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    Author Topic: I gave 100$ of Bitcoin to my elder brother as a gift  (Read 753 times)

    • dothebeats
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    February 07, 2022, 09:53:55 PM
     #21
    It's great that you were able to buy him a gift that he can appreciate in the coming months, though it would be even better if you gave the gift on his own wallet with his own private key. That way, he'll realize that he's in control of his funds, and not some exchange that could potentially bar him from accessing his account due to their change of terms. It's a good first step, but it can be better—though at the least your brother would try  and see whether he can take out his coins out of the exchange, and it will be a trip from there.

  • tippytoes
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    February 07, 2022, 11:00:05 PM
     #22
    Quote from: dkbit98 on February 07, 2022, 08:23:11 PM
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    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.


    Maybe, what he meant by staking here is like the flexible savings or fixed savings in binance. He maybe wrong how he introduced bitcoin to his brother, but it is not yet late to change that. Hopefully, the OP will read the suggestions of the users here. He can start with electrum wallet because it doesn't need much space but make sure he is downloading from the official site. If he wants to earn interest from that bitcoin, better put it in a trustworthy site.

  • Vaskiy
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    February 07, 2022, 11:58:10 PM
     #23
    This is really big and the thread that shared an users experience making change in another person's life is really interesting. Maybe if the forum isn't there, OP might've never gifted his brother with bitcoin. I prefer these people add up little more on the monthly basis, so that the value could turn a big number than mere $100. Small changes people do with bitcoin gifting seems to change the life plan someday and helps with real-time adoption which is the best out of the incident.

  • m2017
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    February 08, 2022, 08:00:33 AM
     #24
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    While browsing the forum, suddenly I found a thread
    Quote
    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.


    The advantage of such gifts is that they introduce people to technology unfamiliar to them and expand the crypto user base.

    This is a great idea not only to present 100$ btc, for example in a paperwallet or a giftcard, but also to teach the basics: where and how to store, how to use, and so on. Also, you can give a link to this forum so that your friends or relatives who received such a gift could delve deeper into cryptocurrency topic and get more information. We don't know, perhaps some of them will make a significant contribution to the development of crypto community or bitcoin. But if we proceed from the theory of probability, then each new person on bitcointalk increases the likelihood of this.
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  • Obito
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    February 08, 2022, 08:07:34 AM
     #25
    That's awesome, it's not a lot of bitcoin but I think that itt enough to introduce that person towards the beauty of cryptocurrency and not just that, I am pretty sure that OP's brother would talk about it with his friends because it's a new experience for him and he wants to talk about it, making him spread the idea and the beauty of cryptocurrency sith his peers.

  • btc78
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    February 08, 2022, 09:49:17 AM
     #26
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    While browsing the forum, suddenly I found a thread
    Quote
    I invested $100 for 18 years for my new born nephew
    actually while reading the title that same thread comes my mind and i thought this is a generic post from that one lol.


    Quote
    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.

    What confuses me here is Your brother is a a college student meaning he has a capacity to learn crypto and make His own wallet, then why on earth you need to create for Him? you should have let him learn about crypto first before giving him this fund , because in some cases if you both has disagreement in future ? you can just simply take back that Bitcoin from him because you are the one who created the wallet in which this action makes no sense at all, let him have His fund and not that you are the one who will handle it.

  • michellee
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    February 08, 2022, 10:49:43 AM
     #27
    Quote from: Juse14 on February 08, 2022, 09:19:53 AM
    Quote from: Obito on February 08, 2022, 08:07:34 AM
    That's awesome, it's not a lot of bitcoin but I think that itt enough to introduce that person towards the beauty of cryptocurrency and not just that, I am pretty sure that OP's brother would talk about it with his friends because it's a new experience for him and he wants to talk about it, making him spread the idea and the beauty of cryptocurrency sith his peers.
    Yeah right, People will be interested in this, as you said this is a new thing he got. Especially if he receives $100 bitcoin and the market price increases. He will definitely ask, what is bitcoin, why did it increase in value when when he received it was $100.
    Yes yesterday someone gave bitcoins to a nephew, and now to an older brother. Bitcoin can be one of the prizes, which is definitely interesting.
    Although that is awesome to know that, he needs to tell his brother how to keep it private and not say the amount to his brother's friends. If his brother can tell the story that @OP gives him bitcoin, that can make other people curious and maybe they will come to @OP to ask a few more questions. @OP needs to guide him if his brother wants to know more about bitcoin because I assume @OP has much knowledge about bitcoin to share with his brother and how to prevent scams.
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  • cheezcarls
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    February 08, 2022, 11:39:38 AM
     #28
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    While browsing the forum, suddenly I found a thread
    Quote
    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 a great start for you though, at least for your brother’s awareness about Bitcoin. This reminds me of gifting my sister $100 worth of Ethereum, and also educating her about the basics like storing the seed phrases, private keys, gas fees, etc.

