Referrals and why you should be careful with it (2).

[Silberman]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

I will go even further than this, teaching general principles about investing is acceptable, but the moment you give a specific advice about which coin is a good investment you are taking a significant risk, as even if the advice to invest in bitcoin is a good one, there are many people that have lost a lot of money with it anyway, and if you were the one giving the advice, you can be sure you are going to be blamed for that loss, and if the amount lost was high, there is even a chance you could be sued.

[taufik123]

I will go even further than this, teaching general principles about investing is acceptable, but the moment you give a specific advice about which coin is a good investment you are taking a significant risk, as even if the advice to invest in bitcoin is a good one, there are many people that have lost a lot of money with it anyway, and if you were the one giving the advice, you can be sure you are going to be blamed for that loss, and if the amount lost was high, there is even a chance you could be sued.

It is better to stay away from these things, not to give any advice about investing to others.
But we see now, many influencers just say that this coin is good, that coin is good and has potential, but there is no responsibility for those words.

We as followers or spectators must also be smarter, do not follow the words or investment advice of others if we do not fully understand investment.

It is better for me to provide knowledge about technical or fundamental analysis than to have to say to buy a certain coin,
because there will be no risk in the knowledge provided.

Everyone has their own investment choices and strategies, choosing coins is your own responsibility,
don't blame others if there is a loss, and also don't be too enslaved to someone when making a profit.

[Viscore]

Altcoins are a good catch, as long as you end up with the right altcoins. But finding the right altcoins is never that easy, most especially that there are tens of thousands of altcoins that exist in the market. That's exactly the reason why  newbies should stick to bitcoin instead, to avoid get scammed in the end, and to make secured and excellent profits after long term hodling. Although altcoins may be more profitable than bitcoin, but when it comes to security, bitcoin is way safer than altcoins.

[Raflesia]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

When referring to bitcoin, which is always the first to be suggested, it is indeed feasible because after all, when talking about investment, it is the long term that will definitely be sought, it's just that in this case the mistake is in the mindset, especially beginners who sometimes think that being in bitcoin even if it's short, it will definitely benefit.

This is the source of the problem where in the end they do not see the risk but only focus on the benefits that will be obtained, not a few people are trapped and feel cheated by bitcoin just because of this, even though if we examine further it is actually not the fault of bitcoin but indeed our own fault which is too focused on the benefits that want to get but do not want to know the risks and how bitcoin works like. Whereas if we seriously want to be in the crypto space and there is someone who suggests bitcoin, we will definitely look further into what potential bitcoin has so that it is always a reference that is immediately recommended.

[Casdinyard]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

I'm very careful with those I tell bitcoin about. And if the intent is to indict them into crypto and bitcoin, I make sure that they already have a brooding interest towards cryptocurrency even before i told them about it. I wanna be that little push instead of being the proactive supporter cause that's where problems begin, when you become a bigger part of something when all you're supposed to do is to give them a little umph. In any case, it's still advisable to refer bitcoin to people, even more so nowadays when bitcoin's relatively easier to hold and invest upon. Just make sure that these people have the patient of a seasoned vet and not like those newbies from way back in 2016-2020 who panic at the first sight of a dump.

[Majestic-milf]

 I shy away from referrals like it's the plague because like the op said, it has the tendency to reduce trust if it doesn't meet the expectations. I rarely talk about my dealings with crypto for (1) security reasons and (2) it's hard for them to understand so I don't bother trying.
With how the economy is tight, everyone is looking for a quick means of income and when you try to tell one that if you invest in Bitcoin, it will yield much profits provided you're patient, you'd have to further that patience part for them because they will think it's about putting money and constantly monitoring it, but won't really be interested in knowing that the market is volatile and can go up and down any moment. So I keep my mouth shut instead and try not to refer or give any investment advice so I don't get my head on the chopping block when it caves in.

[Iranus]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

Bitcoin is safer than altcoins but that doesn't mean investing in it is risk-free, so introducing risk to others is not a wise idea. I will refuse to recommend cryptocurrency to anyone in any way because not only will it not benefit me, but it could also bring me into disrepute if their investment fails. 

As you also said, the internet and social networks have become very close these days, so I believe bitcoin news is also spread a lot there. Therefore, we do not need to waste time introducing BTC to everyone.

Additionally, if they have discovered bitcoin on their own then they can also learn about it on their own as knowledge about it is not too difficult to find on the internet.

[btc78]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

People even take referrals from people they do not know much. At this point, people will believe and trust anything on the internet. If a social media influencer or a content creator post something about a referral, people will immediately flock towards that project even without properly learning about it.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

In my opinion it's okay to let them learn about altcoin but you shouldn't focus it on that. The most basic introduction to cryptocurrency will be Bitcoin so just start with that and then later on you can go deeper with altcoins.

[Yatsan]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

Yeah, I agree with you on that. Be careful with the use of text. That is especially true within the crypto space, where one can find it hard to get people to trust him/her if the advice does not work. That is why, in most cases, the use of Bitcoin when presenting it to beginners is usually a safe play. Those are indeed more established and less volatile than many altcoins.

