Quote from: Rruchi man on August 03, 2024, 10:01:36 PM

These days, networking has been made easier with social media, where you can easily make a referral, and people on your contact list take it seriously based on the level of trust and reliability that they have for you.

If you make a referral and people who follow it are satisfied, their level of confidence and trust in you increases, and they value you more.

There is a need to be careful about the referrals you make, because some referrals are capable of ruining your image and the trust that people will have in you.

I have seen people question why bitcoin is still the first choice that is referred to new people in cryptocurrency who want to invest, and one reason for that is that bitcoin can be relied on when compared to other cryptocurrencies, especially the new ones, and you don't want to gamble with your referrals.

I know we always have to advise people to do their own research for any referral given to them, but still, you do not want to give someone a referral on some altcoin just for them to do their own research and find out that they just dodged a bullet.

Do not just refer to any cryptocurrency; refer to bitcoin when introducing a newbie to cryptocurrency.

Yeah, I agree with you on that. Be careful with the use of text. That is especially true within the crypto space, where one can find it hard to get people to trust him/her if the advice does not work. That is why, in most cases, the use of Bitcoin when presenting it to beginners is usually a safe play. Those are indeed more established and less volatile than many altcoins.

But as for me, I think educating people about other legitimate cryptocurrencies offering different functionality-for example, projects like Ethereum with smart contract capabilities or even niche coins like Chainlink for decentralized oracles-would be even more useful. It has its own pros that depend on the tastes of the owner, but still I think Bitcoin is advisable for beginners, though. Because it makes sense for financial reasons and is a known form of value. But if someone researches and is aware of the risks, I think that we shouldn't limit ourselves just to Bitcoin.

Quote from: Majestic-milf on August 05, 2024, 07:42:34 AM

I shy away from referrals like it's the plague because like the op said, it has the tendency to reduce trust if it doesn't meet the expectations. I rarely talk about my dealings with crypto for (1) security reasons and (2) it's hard for them to understand so I don't bother trying.
With how the economy is tight, everyone is looking for a quick means of income and when you try to tell one that if you invest in Bitcoin, it will yield much profits provided you're patient, you'd have to further that patience part for them because they will think it's about putting money and constantly monitoring it, but won't really be interested in knowing that the market is volatile and can go up and down any moment. So I keep my mouth shut instead and try not to refer or give any investment advice so I don't get my head on the chopping block when it caves in.

I completely understand where you're coming from. Referrals can be tricky. This is especially true when it comes to volatile matters like cryptocurrencies. as you said The risk of losing trust is real when things go wrong. Not as expected I still find it difficult to explain crypto to people who don't know.

However, I think it is important to focus on the long-term nature of currencies like Bitcoin when we choose to talk about them. as you said Patience is important But educating people about the risks is also important. So that they know what they are dealing with. Sometimes it's not about avoiding references altogether. But make sure the person fully understands the ups and downs of the market before making any decisions. I understand why you chose to keep quiet about this. You'd rather be safe than sorry! But if you give advice Perhaps providing clear advice about the risks and supporting further research could improve your reputation and protect all their hopes.