Friend going to help me and sell to me to get me started; what to consider

Bitcoin Questions and AnswersCategory: General questionsFriend going to help me and sell to me to get me started; what to consider

Nedvert A asked 2 years ago

I have read and watched a lot of your movies today and they are great, really like how detailed you are but also in simplistic terms. Thanks so much :)So I will just ask a few things:- What should i consider if I purchase direct from him he’s saying that I will get a discount and it will help him and myself. If I trust the guy is that good enough?- What are realistic expectations for holding with perhaps 5K USD understanding that it can go up and down.- So in a nutshell your “balance” of bitcoins is a series of numbers that YOU are generally responsible for either through third party or whatever. As long as you have those numbers unless something drastic happens you can end up with your bitcoins back?- Anything else I should know before I start apparently my friend been doing it a while and has done well so I don’t intend to use this as a source of income but would be interested to get more in the know and see how it goes.Thanks

1 Answers
Ofir Beigel answered 2 years ago

Hello Nedvert and thank you for the compliments :)
I’ll try to be brief and to the point:

  • Make sure you trust whoever you’re sending money to, or at least ask him to send you the Bitcoins first before you receive payment. If you’re not sure about this use a platform like bitrated as an escrow.
  • I’m not sure I understood the “expectations” question. If you’re asking regarding profit, no one can tell you what will happen. Bitcoin can go up and can go down – anyone who promises that you will make money from this is probably gaining something in return.
  • Yes – as long as you back up your wallet (private key or seed phrase) you’ll probably be fine, unless someone else knowns the private key as well. Meaning if someone sees that private key then he can then control your wallet. Also if you’re using a 3rd party wallet like Coinbase they have control over your funds.

Let me know if you have anymore questions, just make sure to go over the Bitcoin crash course and you’ll probably do fine.

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