What should you know before recommending Bitcoin to a friend?

[Darker45]

We may discuss about Bitcoin with friends, relatives, workmates, and others if we must. We may provide them a long list of dos and don'ts, very basic things, reminders to always keep in mind should they decide to go into Bitcoin, but I guess we should never exhort them to buy.

It's noble to create Bitcoin awareness, but it might be a different thing to recommend buying Bitcoin as an investment. For me, that's a big no. You never can tell whether somebody is ready enough to get into it, mature or emotionally stable enough to remain calm when actually facing extreme volatility, has enough level of risk appetite, and so on.

That's to avoid the blame game. Despite carefully emphasizing each reminder listed in the OP a hundred times, many will still blame you for what you've recommended the moment they lose. They might blame you for their stress, sleepless nights, panic, and so on. Perhaps this is the topmost of what we should know before recommending Bitcoin to a friend.

[Oshio-man]

We may discuss about Bitcoin with friends, relatives, workmates, and others if we must. We may provide them a long list of dos and don'ts, very basic things, reminders to always keep in mind should they decide to go into Bitcoin, but I guess we should never exhort them to buy.

Basic thing like not your key not your coin, some of them need to know the best wallet to use to hold their coins for long term, using exchange wallet to hold your coins for long term is not safe for newbies because the owner of the exchange have right to have access to your coins if anything happen that will make the team to withdraw your coins from the exchange, Some of the users that survived here applied patience to become who they are today, which I know newbies can also do the same thing to overcome any challenge that may come their way, for you to recommend anyone to bitcoin, make sure you have seen good results or you have benefited from bitcoin because some people need to see evidence from you before they will believe that you have the knowledge of bitcoin.

[Aanuoluwatofunmi]

The next you hear from some is that am into bitcoin, when they themselves have nothing to show from bitcoin adoption, not to talk of knowing much about it network, because when we know less or little, it also affect those we are bringing in, because we have nothing to offer them, not that we should not invite or encourage for its adoption, but we also have to be solid in the acquisition of this knowledge about bitcoin before taking someone in.

[boyptc]

The misconception about invest in Bitcoin through my friends and relatives is about the price of Bitcoin to continue going up.

That's true that it shouldn't be said that it will continue to move up because not everyone has a strong heart of acceptance that it's highly volatile.

Because the first impression that they have for bitcoin depends on how they have seen you as the first investor they have known.

If they've seen us that made enough profit, it is what comes to their mind about the #3 that it will continue to go up without having any correction.

[Mpamaegbu]

I don't know if this has been mentioned here – Never assess your wallet on a public WiFi.

[khiholangkang]

I would call it fundamentals investement before investing in bitcoin, it is mandatory for those who want to invest in bitcoin by understanding the 14 points you mentioned, in order to achieve security during investment, although basically someone can learn it after having bitcoin in their wallet, learning while practicing is always the best solution for accelerated understanding.

I would like to add that a fairly important part is also understanding money management and risk management, this will help the rhythm of investing in bitcoin, and of course someone must have a decrisioner income and other things in financial terms should be mature, because if the finances are not stable or the money earned from work is not more than the money needed for living needs, then holding the long term is just a dream, this has little correlation with bitcoin volatility,

I have a friend who invests in bitcoin, understanding how to invest in bitcoin to be safe he is capable, but in basic finance does not have good management, which in the end bitcoin that has been stored in a cold wallet and hoarded for 3 months must be taken back and sold at a loss, because he needs money for his child's school fees.

[LoyceV]

When I fix someone's computer, they blame me when something doesn't work afterwards. I expect a similar result when I recommend Bitcoin: if it fails to produce the expected result, they'll blame me. So I just don't give any investment advice. Not for Bitcoin, not for anything else.
One more reason not to recommend Bitcoin is that I don't need people to know I'm into Bitcoin.

[OcTradism]

When I fix someone's computer, they blame me when something doesn't work afterwards. I expect a similar result when I recommend Bitcoin: if it fails to produce the expected result, they'll blame me. So I just don't give any investment advice. Not for Bitcoin, not for anything else.
One more reason not to recommend Bitcoin is that I don't need people to know I'm into Bitcoin.

It's the same with me. A person asked me for advice on which laptop brand and model to buy even he knew that I am not an expert at it. Later he took my advice, even I emphasized that it's only my thinking and I am unsure that with his limited budget for buying not high standard laptop, it can have disadvantage from physical stuffs to operation efficiency later. He actually complained many things later, that makes me feeling very annoying.