    I’ve also donated $20 to someone lately, but he doesn’t know about Metamask and Trust Wallet yet so I just give him the resources and ideas about the basics too.

  • Ararbermas
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    February 08, 2022, 12:31:48 PM
     #29
    It's like spreading bitcoin if used to send bitcoin as a gift. And of course if you give them a simple suggestion how they can get benefits from it, for sure they will become interested to make it bigger as well by holding.. It's like you're giving them a chance to have bitcoin for their future.. So its a good idea in my personal opinion especially those who have big dream with such easy way..

  • laurenB7742
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    February 08, 2022, 12:52:51 PM
     #30
    Quote from: btc78 on February 08, 2022, 09:49:17 AM
    Quote
    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.

    What confuses me here is Your brother is a a college student meaning he has a capacity to learn crypto and make His own wallet, then why on earth you need to create for Him? you should have let him learn about crypto first before giving him this fund , because in some cases if you both has disagreement in future ? you can just simply take back that Bitcoin from him because you are the one who created the wallet in which this action makes no sense at all, let him have His fund and not that you are the one who will handle it.

    Take it easy, there is nothing wrong with giving a gift. Anyone can gift that to anyone.

    Since his elder brother is studying for M.S.C degree, he is quite mature. After receiving the gift, he may be interested to know more about Bitcoin and transfer the coins from the exchange account to the software wallet.

    He wouldn't be interested in Bitcoin if he didn't get any gift. After receiving the gift, now he will be interested to know about it. And since OP has now realized that the value of private key is a lot, maybe he will explain things to his brother himself.

    Of course I would like to thank OP for giving such a gift.
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  • Hassan836
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    February 08, 2022, 01:14:27 PM
     #31
    First you had to teach him what a bitcoin is. Then you would give him coins etc. as a gift. If you gave your brother a gift of coins without teaching him, he might lose them. If your brother knows about it, he will make good use of your coins.
    These coins can help your brother a lot in the future. This is a good step. You did a great job of supporting your brother.

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    February 08, 2022, 01:57:45 PM
     #32
    Quote from: Theones on February 07, 2022, 03:06:19 PM
    IMO starting crypto with exchange is just fine.
    No, it's not fine for various reasons. First of all, as I said having access to the fund directly is an issue if you are using an exchange. Besides, you are leaking your information to the exchange which is considered very risky as we are from Bangladesh and you know cryptocurrency isn't legal here. That guy don't know how it works while OP has helped him to public his identity.
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  • Leviathan.007
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    February 08, 2022, 08:44:09 PM
     #33
    You did a very good job by giving him bitcoin as a gift because no matter the price of bitcoin and no matter how much bitcoins you gave him but still he can have a good chance to start getting familiar with bitcoin and this be life-changing for him to know a good asset for investing so maybe if he starts investing here and got anything form it he would be thankful to you. but on the other side of the story, you could introduce bitcoin as you should do because should give him more information and help him to open his own wallet because holding and investing bitcoin in any kind of exchange cannot be good for him.

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    February 09, 2022, 05:03:10 AM
     #34
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    While browsing the forum, suddenly I found a thread
    Quote
    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.
    This is what I am saying that other people can get inspired of what the others are doing and what you did here is a proof to that , let us hope that this post of yours will again inspire others and the process continues. What I only worry with you is why you prefer exchange more than the wallet? Better, if you store this bitcoins in a wallet where he can hold his own private keys because his purpose is to hodl his btc's for a long time.

