Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: yhiaali3 on March 18, 2025, 06:12:38 PM
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Today, I saw my brother and he told me that his son, who works in the grocery business, had heard that Bitcoin had become very popular and its price was rising, and he was thinking of buying some Bitcoin to Hold it.
I was happy to hear this news, even though my family knows I've been involved in Bitcoin for a long time. However, it didn't attract their attention when the price was low. Instead, it attracted their attention when the price was high. This is what happened to many people who missed out on buying early at low prices.
He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Actually, most of us make a common mistake when it comes to investing in Bitcoin, which is that when the price of Bitcoin increases, we find our trust in it and then we plan to invest here without having any detailed knowledge about it, which is basically hype base. And in most of the cases, it is also seen that such investors become panic sellers.
So in this case I will tell you that instead of giving him investment advice right now, you should provide him with knowledge about bitcoin such as what is bitcoin mining, what is bitcoin mining block and what is bitcoin halving period and finally give him an idea about bull season and bear season.
And after that ask him to explore by himself. And one more suggestion at the end is that instead of investing all the funds at once, he should take a long-term strategy by doing DCA management.
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He already wanted to buy right? No advise needed there other than maybe the volatility factor. By your post, it doesn't look like your nephew knows that you are into bitcoin. You can talk to him and let him know, you can then just guide him through the process from opening an account on an exchange until the BTC he purchased is already in his non-custodial wallet.
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What do you think? Should I advise him to buy, and what are the basics I should teach him?
he already is interested in buying and the price is quite low now so it is almost the perfect time to buy some
as per the basics, just tell him about where to buy, how to hold, when to sell and etc and then just direct him to resources where he can learn some maybe direct him to this forum and let him read around
Or is it better to let him learn on his own and make his own decisions?
you would not be holding his hand all throughout the journey but since he is your family a little push towards the right direction can't hurt because as i see this since he already knows you are into bitcoin he might feel hurt if you are not to help a bit and if he makes a bad decision he will blame you for not helping
so just help a bit but tell him that he still should be responsible for all of his actions and that you did not lack in any way of helping him
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
I think this goes without saying, if you see him confused, it is your duty to teach him, right? Considering that he is also a member of your family... and if he starts to experience turmoil of confusion, such as fear when the price is corrected, you should strengthen him so that he can survive... this is what you can do, unless you really have no intention of helping him... that applies if he is still in the learning stage...
Moreover, there is no harm if you exchange information, because it is possible that your brother also has knowledge that you do not know... by exchanging ideas, you and your brother will be able to develop together too... that is good, isn't it?
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He's lucky to have you.
Since he's willing to buy, you should guide him on the process
And importantly on the risk.
Humans tend to find who to blame when something goes wrong.
He's going all in on such huge amount. I would have adviced breaking in half or quarter and DCA.
Once he has passed the huddle of risk management
Enlighten him on the advantage of an open sourced non custodial wallet like electrum.
And educate him on how to keep his seedphrase.
He should know he won't get rich in a day or week with Bitcoin.
Patience could take years.
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You should totally guide him on the details.
Two heads are better than one ;)
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Since he is your family member, you can also give him some friendly advice. Most of the people who are new to crypto think that investing here can lead to overnight profits and a huge amount of gain. That is the biggest misconception.
You can also advise him on how to store his bitcoins securely. When I was new there was no one to teach me these things. What I had to learn I had to learn by myself and I might have lost a lot through this learning process. Learned a lot of new things. Every step of the way I was hit by obstacles. There was no one around to help. But you are with your nephew.
Don't let negative thoughts enter into him about Bitcoin. Maybe he is new so he doesn't know about this fluctuating market. He might act like a panic seller with new entries here. So try to guide them properly
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Since he is your family member, you can also give him some friendly advice. Most of the people who are new to crypto think that investing here can lead to overnight profits and a huge amount of gain. That is the biggest misconception.
You can also advise him on how to store his bitcoins securely. When I was new there was no one to teach me these things. What I had to learn I had to learn by myself and I might have lost a lot through this learning process. Learned a lot of new things. Every step of the way I was hit by obstacles. There was no one around to help. But you are with your nephew.
Don't let negative thoughts enter into him about Bitcoin. Maybe he is new so he doesn't know about this fluctuating market. He might act like a panic seller with new entries here. So try to guide them properly
Agreed.
It's better to be ready to instruct him on the details than to see him sad / disappointed in the whole situation later, that's possible too.
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Today, I saw my brother and he told me that his son, who works in the grocery business, had heard that Bitcoin had become very popular and its price was rising, and he was thinking of buying some Bitcoin to Hold it.
