What do you Think is the Right Advice to Give to this Young Chap?

[libert19]

Since no one talked about security aspect, I'll plough my tent here. It's one thing to make investment and completely different one to secure that investment, here government won't take care of your fund's security, you are on your own. Teach him security lessons first, cryptocurrency space is plagued with scams/hacks, newbies are easy prey.

Using hardware wallet, keeping seed phrase offline, being wary of scams, staying anonymous — not blowing trumpet of your investment whether online or offline — are some security tips top of my head.

Not knowing the stuff and diving in is stupid and will likely make you lose your money.

[lovesmayfamilis]

I always feel sorry for people who are very fiercely trying to get out of poverty and are ready to believe anyone who promises to help them with this. In this case, I see this story only this way: a person, not understanding all the intricacies of Bitcoin, believes in stories that Bitcoin will help them live better, and he can be understood, but the only thing he has is a family heirloom. One can guess that the situation is so bad that people are ready to part with the family history that they have kept for quite a long time. OP, show him our forum; let him come here himself and grow his knowledge together with people who will not cloud people’s brains with fairy tales about a beautiful future life. If a person does not have money to invest now, then investing a little will not make him rich. I think this has long been clear to everyone.

 I'll pretend your story is plausible. But answer me: If you want to help him, why remove him from the chat?

[Woodie]

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.

If that gold is a family treasure and you want to kill this tradition by selling it off gorBitcoin then am not going to be the person to back you up on this even if it's for Bitcoin!! Sometimes we ought to respect the process and lesson being taught,  you choose to sell that all your family members will know and know the real lesson will come..for your peace of mind just wait for your time to pass it on should be the advice.

But had it been his asset, well I will be the first to say sell it as it reduces the security demands it requires, the space issues and weight are all taken care of but unfortunately this has interest from family and family must come first.

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?

Not bad of a suggestion!

Let him not have easy buy selling family artefacts, let him try work for his wealth unless it goes to the worst like family needing the money for surgery or something serious.

[Abu-Naim]

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?

Because the gold is a family gold, your student should make this decision on his own and confer with family members.
If you advise him to sell the gold and invest the proceeds in bitcoin, you should be responsible for teaching him everything he needs to know about bitcoin, wallets, private keys, and so on, as well as how to secure his private key to avoid losing the bitcoin he purchased. If you cannot take on all of this responsibility, you should advise him to do additional research and know what to do next because it is family gold.

[Lucius]

Yes, you are correct. I had to take it out from the WhatsApp group and send it to myself for privacy reasons.
I don't think that is a problem.

It's strange that you are concerned about the privacy of the participants in the chat group, and at the same time some of their faces were shown in the thread you opened in the Bitcoin discussion. If you protect someone's privacy, you should do it in the right way.


As for the gold that someone has inherited, it obviously has sentimental value and at the same time it is insurance in case the family really needs a larger amount of money. I personally would not "gamble" with that, especially if I am someone who has just (perhaps) understood some basics, because as some other members have already mentioned, it is not just a matter of what the price of BTC will be in 1 or 5 years, but will that man manage to save what he invested long enough to make a profit.

Everyone should therefore think carefully and weigh the risks, because we don't want another story that starts with "I opened my crypto wallet and someone emptied it, what should I do?".