What should you know before recommending Bitcoin to a friend?

[RockBell]

I totally agree with you, before you recommend Bitcoin to anyone, always remember that Bitcoin itself isn't certain in making profit, note that Bitcoin is volatile, meaning it can rise and fall at any time,  so anyone you're inviting should have the mindset of losing and gaining, teach them how important their private keys are, so they won't fall for any scam,  educate them about long-term investment and not short-term investment, any money they can't afford to lose shouldn't be invested, let them only invest in money that they can lose to avoid frustration or depression.

That is what people need to understand because when they introduce bitcoin to them, they need to do their own analysis and know exactly because when it comes to bitcoin investment, there is not there is nothing certain so this should be accepted before you start investing, and people that are introduction bitcoin are not telling them about the reality, because a lot of people are excited and they don't even ask questions about what they are about to go into they forget that they need to be prepared mentally and emotionally because that is the mistake they make.

Because it is a game of losing and gaining, so most people are always prepared for the gaining, and they don't want to lose money, this is something that they need to be prepare and most of them don't even care about the knowledge before they start and this one thing we encourage people to take there investment seriously and anyone you are bringing to the game all this things needs to be explained to them, so that they will know what they are going into.

[tech30338]

I totally agree with you, before you recommend Bitcoin to anyone, always remember that Bitcoin itself isn't certain in making profit, note that Bitcoin is volatile, meaning it can rise and fall at any time,  so anyone you're inviting should have the mindset of losing and gaining, teach them how important their private keys are, so they won't fall for any scam,  educate them about long-term investment and not short-term investment, any money they can't afford to lose shouldn't be invested, let them only invest in money that they can lose to avoid frustration or depression.

That is what people need to understand because when they introduce bitcoin to them, they need to do their own analysis and know exactly because when it comes to bitcoin investment, there is not there is nothing certain so this should be accepted before you start investing, and people that are introduction bitcoin are not telling them about the reality, because a lot of people are excited and they don't even ask questions about what they are about to go into they forget that they need to be prepared mentally and emotionally because that is the mistake they make.

Because it is a game of losing and gaining, so most people are always prepared for the gaining, and they don't want to lose money, this is something that they need to be prepare and most of them don't even care about the knowledge before they start and this one thing we encourage people to take there investment seriously and anyone you are bringing to the game all this things needs to be explained to them, so that they will know what they are going into.

I always tell to my friend that if you want to invest in bitcoin you need to know that its not a sure win, there were times that the price will go down, and the value will not always be the same, also making sure your wallets are safe, mostly i do give effort to tell them that scammers will try to lure them, so be very careful and ask them before investing study a bit about the market and invest the money that you will not regret once lost, lots of my friends have bigger income, and they are doing fine.

[Rockstarguy]

I think one main thing we all need to know before recommending to a friend is being honest and transparent enough abiut all you know.. You have to let them know what is really involved, not just the good side.. Bitcoin works best when they think long term, not when they are chasing quick profits..

They also need to understand the little risks and volatility, and why having some basic knowledge matters.. If someone knows what they are getting into, they will make better decisions and will not panic easily…

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

[Daniel91]

I think one main thing we all need to know before recommending to a friend is being honest and transparent enough abiut all you know.. You have to let them know what is really involved, not just the good side.. Bitcoin works best when they think long term, not when they are chasing quick profits..

They also need to understand the little risks and volatility, and why having some basic knowledge matters.. If someone knows what they are getting into, they will make better decisions and will not panic easily…

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

I totally agree with this.
People are often euphoric when they first earn some money from investing and try to inspire their friends to join and earn as well.
In doing so, only the positive aspects of the story are emphasized and the negative aspects are ignored.
Of course, sometimes luck and good timing play a role in making money when investing, but that cannot be the strategy we rely on.
Many realize it too late.

[Yablee0]

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

Yes you are right, as a teacher it's better trying to be more open to the person you are teaching for he or she to know it deeply, tell them more of the disadvantages so they can be able to know and take precautionary measure even as they are investing without the risk of falling any victim, moreover this will get their minds to be more prepared to was what they are about investing their money in.