I was happy to hear this news, even though my family knows I've been involved in Bitcoin for a long time. However, it didn't attract their attention when the price was low. Instead, it attracted their attention when the price was high. This is what happened to many people who missed out on buying early at low prices.
He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
- You know mate, even if you don't advise him to buy bitcoin, you can guide him on how to create an account or have a wallet on non-custodial wallets,
or teach him how to create an account on trusted exchanges here in the crypto space.
At least if he knows and learns this, he will see anytime he can buy bitcoin and other cryptocurrencies that he wants to buy in the future. And I'm also happy for you that you have someone in your family who is at least somewhat open to having a positive outlook on bitcoin.
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- You know mate, even if you don't advise him to buy bitcoin, you can guide him on how to create an account or have a wallet on non-custodial wallets,
or teach him how to create an account on trusted exchanges here in the crypto space.
At least if he knows and learns this, he will see anytime he can buy bitcoin and other cryptocurrencies that he wants to buy in the future. And I'm also happy for you that you have someone in your family who is at least somewhat open to having a positive outlook on bitcoin.
Definitely agree.
There is no need to keep such and amount of BTC in the custody of any exchange, besides, there is always a risk putting it that way, and the OP's relative probably isn't aware of it (yet, hopefully).
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
At bare minimum, i would recommend you to do these.
1. Ask whether he only use money he could afford to lose.
2. Check whether he actually ready to face the risk and face the price volatility.
And since he specifically mentioned $10000, do recommend him good hardware wallet if he actually ready to buy Bitcoin.
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With the strong interest shown by your nephew on Bitcoin and since he has already the budget and then you already have the experience dealing with the cryptocurrency market, I think it would be a BIG SIN for you not to share what you already know and the good and maybe bad experiences you encountered so far with the intention of helping him avoid those. We know that cryptocurrency got big opportunities available but can also be too risky especially for newbies...many of us may had been stricken by scams and you should tell him that all front.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Why not DCA? But know that this is 2025. There could be one more bull run but which will likely be followed by bear market that may last for the whole 2026. Invest wisely and let him know how investing during massive bear market can be better.
ABCbits advice is very good. Hardware wallets are very cheap compared to $10000.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Why not DCA? But know that this is 2025. There could be one more bull run but which will likely be followed by bear market that may last for the whole 2026. Invest wisely and let him know how investing during massive bear market can be better.
ABCbits advice is very good. Hardware wallets are very cheap compared to $10000.
Thank you all for the important advice. Of course, it's my duty to teach him the basics and necessary security instructions, as safety is paramount here, given that he's new to crypto.
I'll also definitely advise him to purchase a hardware wallet like Trezor, as $10k is not a small amount and it's best to store it in a hardware wallet. I'll also definitely teach him about the importance of keeping the seed in a very secure place.
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Why not DCA? But know that this is 2025. There could be one more bull run but which will likely be followed by bear market that may last for the whole 2026. Invest wisely and let him know how investing during massive bear market can be better.
ABCbits advice is very good. Hardware wallets are very cheap compared to $10000.
DCA is a way to go, or to go lump buying if funds allow that.
We have lots of time before the current sale ends.
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It's easier to teach about the wallet and that's the right thing to do as well. But he also should be aware of the downside of Bitcoin which is the volatile nature, and he need to be interested even if the price dumps hard in the short term.
10K is really big amount for a starter so it's really good if he decided to go with that but it should be his decision and also introducing the person to forum will help to gain knowledge about many other things.
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If this 10k is all he got, I will not advise him to invest everything in BTC, it would be foolish. Not only he would not be able to have conviction as he knows nothing about it, but consider the amount of stress he would be feeling if bull cycle hits for a few years. Tell him to make several investments in diverse fields and no investment (no matter how lucrative it may sound) should exceed $1000 (10%).
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its up to you whether you teach him or not. but because he meant to hold, its best to teach him if i were you.
i didn't help my brother to store his BTC in a private wallet but because he also mean to cash out whenever the price is high, i just told him to store it in the exchange where i'm also in such as binance. what i taught him is when to sell and when to buy. somehow we profit, though not big, its still a profit and he gets the idea of how to trade.
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Since it is your brother wants to invest in Bitcoin, I would advise you to calm down and teach him all he needs to know about Bitcoin investment before investing. You know why, Bitcoin is best understood when you are being taught about it. At least you are being lectured on the basic knowledge of it. That will give you the proper idea of what you are going into, whether you can risk your money on it or not.
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Today, I saw my brother and he told me that his son, who works in the grocery business, had heard that Bitcoin had become very popular and its price was rising, and he was thinking of buying some Bitcoin to Hold it.
I was happy to hear this news, even though my family knows I've been involved in Bitcoin for a long time. However, it didn't attract their attention when the price was low. Instead, it attracted their attention when the price was high. This is what happened to many people who missed out on buying early at low prices.
