Topic: Today I helped 2 non-crypto people invest in bitcoin - page 3. (Read 774 times)
That's great. It's been an amazing experience. It's great that we can introduce cryptocurrency to a lot of people. That makes cryptocurrency gain value of trust in the eyes of the public and business people. All you have to do is be confident in the assets we invest in the future. Usually will get a profit at an extraordinary price on target even exceeding it. You have to believe!
Is your uncle experienced in investing and able to hold crypto for a long period? Or is he already biting his nails, while thinking why the hell market prices dropped that much? Hope current situation wont spoil your relationships with family. And hope these 25k invested were not his last money.
Btw, you have mentioned that he has bough a bunch of different altcoin also. Were does your uncle keep them? Hope not on exchange and you helped him to buy a hardware wallet.
the most important thing before inviting someone in this business is to tell him to bear it at his own risk. if not, then it will be a very sensitive matter, even more so in your family.Btw, you have mentioned that he has bough a bunch of different altcoin also. Were does your uncle keep them? Hope not on exchange and you helped him to buy a hardware wallet.
In some cases, even a small amount of money can cause big problems for a person's relationship. however, I hope that your uncle and his friend can accept this. besides, based on his story, I think his uncle is very dedicated in investment matters. I think he is willing to take a big risk.
Convincing non-crypto people to invest and you being able to convince them is a good thing. But also it is beneficial to them as well if you are going to tell them about volatility in the crypto markets. It is important to note that the cryptocurrency markets are very volatile and that bear periods do happen a lot. In case that the prices do increase two or three fold in Bitcoin then let them decide if they want to cash out or continue waiting.
I introduced bitcoin to friends several times, and most of their responses were negative, they thought that bitcoin was like multi-level marketing where when they invested I also got a profit, it's hard to convince people to get into bitcoin because all things related to money make people suspicious.
I wonder if you have explained to them the short-term risks of the market. When some of my friends want to invest, I ask them to invest in an amount that can accept a loss. However, they never thought about losing money. The first reaction is how much profit they will have.
It's much easier to convince someone to invest in cryptocurrency, you can show them several proof/evidence that the people who invested in Bitcoin gained a huge profit after Bitcoin reached its ATH, it's not like before when most of the people believed that Bitcoin used to be a scam, today, more people would like to invest in crypto rather than in fiat, and because of this, we can easily convince our friends/relatives that they should atart investing in BTC.
Waw I think that's nice you leting other people to knw about bitcoin and cryptocurrency in general, but do you tell them about the basics of cryptocurrency the reward of cryptocurrency and the risk associated with cryptocurrencies so that they won't just wake up in a day and notice that there wallet has reduce and they will start disturbing or some might even accuse you of stealing their money. Seriously I learnt my lesson few years ago and I promise I can only teach people and won't collect there money to invest for them.
That happiness can quickly turn into something very bad..... I made my own rule, "Never include family and friends in business" ....and you will be a happy person. I have learned this lesson the hard way, when some of my family insisted that I "help" them to buy Crypto when the price was high. ($50 000)
And OP just added a lot of shitcoins to their portfolio, there's a very high chance that in 2-3 years the shitcoins will be in red. It's really not wise to give investment advice to relatives, because like you said, it will very likely ruin your relationship if investment will take a hit or something else happens (exchange hack, lost private keys, malware, etc.). This is just one more reason to keep your mouth shut about crypto even with relatives.
I agree with this, people that I know in my family have talked to my father and I about bitcoin and crypto. My grandpa on my dads side understands it, but the people on the other side of my family dont. My uncle on my moms side, when we were talking about crypto asked "How can you make money out of thin air, how does the bank know you have it?" I had a hard time explaining it to him and he still doesnt understand that currency is possible without a central bank. They also dont understand mining, which is a whole other thing to explain to them. So now when people I know ask for advice when it comes to crypto, I tell them that their own research will be better than asking me about it.
Is your uncle experienced in investing and able to hold crypto for a long period? Or is he already biting his nails, while thinking why the hell market prices dropped that much? Hope current situation wont spoil your relationships with family. And hope these 25k invested were not his last money.
