This thread was inspired by this one, where a forum user talked about him regretting to have recommended Bitcoin to a friend because some lost their coins or Bitcoin didn't hold up to their expectations.

The idea is to collect things which are useful to know before you recommend Bitcoin to friends and relatives.

It can be absolute "musts", or simple tips to make your Bitcoin journey better.

And just to clarify: It's probably not a good idea to aggressively try to drive friends or relatives into Bitcoin. I'd mainly recommend Bitcoin to people who already are showing some interest in the topic, or at least in related topics, for example if they are asking directly about alternative investment opportunities, being conscient about the risks.

I start with a couple of absolute "musts" everybody who wants to recommend Bitcoin to someone should know and tell the new users.

1) Not your keys, not your coins! That's perhaps the most basic sentence everybody should understand before engaging with Bitcoin. Coins hold on an exchange or a custodial wallet do not really belong to you -- if the company behind them gets bankrupt or is hacked, you can lose coins.

2) Back up your keys and seeds. You should have at the very least one or better two physical items (paper is okay for low amounts you can afford to lose, but not the best option, metal-based items are better!) where you've written down your seeds or keys from your main Bitcoin wallet.

3) Don't think that the Bitcoin price will always go up. Above all if the price is already bullish for several years, it is likely that it will eventually correct.

4) DCA is perhaps the best method to buy BTC and avoid problems with its volatility. Buying Bitcoins all at once is risky, especially if the price is already high. Buy them in chunks, regularly, for example once in a month.

5) Do not reuse addresses! This is above all valid for addresses you use for HODL purposes. Reusing addresses means to receive funds once you have sent coins from the same address. This can expose you to privacy risks and to quantum computers once they are available.

6) Bitcoin payments cannot be reversed (like credit card payments for example). Check all info, like addresses, and the trustworthiness of merchants and service providers, before you make a payment. It is your own responsibility to deal with the consequences. If something goes wrong and the payee doesn't cooperate, your only option is to go to the police.

7) Only use Bitcoin from safe devices. If you have only the slightest doubt your device can be infected with malware, or you're engaging in unsafe Internet usage (and use Windows ) then move your coins ASAP to a safer location! Consider a hardware wallet or dedicated device for larger amounts. Malware can include not only wallet stealers, but also clipboard hijackers who try to replace your addresses. And: A hardware wallet alone doesn't guarantee your coins are safe. Check expert reviews about the software and for concepts like random number generator entropy.

User contributions in this thread:

8 ) Test Biitcoin with small amounts first.
9) Tell your friends facts, don't get too excited.
10) Security first & educate yourself about Bitcoin before investing.
11) Be sure to understand Bitcoin before recommending. Be aware of scams.
12) Invest what you can afford to lose, understand the difference between long-term trend and short-term movements.
13) Keep coins separate & don't panic, use mobile wallets only for small amounts..
14) Use open source software.
15) Prevent physical attacks.
16) Don't post your Bitcoin address in public (until necessary). (Very important! Above all HODL addresses should never be revealed!)
17) Clarify the difference between Bitcoin and altcoins. Be careful with centralized exchanges.
18) Learn how to consolidate UTXOs. Store keys in different locations and use a passphrase on your main device.
19) Be aware of ponzi schemes and malware on untrustworthy links.
20) Be careful with airdrops, don't connect a wallet with significant funds to untrustworthy actors.
21) Try to be emotionally stable before taking decisions. Monitor market trends.
22) Know how transaction fees work, to avoid under/overpaying.
23) Learn from experienced Bitcoin users.
24) Store your seedphrases and keys only offline, never online.
25) Elaborate a strategy and a long term plan.
26) Do not use wallet software on public unprotected WiFi networks.
27) Ask yourself your friends what your goals with Bitcoin are.
28) Know the crypto legislation of your country, for example regarding taxes.
29) Prepare yourself and your friends mentally, e.g. for the volatility.
30) If your friend is technically interested, propose them to try out a Testnet before using the real software.
31) Try to understand if the sentiment of most Bitcoin investors is short or long term oriented, to prevent false expectations of the future price/adoption behavior.
32) Be aware that dealing with Bitcoin wallets is your own responsibility. Different to banks and finance service providers, there's nobody who is obliged to help you if something goes wrong.
33) Know and practice the recovery of your keys from a backup.
34) Be very careful when accepting help with technical problems like backup recovery. Know which items to post and what not. Be also careful with chatbots like ChatGPT in general.
35) Introduce close persons (family/friends) at least to the very basics of Bitcoin, in case something goes wrong.
36) Know strategies to deal with inheritance (related to 35)
37) Carefully join online communities.
38) Lern how to use a block explorer. (addition: but use them with Tor or VPN to avoid providing them personal data like the IP address).
39) Be patient. Don't expect any guarantees for anything. (you're on your own)
40) Be aware of social pressure you may get with your involvement in Bitcoin. Focus on the long term. Be aware that Bitcoin is decentralized, with all consequences (no authorities).
41) Take into account possible negative consequences of your involvement from the start. A good idea is to imagine a worst case scenario and how you'd deal with it.
42) Don't expect Bitcoin to be a ponzi or get rich quick scheme. It's an investment.
43) Make sure to have a Bitcoin-independent source of income if you invest your savings, not only Bitcoin trading. Recommend airgapped devices (e.g. hardware wallet) for cold storage.
44) If you want to use Bitcoin for smaller payments, consider using Lightning or other Layer-2's. (But of course investigate the specific risks.)
45) Scammers can use some very tricky methods like pretending to be support staff, and of course phishing. Be aware of them and investigate.
46) Be aware of dust attacks.
47) Hardware wallets should be bought at official trustable stores. If buying on platforms like Amazon, there's a certain risk the device may be compromised.
48) Sharing a Bitcoin wallet, even with family members, has several pitfalls. It should only be done with really trustable people and you should agree on some sort of safety net if the relationship fails, like multisig setups.
49) If you share links about Bitcoin, a URL shortener service can help as a protective measure to avoid linking to malware infected sites, as they often include a malware scanner.
50) It's a good idea to show all new users Bitcointalk to learn about Bitcoin.
51) Learn about the concept of "entropy" before you store significant amounts on a self-custodial wallet. Good keys and seed phrases require a good random number generator and at least 128 bit of entropy for the random number generator, better 256 bit (256 bit are standard for 24 word BIP39 seed phrases). There have been incidents (BitcoinJS, ColdCard) where Bitcoins were stolen due to weak random number generators.
52) Self-custody is sometimes used as a marketing term and you are not always the full owner of your keys. There are wallets promoted as "self-custodial" operated by a company which can have some kind of access to the coins. If you want to be completely safe that the coins are yours, use a popular and recent open source wallet, ideally Bitcoin Core (which can be configured to not occupy that much space on the device).
53) Don't try to explain everything yourself, above all if you have still doubts about Bitcoin's characteristics. If you feel you're lacking knowlege, it is better to point your friends to trusted sources.

Can you add something? Good tips will be merited and linked in the OP! Please make sure you read the existing tips and don't repeat existing information.

Translations: Indonesian - Hindi - Turkish - German - Urdu - Russian - Spanish - Filipina - Pidgin - Croatian - Romanian