What should you know before recommending Bitcoin to a friend?

[tech30338]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

[YellowSwap]

Most of the times your friends won't tell you that they want to make money faster, they will come up to you for help as if they can endure, it's best to tell them the bad and struggling side of crypto investment.

Doing so will expose the real goal that your friends have in mind, most of the times they will quit instantly when they find out that making money isn't quickly in crypto.

So have the patience to show them the negative sides first and see their reactions, to avoid wasting your precious time.

[NewRevelation]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

The last part of your statement is another realistic situation that is of great importance. Some people are just good at introducing poeple to something but leave them to wonder around and find a way for themselves. And sometimes, before they understand the system and adjust properly, they have lost something or scammed by fraudsters. So, its best they follow them up as mentor, showing them how to go about it and ensuring they go through ithe process and become strong enough before leaving them to fend for themselves

[Tungbulu]

First of all, I won't force anyone but for the ones who showed interest, I tell them it's not a get rich quick business because many newbies do come with such investment mindset, I inform them about DCA too, and that Bitcoin is a long term investment if they want to profit they should look at four years and above. Also I will let them get to know about securing their Bitcoin and the safest method. Lastly I tell them that Bitcoin is volatile asset and should invest with what they're capable of losing.

That’s long term aspect is a very important part which I don’t always miss to tell newbies about Bitcoin investment, especially those who come to me to seek for advice on how to go about Bitcoin investment. The reason I do that is because I always wanna make sure they bear it in their mind before making any big moves, because any investor who’s only there for quick profits isn’t actually an investor but a trader, so it’s important to know your stance before delving in.

[Anthony Bill]

I must confess that I have learned something new from this thread that will help me to be comfortable to hold Bitcoin till am satisfy to trade out my Bitcoin. I don't think I will recommend Bitcoin to my friends now because our government hate Bitcoin users and it can make government officials to block all your bank account if they discover any decentralized transaction in your bank account. Even though I want to recommend anyone to Bitcoin and other cryptocurrencies, I think my family members will be the first people I will like to introduce to Bitcoin.

[L E G E N D A R Y]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

It is important for one to ensure they know all that it takes to invest in Bitcoin just as you highlighted, which you are right about it before they can bring introduce their friend into it, which they can be of help and support to them, which they can also guide and direct them to the right way.

[OsaiEmma]

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

Ok, here's what I can add;

Tell them not just the pros but the cons also: Bitcoin investment is not all a bed of roses, there are up and down times too.

Let them know it is not a get-rich-quick scheme: Bitcoin investment is an investment and not just some ponzi scheme where you put in X amount and you get a ROI of a certain amount every week or month. So many people do have this misconception. I've had so many of my friends and relatives ask me this whenever I tell them about Bitcoin, "How much will I make after a month or a year time if I invest so so and so amount".

Let them know is an investment: Bitcoin investment is an investment unless you want to be a trader, but in as much as you're investing, you should have that mindset. Investment is a long term plan, just like investing in stocks, real estate, a business or startup e.t.c. it is long term, it takes commitment, patience and good financial plan like DCA and others.

[Zaharai]

If your friend makes a profit by investing in your words he will be happy. But if there is a big loss, it can have a negative impact on your friendship. So always clearly remind him of the financial risks when giving advice. Apart from these encourage him to study what bitcoin is how it works and what its future holds. Let him know that you are not an expert and your advice is only based on personal experience.

[d5000]

Most of the times your friends won't tell you that they want to make money faster, they will come up to you for help as if they can endure, it's best to tell them the bad and struggling side of crypto investment.

I've linked that tip. I'd add that it is often a good idea to imagine a worst case scenario. What if you lose all your Bitcoins due to a hack? What if the price of Bitcoin goes to 0? What if I lose a big part due to a future threat I didn't take seriously (e.g. quantum computers if you reused your addresses)? And what if I get incapacited, e.g. very ill, can I still access my coins?

You can imagine several strategies to deal with these losses. Sometimes the conclusion is to invest less (if you've not much money you can afford to lose), sometimes it's a better prevention strategy (what could be my reaction to a quantum attack on one of my addresses? Shouldn't I have several addresses for HODL to be safer? etc.), and sometimes it may involve completely different actions, like selecting someone from your family & friends to manage Bitcoins in the case you're incapacited.