He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
As a legendary member neither on this forum or in Bitcointalk then you do really know on what you should gonna do. You wont be able to reach up this rank without having that basic knowledge about it or having having that sensibility on how things works. Whenever you are trying out to tell someone with Bitcoin opportunity or investing then its always been ideal to tell them about the basics and this is the common stuff. Tell him about its decentralize, anonymous,p2p features and also in all regarding about safety of your coins on which its a must thing to consider. The best thing on here is that if he decided to make investment then make it sure that he had some good foundation when it comes to all sorts of things at least and also when it comes to investment decision then its always been best that you shouldnt make out some guarantees on making profits. Its always been that ideal to tell him about the risks involved so that he wont anticipate 100% sure profits.
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The best thing on here is that if he decided to make investment then make it sure that he had some good foundation when it comes to all sorts of things at least and also when it comes to investment decision then its always been best that you shouldnt make out some guarantees on making profits. Its always been that ideal to tell him about the risks involved so that he wont anticipate 100% sure profits.
Even if we exclude security measures, I cannot say that it is the best idea for someone to invest in Bitcoin during the bullish season. Because the best idea is when an investor starts investing for the long term during the bear season.
But I will not discourage OP's family member from investing in DCA scheme. Because in this case if he starts investing for long-term then risk management can save him from loss.
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One thing about investment is that is that they must locates the right state of mind to venture into investments and not following when the market rises before they could make investment, especially newbies invest who doesn't know anything could be that tiring, because if you weren't careful with him and his funds got stolen he wouldn't mind labeling you as someone who took part of it. At first they should learn about wallet and security, how to buy from exchange and how secure their exchange account as well.
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The first thing you need to do is to provide education in advance on how Bitcoin works and what are the risks that will occur and what are the advantages and disadvantages.
Because laypeople certainly need a good and clear mentor so that they can be sure to put their money in Bitcoin.
It's not about financial advice, but $10k is a huge amount, by doing DCA it would probably be better.
You just need to set the time or what price will be agreed upon to be an initial purchase and do it consistently.
Don't make him study on his own without your direction, because he asks you for help.
As a savvy person and when asking for help from you, you need to point him in the right path so that it won't be a waste to put the money in crypto.
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Today, I saw my brother and he told me that his son, who works in the grocery business, had heard that Bitcoin had become very popular and its price was rising, and he was thinking of buying some Bitcoin to Hold it.
The first thing I'm most concerned about when I find newbies interested in bitcoin investments is actually the level to which they understand how the bitcoin network works and also how much they understand security or their coins.
This is because there is a very high chance they would hate bitcoin if they have the wrong idea about it and worse of all their security was so poor that they got their coins stolen from them. Infact that's one of the most common stories bitcoin haters share.
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He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
I don’t know how you get to learn about bitcoin and how far you’ve come to have known about bitcoin security and privacy. But I am sure if you never had someone to guide you through in your early days, some mistakes (if any) you’ve made in the past wouldn’t have happened and you would have made some decisions that would affect your journey positively about bitcoin. I feel you should guide him through and make sure you teach him how to save and keep his investment in bitcoin in a wallet.
If his savings gets compromised, his attraction to bitcoin will change forever and will only view it as a scam venture even if he may have caused it himself. Put him through as you never can tell how far this favour you’ll do for him will help him in his journey in his investment and personal life. I will also advise he buys decisively and not rush to buy now as we are in a bullish market, a DCA won’t be a bad option to adopt now for him.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Hardware wallet, protect it at all cost, backup the seed and not let everyone knows where he put it and then forget about this investment for at least a whole cycle and see how it goes.
Sounds very aggressive advise though.
But with that kind of money that he is going to put, he will really need a lot of mental toughness as well.
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I also experienced it a few years ago, but it wasn't Bitcoin, but altcoins, XRP, when everything really dropped and chose XRP. and when XRP was skyrocketing a few months ago, he decided not to profit, because he felt it was too old and he was also not so concerned about crypto business. yes, everyone has their own tactics and also some personal considerations that may be different. in this case, yes it is very natural and even very often happens.
but for me too, Bitcoin is still number one, then altcoins, yes, top altcoins I mean.
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Give him some advice based on how your experience on how this market goes. Believe me, it will help them a lot when he is about to buy Bitcoin. It may not be the best time to buy right now because we're still in a bull run but if the goal is about reaching more than $100k then he's still early than the majority of the people that are not yet invested to Bitcoin. The basics are very simple that you should teach him, like the wallets, private keys and all of that.
