What should you know before recommending Bitcoin to a friend?

[Hazink]

Before recommending Bitcoin to a friend, I think it's important to make sure they understand both the potential rewards and the risks. Bitcoin can be a great long-term investment, but it's also highly volatile and prices can swing dramatically in a short period. They should only invest money they can afford to leave untouched for years and never money they need for bills or emergencies. I also believe it's important to teach them about secure storage, scams, and doing their own research rather than buying based on hype or fear of missing out.

In other words, anyone who wants to come into Bitcoin should first at last learn the basic information about bitcoin, know that its volatile, and know that they are responsible for holding and protecting what they buy there is nothing like a reverse option. Anything authorised and confirmed by the blockchain can't be reversed, and there is no certainty about how price moves it could turn at anytime not saying this period is bull or bear season certain type of market action can't happen.

Last and not the least ignore anyone who offers a safe means to hold your bitcoin and earn high ROI, the best way is to hold for long time and not to hand over your hard-earned money to someone else to help you double it.

[ASloveapg]

Because of the story that "bitcoin can make us all rich", people often have unrealistic expectations and expect to become rich overnight.
I would say that bitcoin is just a means or a tool, but if we don't know how to use it well, it won't help us achieve our financial and other goals.
Without hard work on yourself, learning and research, planning and developing a strategy and a basic understanding of the crypto market, it is not realistic to expect any concrete results and earnings on btc.

Bitcoin can make all of us rich only if we follow the right strategy. Don't think that we can blindly invest in Bitcoin and will become rich in few days. Bitcoin no doubt is one of best investment of current time but it need our time and proper research. Without right strategy it will be difficult to get desired results from Bitcoin. There is lot of info available online through which we can increase our knowledge about Bitcoin and one key principle for success with Bitcoin is to think of long term investment.

I agree with you, after all, Bitcoin investment will never guarantee us a profit, if we invest, our success is never guaranteed, but there is always a risk involved. So we must know the success of Bitcoin investment as well as its risks, because success is not guaranteed. Many new investors think that it is possible to get rich quickly by just buying Bitcoin, but in reality the market is not that easy. Bitcoin always fluctuates with uncertainty, and those who invest greedily without sufficient research only in the hope of profit, panic and sell during that instability, from which they have to face losses. So instead of being blind and greedy, we should invest with reality, and be aware of the risks in advance.

[GazetaBitcoin]

Hey d5000, please be aware that AOBT just made one more translation for your thread:

- Hindi translation, made by M47AK16.

Cheers!

[Giwagi56]

If you have friends or family who are interested in Bitcoin or you want to encourage them to invest, don’t be too excited trying to convince them. Give them all the info they need. Don’t just push them, give them facts, which is way more important.

Teach them how the market moves, that it’s not some ponzi scheme that guarantees returns. It can be volatile, and we can lose money too. But with basic education and real trust in Bitcoin’s long-term future, their investment will likely grow, especially if they choose to HODL.

I agree with you, if you want to teach anyone who is interested in bitcoin how to invest in bitcoin you have teach them in a way that they will understand and know many important things before think of buying bitcoin, many people don’t learn about bitcoin that much before think of buying bitcoin, they will just learn how to buy and some few things and think they are ready to buy and hold and that is the reason why some people are being scammed at the end and start painting bitcoin black that it is not a good investment that anyone should trust, anyone who truly understands bitcoin before using his funds to buy bitcoin will always know how to protect their assets from any scammer.

[Crytohillss]

Because of the story that "bitcoin can make us all rich", people often have unrealistic expectations and expect to become rich overnight.
I would say that bitcoin is just a means or a tool, but if we don't know how to use it well, it won't help us achieve our financial and other goals.
Without hard work on yourself, learning and research, planning and developing a strategy and a basic understanding of the crypto market, it is not realistic to expect any concrete results and earnings on btc.

Bitcoin can make all of us rich only if we follow the right strategy. Don't think that we can blindly invest in Bitcoin and will become rich in few days. Bitcoin no doubt is one of best investment of current time but it need our time and proper research. Without right strategy it will be difficult to get desired results from Bitcoin. There is lot of info available online through which we can increase our knowledge about Bitcoin and one key principle for success with Bitcoin is to think of long term investment.

I agree with you, after all, Bitcoin investment will never guarantee us a profit, if we invest, our success is never guaranteed, but there is always a risk involved. So we must know the success of Bitcoin investment as well as its risks, because success is not guaranteed. Many new investors think that it is possible to get rich quickly by just buying Bitcoin, but in reality the market is not that easy. Bitcoin always fluctuates with uncertainty, and those who invest greedily without sufficient research only in the hope of profit, panic and sell during that instability, from which they have to face losses. So instead of being blind and greedy, we should invest with reality, and be aware of the risks in advance.

