Post
Topic
Board Bitcoin Discussion
Re: Today I helped 2 non-crypto people invest in bitcoin
by
Lucius
on 19/09/2021, 10:50:45 UTC
@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.   

You ask the right questions, because investing is actually the easiest part of the whole process, and preparing to properly secure and understand digital assets is far more complex. I hope that the relatives have understood what the risk is and that they are ready for possible losses - because it is easy to be optimistic in the bull market, but when things go south, panic takes its victims very quickly and efficiently.