What should you know before recommending Bitcoin to a friend?

[GeorgeJohn]

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

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

[Charcol]

snip

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.

You are right. I also think that it is possible to share valuable experiences without being a 'proven investor'. But one thing is for sure, in the end, the market does not see whether you are an idealist or a profit hunter. Volatility is the same for everyone. So even if someone uses Bitcoin for ideological reasons, if he honestly shares his wrong decisions, mental stress, experience during the bear market, and how he took risks openly, then it is much more useful for beginners, than the ''I made so much profit'' type story. When we talk about Bitcoin with friends, they are actually making economic decisions along with ideology. So whether idealist or profit oriented, it is very important to clarify your limitations in both cases. For example, I am not very successful in profit, I rather follow the technology and system side more. If there is such transparency, no one will take your words the wrong way and go in blindly. Being a professional or proven investor is not a requirement, but being as honest as possible about your position and experience is the real responsibility.

[Tonimez]

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

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

Bitcoin investment is a very complex process that is hardly understood by mere asking questions. As a beginner, you may have received an introductory lecture from your friends or whoever has introduced you. However, the most important aspect of bitcoin is always learned on your own. This is why you are usually advised to do your own research DYOR about every single step you want to make. Individuals will always advise you based on their personal understanding and encounters and so is what you also need to know. Do not rely completely on any investment advice because you may not also have the same financial means as the person advising you.

What matters always is cultivating the mindset of an investor. Understanding that the longer you hold the better! If you understand this, then you will see the reason why you don't need to invest beyond your financial capacity and you will also have a happier experience because you won't easily go bankrupt and Start considering whether you will sell your bitcoin (probably prematurely) or not.

[Bright0515]

I'm beginning to wonder what will happen after recommending Bitcoin to a friend or family and the person didn't get what they are expecting from investing into Bitcoin. Their trust on you will no longer be the same, they will think you have scammed them and trust will no longer be there at that moment (because they are beginners) until you explain everything to them and make them understand before they know the reason for their loss.

I can not make anyone invest into Bitcoin unless they show interest on it, I will not even make them know I'm into Bitcoin investment. Let it not be that because I'm into it they too will join the crypto market because they know someone who is into the investment.

I will do these two things which I believe are important.

• Carefully join online communities

: Currently there are so many crypto communities that scammers are operating, right now I think there are more scammers hunting for crypto (Bitcoin) enthusiast and beginners are more vulnerable to scammers than people that have been into it for a long time. Scammers will not take long to scam someone they find any weakness on and vulnerability. At first what they will do is make the beginner believe that crypto currency is a get rich quick scheme, they will also feed the person with a lot of wrong informations so that the person will put money and that's it

• Know how to use Bitcoin explorer to track your transactions

: Invertors overlooked this but it is important because you can monitor your transactions to know when it's confirmed. Another crucial thing about blockchair exploring is that you can check your balance without exposing your private keys if you want to login to your Bitcoin wallet. Knowing how to use Bitcoin explorer help you monitor your crypto assets without any need to login your wallet and exposing your seed phrase or private keys.

[astar0th]

This thread was inspired by this one, where a forum user talked about him regretting to have recommended Bitcoin to a friend because some lost their coins or Bitcoin didn't hold up to their expectations.

The idea is to collect things which are useful to know before you recommend Bitcoin to friends and relatives.

It can be absolute "musts", or simple tips to make your Bitcoin journey better.

And just to clarify: It's probably not a good idea to aggressively try to drive friends or relatives into Bitcoin. I'd mainly recommend Bitcoin to people who already are showing some interest in the topic, or at least in related topics, for example if they are asking directly about alternative investment opportunities, being conscient about the risks.

I start with a couple of absolute "musts" everybody who wants to recommend Bitcoin to someone should know and tell the new users.

1) Not your keys, not your coins! That's perhaps the most basic sentence everybody should understand before engaging with Bitcoin. Coins hold on an exchange or a custodial wallet do not really belong to you -- if the company behind them gets bankrupt or is hacked, you can lose coins.

2) Back up your keys and seeds. You should have at the very least one or better two physical items (paper is okay for low amounts you can afford to lose, but not the best option, metal-based items are better!) where you've written down your seeds or keys from your main Bitcoin wallet.

3) Don't think that the Bitcoin price will always go up. Above all if the price is already bullish for several years, it is likely that it will eventually correct.

4) DCA is perhaps the best method to buy BTC and avoid problems with its volatility. Buying Bitcoins all at once is risky, especially if the price is already high. Buy them in chunks, regularly, for example once in a month.

