Buy Bitcoin and hold, end of story? Big mistake

[JangoUnchained]

A teacher who is my neighbour came to me today to ask how he can move his Bitcoin wallet to a new phone because he wanted to give the old phone to his daughter that's going back to college in few days, he didn't even know how to import his recovery seed from a wallet to another, I started asking questions and he said he bought Bitcoin because a friend told him to.

No research was done and it's been a year now, he followed his friend advice and make a full stop on that, just deposited the Bitcoin and went back to his normal life, now he can't even find where he wrote down his recovery seed, did I wrote it down? He is asking me.

I had to help him extract the recovery seed from the old wallet and lectured him about the importance of recovery seed, he said my friend never told me all this.

I don't blame his friend but him who refuse to do extra research on his own.


People invest in what they don't know, they are told to invest in Bitcoin and that's what they did, but they have no reason why they did than....

1. Someone told me that I will become rich in a year or two if i buy Bitcoin.
2. My family friends are also buying so I feel like I should join them.
3. I know a familiar face who got rich with Bitcoin.

This is all they know about Bitcoin, they hold to get rich, people blindly invest in what they don't understand, this needs to stop, and when something happens they brand Bitcoin as scam.

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

Reserches need to be done, about your private keys and type of wallets you should use, also other ways to avoid losing your Bitcoin, the risk of holding are in numbers.

[Chibit01]

If I where you, the next advise I will give to that my neighbor is to create a new wallet back it up and move all the coins from the old wallet to the newly created one, the reason is this;

The chances of that wallet getting exposed is on a high level, the person who helped him invest might have had access to the phrase without him knowing,
If there was ever a backup you never can tell who have it now since your neighbor don't know where it's hidden, and another thing again is now that you helped him recover the phrase you might have also seen the phrase.

To be on the safer side and be security conscious the best is for your neighbor to generate an entire new wallet with different phrase, no body pray for lost of fund to happen but if such ever happen in future you and who ever brought that your neighbor into crypto is going to be number one suspect.

[FirmWars]

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

If that's the person's only reason to invest into Bitcoin, why should they not invest? The reason you gave is not enough to discourage someone from investing on Bitcoin if they are investing to get rich. There's difference between investing to get rich quickly and investing to get rich in the future depending on performance of Bitcoin price, the man you are talking about didn't investing to get rich quickly so he was on the right tracks, his mistake is just his nonchalant attitude about his investment, if he had invested all his life saving in order to get rich quickly, then you can blame him, but he invested because he wanted to give Bitcoin technology a chance.  Now that you have seen his shortcomings, teach him what is necessary for him to know.

[BIT-BENDER]

Mostly that not just all they know about Bitcoin that is all they are taught about Bitcoin, and I will it blame his friend just because we don't know how he introduced him to Bitcoin but I have a feeling that he just told him that he can buy Bitcoin keep in a wallet and become rich in the future and how are we sure the friend to doesn't know much about Bitcoin.

There are many people who were only taught about the money Bitcoin can give them and that has made them not to understand more about it yes they should also make efforts but it's hard when you had a bad foundation. And next time I advise you to teach people about seed phrase protection even from you that is teaching him.

[Satofan44]

If I where you, the next advise I will give to that my neighbor is to create a new wallet back it up and move all the coins from the old wallet to the newly created one, the reason is this;

If you were smart, you would not get involved at all. If you help random people, even be it neighbors, eventually such idiots will blame you when they do something wrong. In the lines of "but you didn't tell me this and that too, you just told me something and not everything". Nobody has a duty to fix the fucking population of planet Earth, stop wasting time with these ideas and focus on yourself instead. Most people are not fixable.

1. Someone told me that I will become rich in a year or two if i buy Bitcoin.
2. My family friends are also buying so I feel like I should join them.
3. I know a familiar face who got rich with Bitcoin.

This is all they know about Bitcoin, they hold to get rich, people blindly invest in what they don't understand, this needs to stop, and when something happens they brand Bitcoin as scam.

Nonsense. This does not need to stop because it has absolutely nothing to do with Bitcoin at all. This is an issue of personality and intelligence of the person in question and an issue that comes up frequently and is therefore a societal problem. People do the same thing with pretty much any kind of stuff, from stocks to real estate to outright scams. Why do you think people buy ponzi schemes? Look:

1. Someone told me that I will become rich in a year or two if i buy this product/company (actually a Ponzi scheme).
2. My family friends are also buying so I feel like I should join them.
3. I know a familiar face who got rich with this product/company (actually a Ponzi scheme).

