I gave 100$ of Bitcoin to my elder brother as a gift

[wtsimis]

While browsing the forum, suddenly I found a thread

I invested $100 for 18 years for my new born nephew

I understand that Bitcoin would be a great gift for anyone. I saw many peoples send gifts in form of crypto. The OP of that thread takes it to another level. It reminds us that one day Bitcoin will go to the moon. Who knows, this 100$ worth of Bitcoin will bear baby's education expanse in the future.
From getting inspiration, I also gave a gift worth 100$ in form of Bitcoin to my brother on his birthday. He is now doing his M.S.C degree in Public Health. He has always had a passion to get a Ph.D. degree. I hope this small gift will help him to reach his goal.
He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

[Little Mouse]

He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

You actually introduced bitcoin to him in a wrong way. You possibly know that "Not your keys, not your coins." So, you would better ask him to start with at least an Electrum wallet which give him the full control of his bitcoin. Having account with an exchange is okay but holding your coin there is a shit idea as your brother don't own the private keys of the fund (I mean address).

[NeuroticFish]

so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

While you've done a nice gesture, I'm afraid that you've done it wrong.

I mean that the coins at an exchange aren't really his ("not your keys, not your coins") and the exchange can - for whatever reasons - seize them, get bankrupt, get hacked, have errors and so on.
While for 100$ it doesn't matter that much, your brother may get the wrong impression about the things and may lose money.

And of course, staking and so on, are not Bitcoin features, they're 3rt party stuff, and some DeFi platforms did go wrong (got hacked)...


All in all, it would have been (at least for me) a much better news if you would have helped your brother generate offline a paper wallet (or HD seed) and were keeping the coins there, waiting their fiat value grow naturally.

[nurilham]

A good thing because that means you have introduced Bitcoin to the closest people and hopefully it can help financially and also help them understand the world of Bitcoin. Everyone certainly has hopes of Bitcoin soaring up in the future, therefore many people invest in Bitcoin because the prospects are good. it is undeniable that if the capital you provide is managed properly by your brother then it will be profitable. but here it needs to be underlined that to start saving or investing in Bitcoin we must be really patient and careful and also provide an understanding of the benefits and risks that can be obtained so that in the future we can manage it carefully.

[maydna]

You can teach him to have a wallet such as Trust wallet, Electrum, Mycelium, Exodus, or even buy him a Ledger Nano S, which is less than $100, so you can teach him to save his bitcoin at that wallet. I am sure that it will be safe for him to keep his bitcoin while finishing his study and not think about crypto.

You can teach him to install a wallet on his devices, such as an android mobile phone, and protect the phone and the wallet, which will be safe. I hope you tell him about the risk of storing his bitcoin at the exchange and give him the second options to save it in the other wallet.

[NeuroticFish]

You cant teach whole crypto in one go. IMO starting crypto with exchange is just fine. With time as your understanding about crypto grows you come to know wts difference bw exchange and wallet. Electrum wallet is vulnerable and not safe as compared to centralizrd exchange like binance. Just start the crypto and you will learn with time.

You can't teach everything in one go, indeed, but best is to start right. Else one will start with a wrong impression and make (more) mistakes. I advised for a safer option: paper wallet or seed. Best option for holding.
In time he can learn then about exchanges and the whole ecosystem. On the other hand, if something goes wrong with the funds at exchange, his brother will become disappointed and may turn his back to bitcoin.

About Electrum vs Binance, you are also wrong. Binance is safer than Electrum? Tell that to all the Nigerians with the funds frozen by Binance. The "not your keys, not your coins" rule applies there too. And it hurts.
(Also, you can find out and read to how to use Electrum as a cold storage, meaning completely safe, if you do it right).

[Gamerholic]

If only my older brother would give me bitcoin in 2009-2010 - I would be the happiest now! In general, it's very nice - I did this for my son when he was born 3 years ago, although I bought not bitcoin but etherium and not for $100 but for $500. Now they are worth much more. I confess I had a few moments when I wanted to sell them at a "good" rate, but then I caught myself in time and remembered that they were "not mine." Let the guy grow up and decide what to do with them. Who knows - maybe he will already be a millionaire by then?

