Topic: Today I helped 2 non-crypto people invest in bitcoin - page 4. (Read 838 times)
Get up to speed first.
You go tell Cobra he is an idiot.
Great. Now it's time to also help them learn more about crypto. It's not just about buying it and setting it aside as an asset. Might as well help them learn how to use it and hope someday it could be beneficial to them.
Since you had the patience to assist them in buying those coins, I wish you also have a long patience and knowledge to answer all their question if ever they suddenly want to dig more.
A good example could be now where almost all cryptocurrencies are down. How will you explain it to them? Also, be clear that you cannot be blamed if ever anything bad happens.
Since you had the patience to assist them in buying those coins, I wish you also have a long patience and knowledge to answer all their question if ever they suddenly want to dig more.
A good example could be now where almost all cryptocurrencies are down. How will you explain it to them? Also, be clear that you cannot be blamed if ever anything bad happens.
Darn bro, what a bad time to join in, crypto just crashed and he's in negatives now, but I think it could be better for him to understand that are a lot of ups and downs, now he needs to keep holding, and when it goes back up hopefully, it will show him that he shouldn't panic sell, because this happens very often in crypto markets, especially this year.
the important thing is that when introducing crypto to new people you have to provide a little education. you also have to give some knowledge a little bit about bitcoin to the person, so that the person can be balanced.
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Those numbers aren't a joke, OP. I guess the mindset of "risking something that is worth losing" is already in your uncle.I just imagine how would it feel to at least have connection inside the crypto space though. I was referred to invest also in Bitcoin back in the days, but I lost contact with that friend of mine due to them moving out.
Just a tip there, OP. Let them explore the coins that "they feel" worth the coins, because they still need to get used to the volatile conditions of the market. It isn't the same as stock market trading from your uncle's experience.
Its really a great helping nature of you as you helped them to invest in Crypto.But my question is are they know about the risks and rewards from crypto ? Basically a new trader can make some faults as newcomer has no experience in trading.
Hope you will help more to learn and to know how to trade properly.
Surely it is a good gesture by OP but as many other members also feeling it's really have bad impact on relationship or friendship as well because OP need to give some good understanding of crypto before this investment my personal experience is not good in this case, so I know I am not giving any view about this just giving update about crypto because its more important for many peoples those want to join this community.Hope you will help more to learn and to know how to trade properly.
Just investing can hurt them very badly in short term currently market situation is not good and most of the coins/tokens going in red if this investment also progress in negative way then It's going to give very bad impact to them, and they can feel negative about this community and start crying as scam.
Really happy to see you bringing your neighbors into crypto. Its really hard to convince people to invest such a big amount on a new platform. You were so practical in showing your portfolio so that they see the real evidence. Good that you have guided them to invest on few best coins. Side by side, teach them about crypto and ask them to be updated on it regularly. When they start learning more about crypto, they will have more confident enough to even invest more or have knowledge enough to watch the market and deal with it accordingly. Hope they too bring in more investors after they see a reasonable profit.
The timing is also right as market has slump today by 10% or so. So buying around 40k for me is really the best thing as was not expecting it to fall this bi, but here is an opportunity to start accumulating at such discounted price before again it starts to rise back.
Hopefully you've also told them about the risk that bitcoin poses because it's essential that they learn the risk of investing in bitcoin, not to mention that they've invested a pretty large amount of money so it's going to be hard for them if they are going to be surprised by the volatility.
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. ($50 000)
Now, I told them the price was too high, but they were too greedy to listen to me..... so as we all know.... the price dropped and some of them had to sell, because they used their credit card to buy these coins and the payment had to be done.
I have not heard the end of this... because they blame me, even though I warned them not to buy when the price was high.
Now, I told them the price was too high, but they were too greedy to listen to me..... so as we all know.... the price dropped and some of them had to sell, because they used their credit card to buy these coins and the payment had to be done.
I have not heard the end of this... because they blame me, even though I warned them not to buy when the price was high.
quite a large investment, for people who are new to bitcoin, do you give an idea if there will be a storm on the coin that your uncle has? as bitcoin is currently touching 45k$ at the moment , I hope you are far from trouble and can explain to your uncle with the current market conditions.
in here you are not wrong in recommending which coins have the potential to be able to benefit in the future, it's just that you have to be ready to explain market conditions
in here you are not wrong in recommending which coins have the potential to be able to benefit in the future, it's just that you have to be ready to explain market conditions
Its really a great helping nature of you as you helped them to invest in Crypto.But my question is are they know about the risks and rewards from crypto ? Basically a new trader can make some faults as newcomer has no experience in trading.
Hope you will help more to learn and to know how to trade properly.
Hope you will help more to learn and to know how to trade properly.
Personally, if I were in the OP's position I would look at the market situation and if the situation is not possible I would not recommend it, because I don't want my uncle to suffer losses because of me.
if the market is trending i suggest waiting until the price really drops to make a purchase and suggest to make long term investments and prioritize bitcoin, uncle OP bought bitcoin around 47K and currently bitcoin price is around 45K and so on, and how your uncle reacts when he sees the current price is definitely a disappointment.