Bitcoin can be a great investment but it is  not a short cut to wealth forks who tend to succeed are those who understands both the potential rewards and the risks rather than pursuing quick gain patience, research and proper risk management are far more important than greed in such a volatile market. Too many individuals focus only on the gain side and ignore the risks investing on Bitcoin.

[thesebassv]

It is not for everyone.

This can come down to 2 things:

- Some people still believe that crypto is just a scam

- And another thing is that some people are not good with new technology. So the wallet you are using won't work for them, and they'll need to find something they are more familiar with like bonds or maybe using Xapo. Things that do not require them to learn the technological part of crypto and makes it easier for them to use it in their daily routine

[Sobz]

The issue that attracts the most attention about Bitcoin is its value, besides the notion that BTC can make us rich quickly being a major factor. So there are people who do not want to understand this and go straight to the main goal of investing or trading. Their focus is on making money. Once they have chosen a goal, I will talk about what they want. I will set aside the unrelated parts. Next, as stage and time continue to progress, they should automatically understand how Bitcoin works. So understanding people who want to learn will be much easier than giving a lesson to others.

The urgency of making quick money is what prevents people from having the mindset to understand things first, and it also makes people unable to reason well about whether bitcoin is risky or not. The mindset of making quick money leads people to think bitcoin is easy, which is why they believe money can be made from it quickly. This is just the misconception people always have concerning bitcoin, and it seems there is nothing that can be done about it based on the mindset of how bitcoin is perceived. It's common for people to begin learning about bitcoin maybe after they have made mistakes or to gain new experiences. Bitcoin is not really what they thought it was, but it requires a better understanding, and this is the only way profit can be made from it.

[Ishicryptic]

The issue that attracts the most attention about Bitcoin is its value, besides the notion that BTC can make us rich quickly being a major factor. So there are people who do not want to understand this and go straight to the main goal of investing or trading. Their focus is on making money. Once they have chosen a goal, I will talk about what they want. I will set aside the unrelated parts. Next, as stage and time continue to progress, they should automatically understand how Bitcoin works. So understanding people who want to learn will be much easier than giving a lesson to others.

The urgency of making quick money is what prevents people from having the mindset to understand things first, and it also makes people unable to reason well about whether bitcoin is risky or not. The mindset of making quick money leads people to think bitcoin is easy, which is why they believe money can be made from it quickly. This is just the misconception people always have concerning bitcoin, and it seems there is nothing that can be done about it based on the mindset of how bitcoin is perceived. It's common for people to begin learning about bitcoin maybe after they have made mistakes or to gain new experiences. Bitcoin is not really what they thought it was, but it requires a better understanding, and this is the only way profit can be made from it.

If a friend who wants to go into Bitcoin investment asks me for advice the first thing that I'll tell him is that it is not a get rich quick scheme where you will invest your funds and expect quick returns very fast, I think that it is the area where many new investors gets it wrong. I'd let my friend know that Bitcoin is a volatile asset which means that it would be a false expectation to assume that the price will continue to increase without any decline, Bitcoin has to dip before it will gather momentum to skyrocket and become bullish. I would also recommend DCA strategy to accumulate with discretionary funds so it wouldn't be necessary to be monitoring the market before buying. Basically investors should buy with amount that they are comfortable to lose, protect their wallet security and focus on a long term goal of accumulation and hold.

[Hewlet]

The issue that attracts the most attention about Bitcoin is its value, besides the notion that BTC can make us rich quickly being a major factor. So there are people who do not want to understand this and go straight to the main goal of investing or trading. Their focus is on making money. Once they have chosen a goal, I will talk about what they want. I will set aside the unrelated parts. Next, as stage and time continue to progress, they should automatically understand how Bitcoin works. So understanding people who want to learn will be much easier than giving a lesson to others.

The urgency of making quick money is what prevents people from having the mindset to understand things first, and it also makes people unable to reason well about whether bitcoin is risky or not.

Sometimes, the challenge has always been that people think firstly of bitcoin as an escape route from poverty before getting started in investing in bitcoin and thinks that just because they've joined the bitcoin ecosystem that profit will just flow swiftly and easily. That mentality is the first thing that needs to be worked on so they get to understand first of all that bitcoin is never a get rich quick scheme.

