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.

[letteredhub]

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.

Its as necessary as that otherwise you might just make a fool out of yourself to whom you're presenting bitcoin to, especially if it's a highly intelligent person he would likely ask deep relevant questions which can be well replied on by experience on bitcoin features.

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.

Yeah of course, any day any time experience would always defeat the basis, because basis alone is like a theorising explanations. And you can't do it better talking about the bears and bull runs not without being a real coiner through both seasons.

[MagnificentX]

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.

Its as necessary as that otherwise you might just make a fool out of yourself to whom you're presenting bitcoin to, especially if it's a highly intelligent person he would likely ask deep relevant questions which can be well replied on by experience on bitcoin features.

I agree with you so much because there is definitely no way you can recommend something to a person without having logical or even proper theoretical knowledge about the concept. Imagine me who is now into Bitcoin is recommending it to my professor at school and with his amount of IQ, he asks a deep question. It will require me to give him a proper and impressive response or answer in order for him to think about adopting Bitcoin.

It is not just about making profit but or knowing about knowing the usual things about Bitcoin but rather it's about how much you know the concept Bitcoin as a whole. How does it work, what is it about, how and what affects it's market. It's not just always about the profit and price but also the other features that makes Bitcoin what it is.

[Fill_IPO]

After vital security basics I would tell them things which they might need to understand. The BTC community and ecosystem have a brutal history of theft and fraud, not simply from needing to secure your wallet, but from centralized companies claiming to be hacked and stealing the funds. Also be aware that many new projects lack real value and are dangerous for investors.

Edit for clarity and uniqueness: Even if it gives a negative impression, new people should be prepared for encountering an obvious amount of stupidity* in this community, *sometimes due to broken English and/or pure, blind greed and FOMO.

[MusaPk]

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.

The reason why I am saying to be careful while advising someone to Bitcoin is because it involves money and Bitcoin investment has risk associated with it. If someone is convinced to invest in Bitcoin and asked for assistance, then we must go ahead and tell him the right strategy for Bitcoin investment. Don't risk your relations by convincing your friends to invest in Bitcoin or any other sector. In every investment, there are initial loses and only those investor excelled that bear these initial loses and for that one need to be mentally convinced.

[d5000]

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.

I do not fully agree with that one, but I merited it because it's at least worthy to discuss that.

If your friends want Bitcoin for an investment, then it is definitely useful for them if you show them how and when you invested and if you made a profit or not. For example, to show them how you dealt with bear markets.

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.

Added the recommendations from @MagnificentX and @Cricktor about telling close people (family etc.) and inheritance. Both are closely related but different enough to be separate items.

[sunsilk]

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.

Its as necessary as that otherwise you might just make a fool out of yourself to whom you're presenting bitcoin to, especially if it's a highly intelligent person he would likely ask deep relevant questions which can be well replied on by experience on bitcoin features.

That's true, so always be prepared for that.

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.

Yeah of course, any day any time experience would always defeat the basis, because basis alone is like a theorising explanations. And you can't do it better talking about the bears and bull runs not without being a real coiner through both seasons.

They'd listen more to you because of the experience that you've got to tell them. Rather than those who are good at answering and yet, have no experience.

But if you're just gathering some info, then both can be a good source for as long as they're factual.

[MagnificentX]

   
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.

@Powerjumboo I think what you are trying to say is a person who is just getting to know Bitcoin through someone who recommended it should not be allowed to invest all by himself without proper guide. These persons are just new to the project and if not given proper directives, they'll definitely do something they will regret because they are like infants who are newly learning the ways of society. Therefore it is also important that someone who has the experience and knowledge, always put them through during the first days.

It's not about compelling them to do it but rather helping them if they find it good enough and want to venture into it, and it can be done by letting them know the basis first, then how to own a wallet, the importance of their seed phrase, even before proper Buying of Bitcoin. Buying of Bitcoin should always come last after you have given them the guide and theoretical knowledge of the things I mentioned and if they believe they can do better, before you start slow with them on how to successfully buy Bitcoin never forgetting to give them proper details about it's Volatility and the benefits of HODLing

[Zigabel]

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.

The reason why I am saying to be careful while advising someone to Bitcoin is because it involves money and Bitcoin investment has risk associated with it. If someone is convinced to invest in Bitcoin and asked for assistance, then we must go ahead and tell him the right strategy for Bitcoin investment. Don't risk your relations by convincing your friends to invest in Bitcoin or any other sector. In every investment, there are initial loses and only those investor excelled that bear these initial loses and for that one need to be mentally convinced.

Trying to convince someone to invest in Bitcoin is always not a path i advice anyone to really go through and just like you have rightly mentioned, because it is something that has got to do with finance, you cannot risk your relationship as the outcome is one which you cannot predict and if the person you have brought on board does not have that level of understanding, you will risk a lot as a friend to such a person because all they will care for at the time is about their funds and anything that makes them feel threatened about their funds, they will most likely not want to hear the stories but to start holding you accountable and will put on you certain pressure that you will put you in a position that may ruin all of the friendship or what ever relationship you people have got. Don't try to convince anyone to join Bitcoin investment but if they ask you about it, you can educate them and ad a cavet that you will not be responsible for whatever it is that happens in the future resulting from the investment.

[rat03gopoh]

But being a "proven investor" is imo not necessary.

Showing or asking for proof of investment profits is really really unnecessary. Even the approach with that path is very dangerous for both of them. We can't be sure to what extent the person who asks for evidence will tell other people. If it came to criminals, this would be another matter.

On the other hand, what they show can't guarantee a profit on their investment. A person who sees an "opportunity" can act in such a way even if they have to live in falsehood.

Recently there have been a case of my local influencer over flexing their lifestyle and speaking style to convince ordinary people that Bitcoin is profitable, while simultaneously recommending alts in paid classes. In fact, everything he shows off is a rental item and he is just a secret ambassador of several altcoins, many victims of his class who end up getting stuck on failed coins.

[Lethobios]

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