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

[goldkingcoiner]

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.

[Finestream]

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.

[Agbamoni]

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.

[iBaba]

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.

[Cookdata]

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.

[tread93]

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.

[LDL]

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.

[ultrloa]

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.

[Man of peace]

If a friend is trusted, it is better to use his advice, since he is more experienced in this matter. But at the same time , to understand this area yourself . Sometimes it happens that a reliable friend can use your funds at his discretion, and just lie to you. And you won't even understand that.
[/quote]

I think this is the best advise concerning your question here, that it is better  for you to use his or her guidance to trade on the Bitcoin on your own,than trusting him or her that much, that you allow him or her to access your trading by his or herself, because this involves money and money is the only thing that can tell you who your friend really are,no matter how holy your friend must be,when it comes to a business that involves huge amounts of money you will know the real colour of your friend and even your  own blood brother cannot be trusted when it comes to something that involves money especially when it comes to something you didn't have any idea about..so my opinion is trust no one when it involves money..

[knowngunman]

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 ?

You have to be specific when asking questions like this. What do you mean by trading here? Is it peer to peer trading or crypto trading on exchanges? If you are referring to peer to peer trading with a trusted friend, I will recommend you to read this thread Avoid buying Bitcoin from someone all because you know them. and then decide for yourself whether it is a safe thing to do. However, if it's the normal crypto trading against the market, having a trusted friend who can put you through won't be a bad idea.

[HajiBagi]

If a friend is trusted, it is better to use his advice, since he is more experienced in this matter. But at the same time , to understand this area yourself . Sometimes it happens that a reliable friend can use your funds at his discretion, and just lie to you. And you won't even understand that.

When it comes to investment or cryptocurrency, do not trust some friends because they will use the opportunity to lie to you in order to get something from you. It is good to learn from a friend, especially if you are a beginner and want to learn about Bitcoin and how to invest. Some friends may appear innocent, but inside their mind they are very dangerous and are looking for a way for your downfall. It is not a bad idea to learn or share some ideas with a friend, but never let him know about your password.

When some friends teach you about bitcoin, they force you to give them your wallet password. If you make a mistake and give them your password, they will scam you and pretend they don't know anything about it, and you won't be able to do anything because you will believe he is your friend and will not harm you. It's just learning from people, but I never trust people when it comes to my investments or bitcoin.

[Taskford]

If a friend is trusted, it is better to use his advice, since he is more experienced in this matter. But at the same time , to understand this area yourself . Sometimes it happens that a reliable friend can use your funds at his discretion, and just lie to you. And you won't even understand that.

When it comes to investment or cryptocurrency, do not trust some friends because they will use the opportunity to lie to you in order to get something from you. It is good to learn from a friend, especially if you are a beginner and want to learn about Bitcoin and how to invest. Some friends may appear innocent, but inside their mind they are very dangerous and are looking for a way for your downfall. It is not a bad idea to learn or share some ideas with a friend, but never let him know about your password.

When some friends teach you about bitcoin, they force you to give them your wallet password. If you make a mistake and give them your password, they will scam you and pretend they don't know anything about it, and you won't be able to do anything because you will believe he is your friend and will not harm you. It's just learning from people, but I never trust people when it comes to my investments or bitcoin.

Not only with investment but also with other things which involve money we should not trust them towards that matter since relationship would surely get broken especially if there's some troubles happen.

This is why its important for us to deal with our Bitcoin then do trades on our own so that we don't blame anyone if something bad happens. Also there's no other people would able to know that we have those balances we hide. Since if people know those activities we made including funds we have maybe we are at risk for any danger that they can imagine from these people.

So deal those things on our own and stop relying on people towards this matters.

[Jubilee58]

It is a dangerous thing to entrust your source of income into somebody's hand, if you are interested in bitcoin trading, is even advisable you tell your friend to coach you on how to trade bitcoin instead of trading it for you.

Though, some friends can be truthful and reliable, but most people have character that are not trustworthy and to avoid had I know , it is advisable you do your bitcoin trading by yourself.

[Josefjix]

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?

No, go learn how to buy and sell crypto yourself and start holding a little bit from there, you dont need to rush the process of growing your money as a newbie. After this step, you can calmly learn how to do daily trading, learning more about the technical and fundamental analysis and becoming consistent on it if actually what you are meaning to grow your money.

Dont trust your friend to that extent to help you out, tell him to teach you not giving your money to him.

[Versatile_choice]

Well i don't really know how far you both have gone in the relationship, and also the level of trust you both have for each other. But even as that I can't trust anyone even if we both have been together for decades and we share thought and other things together, but I'm not going to trust him in this trading aspect. Moreover I have every right to decide either to trade with him or to trade in exchange using P2P, is a personal decision. Even if I don't trade with him of course there are other means he can use to trade his coin.

Though face to face trading is actually the best method, but nowadays we are experiencing a lot of changes in behaviors. some people are only pretending to be nice just to get whatever information they Wish to get, After that then you will see the other side of them.

[Graph001]

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.

If you are a new Bitcoin trader, you can initially take help from a trusted friend and gain experience. No matter how trustworthy he is, since you are trading with your own money, you have to use your own observations and experience here. Since you are making financial investments, create your own strategies based on your own experience, which will increase your confidence in yourself. No matter how trustworthy someone is, their thinking and your thinking may differ. Therefore, it is better not to let anyone else trade for you unless it is necessary.

[YOSHIE]

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 who are in Bitcoin trading, of course he can be our supervisors in carrying out crypto trade, but must also be seen the nature of these friends, if he is honest in doing trade I think it is not a problem he is made guidance for you.

Need to be understood to find friends who are truly honest and seriously trading now is difficult to get, most friends must have a reward, What's more what we do regarding Bitcoin assets, for that, find a mentor/friend who really helps you in understanding how Bitcoin works.

[Graph001]

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.

If you are willing to do Bitcoin trading, you should observe and experience it yourself. Since you are investing your own money here, your own experience will be more useful here, but if you want, you can take help from a trusted friend in some cases, but do not invest your money with someone else, because if you accept the loss, you will be the one who will suffer. The confidence that is created by training yourself will not work if you get trained by someone else, then fear will work in you because even if you have a trusted friend, your way of thinking and observing and experiencing is different. So if you have a special need, take help from your trusted friend but do not let your friend do Bitcoin trading.

[Call_LSI]

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 ?

Is your trusted friend no longer trusted? Because including trusted in your topic means you don't need an answer, you won't create such topic if the friend is truly trusted.

If I have to  exchange my Bitcoin with anyone it will be those in my circle, and I don't keep bad friends so I believe that I should be safe, although people change pretty fast this days.

It is still 10x better to buy and exchange your coins on a exchange because those exchanges will never sell you stolen or flagged Bitcoin, anything you buy on exchanges are clean digital assets.

[CryptoYar]

[...]

That is very smart and important idea. It is good to have friends who trade Bitcoin well they can be like teachers for your own trading. But you are completely right about most important thing we need to be careful about what those friends really want. It is hard to find someone who is truly honest about trading because many people just want personal gain or reward especially when big Bitcoin money is involved. Best thing to do is exactly what you suggested find teacher or friend who really wants to help you learn how Bitcoin works and how to trade it safely. They should not just tell you which coins to buy or sell. Look for someone who gives you knowledge and understanding not just quick advice. This helps you learn to trust yourself instead of depending on anyone else.