What Would You Tell a Friend Who's New to Bitcoin?

[bitbollo]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

Each of us, see something different in bitcoin or can't just choose only ONE aspect that can truly win among others.
Probably what I have tried to explain to friends or people in the "family" has always been something so easy =
you must learn what this technology is. After you can understand what there is behind, and what you don't know about it, ok you're ready to see the economic potential.
But then you will understand that what bitcoin brings to you isn't "economic" but it is something definitely more important... yes FIAT can't buy this.

[Huliya]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

First of all, I will introduce my friend to the world of Bitcoin, namely our forum. Because I believe that any new person can gain knowledge on this forum that I alone cannot provide. If a new member spends 1 week on the forum properly, it is possible to gain knowledge about Bitcoin and other cryptocurrencies.

However, I will personally tell my friend a few things. These include: 1. What is Bitcoin?, 2. Blockchain, 3. Mining, 4. Security, 5. Wallet, 6. Volatility.

1. What is Bitcoin? Bitcoin is a digital or virtual currency that has no physical form, it is only available online. It is a decentralized currency. It is not controlled by a single institution or government. Bitcoin transactions (peer-to-peer). There is no intermediary (such as a bank). Instead, blockchain technology is used to ensure the security of Bitcoin transactions, which verifies all transactions. These are stored in a ledger.

2. What is blockchain?

Blockchain is a digital record where all Bitcoin transactions and information are stored. It is a technology that has spread across computers around the world, and each transaction is added as a new block. Once the transaction information is included in the block, it is almost impossible to change or delete it. This method ensures the transparency and security of transactions. Blockchain technology is important for Bitcoin, as well as other cryptocurrencies.

3. Mining

Bitcoin mining is a process where mathematical problems are solved by powerful computers, creating Bitcoins. When miners solve a block, they receive new Bitcoins. Bitcoin transactions are also confirmed and stored in the blockchain through mining. However, mining is a very powerful computing power and electricity cost, so many do it commercially and create large mining farms. It also determines the supply of Bitcoins. Only 21 million Bitcoins will be released gradually through mining in the future.

4. Security
Bitcoin is very secure, but it is not completely risk-free. The security of Bitcoin transactions is ensured through the use of cryptography or encryption. Moreover, Bitcoin transactions are recorded on the public ledger, but even if someone sees your transactions, they will not be able to know who you are, because the transactions are protected only by the use of passwords and PINs.

5. Wallet
To use Bitcoin, you need a wallet. A wallet is a digital place where your Bitcoins are stored. There are two types of wallets.

• Hot wallet: It is online and easy to use. However, it can be risky because hackers can attack you online.
• Cold wallet: It is offline, like a hardware device or written on paper. Cold wallets are more secure, because it is free from the risk of hacking.

6. Volatility
The price of Bitcoin fluctuates a lot and depends on the market conditions, global events and people's interest in Bitcoin. On the one hand, this can create the possibility of quick profits, on the other hand, it can also reduce its value. The price of Bitcoin always fluctuates a lot. So I would advise my friend to keep an eye on this market. Also, I would advise you to invest in Bitcoin for the long term. I would advise you to invest slowly following the DCA method instead of investing large sums at the beginning.

In the first case, I will explain some simple things to you. And I would definitely advise you to research the platform very carefully.

[Asuspawer09]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

The best way to explain it is just explaining it in a way that they could easily understand it, the point is they didn't really need to know how it works they mostly just need to know what it does and what it can do.

But if it's in my case I'm not really going to tell a friend about Bitcoin or cryptocurrency, what I want to happen is he or she the one that is interested in it, because in the end of the day, they should be the one that should start investing on themselves not really relying on someone to invest for them, If I'm going to teach someone to invest im just gonna say that they should put on the time to learn.

It's easy to say but in my experience learning it by yourself is the best way to do it, but still we you could ask for some help, for example in this forum we have a lot of experience members that could help us in case we needed some help on your investments something like that, because for sure you are going to have a lot of mistake at first.

[bettercrypto]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

If someone were to ask me that question, I would only tell them one sentence, and that would be "Do your own research." In this way, you can help that person see if they are really interested in knowing the pros and cons of Bitcoin.

And you can also tell them the reason why I said the dyor so that they don't just immediately believe the positive and negative about bitcoin, with dyor they can balance the positive and negative impact of Bitcoin on people.

[AmoreJaz]

Telling people that Bitcoin is risky nowadays is like telling them not to make money, at least this is what I am getting from people now, meaning that more people have now understand what Bitcoin is all about.