[Mamun74]

When bitcoin price was Only $400-500$ then if you give him i think he would be happy now and surprised also.2013-2014 Bitcoin price was around $400-600$ but now $43k+ and it touched $65k+ 2021.if he hold it and sell now then we will get good amount total now and i think he will happy from it.

[TribalBob]

amazing thing you teach you to bitcoin with your brother, I also hope one of my family comes to me want to learn about bitcoin, sorry I think the way you introduce bitcoin is wrong in making a wallet, you should be able to teach him to have a wallet like the simplest Trust wallet not exchanged, as an initial stage of introduction after he understands ,you will teach to exchange, teaching bitcoin to adults takes a long process for the steps to be passed

[amishmanish]

You actually introduced bitcoin to him in a wrong way. You possibly know that "Not your keys, not your coins." So, you would better ask him to start with at least an Electrum wallet which give him the full control of his bitcoin. Having account with an exchange is okay but holding your coin there is a shit idea as your brother don't own the private keys of the fund (I mean address).

You cant teach whole crypto in one go. IMO starting crypto with exchange is just fine. With time as your understanding about crypto grows you come to know wts difference bw exchange and wallet. Electrum wallet is vulnerable and not safe as compared to centralizrd exchange like binance. Just start the crypto and you will learn with time.

While this is a good argument that "Something is better than nothing", yet, in case of Bitcoin, if you aren't teaching someone to actually try out a wallet software on a secure computer and see their money on a piece of open source software like Electrum, then you are failing to give them a chance to have the "feel" of what BYOB is.

The BYOB thing has been a meme and a lot of people don't find it very appealing these days, yet, the idea of a few words on a piece of paper having the power to store your money privately and securely is what makes Bitcoin so powerful. Its the idea of freedom from centralized services or a need to fill up 5 forms and paste 4 pictures of yourself signed and attested with your identity documents.

So, kudos for the gesture OP but please do the right thing and get them to use a wallet software like Electrum. Let them watch the "synchronization", check the peer list, explore the "sign" functionality and understand that its not just money on an exchange somewhere.

[BlackHatCoiner]

I hope this small gift will help him to reach his goal.

Look, I don't know how much money does the PhD cost or how old is your brother, and I neither want to seem pessimistic, but I find it highly unlikely that the equivalent of $100 in BTC are going to help much, even in the long term. Those days when you could have a +10000% within 4 years are long gone. Nevertheless, they'll definitely help.

Also, don't keep them in an exchange as there's no point. You don't teach him anything, you're actually give him the impression he owns something while he doesn't. Setup an open source wallet, withdraw them there. Read the replies above.

[SFR10]

I understand that Bitcoin would be a great gift for anyone.

Unfortunately, you're wrong with this assumption... Imagine giving BTCitcoin to a tech-illiterate person ^{[it doesn't make sense]}!

and set up all the settings.

If you're referring to 2FA, then depending on its type ^{[e.g. SMS or email-based 2FAs]} and how you actually use it ^{[e.g. on the same device]}, it just gives you a false sense of security!

Electrum wallet is vulnerable and not safe as compared to centralizrd exchange like binance.

In regards to safety concerns, it heavily depends on how you use wallets like Electrum, and FYI, Binance isn't that safe: Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges

[sunsilk]

Bitcoin isn't PoS. That's why if you think that it is staking that you've put his bitcoin, that's just another interest account from that exchange or platform that you've deposited.

But, what you're doing is the right thing so that your brother would someday see the worth of the amount you've sent.

It's better if you'll get him a wallet rather than deposit it to an exchange or platform while he has no intention of selling it.

[dkbit98]

He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

Sorry, but I have to break it for you, and say that you didn't actually give any bitcoin to your brother, you gave $100 Bitcoin to centralized exchange who now owns this Bitcoin.
To make things even worse you said your brother to ''stake'' bitcoin, and something like this does not exist in Bitcoin, maybe some small interest can be earned, but it's similar like having money in bank... you own nothing, and they can close his account at any time.
Better explain importance of Bitcoin to you brother, and tell him to withdraw coins to his own wallet (Electrum or Wasabi wallets are free) and teach him importance of private keys, and how to backup his seed phrase.

