What should you know before recommending Bitcoin to a friend?

[GeorgeJohn]

My friend recommended Bitcoin and cryptocurrencies to me, but I learned some things on my own. He didn't explain certain things in detail.

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

[Charcol]

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But being a "proven investor" is imo not necessary. You could also be someone using Bitcoin for idealistic reasons (censorship resistance, criticism of the State etc.), and not for profit, although I admit this is very rare nowadays (At least there are some "profit-aware idealists", I think). And even if you didn't make a profit yourself or much less than one could expect, the experiences are also valuable for your friends who want to invest.

You are right. I also think that it is possible to share valuable experiences without being a 'proven investor'. But one thing is for sure, in the end, the market does not see whether you are an idealist or a profit hunter. Volatility is the same for everyone. So even if someone uses Bitcoin for ideological reasons, if he honestly shares his wrong decisions, mental stress, experience during the bear market, and how he took risks openly, then it is much more useful for beginners, than the ''I made so much profit'' type story. When we talk about Bitcoin with friends, they are actually making economic decisions along with ideology. So whether idealist or profit oriented, it is very important to clarify your limitations in both cases. For example, I am not very successful in profit, I rather follow the technology and system side more. If there is such transparency, no one will take your words the wrong way and go in blindly. Being a professional or proven investor is not a requirement, but being as honest as possible about your position and experience is the real responsibility.

[Tonimez]

My friend recommended Bitcoin and cryptocurrencies to me, but I learned some things on my own. He didn't explain certain things in detail.

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

Bitcoin investment is a very complex process that is hardly understood by mere asking questions. As a beginner, you may have received an introductory lecture from your friends or whoever has introduced you. However, the most important aspect of bitcoin is always learned on your own. This is why you are usually advised to do your own research DYOR about every single step you want to make. Individuals will always advise you based on their personal understanding and encounters and so is what you also need to know. Do not rely completely on any investment advice because you may not also have the same financial means as the person advising you.

What matters always is cultivating the mindset of an investor. Understanding that the longer you hold the better! If you understand this, then you will see the reason why you don't need to invest beyond your financial capacity and you will also have a happier experience because you won't easily go bankrupt and Start considering whether you will sell your bitcoin (probably prematurely) or not.

[Bright0515]

I'm beginning to wonder what will happen after recommending Bitcoin to a friend or family and the person didn't get what they are expecting from investing into Bitcoin. Their trust on you will no longer be the same, they will think you have scammed them and trust will no longer be there at that moment (because they are beginners) until you explain everything to them and make them understand before they know the reason for their loss.

I can not make anyone invest into Bitcoin unless they show interest on it, I will not even make them know I'm into Bitcoin investment. Let it not be that because I'm into it they too will join the crypto market because they know someone who is into the investment.

I will do these two things which I believe are important.

• Carefully join online communities

: Currently there are so many crypto communities that scammers are operating, right now I think there are more scammers hunting for crypto (Bitcoin) enthusiast and beginners are more vulnerable to scammers than people that have been into it for a long time. Scammers will not take long to scam someone they find any weakness on and vulnerability. At first what they will do is make the beginner believe that crypto currency is a get rich quick scheme, they will also feed the person with a lot of wrong informations so that the person will put money and that's it

• Know how to use Bitcoin explorer to track your transactions

: Invertors overlooked this but it is important because you can monitor your transactions to know when it's confirmed. Another crucial thing about blockchair exploring is that you can check your balance without exposing your private keys if you want to login to your Bitcoin wallet. Knowing how to use Bitcoin explorer help you monitor your crypto assets without any need to login your wallet and exposing your seed phrase or private keys.