Some even hide it and they lost a lot of money, yet they are able to digest the pain all alone, so I feel I don't need to tell anyone about Bitcoin anymore, they know the pain involved, I am getting that gambling vibe, like a do or die since crypto is changing the lives of many.

With the presence of internet today, it is quite easy now to educate yourself with any topic you want to explore with. So whether you will guide someone on this market or not, they have alternative options to learn what is needed to know in this market. But if they ask me some input, I will share my knowledge and experience. If not, I won't force myself to be understood of what I am saying about this market.

If a friend of mine asked for advice on investing in Bitcoin, this is how I would advise my friend. Bitcoin is a risky asset so first of all he needs to be aware of the risks of Bitcoin. If you can invest with risk then don't invest more than you can afford to lose. Plan to hold for the long term. Short-term investment may face loss instead of profit. You should never invest with borrowed money. Invest according to your ability in DCA method.

Most of the time, our advice is quite simple and yet, when they try to apply it, quite hard to execute. Everyone knows there's a risk involve in every investment. Now if they want to take a risk like in btc, maybe try to start small and start learning the trade, in short the ins and outs of this market. Don't rush yourself from knowing all aspect of this market, because it would take time to finally have a good grasp of this technology.

[MaxLevCoin]

If a friend is new to bitcoin, i'd tell him it's exciting way to manage money w/out needing a bank. It is secure, fast and easy to use. Many people see btc as a way to protect their money from inflation and it is becoming more popular every day. I'd suggest they give it a try, learn how it works, and see how it could help them with their finances

[Rockstarguy]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

Telling a beginner about the investment aspect of bitcoin is not enough atleast the security and privacy of bitcoin needs to be told for them to get the understanding of how safe bitcoin is. It could be that the reason why some beginners are apeptical about bitcoin sometimes is because they never get the understanding of how safe the investment is. It is a good idea as we introduce bitcoin to people,  it is very much important for them to get a little understanding of the technical aspects of bitcoin.

Most people who don't have this understanding feels so surprise how possible can a digital currency be this valuable, the reason why this thought comes in the mind is because their is no understanding of the technical aspect of bitcoin.

[john_egbert]

Telling people that Bitcoin is risky nowadays is like telling them not to make money, at least this is what I am getting from people now, meaning that more people have now understand what Bitcoin is all about.

Some even hide it and they lost a lot of money, yet they are able to digest the pain all alone, so I feel I don't need to tell anyone about Bitcoin anymore, they know the pain involved, I am getting that gambling vibe, like a do or die since crypto is changing the lives of many.

With the presence of internet today, it is quite easy now to educate yourself with any topic you want to explore with. So whether you will guide someone on this market or not, they have alternative options to learn what is needed to know in this market.

Totally! It's just a matter of determination and the need to achieve results in the end. Other things may be done along with a friend or by yourself, it would just speed things up, probably.

[m2017]

"What Would You Tell a Friend Who's New to Bitcoin?" - I usually say «Fly you fools».

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

If you want to interest a friend in buying bitcoin, you need to say what aspect of bitcoin interests him most. Most often, this is, of course, the financial component.

Nobody buys what they don't need. Having decided on the "need" of bitcoin, the purchase will not take long to come.

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

The best way to introducing a girl bitcoin is to "touch". That is, to demonstrate this asset. For example, in the form of a transaction and a wallet. Otherwise, how to explain and show something that, in principle, "doesn't exist" in the physical world.

why it's worth their attention.

This question immediately disappears if the newbie clearly understands why he needs bitcoin. I repeat, many newbies want to get a lot of easy money with the help of bitcoin. Therefore, the conversation should begin with the fact that bitcoin is not the financial instrument that will allow you to do this. Bitcoin is a long-term investment instrument.

[siniminomorocomunisakito]

When people ask about BTC the first thing they ask is why it is so expensive and what makes so many people buy it. In my experience, when they find out that we also have investments or trading, they will ask how much BTC you have. A difficult question to answer.

However, as a member of this forum, I personally try to explain to my friends who do not understand at all slowly what and how BTC makes many people interested and invest in it so that more or less they will learn and grow their awareness to invest independently.

[Marvell1]

Telling a beginner about the investment aspect of bitcoin is not enough atleast the security and privacy of bitcoin needs to be told for them to get the understanding of how safe bitcoin is. It could be that the reason why some beginners are apeptical about bitcoin sometimes is because they never get the understanding of how safe the investment is. It is a good idea as we introduce bitcoin to people,  it is very much important for them to get a little understanding of the technical aspects of bitcoin.