[coolcoinz]

Bitcoin gifts are the best way to popularize it, which is why in El Salvador every citizen was given coins by the government. To take profit you have to learn how to use it first and be able to successfully send a transaction. Also, if you get it for free it makes you less nervous about holding in bear market, and we all know how hard it can be when you see your portfolio lose 30% of its fiat value.
I'd love to see more Bitcoin treasure hunts take place because it's even better than simply giving it to people and probably the best way to introduce kids to crypto. Make a person put some effort into getting it and they'll value it even more.  

[Mpamaegbu]

You can teach him to have a wallet such as Trust wallet, Electrum, Mycelium, Exodus, or even buy him a Ledger Nano S,

It's best to keep it simple, at least for a start. Throwing in many options for wallet use can confuse a noob and mess the whole thing up. Let the receiver build the interest first, and then he can ask for options when he grasp it. A multi wallet (crypto) like Trust wallet should even be okay for starters.

You can teach him to install a wallet on his devices, such as an android mobile phone, and protect the phone and the wallet, which will be safe. I hope you tell him about the risk of storing his bitcoin at the exchange and give him the second options to save it in the other wallet.

In fact, those are the main thing and should come as a top priority. Every other thing to this is secondary as far as fund security is concerned in the crypto space.

[stadus]

Great gesture, but always remember to educate your brother about bitcoin as that's the only way he will appreciate the gifts that he had now. $100 maybe a small amount now, but as the adoption gets bigger, that would result to bigger demand and that $100 value now might grow significantly in the future.

At least, being educated about crypto would help us to make the right decision, and with that, we will be confident in holding our bitcoin even in long term.

[coupable]

He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

This reminds me when i tried to introduce my brother to bitcoin two years ago. I thought him how to set up a wallet (Electrum) and sent him 50 $. Few months later he started a selling service in facebook of gaming stuff (skins and arms) ; the first stuff he bought them from somewhere in the internet, he used that 50$.

[mia_houston]

He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

This reminds me when i tried to introduce my brother to bitcoin two years ago. I thought him how to set up a wallet (Electrum) and sent him 50 $. Few months later he started a selling service in facebook of gaming stuff (skins and arms) ; the first stuff he bought them from somewhere in the internet, he used that 50$.

Giving valuable gifts to other people will certainly make us quite happy, especially if they are able to change their lives to be more successful with the gift capital that we give, of course we will also be very proud to see their success later. I applaud what your brother did, only with $50 in capital he dared to try to develop a business of buying and selling goods, I don't know if his business is currently growing or not, but the way he takes advantage of the gift  from you make me amazes and believes that he has a business spirit , as the saying goes, don't give someone fish but give him a fishing rod so he can be independent....! 

[dunfida]

He doesn't have any wallet or exchange account, so I opened an exchange account for him and set up all the settings. I teach him some basic things in the crypto industry (those will help him to secure the account). I also suggest him to put his Bitcoins in staking, which will give him some APY return in long-term investment. The staking method will help him to grow his Bitcoin. I also suggest him follow the SIP strategy, if he finds any interest in the crypto industry then SIP could be a better option for long-term investment.

You actually introduced bitcoin to him in a wrong way. You possibly know that "Not your keys, not your coins." So, you would better ask him to start with at least an Electrum wallet which give him the full control of his bitcoin. Having account with an exchange is okay but holding your coin there is a shit idea as your brother don't own the private keys of the fund (I mean address).

Wrong introduction indeed because security do really matter and it should really be taught on the first place so that someone wont really be losing off their path in talks of security but in overall aspect

then it is good that someone had able to know crypto despite of those lapses or totally missing out those chance.Introducing to someone could really be on this way but there are still some other ways

too but having this move is just a typical one or simply could be done by someone who is really willing to spread out awareness.