Topic: What do you Think is the Right Advice to Give to this Young Chap? - page 2. (Read 281 times)
October 19, 2023, 11:54:26 AM
I would advise you to encourage him to make the decision on his own. In situations like this, you might end up being blamed for helping him make such decisions and potentially getting into serious trouble. It wouldn't be appropriate to sell a family heirloom that has been passed down through generations. Decisions like these should involve the entire family, rather than him making a solo decision to sell it. Bitcoin investment carries risks, and as a beginner with limited knowledge on how to secure his funds, he should take his time and not rush into investing. Right now, he should focus on learning the basics and consider making small, gradual investments. He should also be aware that he can start investing in bitcoin with whatever he has and consider using the Dollar-Cost Averaging (DCA) method.
October 19, 2023, 11:37:28 AM
Either he sent it on purpose or not, the advice to give is that he have to understand that bitcoin is a digital currency and not an investment scheme, there's risk as well in making an investment in it, if his family asset is what he thinks he wants to sell to invest in bitcoin, then he might be wrong because he's not the only one having right on that gold, moreover i don't know how easy it was for his parents generations to have left gold and being transferred till his generation have access to it, honestly the whole story looks like being framed looking at it from another perspective.
But here's my advice on whatsoever the condition may be, he should focus on learning bitcoin first, learn to earn bitcoin by offering online services he could get paid for in bitcoin, earn some money in bitcoin and use them to invest first, after some time when he might have gained experience in bitcoin, he may decided on the next thing to do, so let's make it a step at a time.
But here's my advice on whatsoever the condition may be, he should focus on learning bitcoin first, learn to earn bitcoin by offering online services he could get paid for in bitcoin, earn some money in bitcoin and use them to invest first, after some time when he might have gained experience in bitcoin, he may decided on the next thing to do, so let's make it a step at a time.
October 19, 2023, 11:35:31 AM
From the image above, the message looks like you were the one that sent it.
I was also thinking the same thing, and I almost wanted to ask if the sender took the screenshot and sent it over to the OP.
I also wanted to ask how you guys were able to send $1 worth of bitcoin to your participants and what means were used to send it, because half of that money will be spent on the transaction fee and multiplied by how many people you sent it to. Or do you make use of a central system where you don't have to pay a fee but rather send it to their account, which is not their wallet, and the fee won't change as it will be an internal transaction? If so, it won't also be a nice teaching bringing them into a centralised way without telling them the danger involved.
@Op should try getting his story straight so that there will be no confusion when reading it.
October 19, 2023, 11:23:46 AM
From the image above, the message looks like you were the one that sent it.
In this case you’re not only going to consider the risk involved in investing in something that is too speculative, you’re also going to consider his tradition. If he’s willing to sell the gold (which could also serve as a form of investment) and as well still be ready to lose the money realized from the sale then it’s settled.
Because one thing, I have noticed in this type of events organized for beginners is that the organizers always fail for talk about the risks involved in Bitcoin investments all they talk about is “transaction speed, low cost of transfer, being able to access your funds at any point in time” and also that they can make huge amount of money from bitcoin without even mentioning the fact that price could fluctuate significantly that their $1000 investment will become a $100 and I guess that’s why this person in question has reached out to you. But if he/she is prepared to face whatever the outcome may be then they can proceed to selling the gold and investing in bitcoin but if not let them keep their family heirloom for their children to inherit.
In this case you’re not only going to consider the risk involved in investing in something that is too speculative, you’re also going to consider his tradition. If he’s willing to sell the gold (which could also serve as a form of investment) and as well still be ready to lose the money realized from the sale then it’s settled.
Because one thing, I have noticed in this type of events organized for beginners is that the organizers always fail for talk about the risks involved in Bitcoin investments all they talk about is “transaction speed, low cost of transfer, being able to access your funds at any point in time” and also that they can make huge amount of money from bitcoin without even mentioning the fact that price could fluctuate significantly that their $1000 investment will become a $100 and I guess that’s why this person in question has reached out to you. But if he/she is prepared to face whatever the outcome may be then they can proceed to selling the gold and investing in bitcoin but if not let them keep their family heirloom for their children to inherit.
October 19, 2023, 11:18:22 AM
I refer you to my previous post where we carried out bitcoin awareness in Cameroon. Afterward, we gifted the new bitcoiners $1 worth of bitcoin each. This question is a follow-up from one of the participants who is part of the WhatsApp group we created for continual bitcoin education and to answer whatever questions they may have as they learn more about bitcoin.
The question: Hello, thank you very much for the class on Bitcoin. I appreciate the $1 Bitcoin welcoming gift sent to our wallet s. You said we should be free to reach out with our questions on Bitcoin and so this is the reason I am reaching out. In my family, we have a precious metal(gold) that has been passed down from my great great grandfather who was a gold miner to my great great grandfather to my grandfather and my father and now to me (My father passed away some months ago). This piece of gold is worth a lot money in US dollars. My income as a school teacher is very little for me to to invest in Bitcoin and profit from the halving of Bitcoin in 2024 which you mentioned during the awareness class that happens once in four year. Would you advise me to sell off this gold which has been in my family for so long and use the money to buy Bitcoin now so that I make profit from it during the halving?
Please, guys, what is the best way to respond to this question? Do you advise I tell him to take up a second job and work very hard to save up and invest in bitcoin instead of selling the precious metal that has been in his family for years because it is good to hold both gold and bitcoin? Do you advise I tell him to continue the family tradition and also pass down the gold to his children, just as his father and father's father did before him? Or that it is okay to sell off the gold and invest in bitcoin because after the halving, he would be able to buy twice as much gold as he has now? What do you think is the right advice to give to this young chap?
The question: Hello, thank you very much for the class on Bitcoin. I appreciate the $1 Bitcoin welcoming gift sent to our wallet s. You said we should be free to reach out with our questions on Bitcoin and so this is the reason I am reaching out. In my family, we have a precious metal(gold) that has been passed down from my great great grandfather who was a gold miner to my great great grandfather to my grandfather and my father and now to me (My father passed away some months ago). This piece of gold is worth a lot money in US dollars. My income as a school teacher is very little for me to to invest in Bitcoin and profit from the halving of Bitcoin in 2024 which you mentioned during the awareness class that happens once in four year. Would you advise me to sell off this gold which has been in my family for so long and use the money to buy Bitcoin now so that I make profit from it during the halving?
Please, guys, what is the best way to respond to this question? Do you advise I tell him to take up a second job and work very hard to save up and invest in bitcoin instead of selling the precious metal that has been in his family for years because it is good to hold both gold and bitcoin? Do you advise I tell him to continue the family tradition and also pass down the gold to his children, just as his father and father's father did before him? Or that it is okay to sell off the gold and invest in bitcoin because after the halving, he would be able to buy twice as much gold as he has now? What do you think is the right advice to give to this young chap?
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