Most people who don't have this understanding feels so surprise how possible can a digital currency be this valuable, the reason why this thought comes in the mind is because their is no understanding of the technical aspect of bitcoin.

Of course, we shouldn't just focus on the investment aspect and ignore the other aspects, which makes bitcoin so great and valuable. But if we focus too much on the technical aspect of bitcoin without mentioning the investment aspect while that is what they care about the most. Do you think they are still interested in bitcoin and want to hear from you?
Like us, when we first started, most of us were interested in the investment aspect of bitcoin and then started learning about other aspects of it. So if it were me, the investment aspect would be the first thing I would talk to them about, the other aspects I would cover later.

[Solosanz]

The most important thing I will suggest them to use non custodial wallet, even they use it as a hot wallet, but it's fine. At least I want to see there's a small progress for them to hold Bitcoin in their own wallet instead of holding in centralized exchanges.

Regardless they want to use Bitcoin as a commodity, currency or anything, it's up to their choice.

I won't spend time giving advice or convincing anyone about bitcoin but I won't hesitate to share what I know if someone proactively asks me about bitcoin. But like you, if they want to ask and seek investment advice from me, I will decline and let them make their own decision that is their money and their benefit.

That's a jobdesk for a financial advisor, we can become financial advisor for them, but make sure they want to pay our time and effort, not just thank you.

[Finestream]

Bitcoin has its great potentials to increase your wealth, but its risk and volatility will also serve as threats that can turn your profits into substantial losses. That's how risky bitcoin investment is. But if you know how to be cautious with bitcoin, and you know the whole thing what investment you are entering, then it's safe to say that bitcoin is the perfect choice for you to invest.

[uneng]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

I tell him Bitcoin is a digital currency, which has great potential as investment on long term, although there are always risks implied. Moreover, I talk about where he can purchase Bitcoin and where he can store his coins safely. If I identify he is interested on the subject I may go ahead and continue telling him more details about Bitcoin, but if he doesn't display any significant interest, I just let the conversation vanishes away, so we can move to another subject.

If he has any more questions about Bitcoin, I feel happy in answering them with the knowledge and experience I have acquired so far along the years in this industry. There is so much to say about Bitcoin, but we have to do it step by step, otherwise the conversation might not be interesting for friends.

Since it's something people are getting in touch for the first time, informations provided must be basic, so they can start understading it properly.

[milewilda]

Telling people that Bitcoin is risky nowadays is like telling them not to make money, at least this is what I am getting from people now, meaning that more people have now understand what Bitcoin is all about.

Some even hide it and they lost a lot of money, yet they are able to digest the pain all alone, so I feel I don't need to tell anyone about Bitcoin anymore, they know the pain involved, I am getting that gambling vibe, like a do or die since crypto is changing the lives of many.

Tell them everything about Bitcoin whether into its utility and its money making opportunity and also same goes for the losing money too on which we know that this is really having that kind opportunity that it gives but also having that probability that you can really lose up money too. Always tell them about the risks and never ever make yourself that believe about positive effects most of the time because if you are expecting or anticipating too much or being positive but if things turns out to be salty then it will be that making out that kind of disappointment on which this will really be giving out this kind of emotional issues on which we know that this will really be that affecting the way you are really that dealing with Bitcoin or crypto investment. It is really that recommended that you do really know on what you are dealing and always make sure that you had been prepared about into its cons and pros when it comes into this manner. Dont just focus on one side on which i have said that it will be bringing out that kind of disappointment.
It will really be that painful when you do have that kind of expectation. Always make yourself that wary because every investment will be having that corresponding risks. Usually people do only learn from the times or moments that they had been experiencing issues or simply losing money. New people will really be continue to pour into this space but level of knowledge will be that entirely different to each other.

[GeorgeJohn]

When a friend asks you about bitcoin, what's the first thing you tell them? Do you focus on the tech behind it, the investment potential, or its role in financial freedom?

Let's share our best advice and insights for introducing bitcoin to newcomers and how we can help them navigate the complexities of crypto and understand why it's worth their attention.

depending on what the person need from bitcoin, actually bitcoin is decentralized currency that is independent from other currencies and it has value, so if someone should ask you bitcoin, it maybe that person wants to get a clear understanding of bitcoin before it will invest, probably the advantages and the disadvantages of bitcoin investment and it's technology..op bitcoin is an asset that you can make a profit if you invest on it, so in summary it's an independent currency that government doesn't control.

