What should you know before recommending Bitcoin to a friend?

[Merit.s]

Don't use money for your important needs to invest and avoid investing due to FOMO

Add passphrase to your seedphrase and make make three duplicates of your seed phrase and keep them in three different locations far from each other. Also keep your seed phrase and passphrase seperately.

If you're DCAing with small amount of money weekly/monthly, always consolidate your small small UTXO into one to avoid using very high amount of money for transaction fee in future when transaction fee will be high because it might eat up almost all your profits due too many small small UTXO.

Don't store your seed phrase on cloud storage or online.

Avoid trading if you want to be a successful bitcoin long-term investor.

[Sally9256]

- Use strong passwords to protect your wallet and store your seed phrases properly away from the internet and duplicate and keep in separate place in case of emergency.

- Stay up to date: most people might not see the use but following good source for Bitcoin latest news and updates can be helpful as well.

- Have knowledge about other forms of investment. it can be helpful.

- Seek knowledge and advice from experience users.

- Bitcoin is not a get rich quick scheme so don't expect quick profits.

- Don't invest because you don't want to miss out.

- Invest only what you can afford to lose.

[Ayebabara]

Can you add something?

Here I have some few to add.
Don't Force:  : Don't Force anyone to join Bitcoin investment because if you do and anything happened that is not good with them,  you will be the one to blame. So to avoid receiving blame because you tell person to invest in Bitcoin don't force but let the person use his or her neutral mind to invest so you won't be blamed of anything.

Avoid Ponzi Scheme: Tell the person not Join any Scheme that is telling them to increase their investment within a short period (Ponzi Scheme), when the person got involved in Ponzi scheme and hot scammed they would say you make them to join Bitcoin investment. Don't plan to increase your investment within a short period of 7 _ 14 weeks.

Avoid Clicking of Unknown Bitcoin investment Link: Don't click any link in social media that is related to before unless confirmed by the instructor or someone that is very good in Bitcoin and know the link as legit. Don't click any link without knowing the source.

[Asuspawer09]

Gonna need to agree with all of this, On years of my journey in cryptocurrency space I have a lot of experience with sharing Bitcoin to a friend, from the very start since in the past its mostly a trending asset and thing that a lot of people dont know about and even until now there are a lot of people that doesnt have any idea what Bitcoin is, So when they know that I kinda have a thing on Bitcoin investment and im earning on it they get interested as well and ask me about it, But what I've always told them after a lot of experience in the space is, I want them to learn it on there own, they need to be the one doing the investing, they need to have knowledge on it. A lot of people get hype with the amount if you are going to tell them about it, like how much you are able to learn without them knowing what you did before even getting there I think it wasnt a good thing to hype them at all because they could easily think that its a fast money, if your greedy your going to do a lot of wrong decision and might end up losing a lot of money on cryptocurrency.

What I do is remove all the hype, actually discourage them from investing on it, because its a very risky investment, then if they still want to get going after all of it, that is where I kinda give some advice and guide them. This list is a great list that they need to know before they can start to invest or start there cryptocurrency journey, I will save this list. But if personally I will not recommend it to anyone unless they are the one that is going to insist.

[KiaKia]

People this days are lazy asses who don't want to do things for themselves, when you start looking good they will ask you for ways to make money and when you started dropping the details they will shy away slowly.

This is not a brag, I have stopped comparing myself to people, I am better than the majority because many people can't do what I have done to get to where i am in this life, which makes me believe that some  people's present position are where they are supposed to be.

They are the reason why they are at that position, someone asked me to teach them trading, I did but they wasted my time because the found trading too heavy for a job, they came back to ask me to start trading for them and I said no.

Another one asked me to teach about mining, I did but I started with the bad news surrounding crypto and risk taking, told them about my past losses and time wasted, they ran.

If you want to get rid of people faster always tell them the most challenging part of the journey, many would have lost interest immediately, people like telling others about the rewarding part only which hypes them up.

Start with the negativity part and see what happens.

