Topic: Today I helped 2 non-crypto people invest in bitcoin - page 6. (Read 774 times)

I should give appreciation to you, because you have succeeded in inviting two people to invest in bitcoin, my advice from now on you must guide them, and teach them to be able to invest in bitcoin, so that they are not deceived by greedy people,

Well that's a good idea, but in my personal opinion let them know how risky its as well despite of the advantages of crypto currency from other way of investment , i mean so that they're aware and ready to handle every situation in the crypto market. because you know not all the time you're with them to assist and to give an advice especially when they're worried about their money when there's a normal fluctuation of the market , maybe they will blame you at the end of the day when something bad happens to their investment. Lol so i suggest to give them some specific information so they will know..

While helping them in investimg into crypto is not a bad thing to do, but I am more concerned about the repercussions later on. If the market goes well, nothing bad will happen but if it doesn't, that the problem will start occurring. This is not a small amount your relatives have invested. I hope they have taken this decision on their own so that they don't blame you for anything. Relatives are quite tricky to handle.

I'm curious to know what was your response to what your uncle said about BTCitcoin?
^{- He was never going to buy a whole BTCitcoin with that $25k!}

If that's among the coins that you've chosen, then what makes you think it's going to last for a long time?

What makes you think they're correct?

There's actually a common issue with a lot of altcoins: They don't last long enough ^{[Dead Coins or List of dead coins]}.
^{- I haven't checked every single one of them, but I'm sure there are some that didn't even last a few months!}

This proverb doesn't count when it comes to the cryptocurrency market,because all altcoin prices are more or less following the Bitcoin price.When there's a bull market-all coins are pumping,when there's a bear market-all coins are dumping.There aren't any conditions for proper diversification and creating a well balanced portfolio.
I'm pretty sure that this DYDX token is pretty much hyped up and it's price will slowly go down in the next months.
Anyway,OP,I hope that your relatives won't panic and sell everything when the first price crash/bear market occurs.
I also hope that you told them how to protect their coins from hacks,scams,etc...

Very good brother. One day god will give you reward for helping others.
There is no doubt bitcoin is the king of all crypto currency coins. But now bitcoin price is very high. If anyone want to invest then invest in every
price dump. But there is a very popular proverb " Don't put all eggs in one basket" So, don't invest all funds in one coin. Invest in different coins with small amount. You have selected all the good coins for investment.

You ask the right questions, because investing is actually the easiest part of the whole process, and preparing to properly secure and understand digital assets is far more complex. I hope that the relatives have understood what the risk is and that they are ready for possible losses - because it is easy to be optimistic in the bull market, but when things go south, panic takes its victims very quickly and efficiently.

Good to know that you are introducing people to the crypto world. I have a few questions:
Did you tell her about the risk in crypto investment? Most people made investments in crypto because of profit, but they don't know there is also a huge risk available to lose all of their capital.
If yes, what was your uncle's answer?
For how long you/your uncle will hold those coins?
You/your uncle using stop loss to hold those coins?
Where are you guys holding those coins?(just curious)


There is no doubt you guys bought some legit coin. I am also holding Cardano for the long run.

Exactly what to say, it should be invest of what you can afford to lose because maybe someday they will back and ask you why the value of bitcoin holding at are losing value and the amount should not affect to their monthly allowance and buying the whole number of bitcoin is too much expensive as of now. But as OP said, their relative is an investor and maybe they understand the risk upon investing in bitcoin. I hope they fully understand the whole concept of bitcoin investment so that they will not become frustrated when the market price drop.

Why? I don't understand the fixation that people have with whole numbers. I have a friend who is slowly showing some interest in Bitcoin, but he is so concerned about owning a whole Bitcoin and is not considering smaller amounts. One day he said he doesn't think he will ever have enough to purchase 1 BTC. I keep telling him how ridiculous that is, because he can purchase much smaller amounts. I tried to make a comparison with fiat and explained it to him like this:

When you get your monthly salary, you aren't getting round numbers. You aren't being paid $10.000 a month. Maybe you earn $1374/month. You didn't turn your job down because the pay isn't a nice round number. Why don't you apply the same logic to Bitcoin?