Do you now get my point? This has nothing to do with Bitcoin. Bitcoin is just one of many avenues in which this kind of degenerate behavior shows itself. You won't fix a person who is like this by teaching them about Bitcoin. If they don't do it with Bitcoin, they will do it with something else instead.

What is better to do is to focus only on core family and good friends and contacts. Do not waste time trying to fix other people. Do not fix people that don't ask for help anyway. Most people get annoyed when their stupidity or lack of knowledge gets exposed.

[Marvelockg]

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

we can not use the story of a single individual to make conclusion on everybody with the assumption that because it happens a certain way to MR a that same is applicable to every other person. there are some investors that got started with just the mere knowledge of bitcoin and all they knew was just how to buy the bitcoin they are holding. after that they give themselves to a teacher and learnt above the basic knowledge of bitcoin.

you can start investing having a little knowledge and in the long run get all the needed knowledge along your investment time. it is not even about how you start but more about how well you learn in the process of your investment.

[topbitcoin]

The concept of buying bitcoins on hold and for a while it has actually become very good to do because after all it is an effective way and it is not wrong if you expect returns in the future because in the end our goal is long-term.

But what I caught from your story was not the wrong concept but the investor who was quite careless where he did several things that actually became a problem for himself in the end.
When the concept of buying bitcoin and holding does not mean we have to forget important things because the seed of our wallet is a key to access so we cannot forget about it or not store it properly because after all it is a basic thing that must be done and must be secured.
The concept is not wrong and it is not a big mistake but your colleague is careless where he does not know what is important to do and what should be forgotten.

[BitBakerr1]

One thing you must know is that a lot of people that are into bitcoin investment are not enlighten about Bitcoin they were just told to buy and hold that bitcoin will make them rich and that is why they are into Bitcoin, some people are into Bitcoin investment because they heard about someone that made huge amount of money through bitcoin investment so they want to make same kind of money that is why they are investing in Bitcoin, this set of people has zero knowledge about bitcoin investment all the understand is that if they buy Bitcoin they will become rich in few years, for me the people I blame are those who introduced them into Bitcoin, before introducing someone into Bitcoin you need to tell them everything about Bitcoin so they we have the full knowledge of what they are investing there money into.
There's a thread created by d5000 What should you know before recommending Bitcoin to a friend? I believe the things in this thread are what you should let your friend know before starting Bitcoin investment.

[Merit.s]

This is why anyone that you're talking to invest in bitcoin and the person shows interest, you follow him up and teach me the most important thing is which is about keeping his wallet safe. If possible, tell him about a hardware wallet to store his bitcoin because it's more safer than software wallet.

I am impressed that people who don't know about bitcoin adopted because someone close to them told them to buy, it shows that if they are properly enlightened about bitcoin potentials, they will be good long-term hodlers. However, it's good to learn more about what you invested on.

[0x000369]

your story cracks me up but its spot on man too many folks hear buy bitcoin hold forever get rich and thats it no clue about seeds wallets or basic security like your neighbor dude probably thought it was like stashing cash under the mattress but nah crypto aint that simple you gotta treat it like your lifes savings cause one slip and poof its gone forever

holding solid strategy sure but without knowing how to protect your shit its just asking for trouble hacks scams or even forgetting your own keys wipe you out quick educate yourself first research wallets backups multisig all that or youre basically gambling blind

seen it happen to a buddy lost his stack cause he didnt back up properly now he preaches non stop about it lesson learned the hard way

classic hodl gone wrong vibe

[Apocollapse]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

That's mean you ask 90% of people who own Bitcoin to sold their coins, well the price would fall to $10K, do you happy with that?

Most people buy Bitcoin with only a purpose to grow their money/get rich, they don't care with anything else.

[Nwada001]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

That will only be considered to be a bright side if, after holding for those years, the person is able to access the bitcoin. Holding and living your life as if you don't owe anything is good, but the person should be able to know how to securely safeguard their wallet access key. With the kind of way the person described in the OP is acting, there is a high probability of him losing access to that wallet before ever being ready to sell and take profit.

[taufik123]

-snip-
This is all they know about Bitcoin, they hold to get rich, people blindly invest in what they don't understand, this needs to stop, and when something happens they brand Bitcoin as scam.

Quite a fatal mistake when considering what they don't believe will bring wealth, and they think it will come in a quick time.