[SuperBitMan]

d5000 you made very important points which should be taken seriously by any Bitcoin investor, a lot of Bitcoin investor especially newbies make some mistakes that usually cause them to lose there Bitcoin and this tip's you have mentioned will really help anyone protect and grow there Bitcoin.
Now this are some tips I will love to add.
1. Don't do Airdrop with your Bitcoin investment wallet:
As a Bitcoin investor don't use your Bitcoin investment wallet to do Airdrop, some AirDrop will ask you to connect your Bitcoin wallet to the AirDrop and when you do that you have given them access to your Bitcoin wallet and they can withdraw all the Bitcoin you have been accumulating, some people has fallen victim of this so you need to be very careful don't use the same wallet you are using to accumulate your Bitcoin to do Airdrop, just create a different wallet for all your AirDrop if you must engage in AirDrop.
2. Management skills:
In other for you to succeed in Bitcoin investment you need to know how to manage your finance very well, some set of people find it very difficult to invest in Bitcoin Because they don't have a very good management skill, when you have a very good management skill you won't find it difficult to succeed in your Bitcoin accumulation journey.
3. Backup funds.
As a Bitcoin investor you need to have good and strong backup funds, for example you need to have an emergency, reserve and float funds, no no body is praying for bad moments to come but as a human you need to always stay at alert always so you won't be consumed by those bad moments, some people sell off there Bitcoin when they have not reached there desired state or level because of bad moments but when you have this backup funds it will help you during those bad moments instead of dipping hands into your Bitcoin investment you will dip hands into your backup funds to solve the situation.
4. Don't use exchange for your Bitcoin investment.
Do not use exchange to invest in Bitcoin especially if you plan to hold very a very long time, use only wallet because it gives you more security and no other part is involved unlike exchange.

[Queen uloma]

Can you add something? Good tips will be merited and linked in the OP!

Before recommending someone to Bitcoin you're to guide them, through the different financial system. Bitcoin is a decentralized degital currency that needs personal responsibility.
‎In other to protect and grow your Bitcoin You're to:
OP has already done justice to it however this are other tip's that can help.

‎1. Keep quiet about your holding: never you disclose how much Bitcoin you have no matter the situation never you talk about your holding because they can attack you and take everything from you, so learn how to keep quiet when holding any amount of Bitcoin keep it to yourself.
We have seen some situations where investors who disclose their Bitcoin holding to the public were attacked by armed robbers, so to succeed keep your mouth closed.
‎
‎2. Enable Extra security: Make sure you use a strong pin to protect your Bitcoin wallet from hackers, some people only use there name and date of birth as there password which is not a strong password because it is already a popular password which many people use and hackers when they have access to your wallet they usually try this password which is your date of birth and password.
‎
‎3. You need to learn before you invest: one need to study and know how Bitcoin works before you invest because the more you understand the less you engage on risk.
‎
‎4. stay informed: make sure you follow more on Bitcoin news and people that are more educated on Bitcoin than you because it will really help you grow in knowledge about Bitcoin investment.

[arwin100]

This is provably what I going to consider first before recommending Bitcoin to them.

We should explain well the volatility risk of Bitcoin, We make sure that not all the time Bitcoins goes up and they need to be more careful dealing with it.

Make them understand that Bitcoin is not a ponzi scheme if someone says that invest and they have chance to earn forever passive income on their platform that means its a scam.

I also consider to know first their financial capability if they are ready to deal with Bitcoin since if they are struggling and can't able to invest because they can't afford to lose I will not recommend Bitcoin to them while they have questionable financial state.

Will explain it to them the purpose of Bitcoin so they will not get confused on many misleading information in internet.

Then will introduce security and self custody to make them aware that they are using safe wallets and not those risky apps.

Last will never consider to say that they will get rich easily on Bitcoin and make sure that they are intact with reality that there are lots of challenges need to face before they can earn on Bitcoin.

[Supreme Donvic]

Now I will use myself in order to advise others on very good tips that can be very helpful to them as a way of adding tips to this wonderful topic.
History development growth of Bitcoin:
This is something that really helped me when I started Bitcoin investment, I was not having the mind to invest very well on Bitcoin I was a little bit scared and then I decided to check the history of Bitcoin growth till date, I saw how Bitcoin went from $0 to $1 to $1k to $10k to $50k and to what it is now $103k as of the time I was writing this post, after going through the history of Bitcoin development and growth I believe so much in Bitcoin I had much more stronger faith in Bitcoin and that was how I continue investing in Bitcoin without looking back, so when you bring someone into Bitcoin investment tell them to go through the history of Bitcoin development and growth it will help motivate them.
Patience:
You need to have patience when you are investing in Bitcoin, anyone who you are bringing into Bitcoin investment most be a patient person if the person don't have patient he can't go on with Bitcoin investment, you need to be patient when you are patient you will benefit from Bitcoin but when you are not you can't benefit well.

[Yeesha]

Can you add something? Good tips will be merited and linked in the OP!

This is actually a good and interesting thread and it going to be beneficial to so many people. It is actually not advisable to directly convince someone to invest in bitcoin or any other cryptocurrency to avoid people from blaming you if anything goes wrong, but you can actually tell them about the advantages and the disadvantages, and if they decided to invest with their own willingness and interest, then it is left for you to advise them and also encourage them on some certain things that the Op and other forum members said, and I would also like to add some tips.

