What should you know before recommending Bitcoin to a friend?

[TechGr8]

Always test small first.

That’s what I always do even now. If I’m sending a big amount, I make sure to test it with a small one first. I’ve had an experience before where I lost money because of a phishing attempt. I don’t even know how it happened, I was using Electrum (probably got faked after upgrading), copied the right address, but when I pasted it, it turned into a different one. It all happened fast and the money was gone instantly. Since it’s irreversible, I couldn’t get it back anymore. So now I always double-check everything before sending.

This can not be less true, Because, I learnt my lessons the hard way… Now I test with small amounts before going all in. The best way to be safe is to double-check and not be over-confident

[POPOLUV]

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.

I totally agree with that once your friend or family are interested in Bitcoin, do you agree with me that such a friend or family member that has shown interest to have knowledge about Bitcoin will eventually bring his mind to learn and excell, then recommending Bitcoin to a friend or family member, in which the seriousness of learning about Bitcoin will not be there because they are interested in the scheme that will fatch then quick money but once a friend or family member show interest in Bitcoin, it is a good starting point in which you as an investor need to experience those basic facts that he needs to knows which you need impact the knowledge to him and how to go about his Bitcoin portfolio.

[tvplus006]

it is a huge responsibility recommending btc to family because if they lose money it makes the holidays pretty awkward for a few years...

It should be understood that only specialists who have the appropriate license and are responsible for their recommendations can make financial recommendations. Since we are not specialized specialists, we can only express our opinion, which is not a financial recommendation.

[Out of mind]

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.

I totally agree with that once your friend or family are interested in Bitcoin, do you agree with me that such a friend or family member that has shown interest to have knowledge about Bitcoin will eventually bring his mind to learn and excell, then recommending Bitcoin to a friend or family member, in which the seriousness of learning about Bitcoin will not be there because they are interested in the scheme that will fatch then quick money but once a friend or family member show interest in Bitcoin, it is a good starting point in which you as an investor need to experience those basic facts that he needs to knows which you need impact the knowledge to him and how to go about his Bitcoin portfolio.

Of course, if a friend or family member is interested in Bitcoin and is ready to invest, then he needs to learn first. If a friend or family member is ready to invest in Bitcoin, then introducing him to knowledge and experience about Bitcoin is one of the main steps. When he can gain good knowledge about Bitcoin, he will definitely be attracted to Bitcoin investment from within and will be able to know and understand all the things. We know that most people rush to make money quickly, but only those who are knowledgeable rush to invest in Bitcoin, they gain knowledge about Bitcoin and plan for investment later.
If a friend or family member can learn the basics about Bitcoin seriously, then it will definitely be good for him. Moreover, it is necessary to collect all the information and also know about portfolio management and wallet related issues, and also bring enough ideas about holding the investment for a long time. However, if a friend or family member invests, he can be successful, basically, the most important thing is to get educated before investing.

[Fiasem20]

The losses or profits you made in Bitcoin are on you, nobody is sharing that with you. You take responsibility for whatever investment decision you make, don't hold or blame anyone for that.

Avoid following crypto analyst predictions before you invest,  because you might invest all you have out of expectations of what they say about the market without having emergency funds at hand

‎A person makes better progress in this crypto space especially when you think for yourself, cuz when your money enter the market, so what happens to you is no one concern . So you need to be Better at planning, exercising patience and one thing when shouldn't forget is protecting our savings before risking anything.

Nobody should be blamed for the financial decision we make.Consider the risk management of any investment before delving into it,that’s why it isn’t advised to pressure an individual into investing on bitcoin or necessarily not bitcoin.You can only create awareness but also consider those people you enlighten about bitcoin,most people believe that those holding bitcoin are rich in essence most desperate and evil friends can go to any length just to cause harm to you with the intention to steal your holdings.Also consider applying the most preferred strategy to your investment and also build an emergency fund in other not to dip into your holdings prematurely.

[finaleshot2016]

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.

I totally agree with that once your friend or family are interested in Bitcoin, do you agree with me that such a friend or family member that has shown interest to have knowledge about Bitcoin will eventually bring his mind to learn and excell, then recommending Bitcoin to a friend or family member, in which the seriousness of learning about Bitcoin will not be there because they are interested in the scheme that will fatch then quick money but once a friend or family member show interest in Bitcoin, it is a good starting point in which you as an investor need to experience those basic facts that he needs to knows which you need impact the knowledge to him and how to go about his Bitcoin portfolio.

Of course, if a friend or family member is interested in Bitcoin and is ready to invest, then he needs to learn first. If a friend or family member is ready to invest in Bitcoin, then introducing him to knowledge and experience about Bitcoin is one of the main steps. When he can gain good knowledge about Bitcoin, he will definitely be attracted to Bitcoin investment from within and will be able to know and understand all the things. We know that most people rush to make money quickly, but only those who are knowledgeable rush to invest in Bitcoin, they gain knowledge about Bitcoin and plan for investment later.
If a friend or family member can learn the basics about Bitcoin seriously, then it will definitely be good for him. Moreover, it is necessary to collect all the information and also know about portfolio management and wallet related issues, and also bring enough ideas about holding the investment for a long time. However, if a friend or family member invests, he can be successful, basically, the most important thing is to get educated before investing.

