, of course this is the wrong choice if we completely entrust the investment to other people without understanding this well and I also agree with you that it would be better for us to study well first so that we can really understand it well before choosing. to entrust the funds we have to someone, it would be very good if in the process of learning about investment there was a friend who accompanied us so that he could direct us to do the right thing with the funds we have, because without anyone guiding us in learning Of course this will be difficult to understand and we also have to be very careful with the funds we will invest, don't let us use all the funds we have and leave nothing for the emergency funds we need, of course this will not be able to achieve our investment targets.

[yudi09]

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 ?

Not for that matter. Everything related to money doesn't make me dare to give them confidence in doing it.
Selling or buying something that is processed by ourselves is different when it is processed by someone else even though that person has 99.99% trust.

How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?

This can be done through a learning process. The current learning process about buying and selling Bitcoin is quite easy and there are lots of videos to watch. Buy in small quantities first, when you can, then buy the desired amount.

[tread93]

There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which  some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.

I have to agree with David here. Although it takes time at the end of the day the proof is in the pudding. You should ask yourself this question, "do I always want to rely on my friend to trade my bitcoin for me? or would I rather learn and go down the path less traveled & figure this out for myself?" I think the latter is always the best route to take. You will grow from that route, you will learn & become wise with trading or at least gain experience - even if you fail! Remember failing is not a bad thing, failing will only help you persevere if you keep trying and refuse to quit!

[Outhue]

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 ?

How about learning from them since they are into Bitcoin before you?

Mind you, start doing your own research too, and when it comes yo money do not trust them too much, friends are always trusted until proven otherwise, instead of getting your heart broken its better to learn yourself

This days too many friends end up becoming betrayers, learn to do your thing with your money alone.

[shield132]

There is a sense of satisfaction and pride that comes with knowing how to do stuff yourself. Something called self-efficacy. Before I go on I want to believe that what you mean is the regular crypto trade and not P2P. What I can say about trading Bitcoin yourself is that you get better through your wins and losses. It is a learning pathway for you. But when you do it through a friend including copy trading which  some may argue is the best, you remain at the beginner trader level for a long time. A total waste of time and resources in my estimation. Trade your Bitcoin yourself through the rigorous process of learning or just hold your Bitcoin.

I totally agree with you on this,but the question now is ?

How about one who actually have zero or no knowledge about the crypto but have an interest on investing so as to enable Him grow more weather?

If you have no idea how Bitcoin works and want to invest in it, then you should get some free time to learn about Bitcoin and start investing once you become confident or risk a small amount and invest it with the help of your friend but keep in mind that holding Bitcoin is a responsibility and if something happens, I know that your friend will be blamed and it will ruin relationship. That's why I suggest you to learn yourself about how to create a Bitcoin wallet, what's a safe wallet, how to store your keys safely and etc... Then buy Bitcoin and deposit them to the wallet that you own (your keys = your coins).
This forum is full of questions, answers and resources that will help you to increase your knowledge.