    We never know what can happen in an exchange no matter how trusted they are there is still a chance that they can get hacked or they themselves will turn into bad and do shady things. I am not being paranoid here but I am just saying the possibilities based on my own experience.
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  • smartaction
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    February 09, 2022, 05:24:03 AM
     #35
    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.
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  • Kakmakr
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    February 09, 2022, 05:39:36 AM
     #36
    I also gave my brother some bitcoin when it was his birthday a few years ago. I did it differently though, because I funded a Paper Wallet and I laminated it and then I gave it with some other gifts to him. I asked him a few weeks ago, if he still had those bitcoins.. but he said he sold it all ..when the price went over $60 000.  Roll Eyes

    The danger with your method is the fact that you used an Exchange and we know some governments are going to target Exchanges soon. (Listen to rumors going around in the US and how that will influence other countries to do the same)  Roll Eyes
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  • CryptoYar
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    February 09, 2022, 06:07:39 AM
     #37
    Quote from: wtsimis on February 07, 2022, 01:51:42 PM
    ~ so I opened an exchange account for him and set up all the settings.

    Instead of a centralized exchange account, you should have created a persnal wallet and explained to him how important private key is. and he needs to keep it safe.
    exchanges are not safe for long-term holding as almost every exchange has been hacked in the past, even the binance.



    Quote from: wtsimis on February 07, 2022, 01:51:42 PM

    I teach him some basic things in the crypto industry
    tell him if there is written Gold on the wall it does not mean that it is Gold, right?. similarly if there is any token that starts with the name bitcoin and ends something else that is not bitcoin.
    example: Bitcoin Cash

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  • worle1bm
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    February 09, 2022, 06:14:18 AM
     #38
    You have taken a good step towards btc adoption and your brother will be very happy in the near future for your gift.At this time these $100 might not matter for him but in the long run they will matter much to him because the stacks are also going to high rates and he will benefit from the same.

    But as other have suggested use some safe ways to secure your funds like in hardware wallets as exchange are prone to hacks of which the recent example is Binance CZ warning people about phissing scam so avoid these exchanges and be safe from them.
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    February 09, 2022, 06:57:23 AM
     #39
    Quote from: laurenB7742 on February 08, 2022, 12:52:51 PM
    Quote from: btc78 on February 08, 2022, 09:49:17 AM
    Quote
    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.

    What confuses me here is Your brother is a a college student meaning he has a capacity to learn crypto and make His own wallet, then why on earth you need to create for Him? you should have let him learn about crypto first before giving him this fund , because in some cases if you both has disagreement in future ? you can just simply take back that Bitcoin from him because you are the one who created the wallet in which this action makes no sense at all, let him have His fund and not that you are the one who will handle it.

    Take it easy, there is nothing wrong with giving a gift. Anyone can gift that to anyone.

    Since his elder brother is studying for M.S.C degree, he is quite mature. After receiving the gift, he may be interested to know more about Bitcoin and transfer the coins from the exchange account to the software wallet.

    He wouldn't be interested in Bitcoin if he didn't get any gift. After receiving the gift, now he will be interested to know about it. And since OP has now realized that the value of private key is a lot, maybe he will explain things to his brother himself.

    Of course I would like to thank OP for giving such a gift.
    I said nothing about doing wrong when giving a gift mate , if you try reading my post you can see that what  i wanna clarify is His brothers wallet that he is the one who created , why not let His brother has own wallet so he can save the key and all the details in recovering the wallet.
    we cannot promise everything specially in our life that things change here and there.
    so this will be an assuring if He has his own wallet and keep if safe for future.

  • bitterguy28
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    February 09, 2022, 07:06:21 AM
     #40
    What a good deed from you mate and as your brother is a Student and has a potential to receive recommendation in the future , and so as Bitcoin being part of his generation surely you brings good thing to his life and also a Help for the whole world.

    you gave me opportunity to do the same deed for my youngest brother that is not in His college life.

    He may not interested in crypto today but with gifting like you did? surely he will pay attention sooner.
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