Buy Bitcoin and hold, end of story? Big mistake

[coolcoinz]

People are just careless, this is not an isolated incident. I'll give you a few examples.

I know a few mechanics, so I know some stories. Imagine that people destroy new, expensive cars by not changing oil, or just crashing them. There was a case near me where a guy borrowed a new car from the dealership to test drive it and crashed it onto a tree - car was worth $100k and was now a total loss.
I know a girl who went out wearing expensive jewelry, got drunk and lost some of it while crawling through the bushes in a park.
I know a guy who bought bitcoin and when it went into a 50% correction sold it all, then waited for it to go back up, bought it back and then it crashed and he again sold everything. He basically went through 2 50% swings in a year and bought the top and sold the bottom twice, effectively losing all his money!

Don't be amazed when you see these things happen. It's human nature. Some people are meant to be losers.

[Odusko]

He did a smart one holding on to his wallet on the old phone and not deleting the app at anytime so that make it possible for you to recover the wallet when you extract the seed phrase, the most important thing here now is that, he bought the bitcoin way back that means he must have been in massive profits by now, so that make alot of cover up for the stress of waiting,  and hope he start learning from there, buy more bitcoin if you can.

[Ultegra134]

Not a Bitcoin nor a holding issue; this is pure ignorance. The main issue is trying involve random people on something that's irrelevant to them and are not in capacity to understand or learn; whether that's Bitcoin, trading or stocks. Telling someone to buy Bitcoin is setting the environment to be blamed when something goes wrong, you'll be blamed that he didn't save the seed phrase, not his inability to actually care and investigate further what he's getting himself into.

It's a misconception that holding is that simple for someone who has zero involvement in Bitcoin, this isn't a Bitcoin issue,  the exact same thing would happen if it was anything that involved money and investments.

[Josefjix]

You don't have to blame him also for oweing Bitcoin without getting little knowledge about it, at least he isn't an ignorant who talk bad against Bitcoin privately and praise it in public, such pretenders are clown who will never be respected by me.

Anyway, the guy completes the purpose of Bitcoin usage and depicts the essence of Bitcoin creation by getting a little quantity of it for about a year.

I am not angry at him for not caring more about Bitcoin and her decentralised system as well as the wallet structure, I am happy for him to be vulnerable and ready to accept his eagerness to purchase Bitcoin and hold for longer period, very few does that, I'm proud of him.

[Kelvinid]

This is a reminder to carefully analyze your plan investment before diving in. Know your investment well, be familiar with the risks and flaws that come along, and be aware of all the security means on how to protect your account from any signs of danger. And lastly, evaluate yourself well if you are actually prepared to lose if ever, otherwise if you are closed with that idea, you should never take the risk investing in bitcoin.

There are actually a lot to master when investing in bitcoin, so if you think you can't handle all of those because all you think is only how to get rich, better leave the idea of investing into bitcoin.

[Eternad]

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.

I don’t know about your goal but I’m investing on Bitcoin for financial gain or to become rich since I don’t see the point on why do you invest to Bitcoin without thinking on financial gain.

Securing your investment is a different matter towards your goal because it’s a must to protect the things you are invested.

It’s not that hard to use google or AI to know what is the basic on securing Bitcoin asset.

[sunsilk]

That's what happens if they only want to get rich by investing into an asset like Bitcoin without having to understand a little bit of it.

But let's not be so harsh with them, we understand these kinds of investors as well when they have a life to live and they're not as enthusiastic as us.

Soon, they'll start to know things and they'd do it on their own. That's why it's okay to ask and that's even good when they do that for admitting that they don't know a thing or two instead of fooling themselves that they know everything even if they don't.

[Alonso_]

I think buying bitcoin and hodl is the best strategy instead of buying and selling for trade which I think isn’t a grate idea right for the future, and keep buying and accumulating on a regular basis, I have been buying bitcoin and holding for a very long time, my strategy have been buying and holding for the purpose of holding for a two circle, if it’s possible to hold more than that I would do it instead of buying and selling bitcoin, I would only appreciate selling bitcoin when I have gotten to my over accumulation stage, people who are buying bitcoin and selling immediately as soon as they come across profit are just made traders and that is obviously a bad strategy of buying bitcoin.

[Sanitough]

If there were to be blamed, I'd say both. His friend just convinced him without clear explanation to make it easy to understand, while he himself did not even take some time to do extra research before taking such risk. Simply put, both are irresponsible investors.

Learn to invest in yourself first before trying to invest in bitcoin. Getting rich with bitcoin is not a valid reason, what's more valid is that if you come to bitcoin because you think you have all the knowledge and potentials of a successful bitcoin investor, getting rich is just a bonus if you made an excellent move.

[Son Of Blockchain (SOB)]

I think buying bitcoin and hodl is the best strategy instead of buying and selling for trade which I think isn’t a grate idea right for the future, and keep buying and accumulating on a regular basis, I have been buying bitcoin and holding for a very long time, my strategy have been buying and holding for the purpose of holding for a two circle, if it’s possible to hold more than that I would do it instead of buying and selling bitcoin, I would only appreciate selling bitcoin when I have gotten to my over accumulation stage, people who are buying bitcoin and selling immediately as soon as they come across profit are just made traders and that is obviously a bad strategy of buying bitcoin.

Yes buying and hodling is definitely the best way to invest in Bitcoin but that's not what the OP was pondering on, it's on thing to buy and hodl but how about securing what you're holding, many people are in that category, yes they've made the right choice of buying but their portfolio is at the high risk of being targeted by scammers since they have no knowledge concerning security of what they're holding.
 For instance the OP's neighbour who bought Bitcoin but don't know how to transfer what he bought to another wallet and had to seek help from the OP, imagine if the OP was a dubious person he would've stolen everything from his neighbours portfolio since he had access to his seed phrase, there are many people out there who were advised on buying Bitcoin but they don't know how to secure their portfolio, I guess that's the reason for this discussion.