5) Do not reuse addresses! This is above all valid for addresses you use for HODL purposes. Reusing addresses means to receive funds once you have sent coins from the same address. This can expose you to privacy risks and to quantum computers once they are available.

6) Bitcoin payments cannot be reversed (like credit card payments for example). Check all info, like addresses, and the trustworthiness of merchants and service providers, before you make a payment. It is your own responsibility to deal with the consequences. If something goes wrong and the payee doesn't cooperate, your only option is to go to the police.

7) Only use Bitcoin from safe devices. If you have only the slightest doubt your device can be infected with malware, or you're engaging in unsafe Internet usage (and use Windows ) then move your coins ASAP to a safer location! Consider a hardware wallet or dedicated device for larger amounts.

User contributions in this thread:

8 ) Test Biitcoin with small amounts first.
9) Tell your friends facts, don't get too excited.
10) Security first & educate yourself about Bitcoin before investing.
11) Be sure to understand Bitcoin before recommending. Be aware of scams.
12) Invest what you can afford to lose, understand the difference between long-term trend and short-term movements.
13) Keep coins separate & don't panic, use mobile wallets only for small amounts..
14) Use open source software.
15) Prevent physical attacks.
16) Don't post your Bitcoin address in public (until necessary). (Very important! Above all HODL addresses should never be revealed!)
17) Clarify the difference between Bitcoin and altcoins. Be careful with centralized exchanges.
18) Learn how to consolidate UTXOs. Store keys in different locations and use a passphrase on your main device.
19) Be aware of ponzi schemes and malware on untrustworthy links
20) Be careful with airdrops, don't connect a wallet with significant funds to untrustworthy actors.
21) Try to be emotionally stable before taking decisions. Monitor market trends.
22) Know how transaction fees work, to avoid under/overpaying.
23) Learn from experienced Bitcoin users.
24) Store your seedphrases and keys only offline, never online.
25) Elaborate a strategy and a long term plan.
26) Do not use wallet software on public unprotected WiFi networks.
27) Ask yourself / your friends what your goals with Bitcoin are.
28) Know the crypto legislation of your country, for example regarding taxes.
29) Prepare yourself and your friends mentally, e.g. for the volatility.
30) If your friend is technically interested, propose them to try out a Testnet before using the real software.
31) Try to understand if the sentiment of most Bitcoin investors is short or long term oriented, to prevent false expectations of the future price/adoption behavior.
32) Be aware that dealing with Bitcoin wallets is your own responsibility. Different to banks and finance service providers, there's nobody who is obliged to help you if something goes wrong.
33) Know and practice the recovery of your keys from a backup.
34) Be very careful when accepting help with technical problems like backup recovery. Know which items to post and what not. Be also careful with chatbots like ChatGPT in general.
35) Introduce close persons (family/friends) at least to the very basics of Bitcoin, in case something goes wrong.
36) Know strategies to deal with inheritance (related to 35)

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

Always Research the market and whats going with the current world. It has a huge correlation to bitcoin prices going up and going down. And maybe also ask your friend if he or she may have that risk tolerance to handle potential losses or gains. Youre gambling your personal savings here.

[RockBell]

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

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

For those that don't want to learn on there own they can pay for extra lessons and that way they will be able to acquire the knowledge which ever they want to because most people are missing out on not investing in bitcoin and one thing I understand is that people need to learn before, and if they are holding for the first time then the number of percentage recommended is very much okay. And they have the choice to choose which ever way they want to learn it is very important.

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

Holding is not even that complicated compare to trading when it comes to that you need to be knowledgeable before you can start but when it comes to holdings, you can even operate with just having the basic knowledge that is what they need to understand so there is a big difference, in which ever one you doing, about detecting common scams is just common sence.

[Itz-prisigold]

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

Actually you most learn on your own to know about Bitcoin, everyone who knows about Bitcoin, learn about bitcoin on their own, why acquire 10% or 15% of the knowledge through whosoever that introduces them...

For those that don't want to learn on there own they can pay for extra lessons and that way they will be able to acquire the knowledge which ever they want to because most people are missing out on not investing in bitcoin and one thing I understand is that people need to learn before, and if they are holding for the first time then the number of percentage recommended is very much okay. And they have the choice to choose which ever way they want to learn it is very important.