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Someone about to FOMO, have you told him how his portfolio could go down overtime before rising back, so that he won't PANIC SELL in future and we won't have to lose another investor to "Bitcoin is a scam " :o
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Someone about to FOMO, have you told him how his portfolio could go down overtime before rising back, so that he won't PANIC SELL in future and we won't have to lose another investor to "Bitcoin is a scam " :o
Its important part have to talk for every one as beginner or new comer investing in bitcoin, must be ready with holding mentality when bitcoin price decreasing significant and not panic for selling at lower price. Usually many new trader in cryptocurrency already for accepting when their assets increasing up but most of them panic when bitcoin or altcoin assets going down.
I worry when new comer investing in bitcoin and get losses without few weeks later will said bitcoin is scam during they have wrong way when take part by investing in bitcoin.
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He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Well, that's why you're there to guide your brother. Take the time to guide him. :)
You already know that buying Bitcoin during the bull market unless it's for the short term only isn't recommended knowing how much the reward he can get compared to the risk he will be facing. I mean if your brother is thinking of holding Bitcoin for the long term, we would suggest to wait until the bear market and then accumulate at that time.
Should you advice him to buy? Well, he can buy a small portion just to say that he bought his "FIRST BITCOIN", but don't go all in with that $10,000. If you have time, teach him some basics, and maybe throw in some YouTube videos as well that would guide him. I would suggest to let him watch some documentaries that are related to Bitcoin because that's where I started learning as well. I would suggest to let him learn especially if he really wants to learn, but if there are questions here and there, just be ready to answer those questions. :)
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Its important part have to talk for every one as beginner or new comer investing in bitcoin, must be ready with holding mentality when bitcoin price decreasing significant and not panic for selling at lower price. Usually many new trader in cryptocurrency already for accepting when their assets increasing up but most of them panic when bitcoin or altcoin assets going down.
I worry when new comer investing in bitcoin and get losses without few weeks later will said bitcoin is scam during they have wrong way when take part by investing in bitcoin.
When you learn about BTC, you will know that temporary dips cannot be avoided, as well as corrections. And you should just hodl through them ;)
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Its important part have to talk for every one as beginner or new comer investing in bitcoin, must be ready with holding mentality when bitcoin price decreasing significant and not panic for selling at lower price. Usually many new trader in cryptocurrency already for accepting when their assets increasing up but most of them panic when bitcoin or altcoin assets going down.
I worry when new comer investing in bitcoin and get losses without few weeks later will said bitcoin is scam during they have wrong way when take part by investing in bitcoin.
When you learn about BTC, you will know that temporary dips cannot be avoided, as well as corrections. And you should just hodl through them ;)
I know a lawyer who tried investing BTC so when they talk about it on their social media post, I tried telling him to send his Bitcoin to a wallet like Electrum. So I guided him to send his coins because he meant to hold the coins back in 2017 when the price was falling he was reaching out to me because he wanted to sell already.
It took time because the wallet has to download the blockchain, after a period of time, it felt like he was blaming me that it look so long.
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Well, that's why you're there to guide your brother. Take the time to guide him. :)
You already know that buying Bitcoin during the bull market unless it's for the short term only isn't recommended knowing how much the reward he can get compared to the risk he will be facing. I mean if your brother is thinking of holding Bitcoin for the long term, we would suggest to wait until the bear market and then accumulate at that time.
Should you advice him to buy? Well, he can buy a small portion just to say that he bought his "FIRST BITCOIN", but don't go all in with that $10,000. If you have time, teach him some basics, and maybe throw in some YouTube videos as well that would guide him. I would suggest to let him watch some documentaries that are related to Bitcoin because that's where I started learning as well. I would suggest to let him learn especially if he really wants to learn, but if there are questions here and there, just be ready to answer those questions. :)
Yes, you're right. I know it's not a good idea to buy in a bull market, and I also know it's better to wait for a bear market and follow a long-term DCA strategy.
But at the same time, I know it's a good idea to buy Bitcoin even if the market is bullish, because we may not see these prices again for years, and everyone who missed the opportunity to buy will later regret it. He also fears that if he doesn't buy now, he might miss the opportunity and spend his money. Therefore, it's better to buy a certain amount of Bitcoin now and buy more with each decline.
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I know a lawyer who tried investing BTC so when they talk about it on their social media post, I tried telling him to send his Bitcoin to a wallet like Electrum. So I guided him to send his coins because he meant to hold the coins back in 2017 when the price was falling he was reaching out to me because he wanted to sell already.
It took time because the wallet has to download the blockchain, after a period of time, it felt like he was blaming me that it look so long.
Being a teacher may be not so rewarding as it may seem.
Sometimes, I like just to give tips to people because they may blame you for the things you suggested.
