My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.
This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.
So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them
In my opinion, you did everything right in saying this. I personally, with great caution, can advise anyone to invest in Bitcoin, before that I will carefully analyze the person and see whether he is emotional and prone to rash actions, as well as whether he is greedy or not. If these conditions are met, then only in this single case can I tell him a lot about it. Of course, in our conversation, I will warn him that this can be very dangerous for his wallet, and that you can not only earn, but also lose, because when buying any asset we take on the risk. Although many say that they are not responsible for those whom they told, I cannot say that I think the same. If a person loses some money, then I will indirectly blame myself. On the other hand, it would be wrong to be completely silent and not tell other people about Bitcoin, because in itself it is one of the best assets that exist. And I am still very grateful to those friends who introduced me to Bitcoin several years ago.
