What should you know before recommending Bitcoin to a friend?

[Nothingtodo]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

[arwin100]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

At this point, I think there's no need for us to recommend Bitcoin to anyone.

Much better if they start to learn it, since situation is so complicated if we are the one will start for pointing out Bitcoin. Especially if we talk about investment matters.

There are so many information spreading about it, if they didn't pay attention on Bitcoin existence. Even if they know it exist, then I guess they are not truly interested to learn about this coin.

So I really understand you, towards you don't want to be blame on that matter. Since I experience that situation, then that make me realize its wrong to suggest this one, to people thinking about they can earn easy profits.

[Cricktor]

It might have been said already in this thread (I followed it from the beginning but can't remember all that has been said). Why not introduce a friend with all sides of Bitcoin but let him explore it with Testnet coins first? A decent wallet should support Testnet (commonly both Testnet3 and Testnet4 and later be upgraded when successors of Testnet4 emerge).

There are well known faucets for both Testnet3 and Testnet4 and it's not rocket science to accumulate some coins to pass to a friend who you want to introduce it. Basic handling of transactions, wallet recovery testing, all can be easily done with Testnet coins without fear to mess up and loose money.

Unfortunately Testnet4 is very fucked up with ridiculous forking and selfish-mining of basically empty blocks which isn't a great showcase for newcomers. I didn't have to use Testnet3 for quite some time, so can't say much about usability currently. Though, I don't expect Testnet3 to behave any nasty like it's with Testnet4.

[SOKO-DEKE]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

Normally, advising someone to invest in Bitcoin is not the right approach because it may seem as though someone is trying to force them to invest. The best approach is to educate them about Bitcoin. If they understand it properly, they will be convinced and make their own investment decisions.However, the fact is that there are some people close to us whom we may genuinely want to see invest in Bitcoin, such as our close friends. Advising them to invest may be a good idea because you already understand Bitcoin and know what to teach them and what information to share before giving them such advice.

As long as someone explains the important aspects of Bitcoin and the risks involved, I don't think anyone will hold them responsible if things don't eventually go as expected, because they have already explained the risks involved.Therefore, when advising friends or people close to you to invest in Bitcoin, it should not be in the form of convincing or pressuring them. It should simply be normal investment advice, allowing them to understand Bitcoin and make their own decisions.

[Luzin]

Therefore, when advising friends or people close to you to invest in Bitcoin, it should not be in the form of convincing or pressuring them. It should simply be normal investment advice, allowing them to understand Bitcoin and make their own decisions.

So right now I never invite my friends to do what I do, investing in crypto. I feel guilty because I once invited friends and they couldn't hold on and then lost a little money. They couldn't persevere and chose to work with a smaller risk working with exertion and getting a salary every month. Indeed, they don't blame me because initially I had explained the potential bad risks that could happen. So they actually understood, but I still feel quite guilty. Right now I have become quiet toward people who try to find out and prefer to answer that I don't understand what they are saying.

[panjul07]

Therefore, when advising friends or people close to you to invest in Bitcoin, it should not be in the form of convincing or pressuring them. It should simply be normal investment advice, allowing them to understand Bitcoin and make their own decisions.

So right now I never invite my friends to do what I do, investing in crypto. I feel guilty because I once invited friends and they couldn't hold on and then lost a little money. They couldn't persevere and chose to work with a smaller risk working with exertion and getting a salary every month. Indeed, they don't blame me because initially I had explained the potential bad risks that could happen. So they actually understood, but I still feel quite guilty. Right now I have become quiet toward people who try to find out and prefer to answer that I don't understand what they are saying.

I can understand it and I think you have made the best decision because something good for us does not always mean will be good as well for others.
Feeling guilty is natural when our friends lose some money because of the thing we introduce to them although we have told them about the risk beforehand.
I'd say that we are lucky enough when our friends lose some money but they do not blame us after we introduce/encourage them about bitcoin because some people may blame us and a friend might even start distancing themselves from us because of something like this.
Honestly speaking I agree with your decision as it is also what I do (avoid to encourage others to invest in bitcoin).
Even if they ask about it first, I prefer to tell them to learn about it by themselves or try to find more experienced person they can trust.

[capuccccino]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

I don't think introducing friends to bitcoin is a risky thing to do, bc we are adults and we should be aware of the possible consequences of taking risks, as well as the benefits we can get in the end (profit).
First of all, I have read a lot about it, then I took some steps, and I am still learning.