I think one of the major cultures before entering is to let them try it by themselves, of course you will be the one who will teach them and discuss how everything works technically but in actual, having experiences is the best teacher. Just let them do it for a small amount, let them feel everything, the experience, the feeling and the excitement of having a BTC then if they're curious for everything that they discovered, just answer it simply, it's a step by step process, no one is an expert at the start and having mistakes is normal especially on crypto that risk is already our partner in our crypto journey. 'cause let's be honest, majority of the terms are simple and related to traditional things, it's just that we're the one who's doing the transaction in the blockchain, not some institutions, so eventually they will get it. Do it step by step, the more curious they are, then it's easier to teach them so don't spoon-fed them to important informations.

[Cryptoprincess101]

it is a huge responsibility recommending btc to family because if they lose money it makes the holidays pretty awkward for a few years...

It should be understood that only specialists who have the appropriate license and are responsible for their recommendations can make financial recommendations. Since we are not specialized specialists, we can only express our opinion, which is not a financial recommendation.

You are right and that is also why we need to give or state a disclaimer when we are giving people financial advice so that it doesn't look as if we are experts that are licensed to give financial recommendations. Nevertheless, it is the responsibility of everyone to also make research about best financial approach that will be suitable for them and not just depend on the advice or opinion of other people. We mean good to people who we give financial recommendations, but the problem is that if anything goes wrong, they will fall back to blame us that we persuaded them to invest and lose their money so we should be very careful.

[SquirrelJulietGarden]

You are right and that is also why we need to give or state a disclaimer when we are giving people financial advice so that it doesn't look as if we are experts that are licensed to give financial recommendations. Nevertheless, it is the responsibility of everyone to also make research about best financial approach that will be suitable for them and not just depend on the advice or opinion of other people. We mean good to people who we give financial recommendations, but the problem is that if anything goes wrong, they will fall back to blame us that we persuaded them to invest and lose their money so we should be very careful.

Make a strong disclaimer that it is not your financial advice for them, just information for them and if they need financial advice, let's spend money and find experts who will give advice and take service fee too.

Never take their money and buy bitcoin on behalf as they will ask it from you, buying bitcoin for them, keeping bitcoin for them, and give them profit later. While you know even at a time you purchase bitcoin, there is risk already like you can be scammed, your devices can be hacked and you lost their money without getting bitcoins. There is risk of losing their bitcoin in storage by many reasons so doing all these on behalf of anyone is most stupid and dangerous things to do.

[Tungbulu]

it is a huge responsibility recommending btc to family because if they lose money it makes the holidays pretty awkward for a few years...

It should be understood that only specialists who have the appropriate license and are responsible for their recommendations can make financial recommendations. Since we are not specialized specialists, we can only express our opinion, which is not a financial recommendation.

That’s right. And then it’ll left for the person who’s receiving those opinions of ours to decide whether or not to accept and apply them. Because should incase things go wrong and they lose money, some would literally blame you for misleading them. I personally only express and tell about my personal experiences and clearly state that it’s not a financial advice but simply an opinion.

[ABCbits]

Can you add something?

If your friend have decent general technical experience and knowledge, suggest them to use signet/testnet for testing. It's cheaper than testing on mainnet, although you may need to provide them with signet/testnet coin.

[iBaba]

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.

I totally agree with that once your friend or family are interested in Bitcoin, do you agree with me that such a friend or family member that has shown interest to have knowledge about Bitcoin will eventually bring his mind to learn and excell, then recommending Bitcoin to a friend or family member, in which the seriousness of learning about Bitcoin will not be there because they are interested in the scheme that will fatch then quick money but once a friend or family member show interest in Bitcoin, it is a good starting point in which you as an investor need to experience those basic facts that he needs to knows which you need impact the knowledge to him and how to go about his Bitcoin portfolio.

You see these things, whether it is friend, family or any other person, that is how it is mostly that you get a more committed person when they already showed genuine interest in Bitcoin than somone who you are just trying to convince, it is that same interest that will usually push them to learn, stay consistent and eventually improve in their activities being it investments or tradings or anything else.

But when you are trying to recommend bitcoin to someone who is only looking for a quick money where he can just make some money , you will find it difficult to get their full interest because the seriousness to learn will not be there . That kind of mindset can easily lead to the learner making mistakes and getting easily distracted and dissatisfied but when you get someone with real interest, it becomes th starting point. As a professional investor, you can then guide them in the basic knowledge you think they need to know and help them understand how to properly manage their bitcoin portfolio and from there, they will naturally pick up and want to do the rest of the efforts themselves.