How do you explain Bitcoin out there to people around you?

[Showlove01]

The aspect of sugarcoating bitcoin is honestly what I don’t like about other enthusiasts trying to convince a novice.Those aspects of bitcoin people consider a risk should be mentioned to those you’re trying to explain bitcoin to,for instance the aspect of bitcoin volatility,it would be so shocking to a person you explained bitcoin to,to later discover that bitcoin is a volatile asset,telling them about bitcoin volatility is just like enlightening them about the basic knowledge.Personally,if I heard about a thing I wouldn’t be satisfied with the knowledge not until I carry out my own research,so most people are built differently and most people also lean more on people’s knowledge than carrying out their own research.

You are right and that is the reason why some people still see Bitcoin as a scam because the information they got and the way Bitcoin behave doesn't match with they told them and it is very wrong to tell someone about the cool and interesting part of Bitcoin with our mentioning the bitter part of it. Aside telling someone about Bitcoin volatility they should also know that Bitcoin rewards mostly long term holders but some people sound to newbie as if it is a get rich quick scheme which is very bad because the market will mess them up big time.

[Bright0515]

I only talk to my closed ones about bitcoin and encourage them to invest. However, if I see anyone that's interested in learning and comes to me, I will teach them the basic knowledge of bitcoin and tell them the risk of investing in bitcoin. Most times, I turn deaf ears on bitcoin related discussions in public because I don't know who is the next person close to me.

The key word here is interest, the first thing to spot before teaching anyone about bitcoin is their level of interest, the mistake some people make is that they go around trying to convince people they can find to invest in bitcoin which is absolutely wrong. Talking to your closed ones about bitcoin is also a good idea but encouraging people to invest might not be necessary a lot of times because that's a decision that they would have to make by themselves without anyone actually convincing or encouraging them to invest.

[Mate2237]

You are right and that is the reason why some people still see Bitcoin as a scam because the information they got and the way Bitcoin behave doesn't match with they told them and it is very wrong to tell someone about the cool and interesting part of Bitcoin with our mentioning the bitter part of it. Aside telling someone about Bitcoin volatility they should also know that Bitcoin rewards mostly long term holders but some people sound to newbie as if it is a get rich quick scheme which is very bad because the market will mess them up big time.

A lot of people are being misinformed about bitcoin and that's the reason why they end up making certain mistakes. Another thing is that they also have high expectations based on what they were told or the information given to them. It is important to tell beginners about the rewards they can get from it when they invest for a long term but they should also know that it is not completely free from risks.


Like you said, a lot of people make it seem like bitcoin is a rich quick scheme which is not really supposed to be so. Another thing to also consider is the fact that even without some of them being told they just feel like they can make quick money from it, most Nigerians just prefer to gamble and that doesn't work with Bitcoin investment.

[Agathamay]

Except you're been asked, I don't think it's a nice idea to be publicly talking about bitcoin and cryptocurrencies in public because this might cause some unnecessary security risk and also make you a prey for scammers as they will always have to target on you and your coins, so whatever you are doing, be sure enough before you declare your bitcoin to the public.
So of if I am to introduce someone to bitcoin, what I will simply tell the person is that bitcoin is a digital currency that is volatile.

[Grace333]

I let people who are interested in bitcoin make their own decisions and not convincing them to invest a specific amount of money, this is the mistake I see a lot of people make. First of all, it is very important to let people know about the risks of investing in bitcoin instead of making them have unrealistic expectations of it. I always advice people to use their discretionary income because it is possible for anything to happen.  In as much as there is a high chance of making profits it is also possible for the unexpected to happen.

[Brizi5000]

A lot of people are being misinformed about bitcoin and that's the reason why they end up making certain mistakes. Another thing is that they also have high expectations based on what they were told or the information given to them. It is important to tell beginners about the rewards they can get from it when they invest for a long term but they should also know that it is not completely free from risks.


Like you said, a lot of people make it seem like bitcoin is a rich quick scheme which is not really supposed to be so. Another thing to also consider is the fact that even without some of them being told they just feel like they can make quick money from it, most Nigerians just prefer to gamble and that doesn't work with Bitcoin investment.

The problem is just that so many people are still enter Bitcoin with the mindset of making quick money instead of understanding what they are investing in and normally proper education is very important most especially for beginners and we all need to understand that Bitcoin has long term potential, but that doesn’t actually guarantee profit, and the price can still drop significantly so to me we should focus more on learning how it works, the risk, and investing patiently.