In bringing a newbie to investing in bitcoin, he first needs to know that returns takes time and that the process that leads to getting to that expected end comes with an high level of patience and discipline. If he's not one that's capable of remaining patience through times when the market might experience some level of lows and remain that way for long, he's better not to try to convince him to start his investment journey because he can't stay invested with that sort of mentality. The right mindset is the first recipe for a successful investment.

[Cookdata]

Sometimes, the challenge has always been that people think firstly of bitcoin as an escape route from poverty before getting started in investing in bitcoin and thinks that just because they've joined the bitcoin ecosystem that profit will just flow swiftly and easily. That mentality is the first thing that needs to be worked on so they get to understand first of all that bitcoin is never a get rich quick scheme.

In bringing a newbie to investing in bitcoin, he first needs to know that returns takes time and that the process that leads to getting to that expected end comes with an high level of patience and discipline. If he's not one that's capable of remaining patience through times when the market might experience some level of lows and remain that way for long, he's better not to try to convince him to start his investment journey because he can't stay invested with that sort of mentality. The right mindset is the first recipe for a successful investment.

This was before Bitcoin price lower, I don't think there is anyone with such mindset that want to used Bitcoin as escape route to poverty, they don't have such money to invest in Bitcoin, if you can make investment with Bitcoin I don't think you can be consider to be a poor person anymore and it will make sense to say rich people want to use Bitcoin to get richer which in this context makes more sense, that's what they all doing with Bitcoin.

The only way a newbie will understand Bitcoin now is if the newbie has some earning come to buy gradually, they will enjoy Bitcoin regardless and good thing about this approach is that they get too experience how the market moves as they buy. Unlike the conventional ways people buy Bitcoin with all they have and be expecting to beckme a multi millionaire the next few months, this was even when Bitcoin was cheap, now there is no cheap sats anymore, you have to struggle to get them at high price.

[Proty]

The issue that attracts the most attention about Bitcoin is its value, besides the notion that BTC can make us rich quickly being a major factor. So there are people who do not want to understand this and go straight to the main goal of investing or trading. Their focus is on making money. Once they have chosen a goal, I will talk about what they want. I will set aside the unrelated parts. Next, as stage and time continue to progress, they should automatically understand how Bitcoin works. So understanding people who want to learn will be much easier than giving a lesson to others.

The urgency of making quick money is what prevents people from having the mindset to understand things first, and it also makes people unable to reason well about whether bitcoin is risky or not. The mindset of making quick money leads people to think bitcoin is easy, which is why they believe money can be made from it quickly. This is just the misconception people always have concerning bitcoin, and it seems there is nothing that can be done about it based on the mindset of how bitcoin is perceived. It's common for people to begin learning about bitcoin maybe after they have made mistakes or to gain new experiences. Bitcoin is not really what they thought it was, but it requires a better understanding, and this is the only way profit can be made from it.

If a friend who wants to go into Bitcoin investment asks me for advice the first thing that I'll tell him is that it is not a get rich quick scheme where you will invest your funds and expect quick returns very fast, I think that it is the area where many new investors gets it wrong. I'd let my friend know that Bitcoin is a volatile asset which means that it would be a false expectation to assume that the price will continue to increase without any decline, Bitcoin has to dip before it will gather momentum to skyrocket and become bullish. I would also recommend DCA strategy to accumulate with discretionary funds so it wouldn't be necessary to be monitoring the market before buying. Basically investors should buy with amount that they are comfortable to lose, protect their wallet security and focus on a long term goal of accumulation and hold.

There are people that believe that ones they invest in bitcoin within a month's or so they will start cashing out. Therefore, beginners needs to know that bitcoin is not were to make quick money. Coming into bitcoin with too much expectations will lead to losses and disappointment especially when the quick profit that push them into investing in bitcoin isn't coming. Therefore, the best advice for newbies will be not to see bitcoin as get rich quick scheme. This advice will help newbies to avoid some mistakes most beginners do make by selling out there bitcoin in disappointment when the quick profit they were anticipating isn't coming.

[knowngunman]

This was before Bitcoin price lower, I don't think there is anyone with such mindset that want to used Bitcoin as escape route to poverty, they don't have such money to invest in Bitcoin, if you can make investment with Bitcoin I don't think you can be consider to be a poor person anymore and it will make sense to say rich people want to use Bitcoin to get richer which in this context makes more sense, that's what they all doing with Bitcoin.

The only way a newbie will understand Bitcoin now is if the newbie has some earning come to buy gradually, they will enjoy Bitcoin regardless and good thing about this approach is that they get too experience how the market moves as they buy. Unlike the conventional ways people buy Bitcoin with all they have and be expecting to beckme a multi millionaire the next few months, this was even when Bitcoin was cheap, now there is no cheap sats anymore, you have to struggle to get them at high price.