The same with investment advice, you only can share basic information, give them advice but practically, they have their own financial and risk management that all decides their investment practice, then profit or loss. Surely it is easy if they have profit but if they have loss, they will complain their loss like because of you.

[Baghdad]

Basic thing like not your key not your coin, some of them need to know the best wallet to use to hold their coins for long term, using exchange wallet to hold your coins for long term is not safe for newbies because the owner of the exchange have right to have access to your coins if anything happen that will make the team to withdraw your coins from the exchange, Some of the users that survived here applied patience to become who they are today, which I know newbies can also do the same thing to overcome any challenge that may come their way, for you to recommend anyone to bitcoin, make sure you have seen good results or you have benefited from bitcoin because some people need to see evidence from you before they will believe that you have the knowledge of bitcoin.

I wonder why people avoid doing personal checks before acting on opinions. Fresh financial trials creates positive and negative evidences, and bitcoin gives both in a short time, those who don't know of the fast changes accuse whoever sold the advise but themselves for misconception and deception. Friends and families must be cautioned immediately about the market changes first, before anything else regarding investments.

[d5000]

Don't buy bitcoins from centralized exchanges

I disagree a bit with this tip (your other tips are helpful thus I linked your post).

P2P exchanges also can carry risks, and above all new users will probably not know them. For example, you normally expose bank account information to your counterparty, and it's also a danger that you could get in contact either with dubious coins if you buy Bitcoin, or with stolen accounts if you sell.

I will thus add a point to research the risks of P2P exchanges before using them. It is perhaps the best option if you know your counterparties on P2P exchanges from other platforms like forums and can evaluate their trustworthiness. Or buying/selling from established (old) and high-rated accounts, which are extremely unlikely to operate with stolen accounts or dubious coins.


Some have recommended to not recommend Bitcoin at all. I can relate a bit to that. But this thread isn't meant to aggressively drive people into Bitcoin, but instead helping them if they are already interested. I will add this clarification to the OP.

[Alone055]

When I fix someone's computer, they blame me when something doesn't work afterwards. I expect a similar result when I recommend Bitcoin: if it fails to produce the expected result, they'll blame me. So I just don't give any investment advice. Not for Bitcoin, not for anything else.
One more reason not to recommend Bitcoin is that I don't need people to know I'm into Bitcoin.

Lol, this is also why I have stopped suggesting or recommending things to people in real life, because I have some harsh experiences in my life where I used to either help people get some stuff done, buy something for them, recommend or suggest them something that they could buy or get into, and then later, if anything had gone wrong with that thing, I used to be the one to take the blame for it because I was involved in the process. I was like, what the hell?

What's even worse is that even if they approach you first because they feel you know more about a certain thing than they do, and if you then suggest something and it doesn't meet their expectations, they will still blame you for it.

That's why I decided never to suggest or recommend anything to anyone and always stay neutral and ask them to check on their own. Even with cryptocurrencies, if people ask me, I tell them to please learn and then decide. I never suggest anything.

[Rockstarguy]

If you have friends or family who are interested in Bitcoin or you want to encourage them to invest, don’t be too excited trying to convince them. Give them all the info they need. Don’t just push them, give them facts, which is way more important.

Teach them how the market moves, that it’s not some ponzi scheme that guarantees returns. It can be volatile, and we can lose money too. But with basic education and real trust in Bitcoin’s long-term future, their investment will likely grow, especially if they choose to HODL.

This is very true, and another thing about beginners is that they believe in the increase of volatility so much and don't really believe in the decrease in Bitcoin price. Volatility is something that needs to be explained better for beginners; there shouldn't be any misunderstanding of it because the way some people usually think of Bitcoin is not even what Bitcoin is.

Investing small amounts to understand what Bitcoin is about is better; some people are too quick to invest heavily just because of how profitable they think Bitcoin is. Studying the price movement of Bitcoin will really help beginners understand its volatility.

[Mpamaegbu]

One more reason not to recommend Bitcoin is that I don't need people to know I'm into Bitcoin.

Exactly! That decision comes with years of experience.

