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

[Issa56]

Waw you have really tried for your brother, he might not know the usefulness of what you have done for him now but I believe definitely he will appreciate you later in the future, but you also made a mistake which I will advise you to correct exchange wallet address is not the best place to keep coins, the best thing you should do now is just to create a non custodial wallet for him then transfer the bitcoin to the wallet and make sure he sure his private key.

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[Falconer]

It is not a bad idea . Everyone definitely gift anything to anyone but if the gift is Bitcoin then it is definitely party cool . But he/she must teach BTC receiver . How to save Bitcoin and about Bitcoin future. then he/she will interested for Bitcoin and he will hold her gift for long time long years.

The OP should tell his brother to back up the wallet so it can be used in the future if his brother is willing to hold bitcoins long term. This means that the wallet used to store bitcoins must remain secure in the long term. Exchange wallet is not a secure long term storage wallet, never recommended for any holder regardless of how many bitcoins you have.

I don't think $100 in bitcoin today will be worth $10K in the next 5 to 15 years, so this should be a great gift in an attempt to introduce its brother bitcoin. If the OP hopes that $100 in bitcoin today can cover his brother's son's future school fees, then that's too big a hope to achieve although we never know how much bitcoin will cost in the future. I didn't think it would come true, but that's okay because it was a gift.

[TheNineClub]

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.

It's admirable of you to grant him this gift. However, with that gift comes the responsibility of educating the recipient. I see you mentioned teaching him some basics, but maybe a better option is to point him in the direction of numerous articles, books, and videos made on the topic of crypto, and teach him that investing in crypto is no about taking someone else's advice, but rather doing your own deep dive on the topic. I am sure he wouldn't have any problems with that as he's probably accustomed to learning since he's chasing a Ph.D. He doesn't have to go full potato on crypto and start day trading, but when investing any amount of money into it, a person needs to know as much as possible about the intricacies of what he is investing into.

[bounceback]

It is not a bad idea . Everyone definitely gift anything to anyone but if the gift is Bitcoin then it is definitely party cool . But he/she must teach BTC receiver . How to save Bitcoin and about Bitcoin future. then he/she will interested for Bitcoin and he will hold her gift for long time long years.

Yes right, after giving a gift to someone who is not very cryptocurrency savvy in the form of bitcoin, I think it would be better if we teach that person or guide him so that he can store bitcoins in a more secure way and knows how to store the private key of the wallet used it properly so that he doesn't lose access when he wants to sell bitcoins later.

[ethereumhunter]

I already gave 0.005 btc to my cousins a few years ago but I do not know what they do with their bitcoin. I already told them that their bitcoin value now is increased and they asked me what they could do with that. I tell them to hold and sell when the price reaches $100,000 or more. Giving bitcoin as a gift is not be a problem as they can forget it and not remember when they store their bitcoin. That is why we need to remind them to learn more about bitcoin to use it for themselves and give benefits to them.

[wtsimis]

Now I understand the thing "Not your keys, not your coins.". I should apply it in our use cases. However, he is busy all-time with his work, so in the future, I'll tell him about the detail of the industry and will also talk about the term, how it works.

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.

Can you explain what strategy this is? because I just heard about it!

SIP is investing plan (Systematic Investment Plan)

A systematic investment plan is an investment vehicle offered to investors, allowing them to invest small amounts periodically instead of lump sums. The frequency of investment is usually weekly, monthly or quarterly. SIPs allow investors to save regularly with a smaller amount of money while benefiting from the long-term advantages of dollar-cost averaging (DCA).

Basically, Any investors invest in a particular market in a systematic way, for example You're planning to invest in BTC for the long term, then you can follow the SIP strategy, you put 10/20/30$ every week/month/quarterly. (as you wish). You can also use compounding your capital in every periodic cycle.  There are many benefits of SIP strategy like

• Power of compounding
• Low initial investment
• Dollar cost averaging
• Convenience

If anyone believes in long-term investment, then the SIP investment plan could make anyone wealthy. You can find many examples on the internet, who started early or lately but in the long run, they become rich. Some example will make it easy for you;

https://bitcointalk.org/index.php?topic=5349270.0
https://bitcointalk.org/index.php?topic=5222895.0
https://www.franklintempletonindia.com/article/sip-or-systematic-investment-plans-meaning-benefits-and-more-io04og33/sip-or-systematic-investment-plans-meaning-benefits-and-more
https://www.publish0x.com/saikots-blog/how-to-be-a-crypto-millionire-starting-with-100-dollar-xlymvvk

There are several types of SIPs like
Top-Up SIP: Any investor can increase or decrease the SIP amount periodically (for example, you could increase your existent SIP of 10$ per week by $5 after every 3/4 months; this means, after those 3/4 months, your weekly SIP will become $15.
Flexible SIP: You can change the investment amount as your cash flow.
Trigger SIP: These types of plans enable you to switch from one scheme to another if the market becomes volatile.