When people are being equipped with the necessary knowledge needed for them to embark on a successful bitcoin investment it makes it easier for them to approach the market in the right mindset. Mindset is all about having a clear long term plan for the investment rather than wanting to make quick profit. Most of the time, what makes people not to succeed In bitcoin investment is due to the quest for quick returns, knowing their level of risk tolerance and then investing according to their means will help them to succeed In bitcoin. However , they must not wait until they acquire every education before they can start to invest in bitcoin because they can learn from their experience in buying bitcoin, no one can predict bitcoin no matter how you try to study it because it’s highly volatile and unpredictable, but what they must bear in mind is that bitcoin does not guarantee profit especially short term.

[BItcoin Guy@]

You are right and that is the reason why some people still see Bitcoin as a scam because the information they got and the way Bitcoin behave doesn't match with they told them and it is very wrong to tell someone about the cool and interesting part of Bitcoin with our mentioning the bitter part of it. Aside telling someone about Bitcoin volatility they should also know that Bitcoin rewards mostly long term holders but some people sound to newbie as if it is a get rich quick scheme which is very bad because the market will mess them up big time.

They always try to tell newbies about the positive side in Bitcoin, they don’t know anything about losing, because they think when they invest, they can get profit immediately, so anytime they invest and it didn’t work the way they explained to them, they start thinking like Bitcoin is a scam. When you have been introduced to Bitcoin, it is better you do your personal research and get some knowledge about it, you can’t just be following others’ opinions always, it is good to make your information through making research and get some experience about it.

[yixichloro2xx]

I only talk to my closed ones about bitcoin and encourage them to invest. However, if I see anyone that's interested in learning and comes to me, I will teach them the basic knowledge of bitcoin and tell them the risk of investing in bitcoin. Most times, I turn deaf ears on bitcoin related discussions in public because I don't know who is the next person close to me.

The key word here is interest, the first thing to spot before teaching anyone about bitcoin is their level of interest, the mistake some people make is that they go around trying to convince people they can find to invest in bitcoin which is absolutely wrong. Talking to your closed ones about bitcoin is also a good idea but encouraging people to invest might not be necessary a lot of times because that's a decision that they would have to make by themselves without anyone actually convincing or encouraging them to invest.

I can't even try to start convincing people to Invest into Bitcoin. The only way I can teach someone about Bitcoin investments is if they show interest and ask me to teach them. I don't even have that time to convince people,  it will now look as if I am advertising Bitcoin and shoving it in their throats. Before I teach anyone who wants invest in bitcoin, I will ask them about their financial capability, whether if after sorting out their necessary bills do they still have any spare cash left to invest into bitcoin? Then make them understand how volatile and risky it is , so that they won't develop any high expectations in their minds about profits they can make.  If they tell me that they aren't able to figure their discretionary income after sorting their bill's, i would advise to avoid Bitcoin for now and instead try to get more ways to generate more income, before they can decide to invest their money. Making them know the in and out of Bitcoin won't make them to develop any Fomo, and give them a strong mindset.

[Saltysugar99]

I let people who are interested in bitcoin make their own decisions and not convincing them to invest a specific amount of money, this is the mistake I see a lot of people make. First of all, it is very important to let people know about the risks of investing in bitcoin instead of making them have unrealistic expectations of it. I always advice people to use their discretionary income because it is possible for anything to happen.  In as much as there is a high chance of making profits it is also possible for the unexpected to happen.

I agree especially when it comes to investing in bitcoin, every person should have the freedom to make decisions based on their own financial situation. I think the most important thing for a person to start investing in bitcoin is how well that person understands their financial condition. Because someone can maintain all their expenses by buying $100 bitcoin every week. On the other hand, there are those for whom even investing $25 a week is too much, which affects their daily life. So if someone comes to me to ask something about investing in bitcoin, I would tell them to first understand their financial condition well. Then they can be get a correct idea about investing in bitcoin. In this case, what kind of risks are there, they should know first . Because if you tell them the risky things at the beginning, it will be easier for that person to make a decision and they will be able to make a responsible decision. Which will help them to continue investing in bitcoin for a long time.

