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

[armanda90]

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 "

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.

[LogitechMouse]

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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.

[tequilla_sunset]

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 

[target]

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.

[yhiaali3]

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.

[dave_strider]

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.

[pieppiep]

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.

[yhiaali3]

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.

[salad daging]

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.

[0t3p0t]

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.

[milewilda]

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.

[yhiaali3]

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.

[JISAN]

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.

[vegasus]

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.

[NotATether]

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.