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Well, that's why you're there to guide your brother. Take the time to guide him. :)
You already know that buying Bitcoin during the bull market unless it's for the short term only isn't recommended knowing how much the reward he can get compared to the risk he will be facing. I mean if your brother is thinking of holding Bitcoin for the long term, we would suggest to wait until the bear market and then accumulate at that time.
Should you advice him to buy? Well, he can buy a small portion just to say that he bought his "FIRST BITCOIN", but don't go all in with that $10,000. If you have time, teach him some basics, and maybe throw in some YouTube videos as well that would guide him. I would suggest to let him watch some documentaries that are related to Bitcoin because that's where I started learning as well. I would suggest to let him learn especially if he really wants to learn, but if there are questions here and there, just be ready to answer those questions. :)
Yes, you're right. I know it's not a good idea to buy in a bull market, and I also know it's better to wait for a bear market and follow a long-term DCA strategy.
But at the same time, I know it's a good idea to buy Bitcoin even if the market is bullish, because we may not see these prices again for years, and everyone who missed the opportunity to buy will later regret it. He also fears that if he doesn't buy now, he might miss the opportunity and spend his money. Therefore, it's better to buy a certain amount of Bitcoin now and buy more with each decline.
We all know that sometimes there is a high level of confidence in something that possesses actual possibilities and high potential input as in the case of the Bitcoin which may have a high probability of rising in the near future. There is always faith and trust that certain decisions which are made today shall bear fruits in the future. However, something that is as valuable has to be best enjoyed if patience is taken on it. Not all opportunities that are available have to be taken at that particular time because every step that has been taken has to be well prepared so that we can get the maximum out of it. We do not have to be anxious or hurry, that is the key point: we should remain calm and unshakable as we perform each step with confidence.
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Not all opportunities that are available have to be taken at that particular time because every step that has been taken has to be well prepared so that we can get the maximum out of it. We do not have to be anxious or hurry, that is the key point: we should remain calm and unshakable as we perform each step with confidence.
Yes, I agree with you on this. Since he's already late, he won't miss much, so it's best to take his time and not rush into making decisions before thoroughly examining the issue.
It's best for him right now to learn about Bitcoin and the basics associated with it, such as the wallet, the seed, the private key, and how to store it securely, as well as sending and receiving transactions, etc.
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Not all opportunities that are available have to be taken at that particular time because every step that has been taken has to be well prepared so that we can get the maximum out of it. We do not have to be anxious or hurry, that is the key point: we should remain calm and unshakable as we perform each step with confidence.
Yes, I agree with you on this. Since he's already late, he won't miss much, so it's best to take his time and not rush into making decisions before thoroughly examining the issue.
It's best for him right now to learn about Bitcoin and the basics associated with it, such as the wallet, the seed, the private key, and how to store it securely, as well as sending and receiving transactions, etc.
Now this is most important... Maybe how to buy bitcoin is easier and simpler, even laymen are invited to be easy to buy.
But learning what you mentioned is very important including the seed phrase, how to store it because it is the most important for bitcoin security.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
I think it is not good to advise someone to buy Bitcoin to be honest because they know nothing about this industry yet I don't want someone point fingers at me if something will happen to their investment if market will flip. Just give jim idea how Bitcoin and it's market works. Of course as a concerned relative or part of the family since you already have the idea you guide him if he insist to buy just don't encourage let him ask you what he need to know.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
I think it is not good to advise someone to buy Bitcoin to be honest because they know nothing about this industry yet I don't want someone point fingers at me if something will happen to their investment if market will flip. Just give jim idea how Bitcoin and it's market works. Of course as a concerned relative or part of the family since you already have the idea you guide him if he insist to buy just don't encourage let him ask you what he need to know.
Tell them on what you do really know on which explaining it to them on what are the things that you are experiencing into but of course dont really that forget on telling them in regarding about the risks on which this is the most important thing that you do need to explain or remind it to them. Just like on what you have said that the thing which i dont really like is that someone do really point the fingers at me at the moment or time that they've seen their portfolio is going down on which they will definitely be blaming you on what happened specially if you do make out such advise about on taking up some investment. This is why its really that important that you should be explaining to them about the risks involved and dont make yourself that being too optimistic on which you should be telling them that they should be the ones who do make out such right decisions.
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Just like on what you have said that the thing which i dont really like is that someone do really point the fingers at me at the moment or time that they've seen their portfolio is going down on which they will definitely be blaming you on what happened specially if you do make out such advise about on taking up some investment. This is why its really that important that you should be explaining to them about the risks involved and dont make yourself that being too optimistic on which you should be telling them that they should be the ones who do make out such right decisions.
Yes, that's something I don't like either, especially since he's my cousin and doesn't know anything about Bitcoin. He'll likely blame me if his investment portfolio declines, so I'm a bit hesitant.
