What are things to consider before someone go into investment?

[HisTemple]

I think he should be allowed to come in and experience it first.. but with an amount of money he can afford to risk losing.

The goal should be offering him proper exposure, allow him to understand how it works, observe the process and learn from the experience without putting himself under  pressure.

He should start small, understand the risks.

[Bryan jessy]

Your friend did not understand your explanation regardless of how much effort you put trying to make him understand how Bitcoin investment actually works, from his perspective he sees it as a Ponzi scheme where you deposited your money and it doubles and you withdraw in no time, that is what he thought of it. You're doing him good but do not let him jump into it with that mindset else he will blame you later for it because he still lacks the basis, I will advise you to present evidence or things more like a practical to him while explaining to him next time so he will at least have little understanding and grab what you mean.

[Cgrexp]

Your friend did not understand your explanation regardless of how much effort you put trying to make him understand how Bitcoin investment actually works, from his perspective he sees it as a Ponzi scheme where you deposited your money and it doubles and you withdraw in no time, that is what he thought of it. You're doing him good but do not let him jump into it with that mindset else he will blame you later for it because he still lacks the basis, I will advise you to present evidence or things more like a practical to him while explaining to him next time so he will at least have little understanding and grab what you mean.

If someone thinks that if they invest money here, it will double quickly. Then they should not be encouraged to invest. There is a big difference between their expectations and actual investment. Bitcoin is not a quick profit-making system. There is no guarantee that its price will always increase. There can be a big drop in the market. And the value of the investment can decrease a lot. If someone does not understand the risks of Bitcoin and long-term investment issues, then it is not right for them to rush into investing. It is not our responsibility to convince someone to invest. We can explain the matter with our knowledge and experience. But before making a decision, he also needs to have enough understanding. Because if he invests without understanding his decision and expectations, he may be disappointed if the market loses and may blame others.

[Webutxo]

Exactly. If some newbies are being told about Bitcoin investment just as you stated, there are some careless mistakes they can avoid. But the moment they understand what lies ahead of them, they will be more cautious, as they will know the right thing to do and make informed decisions. Although mistakes are inevitable, no one who is above making them, and Bitcoin can be profitable if they keep away from making mistakes that could destroy their plans. That's why doing their own research can help them protect their investment.

Now that we are in the modern days of hack that are grounded by AI, I think the way people do make mistakes and lose their money will be high than the way it used to be that time. When people make mistakes that are common, we do discuss it here and advice what people should do next and avoid mistakes but today mistakes are not the same, scammers looks for opportunity you to just lose guard and they take everything away from your wallet.

If you can use all your time and money to make Bitcoin investment, you should also make sure that you have secure your wallet, don't do things that will make you lose your investment and lastly, learn to do research and read on why people makes mistakes and lose their investment, learn from the mistakes of other people that made mistakes to lose their investment.

[ejikeme24]

For me, I think the only thing to consider after which you have understand the volatile nature of Bitcoin and the right wallet to invest from which is your discretionary funds and how to invest, the exchange wallet to invest from; The next thing is getting started if you have figured out your discretionary funds, because if you're waiting to consider everything before getting started you may not get started quite or time if at all you will invest. So the only thing to consider from the beginning is just the basic things while every other thing will be reviewed to you when you start accumulating bitcoin.

[Brizi5000]

For me, I think the only thing to consider after which you have understand the volatile nature of Bitcoin and the right wallet to invest from which is your discretionary funds and how to invest, the exchange wallet to invest from; The next thing is getting started if you have figured out your discretionary funds, because if you're waiting to consider everything before getting started you may not get started quite or time if at all you will invest. So the only thing to consider from the beginning is just the basic things while every other thing will be reviewed to you when you start accumulating bitcoin.

An intending investor in bitcoin don’t need to wait until he or she knows everything about bitcoin before they start investing in bitcoin because bitcoin is unpredictable due to its high volatility. Trying to know everything will only end up wasting time because you cannot know everything about bitcoin and how it will react every day or time. The best thing an intending investor can do for himself is if he decide to start investing immediately if his discretionary income is available and along the process of the bitcoin accumulation and investment they will be learning more about bitcoin through practical experience.

[samadam007]

For me, I think the only thing to consider after which you have understand the volatile nature of Bitcoin and the right wallet to invest from which is your discretionary funds and how to invest, the exchange wallet to invest from; The next thing is getting started if you have figured out your discretionary funds, because if you're waiting to consider everything before getting started you may not get started quite or time if at all you will invest. So the only thing to consider from the beginning is just the basic things while every other thing will be reviewed to you when you start accumulating bitcoin.