[hmbdofficial]

I can't even try to start convincing people to Invest into Bitcoin. The only way I can teach someone about Bitcoin investments is if they show interest and ask me to teach them. I don't even have that time to convince people,  it will now look as if I am advertising Bitcoin and shoving it in their throats. Before I teach anyone who wants invest in bitcoin, I will ask them about their financial capability, whether if after sorting out their necessary bills do they still have any spare cash left to invest into bitcoin? Then make them understand how volatile and risky it is , so that they won't develop any high expectations in their minds about profits they can make.  If they tell me that they aren't able to figure their discretionary income after sorting their bill's, i would advise to avoid Bitcoin for now and instead try to get more ways to generate more income, before they can decide to invest their money. Making them know the in and out of Bitcoin won't make them to develop any Fomo, and give them a strong mindset.

First of people have to know something before peaking interest or shying away from it. Some people do not really know exactly what bitcoin is, it will just be helpful if you can explain that to them and let them decide if they will want to make investment in that kind of asset. At some point it may look like you’re advertising the bitcoin, yes it’s still not bad after all you’re also helping in the adoption of the bitcoin. It’s really just easy to help people that  already have discretionary funds available to go into bitcoin, while those that don’t have it yet can find a way to increase their cashflow before considering that form of investment.

[Cityhunter34]

Finally to the house, how do you go about yours to people around you, do you just make them understand how extremely rich they can become through Bitcoin investment? or you just tell them the way it is and leave them with the option of making decisions within themselves to avoid complications, what's your thoughts on this?

I want to be specific with you: I don't go around telling people about Bitcoin investment. However, if there is anybody doing this, I would advice them not to go any further, because Bitcoin investment is not a get-rich-quick scheme.

As an investor or a business man, you don't need to go around forcing people to join you; they are suppose find you, so that In case anything happens along the way, they won't blame. That's exactly what we should be doing.

[cxtreenal]

Finally to the house, how do you go about yours to people around you, do you just make them understand how extremely rich they can become through Bitcoin investment? or you just tell them the way it is and leave them with the option of making decisions within themselves to avoid complications, what's your thoughts on this?

I want to be specific with you: I don't go around telling people about Bitcoin investment. However, if there is anybody doing this, I would advice them not to go any further, because Bitcoin investment is not a get-rich-quick scheme.

As an investor or a business man, you don't need to go around forcing people to join you; they are suppose find you, so that In case anything happens along the way, they won't blame. That's exactly what we should be doing.

There is no need to find new investors and give them advice, but if you have an investor next to you or someone you know who is very interested in investing in Bitcoin, you should inform him about this matter well. Explain in detail the long term positive implications and risks of investing in Bitcoin and advise him that his own analysis is the best. There is no need to find investors, but rather to give the right advice to those who come to you. Some new members of the forum who want to learn about Bitcoin and Bitcoin investment, give them the right advice and first inform them about the risks of investing. And convince them of the importance of Bitcoin as well as the importance of real assets.

[Abdulzuruku01]

I let people who are interested in bitcoin make their own decisions and not convincing them to invest a specific amount of money, this is the mistake I see a lot of people make. First of all, it is very important to let people know about the risks of investing in bitcoin instead of making them have unrealistic expectations of it. I always advice people to use their discretionary income because it is possible for anything to happen.  In as much as there is a high chance of making profits it is also possible for the unexpected to happen.

Yes you are doing the right thing and this is what I expect everyone to always do. It's not advisable to make decisions for people when it comes to Bitcoin investment, no matter how much interest they show. If you make the decision and things work out for them, they can regard you well. But when it fails, this can even break your relationship with them because they can hold you responsible for any loss.  
That's why it's better to share information not instructions about people's investments.

[rachael9385]

However, when talking Bitcoin to someone around your vicinity even though not everyone love doing that, it's very important you let them know how it is without adding any form of sweet mouth to it, let them know it's a store of value, and also how it price is very fluctuating and it's never stable.
@

This is an important aspect that a lot of people don't really think about, they tell people about the possibilities of making profit from bitcoin without telling them about the fact that it is unstable, they do this because they try to convince them to invest but it is wrong to make people have unrealistic expectations.

Finally to the house, how do you go about yours to people around you, do you just make them understand how extremely rich they can become through Bitcoin investment? or you just tell them the way it is and leave them with the option of making decisions within themselves to avoid complications, what's your thoughts on this?

First of all, I only teach those that are interested, this includes my friends and family members because it would make zero sense to start introducing Bitcoin to people that isn't showing any interest. I always start by telling them about the risks and involved and also the possibilities of making profit and like you said, I let them make their own decisions.