I understand that people like twisting words when spraying the good news about Bitcoin investment and that isn't right , try to be more realistic by doing the right thing, tell them the fact and make them understand how fluctuating Bitcoin can be and that if you must succeed in Bitcoin investment the long term run is always the way out.

[Rockson1]

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

Yes, to show sincerity, a Bitcoiner must be open to any intending investors, everything should be made open to them, Bitcoin investment is highly sensitive and we must try our possible best to sound it as song to whosoever that is coming to us to seek our explanation on how to go about the investment.
I think the profits will be mentioned of course but it should not always come first because some newbies do not understand that they will not get profit immediately as they invest and for this reason they should be made to know how everything goes so that they will not feel disappointed along the line.

[Webutxo]

I totally agree with this.
People are often euphoric when they first earn some money from investing and try to inspire their friends to join and earn as well.
In doing so, only the positive aspects of the story are emphasized and the negative aspects are ignored.
Of course, sometimes luck and good timing play a role in making money when investing, but that cannot be the strategy we rely on.
Many realize it too late.

I'm not sure if that kind of thing still exist in today's market. It will take a large sum of money to be invested in Bitcoin market to be able to see some profits and for that to happen, you have to understand how this market work, if you don't know how it works then you are entering a danger zone where your money will be gone, there will not be profit to test to even understand how the market brings profit.

If you can't hold Bitcoin and don't have patience, I will tell you not to give the market any try. At the stage of Bitcoin, it's what you need. We have passed those years people make profits from jump in and out of the market, you need to have patience even more than people that were earlier because the price is now much more.

[Rabata]

I totally agree with you, before you recommend Bitcoin to anyone, always remember that Bitcoin itself isn't certain in making profit, note that Bitcoin is volatile, meaning it can rise and fall at any time,  so anyone you're inviting should have the mindset of losing and gaining, teach them how important their private keys are, so they won't fall for any scam,  educate them about long-term investment and not short-term investment, any money they can't afford to lose shouldn't be invested, let them only invest in money that they can lose to avoid frustration or depression.

That is what people need to understand because when they introduce bitcoin to them, they need to do their own analysis and know exactly because when it comes to bitcoin investment, there is not there is nothing certain so this should be accepted before you start investing, and people that are introduction bitcoin are not telling them about the reality, because a lot of people are excited and they don't even ask questions about what they are about to go into they forget that they need to be prepared mentally and emotionally because that is the mistake they make.

Because it is a game of losing and gaining, so most people are always prepared for the gaining, and they don't want to lose money, this is something that they need to be prepare and most of them don't even care about the knowledge before they start and this one thing we encourage people to take there investment seriously and anyone you are bringing to the game all this things needs to be explained to them, so that they will know what they are going into.

I always tell to my friend that if you want to invest in bitcoin you need to know that its not a sure win, there were times that the price will go down, and the value will not always be the same, also making sure your wallets are safe, mostly i do give effort to tell them that scammers will try to lure them, so be very careful and ask them before investing study a bit about the market and invest the money that you will not regret once lost, lots of my friends have bigger income, and they are doing fine.

Investing in Bitcoin should not be done only with the idea that it is profitable. Because when someone invests without knowledge about Bitcoin, it will cause more loss instead of profit. Usually when someone advises someone to invest in Bitcoin, they are only interested in investing, but there is also a possibility of loss. If an investor invests without understanding the security issues related to the wallet well, there is a possibility of losing that asset. Scammers can also lead the investor in the wrong direction by giving wrong advice. Bitcoin is definitely a safe investment medium, but before investing, the investor must have some basic ideas. If someone wants to invest after gaining sufficient knowledge, his investment may be delayed and in some cases the investment may not be completed.

[Fiasem20]

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

That’s just the honest truth.Bitcoin is volatile,and there’s nothing wrong in telling your friends or someone the reality of bitcoin.They would definitely find out and the blame would be on you for refusing to tell them the ups and downs of the market.This same strategy applies in the Ponzi scheme world,it is mostly used by those Ponzi scheme promoters on the internet,they use sugarcoated words just to entice victims into investing,their promises are far beyond unrealistic,unknowing to the victims after putting their money on it with high expectations they’ll see the dark side on what they invested.Let’s learn to be honest and always call a spade a spade.