What do you mean by “the right wallet to invest from which is your discretionary funds”? That part is confusing because wallet and discretionary funds are two different things. Maybe you meant right wallet to store Bitcoin? If that is it then you’re still wrong. You don’t expect a newbie to be able to figure out quickly which wallet is more suitable, whether it is decentralized or not. Going that direction will cause unnecessary delays. The best thing is for him to store it in the exchange he is buying. Then broaden his knowledge about wallet and decide the suitable one to use before moving it there.

[MyWarLord]

You did the right thing because, before someone would decide to go into bitcoin they should have something doing so that their basic needs and expenses would be taking care of. They also need to have an emergency savings before investing in bitcoin because, emergency can happen unexpectedly. Do your own research to understand the risks involved and make informed decisions before investing your money.

[Jerrycrypto2024]

If the investor who wants to go into Bitcoin investment has the knowledge already but need enhance while on the investment is good but this must be put in place either is going for short time or long time holding because this is what determines if it's going to have some reserve fund, keep map out emergency fund and other measure of not allowing it's investment to be cut short mostly when in losses, if the investor has other means of income, or having huge income using any strategy to invest won't be an issue to over stretch one thought over going into such investment, in general investment one must know the risk involved in any business or investment through knowledge gathering either learning as aprentes or acquired as skill or any means where knowledge can be acquired risk management is the first key and having fund is the necessity.

[ejikeme24]

~snip~

What do you mean by “the right wallet to invest from which is your discretionary funds”? That part is confusing because wallet and discretionary funds are two different things. Maybe you meant right wallet to store Bitcoin? If that is it then you’re still wrong. You don’t expect a newbie to be able to figure out quickly which wallet is more suitable, whether it is decentralized or not. Going that direction will cause unnecessary delays. The best thing is for him to store it in the exchange he is buying. Then broaden his knowledge about wallet and decide the suitable one to use before moving it there.

My bad! I was actually trying to say "the right funds to invest from" then I mistakenly wrote "wallet" thanks for the correction anyways. And yeah, I'm saying that because it seems to me that most folks don't know the right funds to invest from. They feel they can actually invest with whatever they have, not that I'm saying they can't invest with whatever they have of course they have every right to invest as much as they could rather, they need to make sure that they have figure out their basic necessities then the left over can be put into their bitcoin investment but before that, they also need to cut some shares for emergency because without emergency funds we may not get to that stage we planned to get due to one challenges and the other. That is why it is important for every investors to build emergency funds while accumulating bitcoin.

[Xackie]

For me, I think the only thing to consider after which you have understand the volatile nature of Bitcoin and the right wallet to invest from which is your discretionary funds and how to invest, the exchange wallet to invest from; The next thing is getting started if you have figured out your discretionary funds, because if you're waiting to consider everything before getting started you may not get started quite or time if at all you will invest. So the only thing to consider from the beginning is just the basic things while every other thing will be reviewed to you when you start accumulating bitcoin.

An intending investor in bitcoin don’t need to wait until he or she knows everything about bitcoin before they start investing in bitcoin because bitcoin is unpredictable due to its high volatility. Trying to know everything will only end up wasting time because you cannot know everything about bitcoin and how it will react every day or time. The best thing an intending investor can do for himself is if he decide to start investing immediately if his discretionary income is available and along the process of the bitcoin accumulation and investment they will be learning more about bitcoin through practical experience.

Knowledge is an endless thing. No matter how much you think you know or wants to know , there will always be something new to learn. More of the reason why it's not ideal for someone to learn eventually about bitcoin because the more information you are acquiring the more you realise that there are more things you are yet to discover about bitcoin. You could be wasting your time to invest  because you are all glued up to learning everything  about bitcoin.  I do say this , if your goal is to contribute to bitcoin ecosystem, maybe a developer, then you are liable to know more things about bitcoin  but if you are an aspiring investor, you need to know some basic things which are storage, Dca , discretionary income etc. All these can be learnt and fully understood with 1-3 hours.  The best way to learn about bitcoin is by taking action which begin your investment after figuring out your discretionary just like you said. That could a newbie more confidence and build their experience around bitcoin  

[fredericktaylor]

Your friend did not understand your explanation regardless of how much effort you put trying to make him understand how Bitcoin investment actually works, from his perspective he sees it as a Ponzi scheme where you deposited your money and it doubles and you withdraw in no time, that is what he thought of it. You're doing him good but do not let him jump into it with that mindset else he will blame you later for it because he still lacks the basis, I will advise you to present evidence or things more like a practical to him while explaining to him next time so he will at least have little understanding and grab what you mean.

