We should be telling our siblings truth about bitcoin investment

[Munaland]

Sometimes I dey blame people wey dey think that bitcoin is nearest and simplest way to get rich if we invest for it, we should be telling our brothers and sisters the truth about bitcoin, i overheard two young boys discussion about bitcoin, one were telling the other one that soon it will be rich as he invested $100 in bitcoin yesterday, and the other one said his elder brother told him that if he invest in bitcoin he get rich quick as possible
I think we should stop deceiving our siblings that with bitcoin investment we can escape poverty immediately, that is a misinformation to our younger ones about bitcoin, if we invest in bitcoin now, we are not going to be rich as we expected, and if it's possible to be rich immediately you invest in Bitcoin, almost everyone who have known bitcoin for long time would have be rich all

Youngs research for bitcoin before you invest, bitcoin does not make instant rich, and if you invest to be rich immediately, you're not going to be rich, it said let me spread this information, I dont know it have being treated here before

[Cityhunter34]

These are the common mistakes most people are making. It's absolutely wrong to start telling newcomers about how quickly they can get rich overnight in Bitcoin, because as far as I know, Bitcoin investment doesn't work that way. Sometimes we need to be upfront with them early because humans are unpredictable.

Instead of telling them about quick profits from Bitcoin, it would be better to tell them about the risks involved and how to manage their investment for the long run without panicking, because an investor needs nothing but the basic knowledge.

[Egii Nna]

It is a big relief to hear someone speak the truth. The idea that throwing $100 into Bitcoin today will suddenly make someone rich by next week is just a lie, and it is sad to see young guys risking their money based on rumours, although it can happen bit in a few times. Bitcoin goes up and down way too fast, and those days of waking up as an instant millionaire from a tiny investment are already over. When people treat it like a lottery ticket instead of a risky investment, they usually end up losing the little they have because it will just be like a gambling to them not investing anymore.

Telling our brothers and friends the truth is the only way to protect them from making most mistakes in investment. Building real wealth takes time and patience, not just wishing for luck. We really need to warn the younger ones to stop looking for fast money they should sit down and actually research where they are putting their money.

[ruykeri]

It is never right to give anyone misinformation about Bitcoin such as sure profit or guaranteed profit. Because the price of Bitcoin fluctuates in a short time. So if someone spends a lot of money on Bitcoin in the hope of making  profit in a short time as you said, and then the price of Bitcoin does not increase but starts decreasing, then that person will blame you. Even if it is your younger brother or close relative, if they invest as you say and suffer a loss, they will not take it well. If someone wants to know and understand about Bitcoin, then they can be given the right information. But they should never be given advice or decisions to invest. Whether a person will invest or not will depend on his personal decision.

[Princess Leah]

These are the common mistakes most people are making. It's absolutely wrong to start telling newcomers about how quickly they can get rich overnight in Bitcoin, because as far as I know, Bitcoin investment doesn't work that way. Sometimes we need to be upfront with them early because humans are unpredictable.

Instead of telling them about quick profits from Bitcoin, it would be better to tell them about the risks involved and how to manage their investment for the long run without panicking, because an investor needs nothing but the basic knowledge.

Maybe that was same orientation the elder brother was given cause someone who understands Bitcoin would explain it that way to a sibling cause it's misleading, he would let the sibling understand that it's a long term investment, it's volatile and should be held longer to get good return in the future.

 Also, he won't leave out investing consistently to get desired result in the future but since the brother was also ignorant about Bitcoin investment to an extent, it was explained to him as like something to get rich quick with. Many people out there still need enlightening about Bitcoin.

[Zorellian]

It is never right to give anyone misinformation about Bitcoin such as sure profit or guaranteed profit. Because the price of Bitcoin fluctuates in a short time. So if someone spends a lot of money on Bitcoin in the hope of making  profit in a short time as you said, and then the price of Bitcoin does not increase but starts decreasing, then that person will blame you. Even if it is your younger brother or close relative, if they invest as you say and suffer a loss, they will not take it well. If someone wants to know and understand about Bitcoin, then they can be given the right information. But they should never be given advice or decisions to invest. Whether a person will invest or not will depend on his personal decision.

I agree with you, we should not advice someone on how to invest in bitcoin because when ever the market goes wrong will you be blame and they will not have the knowledge that, that how the market is sometimes. And if you want to give someone an advice of investing in any coins you should tell them that they should invest for a long period of time and the amount they can afford to lose.

[AmaGold70]

Actually Bitcoin can make investors rich, but not as quick as some people think. Those who proclaim, and tell people that they can become rich so quickly if they invest in bitcoin are doing more harm than good to those investors.
When you tell someone that he or she can get rich quick if they invest in bitcoin, and maybe stay like six months or one year, and not profit is recorded, but instead their the price of bitcoin is still experiencing decline, they will definitely sell at loss to recover part of their money, and they will see you as a deceiver, and see investment in bitcoin as a scam because you told them lies instead of telling them the truth.
No one should tarnish the image of Bitcoin by telling lies about bitcoin. Bitcoin does not promise investors quick reward or profit, but long term reward couple with patience, the truth should be told even though it might sound bitter.