[noormcs5]

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 $. Few months later he started a selling service in facebook of gaming stuff (skins and arms) ; the first stuff he bought them from somewhere in the internet, he used that 50$.

So the 50$ you gave to your brother in bitcoin, he spend them online for some games ? Didn't you tell him that he should not spend those coins and if possible, accumulate more by converting his savings into bitcoin ?

Also i am happy for the OP as he gifted his brother some bitcoins and it seems that this trend is now beginning to grow as people become aware of the potential of bitcoins.

[xSkylarx]

Waw you have really tried for your brother, he might not know the usefulness of what you have done for him now but I believe definitely he will appreciate you later in the future, but you also made a mistake which I will advise you to correct exchange wallet address is not the best place to keep coins, the best thing you should do now is just to create a non custodial wallet for him then transfer the bitcoin to the wallet and make sure he sure his private key.

I agree with this because the exchange will close in a few years, so just to be safe, create a custodial wallet or a hard wallet if you have the financial means to do so. That $100 is a significant sum of money and a good start for your brother, whether he or she recognizes it or not, because it may well save his or her future as a result of it. I believe this is a fantastic idea for saving money as well, and I believe I would send this type of money or use bitcoin to do so because it has the potential to accumulate over time and the price will rise, making it a good investment.

[Henrobakkara]

I already gave 0.005 btc to my cousins a few years ago but I do not know what they do with their bitcoin. I already told them that their bitcoin value now is increased and they asked me what they could do with that. I tell them to hold and sell when the price reaches $100,000 or more. Giving bitcoin as a gift is not be a problem as they can forget it and not remember when they store their bitcoin. That is why we need to remind them to learn more about bitcoin to use it for themselves and give benefits to them.

Instead of reminding them which means they don't really know anything about Bitcoin, why don't we teach them about it before gifting them some Bitcoin? that way, they already know and understand it and they will value it and know what to do with it instead of asking what to do with it. A good gesture altogether.

[arabspaceship123]

I'm happy because you spent $100 for your brother's bitcoin introduction. I've read some people saying you haven't been fair to your brother but you've introduced him to bitcoin you deserve credit. He'll learn about wallets. He'll undertake possession of private keys when he's ready.

He's your brother you know the best route for introducing him to Bitcoin so ignore what people are saying you're doing fine. Just tell him he shouldn't use exchanges for storing I'd tell him to use Electrum.

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.

[Lanatsa]

I already gave 0.005 btc to my cousins a few years ago but I do not know what they do with their bitcoin. I already told them that their bitcoin value now is increased and they asked me what they could do with that. I tell them to hold and sell when the price reaches $100,000 or more. Giving bitcoin as a gift is not be a problem as they can forget it and not remember when they store their bitcoin. That is why we need to remind them to learn more about bitcoin to use it for themselves and give benefits to them.

Instead of reminding them which means they don't really know anything about Bitcoin, why don't we teach them about it before gifting them some Bitcoin? that way, they already know and understand it and they will value it and know what to do with it instead of asking what to do with it. A good gesture altogether.

Would still depend whether your brother would really be curious on what you had given to him and would make out some his own personal research and would learn up things eventually without the need of

further actions to be made but it isn't really that bad to make out some basic introductions on what you had given into him so that he would at least be careful on keeping those coins safely
and wont tend to waste it off or wouldn't really be caring or mind off seriously and on this way then it would really be beneficial for him and you would appreciate that
your brother shows up some interest.

[Peanutswar]

Better to make an introduction to him such as the things he needs to know and what are the things must need to consider because according to OP he's in field of Health and of course, some of them might not have time to read about the crypto world it consumes their time than make a study so better if you both have a time make him an insight what are the dos and don't also the things he needs to make sure the bitcoin will not waste and can be use to grow more.

[jaberwock]

Instead of reminding them which means they don't really know anything about Bitcoin, why don't we teach them about it before gifting them some Bitcoin? that way, they already know and understand it and they will value it and know what to do with it instead of asking what to do with it. A good gesture altogether.