[Fiasem20]

Convincing a relative or a friend to invest in bitcoin shouldn’t be the desire of any bitcoin enthusiast.Most novice literally have the interest to invest or start their bitcoin journey but they don’t have a mentor to direct them,if by chance those set of individuals connected with you concerning bitcoin then it’s all up to you whether to open up or not.I have a friend that picks more interest in shitcoin over bitcoin,knowing quite well that he has an interest for the crypto space I made him to understand that bitcoin is the most valuable cryptocurrency in the crypto space and later on he thanked me.Lastly,when recommending bitcoin to a friend don’t sugarcoat every words that comes out from your mouth rather tell them the pros and cons in details.

[tech30338]

Convincing a relative or a friend to invest in bitcoin shouldn’t be the desire of any bitcoin enthusiast.Most novice literally have the interest to invest or start their bitcoin journey but they don’t have a mentor to direct them,if by chance those set of individuals connected with you concerning bitcoin then it’s all up to you whether to open up or not.I have a friend that picks more interest in shitcoin over bitcoin,knowing quite well that he has an interest for the crypto space I made him to understand that bitcoin is the most valuable cryptocurrency in the crypto space and later on he thanked me.Lastly,when recommending bitcoin to a friend don’t sugarcoat every words that comes out from your mouth rather tell them the pros and cons in details.

Agree sugar coating bitcoin to someone who has heard a lot on news that bitcoin is a scam, will likely think you are trying to lure them into something, instead explain what are the advantages and disadvantages they will experience when they make an investment into bitcoin.
I have been telling to my friends and relatives what bitcoin is, but they never listen to me but that's okay because now they realized they made a mistake, and told me they should have listen before, now they are asking me if they are still not late, my answer is try to learn first how bitcoin behave then decided, some invest but some are still thinking but thats not my problem anymore, I already introduce it to them.

[SuperBitMan]

If your friend makes a profit by investing in your words he will be happy. But if there is a big loss, it can have a negative impact on your friendship. So always clearly remind him of the financial risks when giving advice.

LoL you are absolutely correct. I remember an incident that happened some years back, I introduced my friend into an online business and he started getting some money from it, and he then decided to increase the amount he’s getting and he decided to invest more into the business and the Business crashed when it crashed he started blaming me for introducing him into the Business because of that whenever I want to introduce a friend of mine or a family member into any investment or Business at all, I usually tell them the risk involved and I tell them if anything should go wrong hope they won’t blame me and if they should agree, then I will introduce them, but if they don’t, I will not introduce them. That is how I operate.

[Somegory]

Job, Job and Jobs.

Make sure your friends have one, make sure they are making good amount of money and they can afford to DCA into Bitcoin, there is no successful Bitcoin investor in this time without a source of income, it's a no no if they have no Job.

I personally would compulsory a airgapped device for my friends, if we want to do some testing we can use Electrum or Unstoppable wallet but hardware wallet is very important right now than anything else.

[d5000]

Job, Job and Jobs.

Good suggestion, but shouldn't that be the requirement for any kind of investment?

I would rephrase the advice a bit: Many think they can make money only by Bitcoin trading and additionally want to invest in Bitcoin. So they consider Bitcoin trading "their job". But if they are using a substantial part of their savings (or even worse: a loan) for the Bitcoin investment, their main source of income should not be linked to Bitcoin. Exception: if you're aready wealthy or have already been lucky with trading.

[SeriouslyGiveaway]

Job, Job and Jobs.

Good suggestion, but shouldn't that be the requirement for any kind of investment?

I would rephrase the advice a bit: Many think they can make money only by Bitcoin trading and additionally want to invest in Bitcoin. So they consider Bitcoin trading "their job". But if they are using a substantial part of their savings (or even worse: a loan) for the Bitcoin investment, their main source of income should not be linked to Bitcoin. Exception: if you're aready wealthy or have already been lucky with trading.

Through trading, no matter how much money or bitcoin they have at beginning of trading, they will quickly or gradually lose their money or bitcoin with time. Quickly if they trade with leverages, gradually if they trade with spot but endings are the same as losing all or most of their bitcoin.

Job is important to have money for life and people can find jobs in cryptocurrency industry or in other industry. If they want to find some jobs in cryptocurrency industry, welcome to Cryptocurrency Job List.

[Somegory]

Job, Job and Jobs.

Good suggestion, but shouldn't that be the requirement for any kind of investment?

I said this because in the past, many people got away with it, no investment but they ended up having some Bitcoin.
At that time, many people turned free faucet claiming into everyday task and they get good amount of bitcoin every hour.