[Daniel91]

I totally agree with this.
People are often euphoric when they first earn some money from investing and try to inspire their friends to join and earn as well.
In doing so, only the positive aspects of the story are emphasized and the negative aspects are ignored.
Of course, sometimes luck and good timing play a role in making money when investing, but that cannot be the strategy we rely on.
Many realize it too late.

I'm not sure if that kind of thing still exist in today's market. It will take a large sum of money to be invested in Bitcoin market to be able to see some profits and for that to happen, you have to understand how this market work, if you don't know how it works then you are entering a danger zone where your money will be gone, there will not be profit to test to even understand how the market brings profit.

If you can't hold Bitcoin and don't have patience, I will tell you not to give the market any try. At the stage of Bitcoin, it's what you need. We have passed those years people make profits from jump in and out of the market, you need to have patience even more than people that were earlier because the price is now much more.

In fact, there have been several large cycles of growth in the value of bitcoin in recent years when ordinary, small users, with good timing of entry into bitcoin, could make good money from bitcoin, the last time this happened was last year when the value of bitcoin exceeded $120,000 in a short burst.
Of course, ordinary users do not have the opportunity to invest a lot of money, like large institutional investors, but these cycles of rapid growth in the value of bitcoin could help small users to make serious profits in a very short period of time.
Of course, if they could control their emotions and get out in time, before the sudden fall.

[Taricoins]

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

That’s just the honest truth.Bitcoin is volatile,and there’s nothing wrong in telling your friends or someone the reality of bitcoin.They would definitely find out and the blame would be on you for refusing to tell them the ups and downs of the market.This same strategy applies in the Ponzi scheme world,it is mostly used by those Ponzi scheme promoters on the internet,they use sugarcoated words just to entice victims into investing,their promises are far beyond unrealistic,unknowing to the victims after putting their money on it with high expectations they’ll see the dark side on what they invested.Let’s learn to be honest and always call a spade a spade.

.well I don't know about it being the most used but it certainly a currency that scammers use to entice their victims but there are lots of other means to which they can use to achieve their goals.

Bitcoin is volatile and it should be the first thing that anyone who is trying to introduce it to someone should do as it's the most important feature yet, it's volatility is what makes it unique and also what makes newbie make mistakes when not properly oriented.

[livingfree]

I've talked to friends that only saw the rising price of Bitcoin. When they've approached me, they asked if they should invest all that they have.

I told them that Bitcoin is volatile and the prices today might not be the price for tomorrow. And that's how I easily explained to them that price changes from time to time and it's not permanent.

They need to assess themselves first and their financial capacity before investing in it. Because the money they will invest on it should be an amount they can afford to not see for a long time.

