Bitcoin is an incredible thing for an outsider of the crypto industry. My friends always show their curiosity about Bitcoin, and they are pretty interested in getting into the Bitcoin ecosystem. But when it comes to traditional investors, it's challenging to mean them the crypto industry. Recently I faced this kind of situation.
My uncle (mother's brother) is a stock trader. He frequently trades like a day trader and invests a lot of money in mutual funds.
One day in the family gossiping, I comprised his investment plans and my investment plans. He put his money in mutual funds and did day trading. On the other hand, I put my money on Bitcoin with some substantial projects, a yield farmer, and I use crypto properly.
After listening to some opportunities about the crypto market, he started to show interest. But one question he asked that why anyone invest in something that does not have an actual existence?
I was like, how can I meant him the whole ecosystem. I just answered, Here's the game. We are in the digital world where Bitcoin would be the future worldwide currency.
I told him some benefits and opportunities are having an investment in Bitcoin. I remember I googled and found some point to point benefits of Bitcoin investment.
Advantages Of Bitcoin
High Potential for great returns.
Variety of Payment option.
Instantaneous Settlement, International Transactions.
Diversification, Greater Liquidity
(On the other hand, I mentioned some risks also, Account hacking and High volatility).
After showing Bitcoin's historical APY numbers, he started showing curiosity, but I was surprised that he loved the market's volatility. Usually, any newbie does not like this much volatilities, but he was like, significant volatility, many opportunities of making profits from trading. I told him the fundamentals of the Bitcoin ecosystem, how the blockchain works, how anyone can send and receive the Bitcoin just having an address. I give some Youtube videos link to watch for learning more about the crypto industry.
After one week, We again sat together to talk about the market. In this one week, he learned many things about the industry. Then he was ready to invest in Bitcoin. As I knew before that, he was a day trader; that's why in the beginning, I suggested him invest in Bitcoin for the long term. After learning about the market, you would diversify your plans and strategy.
Later on, the next day, I told him about the market exchanges, DEX, CEX, where to store, how to keep your holdings safe, etc.
I described the term "Not your keys and Not your coins." That day, I suggest some Youtube videos to watch and learn properly before investing in the market.
After two days, I brought him 100$ worth of Bitcoin, suggested that he buy when the market is in dip or don't buy at once, and buy with calculating DCA. (he was pretty good in market analyzing terms)
When the market fell, I gave him 50$ worth of Bitcoin as a gift for his new journey.
In our country, After the 2011 stock market crash, the market took a long time to recover the losses. Still, most of the mutual funds are at a loss. He would diversify his income by investing in the crypto market or could get a massive return in the bull market.
Maybe it's just a start, day by day, he could be more mature about the market, and I'll constantly give him the market updates.
The article also published on my Bitcointalk profile: https://bitcointalk.org/index.php?topic=5386283.msg59289949#msg59289949
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