You’re making an important point here,  Where the real problem lies is not the learning method when it comes to Bitcoin. Where the concern lies is whether the person really grasps the concept of what they are doing. Some people are good at self learning, some can learn by reading the whitepapers and doing deep research on the relevant forums. Others learn in a quicker manner when someone guides them;  this may even be in the form of a paid tutorial. It is ultimately irrelevant what the source of the knowledge is. It is most important to determine what understanding the individual has from the knowledge.

Bitcoin requires a significant level of understanding. It is not something that one can rush into or invest in at once because people are saying it's profitable. You need to be extremely patient, and do a lot of in-depth research. This requires a lot of personal analysis and conviction. Most importantly, starting with a small percentage of Bitcoin is wise not just because of your inexperience. This approach focuses on the need for you to learn without the element of being emotionally overwhelmed by what you might lose. In the end learning styles will be different,  but it is important to realize the level of personal responsibility that is expected of you.

[MagnificentX]

Once you are dealing with bitcoin, the more you are getting more experience on bitcoin...the must important thing is for you to know your keys...And also not to be able to detect scams.

Is there something else you are trying to say, because your words are a bit misleading even if it appears that you have something you are trying to state out.

And also not to be able to detect scams.

Especially this line, if your words are followed according to how there appear, it is like you are saying the one important thing is not to be able to detect scam. Please look back that it and make edit brother.

I think you are trying to say one of the most important things is to be able to detect to scams because of course every new investor needs to be careful with scams because they are still in the state which they can easily be deceived by scammers so they should also learn to know the details that differentiate the real from the fake.

[Y3shot]

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.

Evidence of investment is the only thing one can showcase to tell people why they need to invest in Bitcoin.  The Bitcoin they see means you promote what you promise, and investing bitcoin is an evidence that bitcoin is safe for investment.

But if you dont have Bitcoin or invest it, it wont make any sense to tell anyone to invest in Bitcoin. Invest Bitcoin first before you recommend Bitcoin to anyone and it is someone who own Bitcoin that can really tell what bitcoin is and not just telling stories.

[mvdheuvel1983]

Evidence of investment is the only thing one can showcase to tell people why they need to invest in Bitcoin.  The Bitcoin they see means you promote what you promise, and investing bitcoin is an evidence that bitcoin is safe for investment.

But if you dont have Bitcoin or invest it, it wont make any sense to tell anyone to invest in Bitcoin. Invest Bitcoin first before you recommend Bitcoin to anyone and it is someone who own Bitcoin that can really tell what bitcoin is and not just telling stories.

Your evidence proves that you practice what you're  preaching to the person you want to also invest in Bitcoin but I hope you understand the risk you will be putting yourself out there it you go about showing people your Bitcoin investment just to convince them to invest in Bitcoin, I believe there are other ways to convince people without taking that risk because it can expose you to evil which may not come when you expect. You can be an investor but you can decide to tell them your success story and give them hint of what you have managed to build through the profit you made from investing in Bitcoin but going far to show them your Bitcoin investment is too risky.

[Rubuchi]

Evidence of investment is the only thing one can showcase to tell people why they need to invest in Bitcoin.  The Bitcoin they see means you promote what you promise, and investing bitcoin is an evidence that bitcoin is safe for investment.

But if you dont have Bitcoin or invest it, it wont make any sense to tell anyone to invest in Bitcoin. Invest Bitcoin first before you recommend Bitcoin to anyone and it is someone who own Bitcoin that can really tell what bitcoin is and not just telling stories.

you are rights. I share the same opinion with you. Before we start talking about something which is important like bitcoin investment, the first thing we should ask is, have you ever experienced what you are preaching about that you want people to come and do the same, if the answer is no. Then do not advise people to go into it because it is a financial commitment and it is not something you want people to risk it before.

[B-BossMan]

Well, you know we were created into this earth with different beliefs where everyone seems each others or uses one's financial freedom and growth to judged, there are people even in your own family that will view what so ever you told him as waste of time, because there wasn't no any proper knowledge earlier. So the best thing to do at that point in order not to get yourself stress up, just introduce them into Bitcoin with an evidence of your own investment, breakdown your past and the present experiences you have encountered that's the Risks and the loses so that they can easily trust and believe you.

The individual differences may also make them to ask you som certain questions concerning thier money like:
    What if I invest my money and it goes.?
    Must I buy with huge amounts?
    How can I recover the money I lost?

>You can easily answer them that. Even you in person lost alot of money since it involved risk.
>No: even with your small amounts you can invest using DCA method
>There's no way to recover the money you lost in investment, so understand the risks tolerance.

[m2017]

Evidence of investment is the only thing one can showcase to tell people why they need to invest in Bitcoin.  The Bitcoin they see means you promote what you promise, and investing bitcoin is an evidence that bitcoin is safe for investment.