You do have a point here, before anyone is given Bitcoin they should first of all be educated on everything that they are meant to know about this coin. And when they have gotten full knowledge of what Bitcoin is all about and how it works, then we can give them the coin for them to start investing. But anyways, I don’t think what the op has done is quite bad, by giving his brother the free Bitcoin before teaching him about it.

It would be very important that he Let his brother know that he shouldn’t sell the coin at this point, because if he should go ahead and sell it then it's going to be a loss for him. It’s best for him to HODL till the right time.

[Albescent]

I would say it is in fact a smart decision to gift your loved ones bitcoin. As now he is aware of the basics, he can use it to earn more profits. You have clearly shown him a good path for his future endeavours.

[Accardo]

I think you opened a bitcoin deposit wallet account for your brother. Thus, giving bitcoin to people that know little or nothing about bitcoin is a strategy that will bother the recipient. His brother, will think about the strange currency my sibling just gave me as a Gift and advised me not to sell the coin. Such question will make the brother to visit exchanges, ask questions about bitcoin, and scout around the internet knowing about bitcoin. Gradually, people will start to see the impact of gifting bitcoin, to the cryptocurrency market. Bitcoin needs this kind of publicity.

[ethereumhunter]

I already gave 0.005 btc to my cousins a few years ago but I do not know what they do with their bitcoin. I already told them that their bitcoin value now is increased and they asked me what they could do with that. I tell them to hold and sell when the price reaches $100,000 or more. Giving bitcoin as a gift is not be a problem as they can forget it and not remember when they store their bitcoin. That is why we need to remind them to learn more about bitcoin to use it for themselves and give benefits to them.

Instead of reminding them which means they don't really know anything about Bitcoin, why don't we teach them about it before gifting them some Bitcoin? that way, they already know and understand it and they will value it and know what to do with it instead of asking what to do with it. A good gesture altogether.

I already taught them how to use bitcoin and sell their bitcoin. But I do not suggest they trade their bitcoin to make more bitcoin if they do not learn anything. But if they are still trying to trade without any knowledge or skills, I will not be responsible for their losses because I have already warned them and that will be their decision. Until now, they told me that they still keep that amount and seem, does not care much about how many bitcoin they had. So that is good because when bitcoin price can increase more than $100,000, maybe I will suggest them to sell it

[retreat]

I would say it is in fact a smart decision to gift your loved ones bitcoin. As now he is aware of the basics, he can use it to earn more profits. You have clearly shown him a good path for his future endeavours.

making Bitcoin a bond of brotherhood and inheritance must be done immediately by anyone, especially those who are in the crypto world, don't be stingy to share bitcoins with relatives, especially when your brother has a difficult economy.

[stepwilli]

Yup! That’s quite good, how you have introduced him to Bitcoin and also gave him a free gift of $100 to start up with. At least as time goes on he would be able to use that money and invest in other ways that he can and increase the value of the amount. And also from holding that amount in his wallet he would be able to gain as the market increases in value.

All of us are really hoping for that day when the market will reach another new all time high price, and that would be during the next halving which would be coming soon. So, it would be good for him to keep on holding and do it for a long term to be able to benefit from the market.

[lixer]

I would say it is in fact a smart decision to gift your loved ones bitcoin. As now he is aware of the basics, he can use it to earn more profits. You have clearly shown him a good path for his future endeavours.

making Bitcoin a bond of brotherhood and inheritance must be done immediately by anyone, especially those who are in the crypto world, don't be stingy to share bitcoins with relatives, especially when your brother has a difficult economy.

Right it must be done as soon as possible because we don't know if how long we are staying in this world. As long as we are still here, let's continue to find ways of how we can use our BTC to the fullest. If your brothers financial status is not really that healthy, chances are your mother, father and your other siblings have the same status when it comes to their finance.

You should help them next or better if you prioritize your parents because they have done sacrifices when your still a baby and now that they are older, it is time for you to return the favour. Time have changed because before we are using money as a medium to this but its time to level up things.

[stomachgrowls]

I would say it is in fact a smart decision to gift your loved ones bitcoin. As now he is aware of the basics, he can use it to earn more profits. You have clearly shown him a good path for his future endeavours.

making Bitcoin a bond of brotherhood and inheritance must be done immediately by anyone, especially those who are in the crypto world, don't be stingy to share bitcoins with relatives, especially when your brother has a difficult economy.

Not all would really be having that kind of mindset on which majority of people would really be that greedy and wont tell anything because they dont like to have competition and this is
what im also seeing too even upto now.Sounds greedy? People could really be on different types thats why they dont really tend to share up on what they are
engaging as of now but for others who are really that willing to do so is really a good step to have.