STAY PATIENT: it is very important for a every investor to exercise patients and follow their investment gradually and prevent themselves from making the wrong decision.

DON'T CHASE RETURN: they should be mindful about the investment and avoid deceiving themselves by making false promises, expecting unrealistic high returns.

EMOTIONAL STABILITY: they should make sure that they are physically, socially mentally, and psychologically stable for them to have the ability to make well informed decisions and develop strong mentality to avoid fear of missing out, and greediness.

MONITORING MARKET TRENDS: it is very important to keep a close watch in the market dynamics and adapt to the changes that occur in the markets.
 

[freedomgo]

I’ll just write one so others can also add theirs, since there aren’t many spots left and a lot of users already replied.

For me, the basics are the most important, understanding what Bitcoin really is and who Satoshi is. You need to understand Bitcoin first before even thinking of investing. Next, I’d let them try a small transaction so they actually learn how it works. Even if their goal is long-term investment, at least they know the process because adoption is part of why investments grow.

Then I’ll tell them the history of Bitcoin, how the price moves, how volatile it is, and how many times people said it “died” but it always came back stronger. That way, they won’t panic when the market dumps. If they can absorb all that in their heart and mind, I think they’ll end up becoming long-term holders.

[Nasdel4]

From my little research so far since I started here and from everything I've been reading in this local board, these are my inputs

1. Understand fees before you send: most times newbies usually underpay or overpay fees. Make sure you use a wallet that shows the current network fees and allow you to adjust to them. Confirm you're using the right fee for the speed you need.
 
2. Don't keep coins on exchanges long-term: Most exchanges get hacked, frozen withdrawals and some even go bankrupt. Make sure you withdraw to a personal wallet once you buy.

3: Never share your seed phrase: no matter how convincing a person sounds, whether being supportive or trying to teach you anything, never share or expose your seed phrase.

4. Before sending Bitcoin make sure you double check addresses: this is because transactions are irreversible once you send them. Make sure you carefully copy and paste which is more preferable compared to typing.

5. Start small: it is better to start small and make experiment with small amount first, send a tiny transaction, back up your wallet, recover it just to make sure you're comfortable before getting into serious money or transactions

[BitBakerr1]

A lot of people has add meaningful things in this thread already but I still want to add something very important that can really be helpful to us in our Bitcoin investment journey which is.
Make friends with Bitcoin serious minded investors.
This is one of the things that will help you very well in your accumulation journey, when you have friends that are very serious with there Bitcoin accumulation and they are always around you believe me you will also take your accumulation very serious but if you are with friends that are not Bitcoin investors and don't even like the idea of Bitcoin investment you will always fine it very difficult to be consistent in your accumulation because they will always want to pull you out from Bitcoin investment, as a newbie that is in this forum you can make friends here with people that are so interested in Bitcoin investment.

[Cossyblack]

Do not Store Bitcoin on Centralized Exchanges: people prefer using Centralized Exchanges to buy,Sell and store Bitcoin because they have users friendly interface making it simple for users to use and navigate without stress but they are not safe. These exchanges aren't safe to store your Bitcoin assets because they are Hackable. I suggest the Use of a Non- Custodian Wallet because it is unhackable and it allows users to be in control of their assets 100%

Invests In Silent:it is dangerous to trust people because you don't who is your enemy in secrets. So therefore,you should be careful with families members and closest friends you discuss Bitcoin . No matter how you trust them, avoid disclosing the value and worth of your Bitcoin assets because not everyone is happy that you're re succeeding  financially when they aren't . Be careful because some friends are wolf in sheep clothing.

Avoid Storing Your Seedphrases Online: This is very important as it concerns Assets security. Centralized Exchanges are not the only platforms that can be hacked even our Emails. Do you know emails can be hack and they are vulnerable to phishing fraud. With this, I don't consider Storing of seedphrases in Emails as a safe location because they are susceptible to hacking. I will advise Writing down your Seedphrase on a paper, photocopy in three copies and store it at separate save locations.

[Ambatman]

Usually steer away from encouraging people about Bitcoin
Why?
Many believe it's always green. It would turn you into a millionaire.
So the first I normally give is that Bitcoin is money itself
And not a get rich scheme.
Let them know it has fallen by 70% and could do same again
It has always recover doesn't mean it would always recover (if they can cross this pessimism or ask then why do people still buy it)
That's when I explain why, the control and freedom it grants
Nowadays many don't care about Bitcoin as a decentralized money and more about it would rise
I always try to avoid involving those about Bitcoin.

