Topic: I gave 100$ of Bitcoin to my elder brother as a gift - page 2. (Read 699 times)

Yup! That’s quite good, how you have introduced him to Bitcoin and also gave him a free gift of $100 to start up with. At least as time goes on he would be able to use that money and invest in other ways that he can and increase the value of the amount. And also from holding that amount in his wallet he would be able to gain as the market increases in value.

All of us are really hoping for that day when the market will reach another new all time high price, and that would be during the next halving which would be coming soon. So, it would be good for him to keep on holding and do it for a long term to be able to benefit from the market.

making Bitcoin a bond of brotherhood and inheritance must be done immediately by anyone, especially those who are in the crypto world, don't be stingy to share bitcoins with relatives, especially when your brother has a difficult economy.

I already taught them how to use bitcoin and sell their bitcoin. But I do not suggest they trade their bitcoin to make more bitcoin if they do not learn anything. But if they are still trying to trade without any knowledge or skills, I will not be responsible for their losses because I have already warned them and that will be their decision. Until now, they told me that they still keep that amount and seem, does not care much about how many bitcoin they had. So that is good because when bitcoin price can increase more than $100,000, maybe I will suggest them to sell it

I think you opened a bitcoin deposit wallet account for your brother. Thus, giving bitcoin to people that know little or nothing about bitcoin is a strategy that will bother the recipient. His brother, will think about the strange currency my sibling just gave me as a Gift and advised me not to sell the coin. Such question will make the brother to visit exchanges, ask questions about bitcoin, and scout around the internet knowing about bitcoin. Gradually, people will start to see the impact of gifting bitcoin, to the cryptocurrency market. Bitcoin needs this kind of publicity.

I would say it is in fact a smart decision to gift your loved ones bitcoin. As now he is aware of the basics, he can use it to earn more profits. You have clearly shown him a good path for his future endeavours.

You do have a point here, before anyone is given Bitcoin they should first of all be educated on everything that they are meant to know about this coin. And when they have gotten full knowledge of what Bitcoin is all about and how it works, then we can give them the coin for them to start investing. But anyways, I don’t think what the op has done is quite bad, by giving his brother the free Bitcoin before teaching him about it.

It would be very important that he Let his brother know that he shouldn’t sell the coin at this point, because if he should go ahead and sell it then it's going to be a loss for him. It’s best for him to HODL till the right time.

Better to make an introduction to him such as the things he needs to know and what are the things must need to consider because according to OP he's in field of Health and of course, some of them might not have time to read about the crypto world it consumes their time than make a study so better if you both have a time make him an insight what are the dos and don't also the things he needs to make sure the bitcoin will not waste and can be use to grow more.

Would still depend whether your brother would really be curious on what you had given to him and would make out some his own personal research and would learn up things eventually without the need of

further actions to be made but it isn't really that bad to make out some basic introductions on what you had given into him so that he would at least be careful on keeping those coins safely
and wont tend to waste it off or wouldn't really be caring or mind off seriously and on this way then it would really be beneficial for him and you would appreciate that
your brother shows up some interest.

I'm happy because you spent $100 for your brother's bitcoin introduction. I've read some people saying you haven't been fair to your brother but you've introduced him to bitcoin you deserve credit. He'll learn about wallets. He'll undertake possession of private keys when he's ready.

He's your brother you know the best route for introducing him to Bitcoin so ignore what people are saying you're doing fine. Just tell him he shouldn't use exchanges for storing I'd tell him to use Electrum.

Instead of reminding them which means they don't really know anything about Bitcoin, why don't we teach them about it before gifting them some Bitcoin? that way, they already know and understand it and they will value it and know what to do with it instead of asking what to do with it. A good gesture altogether.

I agree with this because the exchange will close in a few years, so just to be safe, create a custodial wallet or a hard wallet if you have the financial means to do so. That $100 is a significant sum of money and a good start for your brother, whether he or she recognizes it or not, because it may well save his or her future as a result of it. I believe this is a fantastic idea for saving money as well, and I believe I would send this type of money or use bitcoin to do so because it has the potential to accumulate over time and the price will rise, making it a good investment.

So the 50$ you gave to your brother in bitcoin, he spend them online for some games ? Didn't you tell him that he should not spend those coins and if possible, accumulate more by converting his savings into bitcoin ?