I agree the rich are getting richer with Bitcoin but ordinary people are also using it to stop getting poorer.

I disagree with you on this part embold from your post. Cheap is not just about the dollar price. Of course, 1 BTC is not cheap at today's price of $60k+ but a sat still very much accessible. Even now, with at least $10 you can still get thousands of sat. No matter how high the price is, you can always buy fractions.

And a lot of people still have that mindset of escaping poverty through bitcoin. I don't really blame them because they probably have seen or heard about people that put in small amount in the earlier years that changed their lives when BTC price surges.

[GazetaBitcoin]

Hey d5000, please be aware that AOBT just made one more translation for your thread:

- Turkish translation, made by mindrust.

Cheers!

[Baki202]

In other words, anyone who wants to come into Bitcoin should first at last learn the basic information about bitcoin, know that its volatile, and know that they are responsible for holding and protecting what they buy there is nothing like a reverse option. Anything authorised and confirmed by the blockchain can't be reversed, and there is no certainty about how price moves it could turn at anytime not saying this period is bull or bear season certain type of market action can't happen.

And what people are failing to understand is that when it comes to buying and then holding, you don't need to do much because even the basics can help you, because from there you will be able to know the security of your assets because there is no way that you will have the basic knowledge and it will not be useful because from the beginning there have a been a lot of things that have been going on, and there are a lot of things that are involved in the basics.

Last and not the least ignore anyone who offers a safe means to hold your bitcoin and earn high ROI, the best way is to hold for long time and not to hand over your hard-earned money to someone else to help you double it.

It depends on the safe means because the security of your assets matters a lot, and people are not taking it seriously. The best advice is what you have given, and holding for a long time is one of the best options that can be explored to be able to maximize profit.

[L E G E N D A R Y]

Bitcoin can be a great investment but it is  not a short cut to wealth forks who tend to succeed are those who understands both the potential rewards and the risks rather than pursuing quick gain patience, research and proper risk management are far more important than greed in such a volatile market. Too many individuals focus only on the gain side and ignore the risks investing on Bitcoin.

I’ve come to understand that a lot of people, I wanted to say majority, but I’m not sure about that statistics, so I’ll just use a lot of the people investing in Bitcoin today, especially the newbies have this messed up mentality bland huge misconception about Bitcoin, that Bitcoin can make them rich overnight. While it’s true that Bitcoin investment is actually capable of making one rich, it’s important to take note of the time horizon. Bitcoin isn’t like all these hype backed shitcoins that promises quick and huge profits. There are indeed huge potentials in Bitcoin but you gotta follow the rules. Bitcoin is originally a long term asset, and if you must get anything out of it, you’ll need to see and treat it like that when you invest in it.

[reagansimms]

Bitcoin could be -50% tomorrow or the day after, that's perfectly normal.

That's how I convince myself before I tell my relatives or close friends about something, especially about a highly volatile asset like Bitcoin. I think of Bitcoin like a knife, on the one hand it can help, but on the other hand it can hurt if you don't know how to use it. I never encourage anyone to profit from Bitcoin, but I prefer to be honest about volatility.

That's why I always say 3 things when recommending Bitcoin to relatives or friends.
1. The price can fall unexpectedly in large amounts, Bitcoin's history is very volatile, even as far as -50% to -70% and it takes 2-3 years to recover.
2. There is no guarantee if it is sent incorrectly because the system does not have customer service or a deposit insurance agency.
3. Investing in Bitcoin requires a long time horizon, "at least 4 years." Never touch Bitcoin, even if you urgently need funds.

I don't want to force anyone to invest in Bitcoin. My goal in recommending Bitcoin to them is to make my friends patient investors, not victims of FOMO like those who have failed in Bitcoin.

[Mame89]

Bitcoin could be -50% tomorrow or the day after, that's perfectly normal.

That's how I convince myself before I tell my relatives or close friends about something, especially about a highly volatile asset like Bitcoin. I think of Bitcoin like a knife, on the one hand it can help, but on the other hand it can hurt if you don't know how to use it. I never encourage anyone to profit from Bitcoin, but I prefer to be honest about volatility.

That's why I always say 3 things when recommending Bitcoin to relatives or friends.
1. The price can fall unexpectedly in large amounts, Bitcoin's history is very volatile, even as far as -50% to -70% and it takes 2-3 years to recover.
2. There is no guarantee if it is sent incorrectly because the system does not have customer service or a deposit insurance agency.
3. Investing in Bitcoin requires a long time horizon, "at least 4 years." Never touch Bitcoin, even if you urgently need funds.

