Finally!! The first person in my family wants to buy Bitcoin

[yhiaali3]

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?

[|MINER|]

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.

[Zed0X]

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.

[bitterguy28]

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

[bayu7adi]

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?

[Ambatman]

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.

[omori]

You should totally guide him on the details.

Two heads are better than one 

[Innocant]

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

[dave_strider]

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.

[Mr. Magkaisa]

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.

[dave_strider]

         -       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).

[ABCbits]

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.

[TomPluz]

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. 

[Charles-Tim]

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.

[yhiaali3]

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.