[Zaguru12]

If there were to be blamed, I'd say both. His friend just convinced him without clear explanation to make it easy to understand, while he himself did not even take some time to do extra research before taking such risk. Simply put, both are irresponsible investors.

Complete agree with you, I have been consistently saying that the major problem surrounding how people actually use or fall victim of scams in bitcoin are seriously influenced by those who introduce it to them, from giving out insufficient informations to extending it to narratives that aren’t accurate like it makes them get rich quick.

If you visit the social media and other places you hardly see the spread of either how secure their bitcoins or what they could lose if their predictions doesn’t go in favour of them or why they should see it as a get rich quick scheme. Rather you see most people only passing out the good narratives of bitcoin without listing the disadvantages if the investor doesn’t take proper caution.

To me they are the major causes of the problem because they spread out bitcoin narrative like some kind of Ponzi scheme looking for investors

[tread93]

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.

Ita probably too late to get rich off of Bitcoin anyways. Unless you have enough to buy a considerable amount of coin most folks can only buy a nominal amount and thats barely enough to even get a half or a full coin for most folks.You should always have bitcoin in your portfolio but also need to diversify.

[michellee]

Maybe he made a mistake by not doing more research. But if he can open/access the wallet, he can transfer all funds to other wallets. He doesn't have to use his recovery seed because he can access the wallet and move the funds.

Both made a mistake. It is a lesson for him so next time, he must research before involving. So what is your suggestion to your friend?

[Darker45]

I had to help him extract the recovery seed from the old wallet...

Wait a minute! This is a true story, right? This isn't just your wild imagination working? This isn't just your strong desire to rank up making you come up with stories?

You were saying you're helping your neighbor extract the recovery seed from his old wallet? This sounds a big task, recovering a seed phrase from an old wallet. Could you please share with us more details about this? Which wallet were your neighbor using? Were you successful in extracting the recovery seed? How did you do it?

[nakamura12]

I don't know how much risk it is to your neighbor's wallet where the funds is being stolen by your neighbor's friend when he taught your neighbor about the wallet and what to do. There is a chance that his friend may have taken a copy or memorize all the words and access the wallet later on especially your neighbor not even giving an effort to make some research or even learn it himself on how to secure a wallet and other related topics to learn for safety.

[Awaklara]

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.

It becomes strange if your friend advises you to invest in Bitcoin, but you don't know anything important about the risks. I mean, this involves money; people are usually more sensitive and careful when it comes to money. And to convince someone to invest in Bitcoin, it's certainly not as simple as showing a portfolio or a graph of Bitcoin's price increase over time. Your friend is quite foolish, but the person who suggested investing is also foolish.

[passwordnow]

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....

I think whoever also told them to invest in bitcoin has that responsibility to tell them that everything should be taken with a grain of salt. And they shouldn't make promises that their money will grow easy. Research and finding out the pros and cons of investing in bitcoin should be made. Because if they're only investing because their friend told them to do so without any validation from them and just because they have the money, that isn't right. You're right that they're investing in what they don't know and this is rampant today and when they are in a losing moment, they'll blame the person told them to invest.

[Catenaccio]

I think whoever also told them to invest in bitcoin has that responsibility to tell them that everything should be taken with a grain of salt. And they shouldn't make promises that their money will grow easy. Research and finding out the pros and cons of investing in bitcoin should be made. Because if they're only investing because their friend told them to do so without any validation from them and just because they have the money, that isn't right. You're right that they're investing in what they don't know and this is rampant today and when they are in a losing moment, they'll blame the person told them to invest.

Hodling or holding is a long time practice and it does not mean holding your bitcoin for some days, some weeks or some months, it's longer than that. So there is no ending of holding when people feel like this market cycle already ended and the bull market ended while a bear market just starts.

Holding your bitcoin for a long time like some years can minimize risk and increase chance of profit gain. It is shown and recommended by the HODL map and the Bitcoin profitable days.
http://hodl.camp/
https://www.bitcoinmagazinepro.com/charts/bitcoin-profitable-days/

[sleepfirefly]

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

i am assuming this guy is an elderly because millennials or gen z would have
made research on their own first and would not have trusted blindly others

this is why the elderly are always so vulnerable to scams because they just do things
without asking or without verification

[Man of peace]

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.

From what you have just narrated here so far, I think your neighbor have not done anything bad by making a good move of investing on Bitcoin after someone have introduced him into Bitcoin.. without knowing anything about Bitcoin, because I believe that person who have gone that far of introducing him into that and not only he introduced him but he also went ahead to help him to invest in the Bitcoin and make everything so perfect to him which i think you confirmed it while you are helping him to recover his seed phrase, that enable you to transfer his coins from the  other phone to another and everything was intact,

The person who advised him to invest in Bitcoin in the first place might not have any bad intentions or he might, you never can tell,but probably he might have planned to assist him any time any moment and gradual process he will put him through as a someone who likes the progress of others, just that with what is happening in this country no one is trusted anymore..

And in the other hands your neighbors might know that person very well and that's is why he was able to be convinced and he invested his hard earning money and mind you that before he was able to release him money for investing ,he has developed interest in knowing about Bitcoin and i still believe he might have been making research but maybe he have not understands anything yet .he can't just invested his money like that and abandoned it , something must have motivated him to do that...so just like someone have already said here that you should have helped him to create a new wallet and back it up in case if the first person has an access to his wallet before,it will not work out anymore and guiding him on how to secure his seed phrase secretly.