What should you know before recommending Bitcoin to a friend?

[Kuchuku]

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.

Yes, everyone should understand that when investing in Bitcoin, they need to know about it properly. When they are familiar with Bitcoin, they need to analyze it well so that they can know the correct information. And everyone should know that Bitcoin is volatile. No one can say when its price will increase and when it will decrease. There is no right time to invest in it. When someone suggests investing in Bitcoin, and in this case, they are only interested in investing. In the case of Bitcoin, more focus should be placed on long-term investment. If an investor invests without understanding the security issues well, there is a possibility of losing assets. However, Bitcoin is a safe investment medium. Therefore, the investor should have sufficient knowledge and basic understanding in this regard.

[MusaPk]

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.

Bitcoin already has a huge community that is distributed globally, we need not advice Bitcoin to our friends to grow the community but for there personal benefits only. Bitcoin like other investment has its own pros and cons, if you are suggesting someone about Bitcoin then clearly guide him about both aspects. Keep this thing in mind that if you are advising someone to come and invest in Bitcoin then he might blame you for his  loss and that might effect your friendship with him also. I never advice anyone to come and invest in Bitcoin but give my feedback only if someone ask for it.   

[Powerjumboo]

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.

Bitcoin already has a huge community that is distributed globally, we need not advice Bitcoin to our friends to grow the community but for there personal benefits only. Bitcoin like other investment has its own pros and cons, if you are suggesting someone about Bitcoin then clearly guide him about both aspects. Keep this thing in mind that if you are advising someone to come and invest in Bitcoin then he might blame you for his  loss and that might effect your friendship with him also. I never advice anyone to come and invest in Bitcoin but give my feedback only if someone ask for it.   

You said it very nicely, I completely agree with you. In fact, it is never right to allow someone to invest in Bitcoin directly, be it a friend or a very close person and no matter how close they are, it is never right to allow someone to invest in Bitcoin directly. If someone is allowed or requested to invest in Bitcoin directly, then if he invests as I or you say and if he suffers losses as a result of that investment, then he can blame him. For this, a person must have experience in Bitcoin investment and how to invest in Bitcoin and how to maintain Bitcoin investment. Moreover, one should not invest in Bitcoin by instructing someone. I never disagree with telling my friends about Bitcoin. Of course, I tell them about Bitcoin.

[Juicyhome]

You have be an investor of Bitcoin with evidence to prove that you're benefiting from Bitcoin investment, when you talk they will listen because you have prove to show.  Telling people to invest when you're not investing or have prove to showcase will be very hard to convince them.

Having the knowledge of Bitcoin and risk management skills is another thing to use to convince your friends to invest, you must have learned the basics to a point that you can teach someone else. Bitcoin is too wide to understand everything but knowing the basics is necessary before recommending Bitcoin to someone.

[I_Anime]

You have be an investor of Bitcoin with evidence to prove that you're benefiting from Bitcoin investment, when you talk they will listen because you have prove to show.  Telling people to invest when you're not investing or have prove to showcase will be very hard to convince them.

Having the knowledge of Bitcoin and risk management skills is another thing to use to convince your friends to invest, you must have learned the basics to a point that you can teach someone else. Bitcoin is too wide to understand everything but knowing the basics is necessary before recommending Bitcoin to someone.

Nice one , many often believe that bitcoin is too risky and is like gambling with your hard earn money. Yes bitcoin has its risk but still preferable compared to other coins , many shot projects as even influenced such mindset , making folks to see the crypto space or bitcoin as Ponzi scheme and stuff .

With the right knowledge and information, one will be able to tell that bitcoin investment is not as complex as how most folks paint it to be , bitcoin investment is all about following the right investment procedures, because investment without proper planning is gambling.

[letteredhub]

You have be an investor of Bitcoin with evidence to prove that you're benefiting from Bitcoin investment, when you talk they will listen because you have prove to show.  Telling people to invest when you're not investing or have prove to showcase will be very hard to convince them.

Having the knowledge of Bitcoin and risk management skills is another thing to use to convince your friends to invest, you must have learned the basics to a point that you can teach someone else. Bitcoin is too wide to understand everything but knowing the basics is necessary before recommending Bitcoin to someone.