I don't want to force anyone to invest in Bitcoin. My goal in recommending Bitcoin to them is to make my friends patient investors, not victims of FOMO like those who have failed in Bitcoin.

Your approach is absolutely correct and very responsible. Before teaching friends or relatives the first thing you do is emphasize the risks from the start, as this is to protect those we teach from significant losses.

Bitcoin is a very high risk asset both in terms of market and security. Bitcoin can drop 50-80% in a short period of time and they must be mentally and financially prepared for the loss of their money.

Furthermore, we must motivate them that investing isn't about getting rich quick, but rather about controlling their emotions especially greed. If they're the type of person who panics easily or needs money quickly, we should advise them against investing in Bitcoin. It's crucial to prioritize the risk issues with those we teach so they won't blame us if they experience losses, as we've explained the risks from the start.

[Gost ms]

If you have friends or family who are interested in Bitcoin or you want to encourage them to invest, don’t be too excited trying to convince them. Give them all the info they need. Don’t just push them, give them facts, which is way more important.

Teach them how the market moves, that it’s not some ponzi scheme that guarantees returns. It can be volatile, and we can lose money too. But with basic education and real trust in Bitcoin’s long-term future, their investment will likely grow, especially if they choose to HODL.

I agree with you, if you want to teach anyone who is interested in bitcoin how to invest in bitcoin you have teach them in a way that they will understand and know many important things before think of buying bitcoin, many people don’t learn about bitcoin that much before think of buying bitcoin, they will just learn how to buy and some few things and think they are ready to buy and hold and that is the reason why some people are being scammed at the end and start painting bitcoin black that it is not a good investment that anyone should trust, anyone who truly understands bitcoin before using his funds to buy bitcoin will always know how to protect their assets from any scammer.

If you want to give someone an idea about Bitcoin or maybe encourage them to invest, then the first step is to give them an idea about long-term investment and always advise them to stay away from trading. After that, you should gradually explain to them about the risks of Bitcoin and how Bitcoin works, etc. Because if a person is first told about the benefits of Bitcoin and good things about Bitcoin, then he will definitely not pay attention to the bad aspects and will rush to invest. When he jumps in and sees a fall in the Bitcoin market, he may panic and sell his holdings and face losses.

[GazetaBitcoin]

Hey d5000, please be aware that AOBT just made one more translation for your thread:

- German translation, made by cygan.

Cheers!

[ChocolateBitcoinK]

Because of the story that "bitcoin can make us all rich", people often have unrealistic expectations and expect to become rich overnight.
I would say that bitcoin is just a means or a tool, but if we don't know how to use it well, it won't help us achieve our financial and other goals.
Without hard work on yourself, learning and research, planning and developing a strategy and a basic understanding of the crypto market, it is not realistic to expect any concrete results and earnings on btc.

Bitcoin can make all of us rich only if we follow the right strategy. Don't think that we can blindly invest in Bitcoin and will become rich in few days. Bitcoin no doubt is one of best investment of current time but it need our time and proper research. Without right strategy it will be difficult to get desired results from Bitcoin. There is lot of info available online through which we can increase our knowledge about Bitcoin and one key principle for success with Bitcoin is to think of long term investment.

I agree with you, after all, Bitcoin investment will never guarantee us a profit, if we invest, our success is never guaranteed, but there is always a risk involved. So we must know the success of Bitcoin investment as well as its risks, because success is not guaranteed. Many new investors think that it is possible to get rich quickly by just buying Bitcoin, but in reality the market is not that easy. Bitcoin always fluctuates with uncertainty, and those who invest greedily without sufficient research only in the hope of profit, panic and sell during that instability, from which they have to face losses. So instead of being blind and greedy, we should invest with reality, and be aware of the risks in advance.

Bitcoin can be a great investment but it is  not a short cut to wealth forks who tend to succeed are those who understands both the potential rewards and the risks rather than pursuing quick gain patience, research and proper risk management are far more important than greed in such a volatile market. Too many individuals focus only on the gain side and ignore the risks investing on Bitcoin.

But because of ignoring this risk, many people face a lot of losses later on. The reality is that Bitcoin has created a good investment opportunity for many in the long term, but seeing it as a means of getting rich overnight is a big mistake. At the same time, if someone sees Bitcoin investment as a safe and guaranteed investment, then this is also a big mistake, because Bitcoin gives you a very good chance of success in the long term, but it will never guarantee you a guaranteed profit. That is why when investing, you must have an idea about your ability to take risks, not emotions, but you must move forward with faith in your long-term goals, and always keep yourself prepared for any situation, since nothing is guaranteed after all.