Quote from: darkv0rt3x on Today at 04:59:21 PM

Quote from: Alpha Marine on April 19, 2023, 12:17:07 PM

Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.

I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.

The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.

So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.

I don't advise anyone to buy Bitcoin. I just tell people how it works, why Bitcoin is better than any other asset, I tell them I'm all in, I tell them I trust the technology, etc an also that they should only invest what they can afford (not to lose but to invest)! If they have spare few bucks at the end of the month, why not?
I also like to focus that I cannot teach them everything and that they also need to WANT TO LEARN and that they need to do their own research.

Sometimes happens that I am talking about Bitcoin to my colleagues at work and they start asking me: but how I buy it? Tell me? Where do we buy it, etc and I tell them that they should not buy it like blindly. That they should always learn at least the basic concepts, etc an then they get disappointed. But yeah, they need to want to learn. This is not easy money!

It's just like you are not encouraging someone to try what is you are doing. They only know they will gain something but they don't know how risk will they have to try just they heard about the money that some people earning. Without knowing the technicals of Bitcoin they will only lose a lot of money.

It's also best to suggest to the people that WILLING to learn about bitcoin, is to read the whitepaper https://bitcoin.org/bitcoin.pdf .If they are going to invest its best to spend what they are willing to risk to Bitcoin, not only bitcoin and also to other type of cryptocurrencies.