But as for me, I think educating people about other legitimate cryptocurrencies offering different functionality-for example, projects like Ethereum with smart contract capabilities or even niche coins like Chainlink for decentralized oracles-would be even more useful. It has its own pros that depend on the tastes of the owner, but still I think Bitcoin is advisable for beginners, though. Because it makes sense for financial reasons and is a known form of value. But if someone researches and is aware of the risks, I think that we shouldn't limit ourselves just to Bitcoin.

I shy away from referrals like it's the plague because like the op said, it has the tendency to reduce trust if it doesn't meet the expectations. I rarely talk about my dealings with crypto for (1) security reasons and (2) it's hard for them to understand so I don't bother trying.
With how the economy is tight, everyone is looking for a quick means of income and when you try to tell one that if you invest in Bitcoin, it will yield much profits provided you're patient, you'd have to further that patience part for them because they will think it's about putting money and constantly monitoring it, but won't really be interested in knowing that the market is volatile and can go up and down any moment. So I keep my mouth shut instead and try not to refer or give any investment advice so I don't get my head on the chopping block when it caves in.

I completely understand where you're coming from. Referrals can be tricky. This is especially true when it comes to volatile matters like cryptocurrencies. as you said The risk of losing trust is real when things go wrong. Not as expected I still find it difficult to explain crypto to people who don't know.

However, I think it is important to focus on the long-term nature of currencies like Bitcoin when we choose to talk about them. as you said Patience is important But educating people about the risks is also important. So that they know what they are dealing with. Sometimes it's not about avoiding references altogether. But make sure the person fully understands the ups and downs of the market before making any decisions. I understand why you chose to keep quiet about this. You'd rather be safe than sorry! But if you give advice Perhaps providing clear advice about the risks and supporting further research could improve your reputation and protect all their hopes.

[arhipova]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

I never refer any altcoin at all. The risk is very high while investing in altcoin.

But while discussing currently available investment opportunities, I have hinted at crypto many times to friends. Some of them decided to explore it and also started investing. But majority remained with safer and older deposit forms like mutual funds and bank deposits. It is hard to break traditional thinking for most people.

[fikrett]

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

I never refer any altcoin at all. The risk is very high while investing in altcoin.

But while discussing currently available investment opportunities, I have hinted at crypto many times to friends. Some of them decided to explore it and also started investing. But majority remained with safer and older deposit forms like mutual funds and bank deposits. It is hard to break traditional thinking for most people.

People may or may not believe in crypto, BTC, or alts - it's their choice, really.
Thus, if they don't want it - they are free to go, realistically. But in some future, they may regret such a decision 

[goldkingcoiner]

When it comes to referring cryptocurrency, you could easily get into legal trouble if that cryptocurrency turns out to lead somebody to financial ruin. This is because you gave them bad financial/investment advice and that person could decide to lawyer up against you for that.

In such a case, a bad image will be the second worst problem that you have to deal with.

So people need to be extra careful or avoid cryptocurrency referrals altogether.

[Apocollapse]

When it comes to referring cryptocurrency, you could easily get into legal trouble if that cryptocurrency turns out to lead somebody to financial ruin. This is because you gave them bad financial/investment advice and that person could decide to lawyer up against you for that

Many self pro claimed financial advisors always mention it's not financial advice in the bottom of their sites or they mention it in the beginning/end of the videos. Honestly I don't really know how the law works, but it seems most of them can get away by just saying not financial advice even though they're the brand ambassador or convincing people to buy those coins.

[Alphakilo]

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

You actually gave a legit reason about referrals. Experience is the best teacher and it taught me a lot when it comes to referrals whether am the one referring or not. I remember when I wanted to start making investment in crypto and I was referred to a someone who was the "guru" in crypto stuff back then, he unfortunately introduced me to some shitcoins saying that it was going to 10x in a few days.

I was buying this altcoin every month after receiving my salary, but the unfortunate happened, and I lost it all. Since then I am not always moved by referral made to me and I do not refer altcoins to my friends so that they do not experience such. This is a different story with Bitcoins being a project that withstood the test of time.

One need to be careful on the referral link sent to them before clicking on it because that another means scammers hack into someone's system to get information like personal and bank data.

[goldkingcoiner]

When it comes to referring cryptocurrency, you could easily get into legal trouble if that cryptocurrency turns out to lead somebody to financial ruin. This is because you gave them bad financial/investment advice and that person could decide to lawyer up against you for that

Many self pro claimed financial advisors always mention it's not financial advice in the bottom of their sites or they mention it in the beginning/end of the videos. Honestly I don't really know how the law works, but it seems most of them can get away by just saying not financial advice even though they're the brand ambassador or convincing people to buy those coins.

I do not think that they can get away with it, should anything happen. I think it might be like with the people who steal copyright videos on youtube but think their video won't get flagged and deleted just because they 'give credit to the author' or mention that the material 'is not theirs'.

Same with the people who give others obvious investment advice. A little bit of text stating "not investment advice" is probably not going to keep them out of court.