The same isn't possible anymore.
Some people made fortune with just airdrop, I know a brother who built a whole house using airdrop money, this was very long time ago.

I don't want anyone to think that this is still possible today because some Airdrops still exist and also one or two faucets that won't give worthy amount of Bitcoin anymore.

That Era is over, dead and gone, no more free Bitcoin, today, you get paid working a job and invest a percentage of that into Bitcoin.

[Marykeller]

If your friend makes a profit by investing in your words he will be happy. But if there is a big loss, it can have a negative impact on your friendship. So always clearly remind him of the financial risks when giving advice.

LoL you are absolutely correct. I remember an incident that happened some years back, I introduced my friend into an online business and he started getting some money from it, and he then decided to increase the amount he’s getting and he decided to invest more into the business and the Business crashed when it crashed he started blaming me for introducing him into the Business because of that whenever I want to introduce a friend of mine or a family member into any investment or Business at all, I usually tell them the risk involved and I tell them if anything should go wrong hope they won’t blame me and if they should agree, then I will introduce them, but if they don’t, I will not introduce them. That is how I operate.

That's not your problem anymore. So far, you didn't sugarcoat your words about Bitcoin to them and they invested on their own will, for those who invested. And whatever comes up after their investment in Bitcoin, nobody is holding you responsible for their losses or mistakes made in the Bitcoin accumulation.

For those who are yet to take the bold step to invest in Bitcoin, that's their Bitcoin to worry about, not yours because you are busy investing through a DCA strategy

[DYOR+BTC]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

Yes it is very important that you that is advising someone on how to invest in Bitcoin must have idea about it even if it is not all but the basic that can help provide adequate security to once assets because securing that asset is the most important thing about bitcoin investment as the reasons for getting involved in bitcoin investment is to generate profits and can only work if that asset can be protected through any possible means. Some reasons why newbies regrets getting involved in bitcoin investment is when after investing,  there lack of knowledge leads them towards losing all instead of making profit which we know cannot happen if that proper orientation is given to them

[Loyang]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

Yes it is very important that you that is advising someone on how to invest in Bitcoin must have idea about it even if it is not all but the basic that can help provide adequate security to once assets because securing that asset is the most important thing about bitcoin investment as the reasons for getting involved in bitcoin investment is to generate profits and can only work if that asset can be protected through any possible means. Some reasons why newbies regrets getting involved in bitcoin investment is when after investing,  there lack of knowledge leads them towards losing all instead of making profit which we know cannot happen if that proper orientation is given to them

Yes I agree with you. I would like to add one thing to this, we often take refuge in many wrong people. For example, I want to know about a subject and I go to a person who does not know anything or knows a little and with that he tells me some of his own wrong knowledge. We all have to protect ourselves from all these people. There is a saying that a half-knowledgeable person is very dangerous than an ignorant person. So we have to know the things very accurately that the person we are going to knows the right information or not.

We have to note one thing, if a person tells us something then it will never be a right decision to believe in that subject immediately. We have to first do some research about that subject and if we find something good after researching then we can take that approach

[Big Dirams]

Before you recommend bitcoin to a friend you should know know what the do's and don'ts because if you recommend only bitcoin because you were hype, what will happen to your friend is likely what happen to you, always know the basics like wallets, keeping wallet safe, at the same time how to send and received funds, how to avoid scams, because for newbies they are the target of the scammers and they will be trick, so guide your friend properly, not just throw them their and tell them to study it, you should give them advice, because since your recommend bitcoin, you know what are the good and the bad things that is lurking around.

Yes it is very important that you that is advising someone on how to invest in Bitcoin must have idea about it even if it is not all but the basic that can help provide adequate security to once assets because securing that asset is the most important thing about bitcoin investment as the reasons for getting involved in bitcoin investment is to generate profits and can only work if that asset can be protected through any possible means. Some reasons why newbies regrets getting involved in bitcoin investment is when after investing,  there lack of knowledge leads them towards losing all instead of making profit which we know cannot happen if that proper orientation is given to them

Having proper knowledge about bitcoin before investing is very helpful and it helps to loosen our high expectations from cryptocurrency investment. Many new investors sees bitcoin investment as a big break through for them and also they sees it as a way of doubling our money without understanding that it more complicated than that when the market hits high volatility.
 To help a new investor and enlighten them more about cryptocurrency is to let them understands that it not just about making profits there are a lot of drawbacks in the process so if proper care isn’t taken we can as well hit higher losses. And with this nothing will be a surprise to them anymore if they later sees any abnormality during the journey.