Today I helped 2 non-crypto people invest in bitcoin

[Assface16678]

Its always nice to see someone helping others if you have the knowledge about certain things. But I hope in the process of giving thoughts to them you should've mentioned the possibility of it being bearish at any point. They will learn so many things through experience and together with your guidance I hope for their success.

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[BIT-BENDER]

Congratulations on introducing your close ones to crypto-currency, but am curious how did you go about telling them the potential of crypto-currency, I don't think it's enough just showing them your portfolio to prove a coin worth, because when it drops your uncle and his friend might blame you for giving them a wrong advice, I have seen people telling their friends and family all rich and beautiful things about crypto-currency, I think if you hadn't, you go back and tell them how volatile crypto-currency investment is, and also what crypto-currency can be used for, if they aren't just investing in it alone.

[haidil]

Good to see people helping the adoption cause.

In my opinion, don't divide the portfolio too much, because anyway for starters, they should be able to focus on one or two (Bitcoin and Ethereum) because the timeframe that can guarantee is more effective for you to provide basic insight.

That's so true and I would say new investors and even traders should just stick with Bitcoins because the altcoin markerplace is damn risky and hilarious right now. Even if you invest in Ethereum you will slowly get lured into buying some shit coins through all the promotions and social media shilling.

Just buy Bitcoin if you are new to this crypto space, my little suggestion for anyone new to the community as well.

That's the point, keep using reasonable analogies, for the sake of insulting at times altcoins can easily fall and struggle to grow in a short time. So this certainly has a safe impact if it only refers to Bitcoin. Everything does not need to start in a hurry, investing must know the right time to enter and make a purchase. If it's too much to share in the case of multiple altcoins, I'm sure the OP won't be held responsible in the event of a crash which is quite worrying for the altcoins.

[Fesatmas]

Otherwise, i only suggest buying a whole bitcoin.

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?

@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.   

Very good portfolio. It is recommended by almost the majority to invest in the top 10 of the crypto market.

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?

Exactly, I get the point here, that the level of reputation alone is not a reference but a growth from day to day. Regarding the reference to the 10 rankings, it is only an assumption and not from what is happening in the field. The point is that progress in investing does not have to drop all of one's finances in one purchase. It could be once a month, because the price cycle you get will vary and have several different profit values. Isn't that what you mean? In addition to learning, it is also an adaptation to recognize every investment advantage last month with the next month's clearly visible comparison.

[Cryptmuster]

Congratulations on introducing your close ones to crypto-currency, but am curious how did you go about telling them the potential of crypto-currency, I don't think it's enough just showing them your portfolio to prove a coin worth, because when it drops your uncle and his friend might blame you for giving them a wrong advice, I have seen people telling their friends and family all rich and beautiful things about crypto-currency, I think if you hadn't, you go back and tell them how volatile crypto-currency investment is, and also what crypto-currency can be used for, if they aren't just investing in it alone.

This situation will definitely come, and people will blame the one who advised them to invest in cryptocurrency. Because people are always looking for the culprit, such is the nature of man, anyone is guilty, but not the man himself. In any case, it is said correctly, it is imperative to warn about the high volatility of cryptocurrencies, so that people would understand this and be ready for the fact that the price of their coins can both rise and fall in price.

[Oceat]

I hope this will turn out great after you recommended it to them since Bitcoin is very unpredictable and I don't know how did you make them to believe that Bitcoin would give them a good profit in return or other crypto investment. Some of these coins that you mentioned is not on my list (well, I ignore most shitcoins).

It's great that you did helped someone to invest in crypto currency but the thing is, I just saw your other thread and you said that Bitcoin is illegal in your country. Everyone was worried if your uncle and his friend won't blame you when everything goes wrong. I know you know that Bitcoin and other cryptocurrency wouldn't always go up. It would be great if you explained to them the bull run and the bear trend in the market.

[tippytoes]

That's a great thing for your uncle that they have invested now in cryptocurrency, helping our relatives to explore more cryptocurrency is such a good feeling but telling them to invest in a specific coin is not yet enough, I just worried if you had told him the risk on it, are they already prepare when they have seen that the market is full of red. Whenever we are telling cryptocurrency to someone we should not only be one-sided, we should always tell them the negative and positive sides of it so they wouldn't be shocked once the storm has happened.

This is somewhat interesting to see. Once they see the market is turning red, I hope they will not panic and sell their assets at a loss. The OP should also explain that in this market, you can't expect your investments to always be on the positive side. Part of this market is the up and down movement, so he should orient them not to make mistake when they see their portfolio plunging. Also, since they have several alts other than btc, they can also follow the updates of the coins they are invested in, so they have idea on what is about to happen in those coins. It is better to trade those coins if you have enough knowledge on their real progress rather than being blind about it.

[TelolettOm]

Many more people are now being interested to invest in cryptocurrency.
It signs good and it is very potential to grow up again and accepted by many more people in the worldwide.

However, have you also told them about the nature of cryptocurrency? Its volatility and also its risks?
Because someone must also know the risks of an investment in order to prepare them if something bad happens and they have already known the risks from the beginning. And that will not be your fault.