[adultcrypto]

When people ask about BTC the first thing they ask is why it is so expensive and what makes so many people buy it. In my experience, when they find out that we also have investments or trading, they will ask how much BTC you have. A difficult question to answer.

People that call bitcoin expensive are probably those who heard about it long term ago but were procrastinating about investing in it, so as the price keeps going higher, they keep regretting and wishing they bought earlier. Some of them end of venturing into the wild-goose chase of searching for the next bitcoin and end up with loads of shitcoins where they will lose their money.

However, as a member of this forum, I personally try to explain to my friends who do not understand at all slowly what and how BTC makes many people interested and invest in it so that more or less they will learn and grow their awareness to invest independently.

That means your idea of bitcoin is limited to investing and never how bitcoin can be used to make life easier? I think this is where many people misses the beautiful aspect of bitcoin. No doubt bitcoin is a good investment opportunity but starting off from that angle in telling newcomers about bitcoin will make their mind fixed on profits and never the usage of bitcoin which include payments of goods and services and how they can integrate bitcoin payment in their business to achieve global reach without much interference from the global financial regulators. To me it is better to start from the angle of usage of bitcoin so they can appreciate the technology after which they can know the aspect of investing and holding bitcoin.

[coolcoinz]

The most important thing is to educate yourself, so I'd tell him to watch some good youtube videos explaining bitcoin and tutorials to learn how to use wallets and secure your bitcoin.
I see so many people who FOMO into this not knowing what they have and ending up like those guys who put the amount in the fee section.

What you really need to do with your coins is to keep them safe. Everything else like finding the top, trading, choosing the right hardware wallet is secondary. You have to learn how to secure your seed phrase, not to lose your wallet password. So many people forget about that and instead start learning how to leverage into a head and shoulders pattern and then oops the money is gone because your child deleted a file with your wallet password

[kawetsriyanto]

Telling a beginner about the investment aspect of bitcoin is not enough atleast the security and privacy of bitcoin needs to be told for them to get the understanding of how safe bitcoin is. It could be that the reason why some beginners are apeptical about bitcoin sometimes is because they never get the understanding of how safe the investment is.

Yes, usually, if the beginner is really serious about learning about Bitcoin, then he will ask a lot of things. Some of the information you mentioned will be very useful for them. And moreover, about the risks and profits that can be obtained. Yes, risks cannot be avoided from Bitcoin. So they will realize that before really entering Bitcoin, they must prepare themselves strongly, both mentally, financially, and also in understanding.

Well, many beginners only want to know about Bitcoin superficially, namely how to make money from Bitcoin, quickly, without wanting to try to prepare themselves thoroughly first both mentally and in terms of knowledge readiness. This is not right and is actually high risk. but unfortunately, there are many people like this, do not want to understand about the risks, only dream of getting big profits in a short time.

[Princess Leah]

Telling a beginner about the investment aspect of bitcoin is not enough atleast the security and privacy of bitcoin needs to be told for them to get the understanding of how safe bitcoin is. It could be that the reason why some beginners are apeptical about bitcoin sometimes is because they never get the understanding of how safe the investment is.

Yes, usually, if the beginner is really serious about learning about Bitcoin, then he will ask a lot of things. Some of the information you mentioned will be very useful for them. And moreover, about the risks and profits that can be obtained. Yes, risks cannot be avoided from Bitcoin. So they will realize that before really entering Bitcoin, they must prepare themselves strongly, both mentally, financially, and also in understanding.

Well, many beginners only want to know about Bitcoin superficially, namely how to make money from Bitcoin, quickly, without wanting to try to prepare themselves thoroughly first both mentally and in terms of knowledge readiness. This is not right and is actually high risk. but unfortunately, there are many people like this, do not want to understand about the risks, only dream of getting big profits in a short time.

Exactly, it's not just about preaching to people about the important or benefits of bitcoin but safeguarding the assets they're holding matters as well and not many newbies knows pretty much about it, some don't even know the best place to save their bitcoin or how important the seed phrase is, you'll be shocked to know that some people still save their bitcoins in wallets in exchanges that claims to be safe and secured instead of a non-custodial wallet or hardware.

 It's very obvious that lots of beginners are pretty much about what they stand to  gain but disregard the safety of their asset so it would be very important to teach about security when passing knowledge to newbies about security, the worst an investor could encounter is to risk losing their bitcoin asset.