I usually try to avoid such things, but regarding Bitcoin, I'm excited that he'll thank me in the long run. But as you mentioned, I need to first inform him of the risks before the rewards to avoid any future misunderstandings and so that he's the one making the decision.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
When someone wants to buy Bitcoin it is believed that he has knowledge about the future of Bitcoin. Investing in Bitcoin is not bad Anytime you can invest in Bitcoin but it should be done by DCA method. So no matter what price someone buys bitcoins due to DCA their investment price is an average. Due to which the possibility of his loss is greatly reduced. And if his intention is to hold for a long time then it is better. And he must be allowed to do so. But he should be advised to hold them in a good decentralized wallet.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
When someone wants to buy Bitcoin it is believed that he has knowledge about the future of Bitcoin. Investing in Bitcoin is not bad Anytime you can invest in Bitcoin but it should be done by DCA method. So no matter what price someone buys bitcoins due to DCA their investment price is an average. Due to which the possibility of his loss is greatly reduced. And if his intention is to hold for a long time then it is better. And he must be allowed to do so. But he should be advised to hold them in a good decentralized wallet.
Yes, in essence it is back to the understanding of prospective investors. For those who really understand Bitcoin and its value for both short term and long term, investing in Bitcoin will not be much of a burden. Because after all, they understand the advantages of holding BTC for both short term and long term, are not affected by various FUDs that may be blown and also remain steadfast, so they do not panic easily. Because for some people, it is very easy to panic to the point of cutting losses for reasons that are not reasonable enough and are just ordinary fears.
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As $10k is a lot of money in your country, he probably won't be able to buy it all in once but he will have to buy it in parts from brokers on escrowed P2P trading sites like HodlHodl. Localcoinswap, and Noones. I don't see another way to do it.
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I won't make any kind of exaggerated comment on the investment, keeping it simple this might be the best time according to the market indicators and where we are standing in the Bull market, this zone is perfect and more often called by the name of golden accumulation zone within the bull run peak.
Even though the market has not behaving well for the last 2 months continuously this is how the market psychology works. Everyone is fearful now its time to be greedy.
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Now this is most important... Maybe how to buy bitcoin is easier and simpler, even laymen are invited to be easy to buy.
But learning what you mentioned is very important including the seed phrase, how to store it because it is the most important for bitcoin security.
Indeed, maybe convincing our family to enter the crypto world is not that difficult. However, making them really ready and also willing to learn more about cryptocurrency and its information is quite difficult. There are many of my family members who want to invest in crypto, but they don't want to learn it, they just want to entrust their money to be invested in crypto, then they ask me to manage it and make it profitable for them.
This is what I don't want, because the risk is so great. And even more convincing if they don't understand and don't really want to understand crypto investment, they only want the profit. Therefore, I prefer not to invite them unless they really have the desire to learn and keep trying
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He should invest only what he can afford to lose. His purpose of investing is also another problem, from what i understand he views BTC as a get rich quick scheme, which is not so. He can start buying BTC with smaller amounts, that is through dca, it is better for newbies to go that way.
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He should invest only what he can afford to lose. His purpose of investing is also another problem, from what i understand he views BTC as a get rich quick scheme, which is not so. He can start buying BTC with smaller amounts, that is through dca, it is better for newbies to go that way.
Always tell them on the same thing on which they should really be that investing into the amount on which they can afford to lose and even if it means that you should be telling them often. The thing i dont really like is that getting blamed when their investment becomes negative and this is something which is really that very common and even in between family members. When we do speak or talk about money then there are tons of people who had been that destroyed out their relationship with their loved ones if we do speak about earning money then it will really be that something that could actually happen. This is why its really that important that telling them about the risks involved so that once they do saw up such negative then they would really be easily be able to accept it out.
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You should already give him a crash course on what to expect. He might think that once he puts in his money, it will automatically rise. It's best that you manage his expectations and be effective in what you think is right. I believe consistency with buying BTC no matter the price for a long time will bear fruit.
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The thing i dont really like is that getting blamed when their investment becomes negative and this is something which is really that very common and even in between family members.
Yeah, i know two brothers in my local community in real life who had a very serious quarrel because of something like this. So let's take one to be x and the other one y, so x bought $Trump shitcoin and started preaching to y how $Trump is going to make him rich and that he should join him on the journey to wealth, y hesitated, but x pressed harder until y bought.
A few days after buying, $Trump coin starts dumping fast, x told y that they should be patient, it kept going down, until y eventually sold in a huge loss, and he blamed his brother for making him lose a huge amount of money, they didn't speak for a long time, crazy.
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You should already give him a crash course on what to expect. He might think that once he puts in his money, it will automatically rise. It's best that you manage his expectations and be effective in what you think is right. I believe consistency with buying BTC no matter the price for a long time will bear fruit.