And about the investment, well, I support some coins there, moreover the top investment of Bitcoin, Etehreum, BNB, and ADA.
DOT is also potential.
But, I don't really know about UNI and also DYDX, are they really potential?
Hopefully yes.

[Hamphser]

I know it is a positive thing that you have at least made a very valuable small contribution. But in addition to giving you knowledge of the potential that is generated, don't forget you must also give them an understanding of what risks they will face. So it's not just sweets, but in bear market conditions it must also strengthen some motivation that the market has an up and down pattern and of course as a beginner it is always difficult to control this. Why did I say that? because I am like you teaching my two brothers to invest in crypto.

In my opinion, don't divide the portfolio too much, because anyway for starters, they should be able to focus on one or two (Bitcoin and Ethereum) because the timeframe that can guarantee is more effective for you to provide basic insight.

this is true, as the saying goes only gives fish, but does not give experience on how to fish.  In my opinion, they should really be educated about crypto, so that anyone not only knows about crypto, but also knows the real crypto mechanism

Its a personal basis because its up to someone if they would make out even in depth research rather than just simply buying and waiting for your investment to grow.There are people who are mindful about it and being curious and some people doesnt really care at all.

You would really able to see cryptocurrency market's potential if you dig deeper but if not then you would just simply miss out the opportunity to earn more.

There are only two types of people is to those who are afraid to take risk and to those who are willing to do such thing.

[chanler]

it's a good thing if you can really help and invite people closest to you to get into bitcoin because it's not easy to convince someone to invest in bitcoin especially with a big enough capital. but don't forget to give an understanding before that the crypto market can go up and down and that can happen at any time. if you can accept it of course it will be good but if you can't accept it it will be difficult and create chaos. so it would be better if after helping to invest it also helps to provide understanding so that they can determine their own time to sell or buy coins.

[bhooscream]

Have you explained to them the potential risks of investing in Bitcoin or altcoins as well? You also need to warn them that there is no guarantee Bitcoin to continue increasing in the future. If they want to join Bitcoin/Altcoin investments, do it with their own risks! This is very important to explain to them. If you didn't do it, they will blame you when they cannot get sufficient profits or even worse get losses then. Be careful, don't be careless to invite/help people investing in Bitcoin/Altcoin.

[oktana]

No matter how much he tells them when the market goes down, they will always blame him. I have helped a long chain of my relatives and friends to dive into bitcoins and they always blame me when the market goes down. When things are going good, they feel proud and forget but if things go slightly wrong, they are all over me.

I am not too concerned about them though because I spread the word about bitcoin not just with a charity mindset but I know that by spreading about bitcoin, I am helping myself as well since I am an investor.

If he really warns them of the risk involved, they'll not come to blame him when things go wrong,
and if they try to blame him, he can simply remind them that there was a disclaimer.
But, before you bring anyone in, I'll strongly suggest that you are sure of what kind of person they are,
so you don't end up receiving constant disturbance. Just make sure they have a matured mind, that's just it.

[Luqman]

Just make sure they have a matured mind, that's just it.

It is not easy to make sure people have matured minds. Especially for those who are new in crypto investment, they sometimes don't really care about being matured minds. Most newbies just focus on the way to gain big profits, mostly they invest in crypto because of greedy to get instant money. Although it is really not showing matured minds, non-crypto people invest a big amount of money in crypto, ($25000). They must start investing a small amount of money.

[Mkmanik]

Have you explained to them the potential risks of investing in Bitcoin or altcoins as well? You also need to warn them that there is no guarantee Bitcoin to continue increasing in the future. If they want to join Bitcoin/Altcoin investments, do it with their own risks! This is very important to explain to them. If you didn't do it, they will blame you when they cannot get sufficient profits or even worse get losses then. Be careful, don't be careless to invite/help people investing in Bitcoin/Altcoin.

I also asked the same question to OP. There is a chance to make a good profit, But there is also a huge risk available. If OP did not discuss the risk, His uncle will blame him in the future surely. All people make investments in crypto currencies because of profit, But everyone cants able to make it. Many people loss here. Before making any investment in cryptocurrencies people need to know everything about how it works, what can happen in the future ETC. It seems OP is not active, hope he will come here and provide the answer.

[Dr.Osh]

good move for your uncle and his friend. I think they also have the same thought on this. $25k is a lot of money, so I don't think your uncle and his friends are half-assed on this. however, when it comes to crypto, patience is paramount. After this, your uncle and his friends will be tested as to how far they can withstand that investment.
Beyond that, I'm also quite happy to see that you've made a pretty good investment for your uncle. those are all potential coins, and I hope the price will also go up by the end of this year. however, the coins are well worth holding on to in the long term to see their huge profit potential. maybe after this, your uncle and his friends can focus on developing investments in bitcoin, ethereum, and BNB.

[blackened515]

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.

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.

[yazher]

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.

[bryant.coleman]

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.

[bitzizzix]

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.

[Shasha80]

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.