Btw, you have mentioned that he has bough a bunch of different altcoin also. Were does your uncle keep them? Hope not on exchange and you helped him to buy a hardware wallet.
Btw, you have mentioned that he has bough a bunch of different altcoin also. Were does your uncle keep them? Hope not on exchange and you helped him to buy a hardware wallet.
25k$ is quite a lot for a beginner, I don't know before you and your uncle bought some coins. Have you discussed crypto before?. I think you should teach your uncle the basic things about bitcoin and cryptocurrencies before investing so that he understands where he is investing and will hold himself accountable when the market is not good. One more thing: the coins that he invests, I think only BTC, ETH, BNB should be invested these are the safest coins for newbies. It can be said that ADA, DOT .. are potential coins but in the market we can not predict anything.
Glad to see that you are helping pass along some knowledge to your family members. It's funny because one of my uncles recently approached me about the same thing, but my advice to him was more so to just focus on the main coins in todays market which to me are simply bitcoin, ethereum, litecoin and monero.
I got paid out in BTC just moments before the crash and now it's lost over 10% of its face value 
Volatility goes both ways. Sometimes you gain, and sometimes you lose. But I will tell you something very interesting. Even after the dip, the exchange rate of Bitcoin right now is higher than the price we had anytime during 2009 and 2020. What does that tells you? For me, it tells that if you hold Bitcoin for medium to long term, then you will get guaranteed profits. On the other hand, if you want to spend some of your earnings, then you should have immediately converted some of the coins to fiat or stablecoin as soon as you received them.
Today I felt really happy. I helped two of my relatives who heard about bitcoin from a news channel and came to me to help them invest in bitcoin. One of them is my uncle (my mother's brother) who has a business. But, on the side, he invested in several stock markets, but recently, he heard a lot about bitcoin from news channels, all of which were negative.But he asked me about that because he knew I was working on it.
Then I told him about its potential and showed him my portfolio. Then he becomes so excited about investing in it. Not only that, his friend also came, and they invested a total of $45000. But according to our country, it's almost 0.36+ million of our currency. Then my uncle says, "Only Bitcoin is not an option because its price is too high. Are there other coins that we can invest in? Then I chose some of them and their potential.
Then they chose some coins. Because their money and there is choice also matter. Otherwise, i only suggest buying a whole bitcoin. Here is their investment :
My uncle's investment : $25000 (Total)
Bitcoin: $10000. Buy average ($47250 price)
Ethereum: 1 Ethereum. Buy average ($3420 price)
Cardano: $3k. Buy average ($2.30 price)
Dot: $2k. Buy average ($34.6 price)
BNB: $3k. Buy average ($410 price)
UNI: $2k. Buy average ($24.20 price)
DYDX: $1330 Buy average ($15.7 price)
Almost $250 fees cut in trading
My uncle's friend's investment is quite the same. He just invests a small amount in cardano, uni, dot, and bnb.
I feel really happy today. I can't share my feelings exactly.
Same thing goes to a couple of my high school friends who bullied me for years back then. But now we respected each other and I helped them with the basics because of their strong interest with Bitcoin and other cryptocurrencies. As a result, both of them kept meeting with me at least once or twice a week (sometimes none due to busy schedule) and treating me with dinner or so because of unconditionally helping them despite remembering that I am bullied by them and the rest.
It's really good for you. But I would like to say that the amount seems too much for me as this is a new person in this market. I think that a newbie should always start with little amounts and experience the market first. Because they can lose a great deal of money too. They should do a detailed a research about the projects and then decide what to do.
Today I felt really happy. I helped two of my relatives who heard about bitcoin from a news channel and came to me to help them invest in bitcoin. One of them is my uncle (my mother's brother) who has a business. But, on the side, he invested in several stock markets, but recently, he heard a lot about bitcoin from news channels, all of which were negative.But he asked me about that because he knew I was working on it.
Then I told him about its potential and showed him my portfolio. Then he becomes so excited about investing in it. Not only that, his friend also came, and they invested a total of $45000. But according to our country, it's almost 0.36+ million of our currency. Then my uncle says, "Only Bitcoin is not an option because its price is too high. Are there other coins that we can invest in? Then I chose some of them and their potential.