I used to share Bitcoin pictures and emojis on my WhatsApp status during my early days. I even preached Bitcoin and this forum to some neighbours then. Oh, mine! I guess it was that euphoria from being onto something new I felt a lot of people didn't know about then that made me do that. That feeling of helping someone better their financial standing. Good a thing I later changed houses. My current neighbours don't even know I've the faintest idea what Bitcoin is 😏.

[LoyceV]

My current neighbours don't even know I've the faintest idea what Bitcoin is 😏.

Your neighbours may very well think the exact same thing about you

[BIT-BENDER]

Great work op all advice giving here are very important, some I have consciously followed while others I have unconsciously for for a certain any one that is new or about to join in on Bitcoin would find these advice here very helpful.
I will like to add you should not make your decision based on social media influencers, rumors or news. You can read them but still do your own personal research to make your decision.

[Ziskinberg]

Bitcoin is still risky and not everyone can be cautious and patient when it comes to bitcoin. Make sure if you venture into bitcoin, you know how to manage the risk and how to manage your losses indeed. Losses will always be possible if you decide to sell at a wrong timing, that's why if possible, do not sell just because there is sudden price increase but sell only when you are seeing a stable price on its top, meaning when bitcoin has already landed into its new all time high.

In addition, bitcoin is intended for long term hodling and retirement, that's why do not waste your bitcoin by selling them for short term and quick profits.

[Btcdeybodi]

I don't know if what am about to say makes any sense but it will be better not to introduce a friend into bitcoin if they show no interest in the first place because a friend of yours will know you are a bitcoiner so it's left for them to ask you questions about it then you can tell them all they need to know such as how to protect their coins and about volatility. These two things are very important because what matters most for someone who you introduced into bitcoin is to know how to secure their wallet and also about how the price movement of bitcoin works.

[Cookdata]

I don't know if what am about to say makes any sense but it will be better not to introduce a friend into bitcoin if they show no interest in the first place because a friend of yours will know you are a bitcoiner so it's left for them to ask you questions about it then you can tell them all they need to know such as how to protect their coins and about volatility. These two things are very important because what matters most for someone who you introduced into bitcoin is to know how to secure their wallet and also about how the price movement of bitcoin works.

Who doesn't love to see 1 appearance of Bitcoin makes $96k idea. I think everyone loves Bitcoin but they are just mad to admit they failed to realize it is going to be this big. There is nobody that hates Bitcoin like the government but who is sucking Bitcoin titites today? It's the government.

If you want to see if people have interest in a bitcoin, ask them to create a Bitcoin wallet address and it to be sent to you so you can send them $10 worth of Bitcoin, you will be surprised how fast they will set it up and send it to you. I still stand firmly that nobody has zero interest, they only lack what to buy Bitcoin which is money.

[macson]

Can you add something? Good tips will be merited and linked in the OP!

Maybe I will tell him this tips.

Don't back up your seed phrase to email or online storage: Most people don't realize that email or online storage are highly vulnerable to hacking or unauthorized access. Storing your seed phrase on services like these will leave your assets vulnerable. Avoid storing your seed phrase online.

Invest with discretionary income/cold cash: Many people start investing in Bitcoin with money they aren't prepared to invest. When the market drops, they panic and sell their assets, incurring losses. It's better to invest with discretionary income or cold cash that's ready to be invested, so that when the market drops, there's no need to panic sell.

Build a long-term portfolio: There's no need to rush to sell all your assets in the short term. It's better to build your portfolio for the long term and let them grow over time. If you want to take profits, only take a small amount, and remember to maintain investment discipline.

[Despairo]

I think Average Joe don't care with privacy at all, so good luck for explain point 5 and 7 to them.

If you can convince them to use hardware wallet, it's already a big achievement because people around me that own Bitcoin didn't have hardware wallet.

I will thus add a point to research the risks of P2P exchanges before using them. It is perhaps the best option if you know your counterparties on P2P exchanges from other platforms like forums and can evaluate their trustworthiness. Or buying/selling from established (old) and high-rated accounts, which are extremely unlikely to operate with stolen accounts or dubious coins.

Hmm so, we have to evaluate someone trustworthiness before we buy Bitcoin when we're supposed "to not trust, verify?" I think we're doomed, more and more we treat Bitcoin like the way centralized site treat Bitcoin.

I think if someone buy Bitcoin without KYC, they have to sell Bitcoin without KYC too, so they don't have to think about scam or illegal coins.