Topic: Need Advice on Purchasing Bitcoin (not financial advice) - page 2. (Read 306 times)

Honestly, I'm not sure if he could manage to hold and risk more. It was to think that investing in Bitcoin is good advice but for some reason, this isn't suitable for everyone. Imagine that your sister is even hard to keep $5 a week, I could assume that after you give some sats to her, she gonna sell them all.

Let us accept that investing in Bitcoin isn't for everyone, neither urge your sister, your brother, or any of your family members, we also have to consider their capacity.

Its interesting how she has not earned any interest in the bitcoin yet after you have given her so much. May be you should talk to her one to one regarding this whether she is really interested in bitcoin or not? It could happen that she might be just keeping your excitement in the crypto space by agreeing to all the yes’s of yours. Sometimes that happens in the good relationship. She might be a keeper for you mate.

There is no harm if she doesn’t want to save money at all if she is spending it on the wanted stuff. All she might be thinking about is her child and boyfriend so that she can get on to track one more time. So advice is to talk through this.

It depends greatly on the relation with the sister. Even more, that relation can change over time. So I will not give a direct answer.

However, as stated, she has kids, she is clearly not doing great, and you know that the main rule is to invest only you afford to lose.
I will add that even if you award her bitcoin and you teach her everything, she may try to sell when she gets into deeper hardship or she sees the price falling and gets scared.

Maybe you make a plan and give her the access to those bitcoins when the kids get to a certain age when she needs/they need more money for their education. So you'll make a present not for her, but for your nephews. It can sort out your dilemma.

she has kids.
the hard stance would be to not gift her the coins in a few years but to give it to her kids as a highschool graduation gift when they reach age, so that they can self fund college without having to take (any/some/large) loan out

that way she cant go spending and wasting your efforts on the lifestyle things she seems attached to. but also it helps her kids aspire to be better people and indirectly still helps her by her not having to be guarantor on a loan for her kids education

the soft stance is the hope to try to convince her to buy coin. . but. be careful. if she starts buying in when the next speculative bubble round begins (the silly/stupid/naive 'buy high sell on crash' FOMO trend) she would blame you for the loss. even if you were trying hard to get her to buy while it was cheap(right now)
thats the issue with introducing relatives to bitcoin. they see you as the contact point of 'bitcoin'. where they ignore you at good times and point fingers at you at bad times

First I don't really know how much her income and how much her household expenses, but if she can't afford to put $5 a week, that's seems she didn't have good money management or plan to invest. But I know it's costly to grow her two children, especially when it's still toddler that need to buy toys and other stuffs to make them happy.

I think it's not correct to give her a hardware wallet and put $100 in Bitcoin, I'm more expecting she should buy her first Bitcoin and how she manage her emotion on bear market.

Being fascinated and interested in something, might not be enough motivation to go for it. I have a relative similar to yours who I have been talking to about bitcoin for a month now, he like yours, is interested in it, but not enough to want to own it. Too much risk, fiat does the job, what if i lose it etc are the common excuses I get. I have decided to let everyone come around on their accord, I will try to educate them as much as i learn, but it is their decision to make.

I have not considered buying him any bitcoins, and I can not call it a bad idea.
Worst case scenario, the price would drop and your sister calls it a sham. Best case, they see the potential that it has to grow and want to know more. Or she could just sell it immediately to get $100.
Gifting her down the road is a good idea too, but I wish she does not get too fixated on the price.

- Jay -

You will see why I said not financial advice in a moment. This is a "what would you do question." I have been a several year bitcoin purchaser, but I have a sister that I gently tried to orange peel in the past. She was interested and amazed at BTC, but feels that she cant afford to put even $5 a week aside. I had an extra hardware wallet and put $100 worth of BTC on the wallet and considered it hers. I have this idea planted in my head to gift her .01 BTC which makes her a satoshi millionaire and then leave the rest to her to add to it if she wants to. lol. She is a single mom with 2 children and a live in boyfriend. On one hand, my thinking is that if I gave her all of the necessary materials to get to know bitcoin (I have) and we talked about it and she cant even put $5 a week aside for herself, why should I? Most that think they cant save that much really can if they try. Somewhere along a 7 day period, $5 get wasted on SOMETHING. I am definitely not hurting ($). On the other hand, I dont want the next bitcoin decade to go by and she gets left out or if she does start to buy, her little dollars dont get her as much BTC. Either way as a side note, I would be keeping custody of the hardware wallet and giving it to her after years of appreciation and BTC education. If it was your sister would you buy it now and gift it down the road out of love or would you take the hard stance? I could buy it now when its low and she only needs .008 more. Ive been on the fence about this for awhile. Just looking for opinions guys/gals. Thanks