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.
User contributions in this thread:
--edited out--
Can you add something? Good tips will be merited and linked in the OP!
Wow, I really love this, a lot of knowledge here. And I'll also love to add that:
Tell your friend to also "DYOR"I think this is also very paramount because if they don't, they won't fully understand what they are getting into thus, making them invest irresponsibly
And also
"It is never too late to start Bitcoin investment". 10 years ago was a great time to start, today is another great time to start investing in as much as you are patient.