Sometimes new investors believe that once they invest they will automatically increase and make good profits you only need to sink in money. As ant related issues suggest, the market has its cycles that cannot be fore seen in the market. This is a spark in investment turbulence: in the case of Bitcoin, these periods have happened but if we look at it as investors then most of them had a better return in the long run. To follow such consistency in purchasing, without getting influenced by short term volatility it can be more rational to plan for a long term than following mere greed of making more money. The most significant factor that a new entrant into the foreign market should avoid is falling for illusions and coming into the market with high expectations which are neutralised by market forces unfavourable for the company.
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You should already give him a crash course on what to expect. He might think that once he puts in his money, it will automatically rise. It's best that you manage his expectations and be effective in what you think is right. I believe consistency with buying BTC no matter the price for a long time will bear fruit.
I agree with you, so when explaining about crypto investment, make sure to also provide full information about investing in Bitcoin, that in addition to the opportunity for profits, there are also risks. and especially with the fluctuating situation that occurs in the price of Bitcoin, it makes newcomers usually very panicked with the rise and fall of prices in a matter of time. And this understanding will greatly help them to be more prepared and able to face various risks and also price changing over time. It would be different if we only explained the profit opportunities, then they would panic when the price or their portfolio dropped drastically in a few days because the market was dropping or just correcting.
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Today, I saw my brother and he told me that his son, who works in the grocery business, had heard that Bitcoin had become very popular and its price was rising, and he was thinking of buying some Bitcoin to Hold it.
I was happy to hear this news, even though my family knows I've been involved in Bitcoin for a long time. However, it didn't attract their attention when the price was low. Instead, it attracted their attention when the price was high. This is what happened to many people who missed out on buying early at low prices.
He has about $10,000, and I think he wants to buy Bitcoin with it (that's a lot of money here in my country). The problem is that he doesn't know anything about Bitcoin, nor does he know anything about storing Bitcoin in a non-custodial wallet, or anything like that. So, I'm afraid that if I advise him to buy, he won't be able to store Bitcoin properly, such as by not keeping his seed in a secure place or giving the private key to some scammers, etc.
What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Actually, I think that you could explain a best opinion in your comment. I am also believe that this comment is very interesting for knowing bitcoin future. I also believe that for buying bitcoin in your family will be prefer in this time. Because we know that bitcoin price is increasing gradually in cryptocurrency market. But when we can see bitcoin price is down, we should trying to invest in bitcoin for best benefits. We also believe that in this year bitcoin will reach best position in cryptocurrency market. So buy bitcoin for your family will be correct decision in your first time.
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You should already give him a crash course on what to expect. He might think that once he puts in his money, it will automatically rise. It's best that you manage his expectations and be effective in what you think is right. I believe consistency with buying BTC no matter the price for a long time will bear fruit.
Agreed. Especially in the current market which fluctuates and dips sometimes, caution and understanding are very much needed to be safe.
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~snip~
I'll also definitely advise him to purchase a hardware wallet like Trezor, as $10k is not a small amount and it's best to store it in a hardware wallet. I'll also definitely teach him about the importance of keeping the seed in a very secure place.
I would personally advise him to think carefully about what he is doing - that is, is the money he wants to invest something he can afford to lose at any moment? What I find problematic in this story is the fact that your relative has expressed a public desire to do it, and such things are not talked about, especially if it involves a lot of money.
Maybe these kinds of privacy things are different where you live, but I would still advise caution with these things - some people are willing to do anything for money.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Why not DCA? But know that this is 2025. There could be one more bull run but which will likely be followed by bear market that may last for the whole 2026. Invest wisely and let him know how investing during massive bear market can be better.
ABCbits advice is very good. Hardware wallets are very cheap compared to $10000.
Risk will always be there.
We just need to manage it correctly and do our stuff wisely, especially investing.
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Maybe these kinds of privacy things are different where you live, but I would still advise caution with these things - some people are willing to do anything for money.
We're trying to maintain as much privacy as possible here, as the government doesn't allow Bitcoin and other cryptocurrencies. However, our family relationships may be different from those in other countries.
My nephew here is considered a close relative, so he trusts me and told me about his intention to buy Bitcoin. However, I'll definitely ask him to be careful and maintain as much privacy as possible in front of other people, as this would be dangerous for him.
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@yhiaali3, maybe I misunderstood, if such things stay within the family it makes sense to some extent - after all, you never know who might tell someone else, and that other person then tells others about it and in the end everyone knows about something that should be a secret. Of course, things can always be "fixed" and it's very simple - you just need to say that that person changed his mind and didn't invest in BTC.