[Mhizlove]

Honestly one of the biggest mistakes beginners do make is to expect that bitcoin will change their lives overnight. We all know that bitcoin can increase in value with time but no investment is guaranteed quick riches. Even those that have hold bitcoin for years still needs proper financial planing and patience. Rather than going after quick profit, as a beginner you're supposed to focus more on learning how bitcoin works, avoid making decisions because of pressure From friends, and lastly invest only what you know you can afford to leave for a long period of time. You see the only thing that will always save someone more from false expectations is knowledge, a good one at that.

[Sticky Bomb]

These are the common mistakes most people are making. It's absolutely wrong to start telling newcomers about how quickly they can get rich overnight in Bitcoin, because as far as I know, Bitcoin investment doesn't work that way. Sometimes we need to be upfront with them early because humans are unpredictable.

Instead of telling them about quick profits from Bitcoin, it would be better to tell them about the risks involved and how to manage their investment for the long run without panicking, because an investor needs nothing but the basic knowledge.

Maybe that was same orientation the elder brother was given cause someone who understands Bitcoin would explain it that way to a sibling cause it's misleading, he would let the sibling understand that it's a long term investment, it's volatile and should be held longer to get good return in the future.

 Also, he won't leave out investing consistently to get desired result in the future but since the brother was also ignorant about Bitcoin investment to an extent, it was explained to him as like something to get rich quick with. Many people out there still need enlightening about Bitcoin.

Exactly what came to my mind, there is this saying that "In the society of the blind, one eyed man becomes the king". The elder brother in this case has a very bad understanding of what bitcoin actually is and since his brother is a total novice to bitcoin, he's being fed the bad orientation as his only information about bitcoin, and he is now passing same analogy to his friend as well and that's how wrong information continues to gain ground in the society. His elder brother would not give what he does not have and I think OP missed the whole point .

[Dex_master25]

Bitcoin doesn't really make you rich in the shortest possible time because the returns will be small and that's if it's price increase in the meantime due to the effect of volatility.
Bitcoin is for long term investment wealth accumulation and while inflation hits our local currency that it loses value, in some years time the value of Bitcoin should be able to out rank our local currency and that makes it a bigger sum profit if we are patient with investment and consistent for a long time, not just doing it only once.
It's good individuals so their own research before investing in Bitcoin so as not to get the wrong information from another person who doesn't know any better.

[fredericktaylor]

It is absolutely not right to resort to lies to encourage a person to invest in Bitcoin. I think it is very important to gain correct knowledge about Bitcoin and then provide correct knowledge about Bitcoin to others. Bitcoin is a long-term asset, it is never possible to make quick money through investment. Of course, it is very important to invest with discipline with a long-term plan. It is not possible to make quick money through investment, so it is very important to invest with the money that we can lose. Of course, we have to buy Bitcoin consistently with a long-term plan and hold Bitcoin for a long time with confidence. As a result, when good times come in the future, we can expect profit from Bitcoin. It is not possible to give any confirm that the money will be gained 100% by investing in Bitcoin, because Bitcoin is very volatile and its price fluctuates rapidly but by investing consistently with a long-term plan, the risk of losing money is reduced and there is a possibility of profit in the future.

[Marykeller]

This information should be shared more widely with our brothers and sisters who we know are not on this forum. Because they are mostly the ones who are spreading all this misinformation about Bitcoin making someone rich, if they invest.

I think, if our brothers and sisters start to spread the right knowledge about Bitcoin, this mentality of Bitcoin making someone rich within a short time will be minimized. The Majority of newbies won't be having Bitcoin as get rich scheme that they will invest with any given amount, to think of being rich with it

[Chinesebaby]

Sometimes I dey blame people wey dey think that bitcoin is nearest and simplest way to get rich if we invest for it, we should be telling our brothers and sisters the truth about bitcoin, i overheard two young boys discussion about bitcoin, one were telling the other one that soon it will be rich as he invested $100 in bitcoin yesterday, and the other one said his elder brother told him that if he invest in bitcoin he get rich quick as possible

Some of the mistakes people make about the concept of getting rich with investing in Bitcoin is the wrong uses of some the the phrases like "soon, easy, and simple way to get rich quick". Because it's now doubt that people who invested $100 in Bitcoin 15years ago and were disciplined enough to hold it til this day without selling it are now all rich individuals, and likewise a person who invest $100 now and waits till the next 30years to 50years will also get rich with his Bitcoin investment. But when people start using the phrase soon, that's why they get it all wrong, because it's not possible to get rich any sooner by investing just $100 in it. Or not even $1000 or $10,000 will give you such wealth that will make you rich soon. So I think people just need to start using the right phrases like "You can get rich by investing in Bitcoin" and not adding soon, because If you can hold Bitcoin till the next 50years, then you might have got very good profits.

[Youngrebel]

This is a common misconception about Bitcoin that changes when they get to understand it, personally I think the main issue Is just lack of knowledge, when they get to understand what it is all about they are not going to expect to get rich overnight from it. The main reason why a lot of people are delusional is because the people that tell them about Bitcoin sell dreams to them and outs the wrong ideas about Bitcoin in their head. It is very important to tell them the truth so that they don't get misled, at the end of the day it's also for your own good as well, no one would blame you for their losses.