[iBaba]

~~~

I always tell to my friend that if you want to invest in bitcoin you need to know that its not a sure win, there were times that the price will go down, and the value will not always be the same, also making sure your wallets are safe, mostly i do give effort to tell them that scammers will try to lure them, so be very careful and ask them before investing study a bit about the market and invest the money that you will not regret once lost, lots of my friends have bigger income, and they are doing fine.

I don’t see bitcoin investment as same as gambling in the realm of winning and losing, because sometimes the way we overemphasize on this losing aspect of gambling is oftentimes scary to the newbies and it is almost like bitcoin is not a sure place to invest your capitals. I don’t see it in that same light. I see bitcoin as an avenue for people to invest their funds especially away from the usual fiat currencies. I als understand and recognize the volatility in the market but it is not so bad that you expect to be so worried about the outcomes of your investments.

This is reason why I believe there are several options and approaches to things, when you are going into bitcoin investment, you should have a mindset of choosing the area that interests you more, also choosing if you are to invest or trade the coin, also knowing the implications in each of your decisions and how far it can go to affect the outcome of your investment, is a part of the process that ensure you have a safe and good investment opportunity in bitcoin and not necessarily because of its volatility.

[Patikno]

I've talked to friends that only saw the rising price of Bitcoin. When they've approached me, they asked if they should invest all that they have.

I told them that Bitcoin is volatile and the prices today might not be the price for tomorrow. And that's how I easily explained to them that price changes from time to time and it's not permanent.

They need to assess themselves first and their financial capacity before investing in it. Because the money they will invest on it should be an amount they can afford to not see for a long time.

I think you are wise enough to advise your friends to assess their financial capabilities before buying or investing their money in Bitcoin.

Many people think Bitcoin is a quick way to make money or profit, but they are wrong. Bitcoin doesn't provide overnight profits; it requires patience and good financial management. Personally, I have had a similar experience, especially when Bitcoin started to become a hot topic everywhere, as its price soared, and my friends started planning to buy it immediately. However, they should have been aware of the potential consequences. Essentially, they shouldn't just buy on impulse; they should understand that Bitcoin is volatile and will be profitable in the long term. Therefore, I wouldn't recommend Bitcoin to friends who can't afford to hold it for the long term. The exception is those who have the ability, or are financially stable enough to hold it and won't need to sell it anytime soon.

[Bobrox]

Many people think Bitcoin is a quick way to make money or profit, but they are wrong. Bitcoin doesn't provide overnight profits; it requires patience and good financial management. Personally, I have had a similar experience, especially when Bitcoin started to become a hot topic everywhere, as its price soared, and my friends started planning to buy it immediately. However, they should have been aware of the potential consequences. Essentially, they shouldn't just buy on impulse; they should understand that Bitcoin is volatile and will be profitable in the long term. Therefore, I wouldn't recommend Bitcoin to friends who can't afford to hold it for the long term. The exception is those who have the ability, or are financially stable enough to hold it and won't need to sell it anytime soon.

Change mindset about someone think bitcoin is quick way to make money or earn much profit exactly for close friend before recommending to invest in bitcoin. Nowadays many people have wrong mindset before investing in bitcoin and most of them believing bitcoin could be quick way to be rich by earn much profit, they don't know about how most patience waiting for bitcoin break out higher price and keep calm when price drop drastically without panic selling at lower price.

If someone understand well and have right mindset when investing in bitcoin I think easily acceptable the long term progress if want to be success investing in bitcoin, keep away from a friend have mindset about bitcoin the quick way to be rich.

[Cricktor]

You should know how to recover your wallet from your backup details and I would highly recommend to actually practice and verify that you're able to successfully recover your wallet from your backup! Knowing all the steps and being able to successfully recover your wallet eases your mind a lot.

Never delete a wallet or its backup details completely. You never know when and if you need it again. For unused and empty wallets you can ease the storage and backup security, but simply don't delete it completely (you might regret it later).

Recovery practice and verification needs a secure environment. Boot a verified live Linux that only runs in RAM and which doesn't store any persistant data that could leak any valuable secrets. Learn to operate in such a secure environment. Always verify software you need to use and don't do stupid things.


When you create a new wallet make sure you backup all necessary details for later recovery. There are also details which aren't technically needed for a recovery but which likely help you to understand for what purpose a wallet was created. You may forget details years later, proper documentation helps a lot, lack of it not really.

[puloweh555]

I think one main thing we all need to know before recommending to a friend is being honest and transparent enough abiut all you know.. You have to let them know what is really involved, not just the good side.. Bitcoin works best when they think long term, not when they are chasing quick profits..

They also need to understand the little risks and volatility, and why having some basic knowledge matters.. If someone knows what they are getting into, they will make better decisions and will not panic easily…

Anyone who truly wants someone to do well in bitcoin investment will be transparent and let the person they want to teach know the realities of bitcoin.

Many people who only mention the profitable aspects of bitcoin do so just to prove they have invested and to make others think highly of them. The best approach is to be open; there is no need to speak highly of bitcoin because it doesn't change its nature. One just needs to be realistic and explain both the profitable and risky sides of bitcoin; at least then, one will know how to navigate it and won't be caught unaware.

Yes, that's right. That's how it should be when recommending Bitcoin investment to friends we should be transparent about all the benefits and risks. This is also good for ourselves the ones introducing Bitcoin, so that if something goes wrong with the investment they won't blame us for introducing it.

In principle when educating people about Bitcoin investment don't seek profits, as many influencers do. Many influencers when Bitcoin is rising continually encourage their listeners to invest in Bitcoin even showing off their profits, but never mentioning the risks. Even when Bitcoin's price is dropping like it is now they never upload videos about it.