Hey all! After a lengthy hiatus, I am back and looking forward to pumping out some new material. In today's article, I'm going to look at the pros and cons of encouraging your family or friends to start stacking sats!

PROS

1. You can help set them up for the future

We all have love for our family and friends. Taking the time to educate them about Bitcoin and cryptocurrency in general is an altruistic action, right? One way in which I've personally gone about this is to help set up friends and family with FREE ways to make Bitcoin (like this and this). Getting your friends and family into crypto in this manner means you are not encouraging them to risk any money. Indeed, with free ways of gathering Bitcoin and cryptocurrencies, there is literally only an upside! If afterwards, they decide to invest in Bitcoin or crypto - they can potentially drastically change their future financial well being.

2. You can gain a new person to chat about crypto with

Having someone who shares a passion of ours is always a good thing. Just like you may enjoy chatting to your friends or family about your favourite sports team or TV show, having a pal to talk crypto with is a bonus for you and your friend/family member! On top of this, this is a great way to hear about things within the crypto world that you may not have known about. A few years ago, my friend mentioned a crypto company who were selling their miners and if I would be interested in splitting on one. We have now been running our miner for over a year, and if we did not have our crypto connection - I may have never been aware of this opportunity.

CONS

1. You cause devastating financial ruin for them

While we may have it in our best interests to help our friends and family financially, we ultimate have no control over their behaviour once they do invest. With the wild swings we often see in crypto, we have no guarantee that our buddy or uncle will end up deciding to pull a classic 'buy high/sell low'. Worse still, they may ultimately blame their loss on our advice. Suggesting a TV show to someone we love is one thing - adding financial advice to the equation requires careful conversation and expectations.

2. They may mistrust you

Imagine your friend coming up to you - "I've got a great business opportunity for you", they say. All you need to do is invest $500 into this company and then get 3 more friends to do the same. Sound familiar? A lot of people currently think that crypto is just a Ponzi scheme and may become quite agitated if you try to educate them or encourage them to invest. Though of course we know better when it comes to Bitcoin, this underlying bias is enough to potentially ruin and connection you may have with this person.

CONCLUSION

When bringing up investing in Bitcoin and crypto with your friends and family, tread carefully. Perhaps help set them up with free ways to make Bitcoin and different cryptocurrencies (including having them sign up for this website)! Above all, respect their ability to make a decision for themselves and be sure to be a good friend/son/nephew/grandpa first.

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