[Fivestar4everMVP]

Sometimes I dey blame people wey dey think that bitcoin is nearest and simplest way to get rich if we invest for it, we should be telling our brothers and sisters the truth about bitcoin, i overheard two young boys discussion about bitcoin, one were telling the other one that soon it will be rich as he invested $100 in bitcoin yesterday, and the other one said his elder brother told him that if he invest in bitcoin he get rich quick as possible
I think we should stop deceiving our siblings that with bitcoin investment we can escape poverty immediately, that is a misinformation to our younger ones about bitcoin, if we invest in bitcoin now, we are not going to be rich as we expected, and if it's possible to be rich immediately you invest in Bitcoin, almost everyone who have known bitcoin for long time would have be rich all

Youngs research for bitcoin before you invest, bitcoin does not make instant rich, and if you invest to be rich immediately, you're not going to be rich, it said let me spread this information, I dont know it have being treated here before

The big question actually should be can investing just $100 in bitcoin ever make person rich? And if this can happen, at what price will the price of bitcoin have to get to to make the person become rich? I am very bad at maths but I am sure that even if the price of bitcoin reaches a million dollars in the future, a hundred dollar worth of bitcoin invested or bought today can't possibly make that person comfortablely rich.

But that aside and back to the real essence of creating this thread, why would any body in their right senses choose to lie about Bitcoin investment to someone else just to get them to invest? This is nothing but being stupid because the one who lied isn't going to gain anything from the other person's investment on bitcoin, so why the trouble?
Concerning the example you gave about a brother tell another brother that he will get rich quick if he invested in bitcoin, do you @op consider the fact that he may have simply be joking with the dude but the dude misunderstood and took him serious?

[Adams0001]

These are the common mistakes most people are making. It's absolutely wrong to start telling newcomers about how quickly they can get rich overnight in Bitcoin, because as far as I know, Bitcoin investment doesn't work that way. Sometimes we need to be upfront with them early because humans are unpredictable.

Instead of telling them about quick profits from Bitcoin, it would be better to tell them about the risks involved and how to manage their investment for the long run without panicking, because an investor needs nothing but the basic knowledge.

Any one that believes that bitcoin make you reach overnight is lying and if you believe that means you don’t have any knowledge and experience about bitcoin because how can someone just told you that you can get rich quickly in bitcoin so easily you need to face challenges on it first and leave it for long term.

I don’t really no why some will be lying for others to invest in bitcoin without even getting any benefit from them if they invest. So is better you should explain to them on how he goes so that they can understand better and decide to invest or not. But saying that you can get quick money when investing in bitcoin, that is a big lie and people that this are not a good investors and won’t benefit what they always wish.

[Davidvictorson]

Sometimes I dey blame people wey dey think that bitcoin is nearest and simplest way to get rich if we invest for it, we should be telling our brothers and sisters the truth about bitcoin, i overheard two young boys discussion about bitcoin, one were telling the other one that soon it will be rich as he invested $100 in bitcoin yesterday, and the other one said his elder brother told him that if he invest in bitcoin he get rich quick as possible
I think we should stop deceiving our siblings that with bitcoin investment we can escape poverty immediately, that is a misinformation to our younger ones about bitcoin, if we invest in bitcoin now, we are not going to be rich as we expected, and if it's possible to be rich immediately you invest in Bitcoin, almost everyone who have known bitcoin for long time would have be rich all

Youngs research for bitcoin before you invest, bitcoin does not make instant rich, and if you invest to be rich immediately, you're not going to be rich, it said let me spread this information, I dont know it have being treated here before

In Nigeria, I hardly see anyone who just jumped into bitcoin.
They mostly first hear of it from their homies who may have been into it. And they talk and then they get in.
However we sabi say no bi by say dem way invest … the koko be say them wan make sharp money out of am.
And with the way e Dey now plenty people don sabi how the market Dey sometimes na green and sometimes na red.
As e be sef you need big money to put for bitcoin to get any profit out of it , if you Dey hodl.

[Versatile_choice]

These are the common mistakes most people are making. It's absolutely wrong to start telling newcomers about how quickly they can get rich overnight in Bitcoin, because as far as I know, Bitcoin investment doesn't work that way. Sometimes we need to be upfront with them early because humans are unpredictable.

Instead of telling them about quick profits from Bitcoin, it would be better to tell them about the risks involved and how to manage their investment for the long run without panicking, because an investor needs nothing but the basic knowledge.

It is very bad and misleading to tell a beginner that bitcoin Investment is a get rich quick scheme and / or investment. It is high time we understand that bitcoin Investment doesn't pay off within a short period of time but in the future even though there's no guarantee about the outcome if we Invest for Long term.Even at that we need to tell them all the things they need to know and then allow them to decide if they are going to invest or not, there's no point of sugar quoting everything just to get them to invest in bitcoin because even if you do so, if things eventually go wrong, they will still come looking for you.