Then they chose some coins. Because their money and there is choice also matter. Otherwise, i only suggest buying a whole bitcoin. Here is their investment :
My uncle's investment : $25000 (Total)
Bitcoin: $10000. Buy average ($47250 price)
Ethereum: 1 Ethereum. Buy average ($3420 price)
Cardano: $3k. Buy average ($2.30 price)
Dot: $2k. Buy average ($34.6 price)
BNB: $3k. Buy average ($410 price)
UNI: $2k. Buy average ($24.20 price)
DYDX: $1330 Buy average ($15.7 price)
Almost $250 fees cut in trading
My uncle's friend's investment is quite the same. He just invests a small amount in cardano, uni, dot, and bnb.
I feel really happy today. I can't share my feelings exactly.
It's really good to have someone who's knowledgeable enough to given guidance to other people who plan to invest in cryptocurrency so that complicated stuff can be explained in simple terms. In addition, it is important to diversify your funds by not going all out in one specific coin but rather distributing it by percentage just like on what you do. A large portion of your funds was allocated in BTC and the remaining are distributed to the different coins which somehow lessens the risk of losing all of your funds.
If you want to help others who do not know about the crypto world then do not choose too many altcoins that we can not say can develop in the future, because they will feel panic when the market is experiencing a dump as it has been happening today, then choose coins that have high potential such as BNB, ETH and bitcoin because the coin has been relied on by many investors, And you should also tell that the risks in investing are huge.
sometimes people wont just believe in crypto if they dont see it on the mainstream media but what the media is broadcasting that time is negative , good thing that your uncle ask you further about cryptos .
i think he got intrigued if crypto is really bad or not because why are you involved on it anyway ? though theres more better and cheaper coins that you could suggested but thats not a big deal , what important is you add people in our community
i think he got intrigued if crypto is really bad or not because why are you involved on it anyway ? though theres more better and cheaper coins that you could suggested but thats not a big deal , what important is you add people in our community
Well.. this is the toughest test while investing in cryptocurrency actually. Panic selling has brought losses to a lot many people from this category. The problem is that whenever the prices go down by 10% or 15%, the social media will be flooded with all sorts of FUD, warning the users that Bitcoin may lose up to 80% or 90% of its value. And in many cases, the users sell their holdings in panic, in order to avoid complete loss. Only after suffering this type of losses for many years.. they will get themselves adjusted with the realities of cryptocurrency.
I got paid out in BTC just moments before the crash and now it's lost over 10% of its face value
Oops your uncle and his friends seems a bit earlier for investing, price drops quite hard recently but it's okay if you told us he is also a stock investors means he already have an investors mentality and could handle all the drops easily.
It's a good news for us everytime we heard someone is investing on crypto means more marketcap in the market, hope the market will recover soon and hope your uncle and his friends not regretting and keep investing more in crypto.
It's a good news for us everytime we heard someone is investing on crypto means more marketcap in the market, hope the market will recover soon and hope your uncle and his friends not regretting and keep investing more in crypto.
Well.. this is the toughest test while investing in cryptocurrency actually. Panic selling has brought losses to a lot many people from this category. The problem is that whenever the prices go down by 10% or 15%, the social media will be flooded with all sorts of FUD, warning the users that Bitcoin may lose up to 80% or 90% of its value. And in many cases, the users sell their holdings in panic, in order to avoid complete loss. Only after suffering this type of losses for many years.. they will get themselves adjusted with the realities of cryptocurrency.
Oops your uncle and his friends seems a bit earlier for investing, price drops quite hard recently but it's okay if you told us he is also a stock investors means he already have an investors mentality and could handle all the drops easily.
It's a good news for us everytime we heard someone is investing on crypto means more marketcap in the market, hope the market will recover soon and hope your uncle and his friends not regretting and keep investing more in crypto.
It's a good news for us everytime we heard someone is investing on crypto means more marketcap in the market, hope the market will recover soon and hope your uncle and his friends not regretting and keep investing more in crypto.
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