[Tetu100]

There is nothing wrong telling a friend about bitcoin investment. But what is ideal is to tell them its necessities and what is all about. However, don't ever hide it volatile nature as this could result conflict among friends in future. Let them know how using the discretionary funds is important, again don't hold back how essential the emergency funds and the backup funds are, they shouldn't hesitate in putting this on ground at the process. And most importantly, they should understand that bitcoin investment isn't a get rich scheme, and they wouldn't be expecting fat profit in no time as this is literally why I hate speaking it to someone with zero knowledge.

[Decimetre]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

I don't think introducing friends to bitcoin is a risky thing to do, bc we are adults and we should be aware of the possible consequences of taking risks, as well as the benefits we can get in the end (profit).
First of all, I have read a lot about it, then I took some steps, and I am still learning.

It's not like introducing a friend to Bitcoin is a risky thing to do but the risky thing about it is that it can break your friendship or family relationship when it fails or when the person does not follow it rightly. If you introduce some people into Bitcoin without considering some basic terms like letting the person to understand that Bitcoin is not all profit oriented venture always, it may lead the person into making decisions that will ruin his or her financial system. If you fail to teach a newbie well, if he fails, you will take the blame for leading him into losses.

In Bitcoin, learning is a continuous process and you cannot learn everything at once. Market condition changes everyday and as a Bitcoin investor, you will try to be up to date with the Bitcoin market so that you will not lose out any possible investment opportunities or you can maintain your investment process all through to maximize your potential profit. You can also let the newbie that profit is not certain so that he will mind the level of optimism he is attaching to his Bitcoin because if he fails, your relationship with him will be at risk.

[capuccccino]

In my case, I do not feel the need to give advice because I do not want to get into a situation where I am in danger by giving advice to friends who do not have any knowledge about Bitcoin. Since Bitcoin is a risky investment, if I advise them to make this risky investment and they fall into losses after investing, they can directly hold me responsible for it. Moreover, they have to be very aware of the preservation of their Bitcoin wallet. Moreover, if they are not aware of the Bitcoin wallet, then for some reason, if the people I suggested to invest in lose their Bitcoin forever, they can blame me for the rest of their lives. So I do not want to create a situation where I blame myself by advising my friends.

I don't think introducing friends to bitcoin is a risky thing to do, bc we are adults and we should be aware of the possible consequences of taking risks, as well as the benefits we can get in the end (profit).
First of all, I have read a lot about it, then I took some steps, and I am still learning.

It's not like introducing a friend to Bitcoin is a risky thing to do but the risky thing about it is that it can break your friendship or family relationship when it fails or when the person does not follow it rightly. If you introduce some people into Bitcoin without considering some basic terms like letting the person to understand that Bitcoin is not all profit oriented venture always, it may lead the person into making decisions that will ruin his or her financial system. If you fail to teach a newbie well, if he fails, you will take the blame for leading him into losses.

In Bitcoin, learning is a continuous process and you cannot learn everything at once. Market condition changes everyday and as a Bitcoin investor, you will try to be up to date with the Bitcoin market so that you will not lose out any possible investment opportunities or you can maintain your investment process all through to maximize your potential profit. You can also let the newbie that profit is not certain so that he will mind the level of optimism he is attaching to his Bitcoin because if he fails, your relationship with him will be at risk.

Of course, it is okay to introduce someone to bitcoin if they are interested and want to learn more about it. The important thing is not to make it sound better or easier than it really is.
Many people think that making money is easy and does not require any effort.
I have friends who have been involved in Bitcoin for years, but they are still learning every day, just like I am learning from them.

[Akaenyi]

Therefore, when advising friends or people close to you to invest in Bitcoin, it should not be in the form of convincing or pressuring them. It should simply be normal investment advice, allowing them to understand Bitcoin and make their own decisions.

So right now I never invite my friends to do what I do, investing in crypto. I feel guilty because I once invited friends and they couldn't hold on and then lost a little money. They couldn't persevere and chose to work with a smaller risk working with exertion and getting a salary every month. Indeed, they don't blame me because initially I had explained the potential bad risks that could happen. So they actually understood, but I still feel quite guilty. Right now I have become quiet toward people who try to find out and prefer to answer that I don't understand what they are saying.

There are a number of reasons why I cannot recommend Bitcoin to my friend or discuss that I hold Bitcoin in the public, most times it didn't end well when I told a couple of friends about Bitcoin when I first learnt about it, another reason is for safety purposes so that I wouldn't be targeted for an attack. Nowadays I only talk about Bitcoin with people who are Bitcoiners or those whom I think have genuine interest about it, I don't start a discussion about Bitcoin if I don't see common interests among discussants. As for openly discussing about Bitcoin I don't do it because I've learnt so much from this forum and different news that you can be targeted because people knows that you're holding cryptocurrency.