But if you dont have Bitcoin or invest it, it wont make any sense to tell anyone to invest in Bitcoin. Invest Bitcoin first before you recommend Bitcoin to anyone and it is someone who own Bitcoin that can really tell what bitcoin is and not just telling stories.

Your evidence proves that you practice what you're  preaching to the person you want to also invest in Bitcoin but I hope you understand the risk you will be putting yourself out there it you go about showing people your Bitcoin investment just to convince them to invest in Bitcoin, I believe there are other ways to convince people without taking that risk because it can expose you to evil which may not come when you expect. You can be an investor but you can decide to tell them your success story and give them hint of what you have managed to build through the profit you made from investing in Bitcoin but going far to show them your Bitcoin investment is too risky.

In fact, I'm against convincing anyone to invest in bitcoin, as it looks like an attempt to lure them into a Ponzi scheme or network marketing. Anyone who wants to can find their own way to obtain the necessary information, and these days, don't need to ask your neighbor for advice; the internet is all you need.

Displaying your investments (any kind), or announcing your ownership of them, whether in bitcoin or traditional financial instruments (gold or stocks), is extremely unwise, because "money likes silence".

I see 2 mistakes at once:
- the inevitable desire to convince others to invest in bitcoin.
- flaunting and demonstrating your ownership of investment assets.

I wonder why you do this? Why can't you simply focus on your goals, without trying to change the lives of those around you (by the way, changes can be negative, as investing always involves risks)?

[avp2306]

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.

Evidence of investment is the only thing one can showcase to tell people why they need to invest in Bitcoin.  The Bitcoin they see means you promote what you promise, and investing bitcoin is an evidence that bitcoin is safe for investment.

But if you dont have Bitcoin or invest it, it wont make any sense to tell anyone to invest in Bitcoin. Invest Bitcoin first before you recommend Bitcoin to anyone and it is someone who own Bitcoin that can really tell what bitcoin is and not just telling stories.

But base on what you try to project it seems that you are introducing a ponzi schemes investment to your friend. They might give bad impression on Bitcoin if you do that, since they provably heard lots of online scams and those people you told about Bitcoin might think that you are introducing a ponzi scheme especially if you project Bitcoin as investment.

Much better take it slow and try to make them understand at least basic information about Bitcoin, teach them on how they can use it as currency and the other side especially if they already learn which is to invest with this coin. Maybe with that they would understand the mechanics and learn how to avoid scams. Then they can continue with good understandings and with this their chance to last long is so high especially if everything will be presented well.

[JiiBs]

Always Research the market and whats going with the current world. It has a huge correlation to bitcoin prices going up and going down. And maybe also ask your friend if he or she may have that risk tolerance to handle potential losses or gains. Youre gambling your personal savings here.

You’ve quoted the entire OP, that’s not really necessary mate. If you are responding or wish to make emphasis on a point that is or isn’t appealing to you, the best thing you could have done is crop that point/statement or delete unnecessary details while laying emphasis on your point of concern.
If that’s not the case and you really want to reference the entire OP, you could quote and clear it all out. This was entirely unnecessary and pointless.


Before having to recommend Bitcoin to any friend or anyone, you ought to ask yourself if you are ready to take the blame should the individual not do so well with their investment because, they would always pivot right back to you.

[Mpamaegbu]

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...

A lot of OGs don't properly inculcate this in their mentees or be open about it during public discussions. I've seen such line of argument here too where users had posited that Bitcoin was the surest investment to make because there's no losses incurred. That's not true. We ought to remember to alert whoever we're bringing in to this industry that there are also consequences of losses too in Bitcoin investment, depending on when one invests. After all, There are those who invested last year at its ATH at $126k+. Those ones are in dip losses now because Bitcoin is trading at $70+ now. Yet, it's Bitcoin investment.

[bhadz]

Before having to recommend Bitcoin to any friend or anyone, you ought to ask yourself if you are ready to take the blame should the individual not do so well with their investment because, they would always pivot right back to you.

There is no need to reach that point of getting ready to be blamed just because you've introduced Bitcoin to a friend or anybody. While you're introducing and telling them to buy Bitcoin. I guess it's best for anybody who's doing that to give a disclaimer that its price is highly volatile and it can move from top to bottom and vice versa in split seconds. And that's why its fluctuation could be a blessing or a curse depending on who's taking it as an investment. For most newbies, that's music to their ears until it happens to them that they witness a sudden dump.