Those who actually invest with little knowledge will definitely lead themselves in the wrong direction because little knowledge is not enough to choose the right way. If someone thinks that investing in Bitcoin is a way to get rich quickly, then it is reasonable not to encourage them to invest in Bitcoin, because Bitcoin is a long-term investment. If you invest with the intention of getting rich quickly or in the short term, the risk of losing money can increase manifold because when the investor does not have basic knowledge about Bitcoin, he will quickly panic when he sees the instability of the market, as a result, the investor will not be able to hold the investment for a long time with confidence or patience, and if he cannot wait patiently for a long time through investment, the amount of financial loss will increase. Therefore, to start investing in Bitcoin, it is very important for a person to have a long-term plan and mindset about Bitcoin, as well as consistency and discretionary financial management and patience.

[Zackz5000]

You did the right thing because, before someone would decide to go into bitcoin they should have something doing so that their basic needs and expenses would be taking care of. They also need to have an emergency savings before investing in bitcoin because, emergency can happen unexpectedly. Do your own research to understand the risks involved and make informed decisions before investing your money.

Anyone can still invest in Bitcoin even though their emergency funds is not available and also a good news to anyone who has their emergency funds before getting started, in a case where there is no emergency funds and there is a discretionary income it is important to start immediately as long as you have your discretionary income available then your emergency funds can come as you are accumulating Bitcoin because still having an emergency funds is necessary as a Bitcoin investor since unexpected things can happen uninformed.

[Derekfunds]

Anyone can still invest in Bitcoin even though their emergency funds is not available and also a good news to anyone who has their emergency funds before getting started, in a case where there is no emergency funds and there is a discretionary income it is important to start immediately as long as you have your discretionary income available then your emergency funds can come as you are accumulating Bitcoin because still having an emergency funds is necessary as a Bitcoin investor since unexpected things can happen uninformed.

You are right and this mentality of having emergency funds in place before starting Bitcoin Investment has made a lot of folks not to invest in Bitcoin till today because they have not gotten the emergency funds and if there is discretionary income available and someone is waiting for emergency funds before starting guess what, the person won't know when he or she will use up the discretionary income they have on other things and that is how it will continue untill they change or renew their mindset.

[Gamanka@@]

Every sensible person would do the same thing as you did. Your friend no go understand now but if he eventually ventures into bitcoin later he will reflect back on this and then thank you for not deceiving him.

Although I will handle the situation a bit different because I won't give him the forum to start seeing me as bad friend or as if I don't want him to invest. I will convince him to start learning about bitcoin himself first instead of talking about investing. Ask to follow up with Bitcoin price for at least a month and then give you feedback on what he observed. If he's keen to learn and really want to invest, he will give you feedback and you can recommend more helpful materials for him to read. If he fails to give you feedback at the end of the month, then you let it go too because he is not ready for the journey. Learning should always come first before any other thing. If they learn it rightly, they'll figure out what and how to invest themselves.

On a side note, please try to make use of proper punctuation and correct spelling. I get the message you're trying to pass but I struggle to understand at first due to poor grammar.

Things to consider before investment are many get to know what  the investment is all about learn the income and out come of the investment it will help in having interest or not to, also if you decide to have intrest learn to know the criteria which is patience and risk if you don't have patience and you cannot take a risk you are ready achieve in an investment no matter what, investment is legitimate way of building yourself to aim higher and be out of poverty but you most potentially portray your mind towards it having the mindset of doing it no matter the outcome.

Secondly capital is one of the pillar that makes an investment to be investment so you most have enough capital to invest, you wants achievement you must sacrifice before you earn nothing good comes easily so as a new investor you need to know and understand how that capital is necessary to achieve your goals.

[Anayochukwu]

Don't start what you can not finish op , situations like this is exactly the reason why I don't discuss about my involvement with Bitcoin with any random person especially from my past. Never bring up any Bitcoin investments conversation because we all know that Bitcoin investments isn't just for everybody and now look your friend thinks you don't want to involve him which I don't mind because if you do involve him and something goes wrong he will still blame you for not warning him about it. Anybody that doesn't have a steady source of income have no business investing in Bitcoin and even from his reaction you can tell that he is emotionally capable for Bitcoin investments.

[Bright0515]

You did the right thing because, before someone would decide to go into bitcoin they should have something doing so that their basic needs and expenses would be taking care of. They also need to have an emergency savings before investing in bitcoin because, emergency can happen unexpectedly. Do your own research to understand the risks involved and make informed decisions before investing your money.

This is something that a lot of people that are trying to get into Bitcoin investment neglect, having a source of income or something doing that brings money is very important, this is what's basic before thinking about having an emergency fund which is also very important for Bitcoin investors to have. An emergency fund needs to be set aside but without an income there's no way that anyone investing would be able to do this successfully.