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@Imran232
Can I ask what level of experience and knowledge you have about crypto and what research have you done to feel comfortable in recommending those coins to your family? Where are they storing their digital assets? What did you tell them about protecting private keys and seeds? Crypto isn't like the stock market? If Bitcoin dumps, so will the rest of your uncle's portfolio. If Bitcoin rises, so will the majority of alts.   

Recommended by whom? How profitable will that investment be long-term? Check the top 10 coins from 10 years ago, do you recognize any? Check the top 10 from 5 years ago, how many of those are still in the Top 10 today?

Tell them about the downside risk and have strategies for getting out. Taking profits is never wrong, that's the principle in investing.
I hope the market keeps moving forward and gives them big profits. Because when the market is long-term bearish, your loved ones will probably be upset because of you.
I'm ilovealtcoins - The one stuck at the top so much

Helping others to invest in bitcoin is a good thing, but before they enter the market at least you have told them about the pros and cons of investing in crypto and taught them some basic analysis so as not to blame you when they lose, because usually beginners will be very greedy with market movements.

maybe not a good idea if they are too newbies. you don't want them to go into the labyrinth of cryptocurrencies and then make them submit KYC yet. if they are just willing to hold, just tell them to hold or stake. congrats to OP, you will not be blamed if you just choose the good investment and make them hold.

but the uncle seem to be experienced in the stock market which he knew one could buy and sell. the uncle is the easier person to teach because he knows already what to do.

Do they know the risk already or have you told them about the risks in investing bitcoin because I don't see them in your post OP, if you haven't told them about it, you better tell it to them now because they will probably panic when they experience the volatility that bitcoin has.

There are certain risks in investing in any cryptocurrency. When you help non-cryptographers to invest in Bitcoin or other cryptocurrencies, you should tell them the risks. Everyone has the right to know their investment! I think the comprehensive introduction really helps the non-cryptographers!

Yes, you should have mentioned the time period for which they should hold this investment. You have bought all these coins at high current prices and if bitcoin starts dumping today, your uncle portfolio will be 30 - 40% down. He may not be ready to see this loss in his portfolio (although there is no loss if you don't sell in loss).

If he is investing for 4 - 5 years, then there is no issue and this is the best investment.

Congratulations on introducing and explain about bitcoin and other coins to your uncle and his friend. I suggest you tell them not to panic if the price is down and not sell their coins because the downtrend will be back to an uptrend. You can tell them that the crypto price will be volatile day by day and they should be ready to see the price will sometimes down and up. You can suggest not to watch the market too often because that can make them worry if they see the price is down.

If you can trade better, you can ask them to try trading for a small amount as they are familiar with stock trading and I think they know some stock trading analysis that can help them analyze in crypto trading. But if you do not ask them to trade, that will be no problem.

Recommend to others, really want to popularize the risk to them in advance, let them stop loss when they should stop loss，Otherwise, it’s difficult to control their operations. I think I’m at a disadvantage at this point， My friend was brought into this circle by me. He made 300,000 U.S. dollars when he first came in，Then he kept chasing up and using leverage to continue buying. , He lost all his savings when he fell sharply in May of this year.
At that time, he couldn't hold back his desire, and couldn't stop his enthusiasm. Now it is very difficult to stand up.

Welcoming news to see members here helping out their relatives and friends on how to invest on crypto.
I also did help someone way back in 2019, but not that huge amount, just like $200. But we all know how the price rally post halving and I have communication for him eventhough we are now far apart because of the pandemic. He is glad that he did invested as it grow many folds already. But I also explained to him that the price will not go on parabolic rise and there will be tough times when we see the price going down very hard. I do hope that you explain this as well to your uncle.

its good to help other people to join if they really want to . most importantly they know what they are doing in crypto. because in terms of price volatility, everyone agrees that the bitcoin chart price cannot be the same as the stock market. best luck with your family investment. and with the coin choice, to be honest i never know DYDX. Are all the coins a reference from you or them?