Despite Bitcoin’s growing popularity, some people are unsure whether to invest in this digital asset. Many people have difficulties adapting to changes, especially when it has a financial aspect. Therefore, some people wonder how they can convince their relatives or friends to invest in Bitcoin.
Many people restrain themselves while others have doubts about Bitcoin. Others think Bitcoin is for criminals wanting to engage in illegal deals without leaving financial traces that authorities can use to get back at them. But, some people have made profits from Bitcoin trading. Others have investments amounting to millions in this cryptocurrency. If you’re already in the crypto investment game, you might want to convince others to start. Here’s how you can convince a friend or relative to invest in this virtual currency.
Simplify Everything
The crypto industry is relatively new with many jargons, partly why some people don’t want to invest in Bitcoin. Therefore, start by explaining terminologies like block reward, decentralization, and Satoshi to your friend. Once they have understood such terms, you can explain Bitcoin investment to them. If your sentence has a word that a person new to this cryptocurrency might not understand, explain it to them. Ideally, ensure that your friend is with you throughout the conversation.
Be Practical
Bitcoin is digital or virtual, meaning it is intangible. However, you can explain Bitcoin investment to your friend practically. For instance, when talking about a crypto exchange where your friend can buy this cryptocurrency, give an example of a platform like bitvestment.me . You can even explain the process of registering with such a platform to your friend.
Ideally, show your friend how to invest in Bitcoin, ensuring they know what they must do to start. Also, explain the information or knowledge they require before starting and things to avoid when investing in this virtual currency. You can also help them create a crypto wallet or transfer Bitcoins from the Bitcoin exchange to their digital wallet. That way, they can perceive investing in Bitcoin as a simple process than they initially thought.
Be Patient
You’re undoubtedly familiar with Bitcoin and related investments. Maybe you’ve made profits from Bitcoin investments. That’s why you want to introduce your friends or relatives to this venture. However, your loved ones might know little or nothing about virtual currencies. They could even have a negative attitude towards cryptocurrencies. Therefore, be patient with them, even when introducing an obvious concept to you.
Understanding Bitcoin and its functionalities when somebody has used and trusted conventional money for years can be complicated. Therefore, understand that explaining Bitcoin investment to a friend can be complex and time-consuming. It can even be stressful if not ready to spend enough time doing it. Nevertheless, you can be patient and repeat several things to ensure that your friend understands what investing in this virtual currency entails.
Don’t Argue
Your friend can use the negative stories available online to argue with you. If your friend does this, stay calm and explain everything to them. Arguing with them will ruin the explanation and hinder your friend from understanding the concept. Ensure that your friend understands that not everything they read about Bitcoin online is correct.
Also, try using real-life examples when explaining how Bitcoin works and how people invest in it. Make sure that your friend sees the value or purpose of this virtual currency.
Final Thoughts
Some people don’t believe in Bitcoin and its potential. However, crypto enthusiasts can help them understand how Bitcoin works, its functions, and why they should consider investing in it. Try these tips to explain Bitcoin to a loved one.