Also i am happy for the OP as he gifted his brother some bitcoins and it seems that this trend is now beginning to grow as people become aware of the potential of bitcoins.

Now I understand the thing "Not your keys, not your coins.". I should apply it in our use cases. However, he is busy all-time with his work, so in the future, I'll tell him about the detail of the industry and will also talk about the term, how it works.

SIP is investing plan (Systematic Investment Plan)
Basically, Any investors invest in a particular market in a systematic way, for example You're planning to invest in BTC for the long term, then you can follow the SIP strategy, you put 10/20/30$ every week/month/quarterly. (as you wish). You can also use compounding your capital in every periodic cycle.  There are many benefits of SIP strategy like

• Power of compounding
• Low initial investment
• Dollar cost averaging
• Convenience

If anyone believes in long-term investment, then the SIP investment plan could make anyone wealthy. You can find many examples on the internet, who started early or lately but in the long run, they become rich. Some example will make it easy for you;
There are several types of SIPs like
Top-Up SIP: Any investor can increase or decrease the SIP amount periodically (for example, you could increase your existent SIP of 10$ per week by $5 after every 3/4 months; this means, after those 3/4 months, your weekly SIP will become $15.
Flexible SIP: You can change the investment amount as your cash flow.
Trigger SIP: These types of plans enable you to switch from one scheme to another if the market becomes volatile.

I already gave 0.005 btc to my cousins a few years ago but I do not know what they do with their bitcoin. I already told them that their bitcoin value now is increased and they asked me what they could do with that. I tell them to hold and sell when the price reaches $100,000 or more. Giving bitcoin as a gift is not be a problem as they can forget it and not remember when they store their bitcoin. That is why we need to remind them to learn more about bitcoin to use it for themselves and give benefits to them.

Yes right, after giving a gift to someone who is not very cryptocurrency savvy in the form of bitcoin, I think it would be better if we teach that person or guide him so that he can store bitcoins in a more secure way and knows how to store the private key of the wallet used it properly so that he doesn't lose access when he wants to sell bitcoins later.

It's admirable of you to grant him this gift. However, with that gift comes the responsibility of educating the recipient. I see you mentioned teaching him some basics, but maybe a better option is to point him in the direction of numerous articles, books, and videos made on the topic of crypto, and teach him that investing in crypto is no about taking someone else's advice, but rather doing your own deep dive on the topic. I am sure he wouldn't have any problems with that as he's probably accustomed to learning since he's chasing a Ph.D. He doesn't have to go full potato on crypto and start day trading, but when investing any amount of money into it, a person needs to know as much as possible about the intricacies of what he is investing into.

The OP should tell his brother to back up the wallet so it can be used in the future if his brother is willing to hold bitcoins long term. This means that the wallet used to store bitcoins must remain secure in the long term. Exchange wallet is not a secure long term storage wallet, never recommended for any holder regardless of how many bitcoins you have.

I don't think $100 in bitcoin today will be worth $10K in the next 5 to 15 years, so this should be a great gift in an attempt to introduce its brother bitcoin. If the OP hopes that $100 in bitcoin today can cover his brother's son's future school fees, then that's too big a hope to achieve although we never know how much bitcoin will cost in the future. I didn't think it would come true, but that's okay because it was a gift.

Waw you have really tried for your brother, he might not know the usefulness of what you have done for him now but I believe definitely he will appreciate you later in the future, but you also made a mistake which I will advise you to correct exchange wallet address is not the best place to keep coins, the best thing you should do now is just to create a non custodial wallet for him then transfer the bitcoin to the wallet and make sure he sure his private key.

What a good deed from you mate and as your brother is a Student and has a potential to receive recommendation in the future , and so as Bitcoin being part of his generation surely you brings good thing to his life and also a Help for the whole world.

you gave me opportunity to do the same deed for my youngest brother that is not in His college life.

He may not interested in crypto today but with gifting like you did? surely he will pay attention sooner.

I said nothing about doing wrong when giving a gift mate , if you try reading my post you can see that what  i wanna clarify is His brothers wallet that he is the one who created , why not let His brother has own wallet so he can save the key and all the details in recovering the wallet.
we cannot promise everything specially in our life that things change here and there.
so this will be an assuring if He has his own wallet and keep if safe for future.