Be that as it may, I would still advise him not to invest his entire savings in BTC, especially not at a time when the price is this high. It's not that I'm giving financial advice, but maybe it would be wise to wait for a new bear market or try some experiments with the DCA method and invest a little every month.
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Be that as it may, I would still advise him not to invest his entire savings in BTC, especially not at a time when the price is this high. It's not that I'm giving financial advice, but maybe it would be wise to wait for a new bear market or try some experiments with the DCA method and invest a little every month.
Yes, it's still a family matter. They don't know much about Bitcoin, but they do know that it's still illegal here in my country, so I don't think any of them will take it outside the box.
It's true that the price of Bitcoin is currently high, but looking at it from a different perspective, the local currency here in my country is still losing value against the dollar. Therefore, I expect it won't make much of a difference if he buys it now, given the long-term decline in the value of the local currency.
I will explain all of this to him, and he will be the one to make the final decision.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Why not DCA? But know that this is 2025. There could be one more bull run but which will likely be followed by bear market that may last for the whole 2026. Invest wisely and let him know how investing during massive bear market can be better.
ABCbits advice is very good. Hardware wallets are very cheap compared to $10000.
Risk will always be there.
We just need to manage it correctly and do our stuff wisely, especially investing.
Investors are always cautious if the financial aspect is managed seriously. Everyone wants to invest in Bitcoin if he understands Bitcoin well. op shared a story where one of his family members became interested in investing in Bitcoin. This is very admirable as they are worried about their bright future. And they understand how important Bitcoin is to the future
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Be that as it may, I would still advise him not to invest his entire savings in BTC, especially not at a time when the price is this high. It's not that I'm giving financial advice, but maybe it would be wise to wait for a new bear market or try some experiments with the DCA method and invest a little every month.
Yes, it's still a family matter. They don't know much about Bitcoin, but they do know that it's still illegal here in my country, so I don't think any of them will take it outside the box.
It's true that the price of Bitcoin is currently high, but looking at it from a different perspective, the local currency here in my country is still losing value against the dollar. Therefore, I expect it won't make much of a difference if he buys it now, given the long-term decline in the value of the local currency.
I will explain all of this to him, and he will be the one to make the final decision.
In that case, it's good that you can be of help, because many people rush in without thinking carefully about what they're doing. From my own experience, a lot of people have a completely wrong idea about what investing in BTC is, but I think it's much better to be completely honest with people about it.
Some will eventually give up, but those who are serious will be much more confident about what they are doing. The most important thing is to tell people that what they are doing is not someone else's responsibility but theirs - in other words, if something bad happens, they should not look for the culprits in the people who tried to help them.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
I don't think you need to give him advice, especially if he didn't ask for your advice, unless he asked you for advice. Just let him do what he wants, it's like what you
did when you created a way to learn bitcoin, because if you were able to learn bitcoin on your own, then he can do it too.
If he asks questions, just answer what he wants to know regarding bitcoin or cryptocurrency where we are now.
But if you initiate, that's not a good action, just for me.
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What do you think? Should I advise him to buy, and what are the basics I should teach him? Or is it better to let him learn on his own and make his own decisions?
Don't panic you don't have to take that much care of his money, as you don't have to be responsible for anything, you can just give him the best advices you have and give a disclaimer that I am giving you this advice because you wanted, I am telling you the best ways to hold BTC but if you still find some phishing scheme and gave your phrase to anyone, or did anything stupid at all.
I am not responsible, just share the basic knowledge like what is centralization and decentralization, custodial and non custodial wallets, exchanges, how to sell and but it, what is the importance of seed phrase or private keys. This would be more than enough to make him beleive that he actually own the funds and you don't have anything in it for you, then he will be responsible for whatever he will do.
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because if you were able to learn bitcoin on your own, then he can do it too.
If he asks questions, just answer what he wants to know regarding bitcoin or cryptocurrency where we are now.
But if you initiate, that's not a good action, just for me.
Of course, anyone can learn Bitcoin, but it takes time. It's also best to have a trusted person teach you the right things about Bitcoin.
Since he trusts me and asked me, it's best for me to teach him the most important things I know about Bitcoin and explain the risks. Then, let him make the decision himself.
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Since he trusts me and asked me, it's best for me to teach him the most important things I know about Bitcoin and explain the risks. Then, let him make the decision himself.
You've done the right thing by providing them with the education they need to know, so they know what to do and what the risks and benefits are.
If you don't do that you will probably feel guilty when your siblings log into bitcoin without knowledge and they end up getting bad things when they start logging in, this will be a bad impression.
When you have provided basic knowledge and what to do and what not to do, then your task is done.
You only need to decide whether to start investing or not, it is a personal decision.
But in my experience you will still be tied to your family when one of them suffers a loss in crypto,
because you are the foundation as someone who already understands crypto beforehand.