Before recommending bitcoin to any person you as a person must have allowed bitcoin to work for you, as in, you must have profited from it in practical ways before having the boldness to share information about it to another person. You can find it  difficult to talk to people about bitcoin prompted by a lack of confidence that arises from practical questions being asked by those you had to introduce to it.

You can be shocked to know that some people today that talks so much about bitcoin don't have any coins in a wallet to their custody. And assuming you talking to someone about bitcoin and they ask if you sincerely have yours as you're talking about it. How would your sincere response echo?  Surely not with hypocrisy.

[sunsilk]

Before recommending bitcoin to any person you as a person must have allowed bitcoin to work for you, as in, you must have profited from it in practical ways before having the boldness to share information about it to another person. You can find it  difficult to talk to people about bitcoin prompted by a lack of confidence that arises from practical questions being asked by those you had to introduce to it.

Not only that you have profited from it. But also you're able to spend and use the usual features of it so that any basic questions raised to you, you're prepared for that.

And the person asking questions will determine if you're a reliable guy to ask the questions they want to find out.

You can be shocked to know that some people today that talks so much about bitcoin don't have any coins in a wallet to their custody. And assuming you talking to someone about bitcoin and they ask if you sincerely have yours as you're talking about it. How would your sincere response echo?  Surely not with hypocrisy.

That is true. There are no coiners that can answer basic questions related to Bitcoin and even they don't have it, they seem to own it based on how they respond.

But that's just a basis if you can answer but it still defeats by having experience through bear and bull runs.

[Cookdata]

You have be an investor of Bitcoin with evidence to prove that you're benefiting from Bitcoin investment, when you talk they will listen because you have prove to show.  Telling people to invest when you're not investing or have prove to showcase will be very hard to convince them.

Having the knowledge of Bitcoin and risk management skills is another thing to use to convince your friends to invest, you must have learned the basics to a point that you can teach someone else. Bitcoin is too wide to understand everything but knowing the basics is necessary before recommending Bitcoin to someone.

I don't have to show evidence to prove what is in front of you and plain. The price is there and it speaks alot, if I can teach you every thing you need to understand the market and you feel that you need proof about my Bitcoin investment then you are not ready for the conversation. There should be some privacy even if there is convenience between two people, we have seen friends kill each other because of envy and jealous of another just because of Bitcoin.

If you are going to teach people about Bitcoin, money is going to be the least things you should tell people. There is more things to learn from Bitcoin instead of running after profit on investment. There is nothing bad of people learn about security before the money that can be made. The way there is money to be made is the same way money can be loss but this is unrealized loss if you don't sell your Bitcoin; many do sell if there is FUD by the way.

[Cricktor]

...

Proper, safe and redundant backup is one thing. Inheritance and a well documented recovery path that actually works for those you have chosen to be your heirs, in the possible case that something bad happens to you, is another deep can of worms.

This might be something that here should only be mentioned, because there's a lot to say about it, but if you don't want your coins to become lost should you suddenly die, then plan ahead as soon as possible. Make sure and verify that your heirs can actually recover your coins.

This can be difficult, depending on your trust level and how stable your family is. Don't get me wrong, there's no black or white, lots of shades of grey in between. Generalization doesn't help anyone. If you don't want to expose your coin stash to your family, then testing and verification of a recovery path is possible with a test or model wallet. The basic scheme is teachable.


That's maybe a bit over the top for this topic. I assume anyone serious about his coins will come to the point to take proper care of inheritance of his coins.

[avp2306]

Also I think its good to consider legal frame work or the regulation on their country since this adds risk which need to consider before recommending Bitcoin to our friends.

This three is good to consider.

Consumer protection - Bitcoin transaction is irreversible so they should not think about that same with Bank they can do something if they send their funds to unwanted receiver or frauds.

Regulatory changes - law might change any time and those what they accept today might get restricted tomorrow that's why they always need to pay attention on the changes happening on their country especially if they are starting to invest on Bitcoin.

Tax liabilities   - Another one good thing that they also need to pay attention and if their government implement this better comply and don't take risk to avoid, especially if they don't want to get a legal problems.