[ASloveapg]

I let people who are interested in bitcoin make their own decisions and not convincing them to invest a specific amount of money, this is the mistake I see a lot of people make. First of all, it is very important to let people know about the risks of investing in bitcoin instead of making them have unrealistic expectations of it. I always advice people to use their discretionary income because it is possible for anything to happen.  In as much as there is a high chance of making profits it is also possible for the unexpected to happen.

Yes you are doing the right thing and this is what I expect everyone to always do. It's not advisable to make decisions for people when it comes to Bitcoin investment, no matter how much interest they show. If you make the decision and things work out for them, they can regard you well. But when it fails, this can even break your relationship with them because they can hold you responsible for any loss.  
That's why it's better to share information not instructions about people's investments.

You should never decide what they will do, whether to invest or not. The investment decision is completely theirs, you just present Bitcoin in front of them, tell them all the things, tell them everything about its potential including risks, how to manage the investment, how to ignore volatility and how it can bring long-term success after volatility, tell them all those things and let them make the entire decision.

Because in the case of Bitcoin investment, you also do not know exactly what stage it will actually go to in the future, none of us can say for sure that Bitcoin will go to this stage in the future, we are familiar with Bitcoin and we know the potential of Bitcoin, and because of our belief in this potential, we can remain stable with it despite the volatility of the market, but in the end, the certainty does not with us also, we are also not sure whether it can actually go to this stage in the future, we only invest based on the possibility, and so where there is no certainty, we should definitely not force anyone to invest.
If he has the mindset to invest and the ability to take risks based on the possibilities, then let him invest with full responsibility.

[Fiasem20]

I let people who are interested in bitcoin make their own decisions and not convincing them to invest a specific amount of money, this is the mistake I see a lot of people make. First of all, it is very important to let people know about the risks of investing in bitcoin instead of making them have unrealistic expectations of it. I always advice people to use their discretionary income because it is possible for anything to happen.  In as much as there is a high chance of making profits it is also possible for the unexpected to happen.

Yes you are doing the right thing and this is what I expect everyone to always do. It's not advisable to make decisions for people when it comes to Bitcoin investment, no matter how much interest they show. If you make the decision and things work out for them, they can regard you well. But when it fails, this can even break your relationship with them because they can hold you responsible for any loss.  
That's why it's better to share information not instructions about people's investments.

Na why you suppose dey truthful to the person wey you teach about bitcoin because when dem start to face price decline na you go take the blame.Infact just as @Grace333 talk nai be the best way to address this kain mata because na who get interest for bitcoin na go get joy as ehn dey learn about bitcoin.But if na person wey get interest about bitcoin e no go hard dem to learn about bitcoin,you wey dey teach them go con be like mentor to them,but if you wan do the opposite like to teach person wey no get interest for the crypto market you go tell them the better side and wahala side wey crypto enthusiasts dey face,like you no go dey only emphasize on the bull run aspect because with that mentality most newbies go dey think say if dem invest today tomorrow their bitcoin go start to dey increase wella.

[Chinesebaby]

Na why you suppose dey truthful to the person wey you teach about bitcoin because when dem start to face price decline na you go take the blame.Infact just as @Grace333 talk nai be the best way to address this kain mata because na who get interest for bitcoin na go get joy as ehn dey learn about bitcoin.But if na person wey get interest about bitcoin e no go hard dem to learn about bitcoin,you wey dey teach them go con be like mentor to them,but if you wan do the opposite like to teach person wey no get interest for the crypto market you go tell them the better side and wahala side wey crypto enthusiasts dey face,like you no go dey only emphasize on the bull run aspect because with that mentality most newbies go dey think say if dem invest today tomorrow their bitcoin go start to dey increase wella.

Yes, i agree with what you just said above, because been truthful about what Bitcoin stands for is the best way to building investors who willl later love to use it long term, because it's only when you make a story one-sided, whereby you avoid telling a new investor about the negative side of it and they happens to discover it thmeselves, that they will end up not liking the asset later on, but when they are fully aware, they will later get use to it.

[GoldBitcoin112]

Though I didn't read all your texts but , the topic is just enough for me to look into , what I preach to people out there about Bitcoin investment I tell people the value of Bitcoin investment in time to come how Bitcoin is the future, because looking at it you will see that our currency doesn't worth it any longer , but with the help of Bitcoin investment you will be free for some kind of things , like money not always be enough for your expense, but with the help of Bitcoin investment you will see that the basic money paid by government will be enough for you because the many gotten from your investment will now be enough for you.