Buying and holding Bitcoin is not that simple, it takes the strength to hold it until it reaches a price
that you didn't even think about and believe that Bitcoin can provide long-term profits.

But it also has to have a reserve of money to buy back at a low price.

I remember a family who bought Bitcoin and held it for years and until now they have become billionaires of Bitcoin
and have inspired many families in their area to see the potential of the future with today's digital technologies like Bitcoin.



https://www.coindesk.com/id/tag/didi-taihuttu

[Jewan420]

The biggest mistake here is to buy Bitcoin by relying on others and the second mistake is to be dependent on others for a long time. Bitcoin should never be purchased by relying on others, because no one is insecure about money.

I am not blaming him for his seed phrase, but how ignorant he is that he does not have basic knowledge about wallets! I am not verifying the truth of your story, but what you are saying is a bit unrealistic. No one would put their valuable assets in a place that they do not have basic knowledge about.

[PrivacyG]

This is all they know about Bitcoin, they hold to get rich, people blindly invest in what they don't understand,

Why do you hold Bitcoin?  Are you holding to have the Freedom it brings or do you hold because you want to make Money?

What you explain happens a lot.  People are interested in making Money.  Not in having more Freedom.  Because to them, even Privacy is disposable.  After all, they have no thing to hide they say.  And I somewhat understand why this is happening.  You never hear about Bitcoin offering Freedom on the news.  It is presented as an Asset that does well and people will take it exactly as it is.

[SatoPrincess]

A teacher who is my neighbour came to me today to ask how he can move his Bitcoin wallet to a new phone because he wanted to give the old phone to his daughter that's going back to college in few days, he didn't even know how to import his recovery seed from a wallet to another,

How did your neighbor know to ask you for help? Was it random or he knows you also own bitcoin? If it’s the former, then you’re probably not the first person he asked, and his wallet might be compromised as a result. But if it’s the latter then I worry about your safety because having people in your neighborhood knowing you as a bitcoiner is not always safe.

[Joy_learns_crypto]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

The longer it takes for him not to find his Recovery phrase the more anything can happen, the friend still has his bitcoin and wallet on the phone that is why help for him to get it was done but if the wallet wasn’t logged in and if it was the phone is missing and he can’t remember where he wrote it down then his investment getting to worth something will be torturing to him because he has no idea what about his Recovery phrase.

[fredericktaylor]

The biggest mistake here is to buy Bitcoin by relying on others and the second mistake is to be dependent on others for a long time. Bitcoin should never be purchased by relying on others, because no one is insecure about money.

I am not blaming him for his seed phrase, but how ignorant he is that he does not have basic knowledge about wallets! I am not verifying the truth of your story, but what you are saying is a bit unrealistic. No one would put their valuable assets in a place that they do not have basic knowledge about.

It is true that investing in Bitcoin without achieving knowledge yourself is completely foolish and risky. No work can be completed properly by relying on others. Before purchasing Bitcoin, you must gain specific knowledge about Bitcoin and it is very important to invest consistently with a long-term plan. If you have a mountain of BTC but you do not have a wallet passkey, then you will assume that you have nothing but zero. Because the wallet passkey is very valuable, if you cannot store it properly, then there is no point in buying and holding your Bitcoin. Before purchasing Bitcoin, it is very important for an investor to gain basic knowledge about Bitcoin.

[moneystery]

One of the biggest mistakes Bitcoin owners make is disclosing their seed phrase to others. I understand that they don't fully understand these things, but their ignorance could lead to a significant loss of their entire investment, as the person they're asking for help could have malicious intentions and take over their digital wallet and empty all their assets.
This is why it's crucial to learn how to properly secure your assets before investing. If you simply invest without understanding how to secure them, you'll end up like this person, just don't know how to back up and secure their wallet, which could lead to significant losses because they've trusted others too much with their assets.

[Rruchi man]

... he followed his friend advice and make a full stop on that.

I understand the situation, and maybe because I also understand how some people can trust an individual so much based on previous experience that they tend to follow their words or advice blindly. Maybe the friend should have done a better job with the advice to invest; maybe the advice to invest should have come with the instructions for them to also do their own research. Perhaps it did not, and they felt that their friend had given them the total information.

When giving someone a word of advice concerning investment in bitcoins, always be sure to encourage them at the end to also carry out research on their own; advise them to learn and keep learning about the subject, and don't make your information look like the complete package.

If some persons are advised to carry on learning about Bitcoin after they have been introduced to it, they actually will.