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

[Hamza2424]

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.

[sampoerna]

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

[Z-tight]

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.

[milewilda]

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.

[Crwth]

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.

[Z-tight]

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.

[Blaze]

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.

[debra]

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.

[Azharul]

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.

[tequilla_sunset]

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.                                                                                                                                                                   

[Lucius]

~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.

[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?

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.

[yhiaali3]

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.

[Lucius]

@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.

[yhiaali3]

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.