Let's just hope that OP is not held liable from his relatives, especially now that the market is going through a crash. Bitcoin is down to $43.000, taking all other listed Altcoins with it. And that's why I don't give out financial advice, especially on crypto. I'm hoping that your relatives don't go frenzy seeing the market in such state, and start panic selling what they've bought. if the market is trending i suggest waiting until the price really drops to make a purchase and suggest to make long term investments and prioritize bitcoin, uncle OP bought bitcoin around 47K and currently bitcoin price is around 45K and so on, and how your uncle reacts when he sees the current price is definitely a disappointment.
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.
Hopefully your uncle will not slap you for getting panic once he see a negative movement towards his investment
just kidding.Anyways its good that you are pointing him on the good coins but you need to guide him more towards volatility so that he will not get panic with volatility as well he can carry out those challenges possibly he can face towards holding those crypto's he bought.
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)
Now, I told them the price was too high, but they were too greedy to listen to me..... so as we all know.... the price dropped and some of them had to sell, because they used their credit card to buy these coins and the payment had to be done.
I have not heard the end of this... because they blame me, even though I warned them not to buy when the price was high.
Now, I told them the price was too high, but they were too greedy to listen to me..... so as we all know.... the price dropped and some of them had to sell, because they used their credit card to buy these coins and the payment had to be done.
I have not heard the end of this... because they blame me, even though I warned them not to buy when the price was high.
These are the type of persons which blame others for their misfortune.When someone explains to you that there is a risk you can lose a lot of money in crypto and you still have decided to go on,if that doesn't go as planned you are the only one to blame and not the one who you asked for help for your investment.I am sorry that you learned it the hard way but better like this,now you always will say no to anyone from friends and family and you will have total peace of mind.I did the same but I was lucky and my relatives praised me and continued to buy crypto and now they now crypto as well as I do.
You are right. Is important to let them know the risk behind Investing in Cryptocurrency. When I bring people into the Crypto world, and they want to invest. I do explain to them that the price of coins do rise and falls. Also teach them about been patience. If you don't do this things. You might end up been a bad person to them, when there is drop in price of those coins they Invested in. No doubt, Investing in Cryptocurrency is however profitable.
This is one of the reasons why I don't get too involved nowadays. No matter how much you educate them, if the price drops all of a sudden, or in case the coins get stolen, these guys are going to blame you. What the ordinary investor want is high returns with zero risk. But there is no such thing. You can opt for low risk assets, but then the returns will be low (US treasury bonds have interest rate of 1.3% per year). On the other hand, if you opt for high risk assets, then there is a chance that you will get good returns. But you should be open to the probability of your asset losing 50% of its value in a year.
Indeed, sometimes our good intentions to help educate others don't always go well, there are always people who blame us if they fail. If you really
don't want to be blamed for inviting people to invest in Bitcoin, what you're doing is right by not getting too involved. But I can't do that, because
I really want to help other people get benefit from Bitcoin like me, especially for my family and friends can feel the benefits of Bitcoin. I feel very
happy when I succeed in helping others, but if it doesn't go according to plan, I can only be patient and don't think too much about it. At least I've tried
to do my best to make Bitcoin more widely used by others.
Personally, if I were in the OP's position I would look at the market situation and if the situation is not possible I would not recommend it, because I don't want my uncle to suffer losses because of me.
if the market is trending i suggest waiting until the price really drops to make a purchase and suggest to make long term investments and prioritize bitcoin, uncle OP bought bitcoin around 47K and currently bitcoin price is around 45K and so on, and how your uncle reacts when he sees the current price is definitely a disappointment.
if the market is trending i suggest waiting until the price really drops to make a purchase and suggest to make long term investments and prioritize bitcoin, uncle OP bought bitcoin around 47K and currently bitcoin price is around 45K and so on, and how your uncle reacts when he sees the current price is definitely a disappointment.
You are right. Is important to let them know the risk behind Investing in Cryptocurrency. When I bring people into the Crypto world, and they want to invest. I do explain to them that the price of coins do rise and falls. Also teach them about been patience. If you don't do this things. You might end up been a bad person to them, when there is drop in price of those coins they Invested in. No doubt, Investing in Cryptocurrency is however profitable.
This is one of the reasons why I don't get too involved nowadays. No matter how much you educate them, if the price drops all of a sudden, or in case the coins get stolen, these guys are going to blame you. What the ordinary investor want is high returns with zero risk. But there is no such thing. You can opt for low risk assets, but then the returns will be low (US treasury bonds have interest rate of 1.3% per year). On the other hand, if you opt for high risk assets, then there is a chance that you will get good returns. But you should be open to the probability of your asset losing 50% of its value in a year.
My only concern is the bad part. Did you tell them that there'll be storms? Did you explain that there's a bull run but sometimes a bear run? Because I am sure that you definitely not want them blaming you for any of their loss. Whenever I bring people to crypto or tell them about investments, I also let them know that it can be risky. I hope you did this, if not, you can still tell them while it's early.
The most important part is the volatile part and not to tell them in a forceful manner to invest as I saw it many times when the market will turn red for several days or months. there are lots of people who will cry and will blame anyone they can blame. So it's better for them to know the truth than letting them ride the boat without warning them of a possible storm and one more thing they need to invest is the amount that they can afford to lose. so they can avoid great losses when the market won't result in promising green days.
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