Security first. If you lazy you can't use Bitcoin.
Invest what you can afford to loss.

[Alpha Marine]

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.

Aside from the fact that I always consider if the person is ready to have custody of their bitcoin, this is something that should be hammered.
People need to fully understand how the Bitcoin price moves. Most people buy Bitcoin for the first time when the price is pumping, and this gives them the idea that it will always be like a walk in the park. When they have the idea in their head that Bitcoin is a quick way to get money, they will blame you when things don't go the way they imagined.
Also, they need to understand that if they want to hold Bitcoin as an investment, they need to hold it for the long term.

[Charcol]

One thing everyone may have missed. Someone should explain the basic concepts of transaction fees and mempool in a simple way. I heard that users have to wait for hours if they send with a low fee. So I want an experienced person to shed light on this issue. So that it can be clearer.

 Maybe my friends will not ask me about Bitcoin. If anyone is interested in knowing, then I will definitely inform everyone about the forum and this thread first. So that he can be clear about Bitcoin himself.

4) Understand What Bitcoin Is : Up to this moment now there are a lot of people who are highly educated but they still see Bitcoin as a way of scamming because that is what the media always say about it, because they see it as a weapon against the government.

Crypto trading was once banned in Nigeria. At that time, many people thought that Bitcoin was a scam. But now, more than 20% of Nigerians trade Bitcoin and most of them have realized that Bitcoin itself is not a scam. Rather, some people like us are using the name of Bitcoin to scam people, so many people think it might be a scam.

The biggest thing is, if you start discussing Bitcoin yourself, others will think it is a scam.

[Bright0515]

First of all it is not easy to recommending Bitcoin investment to a relative or a friend because you must first of all tell them the basics before you go further. Although almost every important things has been discussed already, but I can still add up a little hint.

If you really want to recommend Bitcoin to a friend of relative you must first of all them about securities. Security is the most important thing to understand before going further to buy bitcoin. If your Bitcoin is not in a secured and private wallet which only you have the key to it, it will be stolen or forgotten because you didn't protect it.

Have an emergency funds: Some people don't take this one serious. Emergency funds help because you will not need to sell part of your Bitcoin if you get into any emergency situation.

Have a long term plan A lot of investors don't have a long term plan because they are desperate to make quick money. Having a long term plans helps you meet some opportunities that a short term investors will miss, and you don't need to panic when the price dip.

Use a good strategy This is one other thing some people don't understand, they go all in and expect to get profits from it. When you have a strategy you know when to buy and when to sell. But I really recommend a DCA strategy because you can invest with any amount that you want. You can buy when the market is high or when it is low.

[Obim34]

This is what i know and will tell anyone recommending into Bitcoin investment.

1. Let them know how to manage transaction fees to avoid over paying.

2. Bitcoin is not the primary gateway to financial freedom.

3. Investing in Bitcoin with what you can afford to lose is false and unhelpful advise.

4. Tell them about Bitcointalk, where they can learn, improve Bitcoin knowledge and still earn free Bitcoin to add up their portfolio.

[katanic97]

If you have friends or family who are interested in Bitcoin or you want to encourage them to invest, don’t be too excited trying to convince them. Give them all the info they need. Don’t just push them, give them facts, which is way more important.

Teach them how the market moves, that it’s not some ponzi scheme that guarantees returns. It can be volatile, and we can lose money too. But with basic education and real trust in Bitcoin’s long-term future, their investment will likely grow, especially if they choose to HODL.

That’s really hard to do. I tried to explain in detail to a friend who isn’t into it how it works and how he could make a profit by HODL-ing. He simply didn’t want to listen and said it was a waste of money and that he couldn’t wait that long. I told him he could at least put a part of the money he usually spends on useless things into BTC, but again, he didn’t want to listen. Since then, i’ve lost my patience and don’t bother explaining anymore. But if any of my acquaintances, friends, or family members ever want me to explain it to them, of course I’ll do it.

For sure no one should be forced in to investing in Bitcoin because without that self conviction it will be hard to navigate all through the market uncertainties, anyone forced will never put the necessary efforts in making his or her investment a successful one and when things goes wrong they look for who to blame. To be frank not all can be tolerance enough to risk anything in Bitcoin and that is their own level of risk which can differ from others.

 1. Another tip is that there must be self conviction.

 2. You are responsible for your actions of investing in Bitcoin.

But if you, as a friend, brother, whatever, have everything clearly laid out and through your own example someone can learn and understand then what’s the risk? I agree that there is always some risk, but i think it’s worth trying because with small amounts of money invested there’s nothing to lose. After that, they can invest and trade on their own, whatever they want. It’s just that people are skeptical and afraid.