Topic: How to get your Dad (or Mom) to buy Bitcoin? (Read 569 times)

If you were going to ask Your Parents to Spend $10,000+ You should just have them invest in a CryptoKitties Style NFT BattleCard Game (just an example) that YOU OWN.

Maybe you don't like reading? Or you do but you only lack of time. That's only what I can think of for now on why you can't go through all what he wrote. An answer of OP to those who experience a sentimental emotions after him forcing them to invest in BTC is not enough but those users can also demand him a refund for their money.

BTC is not a human like us who wants more money, this is why you said that it does not demand the same thing. IDK if you are also a BTC investor like us but if you are, then I'm sure you also want more profit to come for you, so why dislike such an idea the OP has? I don't mean that we will also do the same thing, so we are safe and we won't be guilty.

They are old enough to be involved in investing and although there are some people who may be in this investment system. If my assumption is correct, that our parents are not that close to investing and they are a little more unfamiliar with technology, then it is likely that they will find it quite difficult to understand the investment patterns that we carry out. On the other hand, it makes much more sense to lend their money to us to manage and they don't need to be directly involved in the investments we run.

They have their own way of investing money and maybe a system like the one we run doesn't suit their minds. I remember very well how my parents preferred to buy gold and land for the investments they carried out because their time was more inclined towards that. Forcing desires like we do will not necessarily make them understand and on the contrary will add to the burden on them at an age when they should spend more time relaxing.

Mine are quite old, if we are talking about some teenager who wants to convince their parents, they could just do so with their own allowance type of money, not everyone gets a certain amount of money every week, some get it whenever they ask  for it, and some get a certain amount of money per week, I think using that to do it would work better. That way, if you could show them some results, then they would be able to accept the good results and could end up doing something themselves as well.

Obviously that may not work neither, but at the very least it is a way to start, without seeing some proof, they will not do it, even after seeing proof they may not but at least you would have proof in your hands to show them how this could work as an investment.

Yes maybe it is not too late for the father to be influenced and invest in bitcoin if the son will initiate to invest together in bitcoin but the thing is I think it will not be easy because the father will be more hesistant as for a few years he has interest in bitcoin but never actually investing to it proves that the father maybe is too afraid and reluctant to investing in bitciin which is understandable, but yeah it is not bad to try, as long as bitcoin exist there's always a chance and timing to invest into it and actually earn but it will depends on how well the person understood the investment he will enter in, also it will be a good bonding for both parent and children if they have the safe interest as they can help each other, anyway it is not too late if you can try to pursuade your father I'm sure he will be interested again.

I have a story where my parents were very supportive of me investing in bitcoin in 2018 rather than investing their own money. I didn't have a steady job at the time and I really didn't have any income to invest. I tried telling my parents and asking them to lend me $500 as an initial investment budget. I was happy with their good response after I explained how I could make money by investing, and of course that was the start that kept me going until now.

I didn't convince them to invest in bitcoin even though I explained how it works. They should be able to choose investment assets based on what they believe can be safer and also profitable, even I would never protest against that. But of course, investing in bitcoin may be better than gold and I have proven it myself from 2018 until now.

Ahhh... I'm feeling sick and dezzyyyy what big stuff OP you've compiled is it your own summary about Bitcoin or just AI-generated content anyway appreciate if you did it by yourself, At the same time here are a few minor suggestions use Glow, and colors, Bold and custom size to make it better in the presentation because like this no one is gonna read it, as I haven't because I cant look for everyone read repeated content add some headings so we can scan through the page and get the desired piece of information which is only possible with the proper formatting and presentation in which you've scored 1/10 in this thread.

Make sure to follow the basics, such as Glow, Colored heading, and Custom sizes for text according to the need.

If your dad's mindset was like that then, there is a good chance that you will persuade him to invest in bitcoin because you can see his interest in that matter. if at that time you already have the ability and deep knowledge when it comes to investment, you and your dad are definitely talking about bitcoin investment. it's just sad but it's not too late, you can still help him if he wants to or you'll be the one to continue doing things he didn't do before.

I remember my dad always talking about bitcoin back in the day and how it was gonna be the next big thing. Unfortunately i guess he never actually purchased any lol he just talked about it alot. I was young still so i had no idea how to get any but i tried. I just remember signing up for crypto exchanges and being too young to buy damnit! 

Well you're right, but when I say I spend time to read books, I didn't really mean that I spend all my time reading, perhaps whenever I'm free or my specified times for reading, so I do have enough time to take care of other stuffs too.

Most definitely, like the old saying, action do really speak loud than words, sometimes you really don't need to go through the stress of preaching to people about Bitcoin and its benefits, because the results of your investment will surely so all the speaking for you, especially when the people involved are people around you, like your family or some close friends.

Talking about peaceful life, let's not forget one thing: the amount of time left to live they may have. If you're in your 20s and the economy collapses, well, of course it's not a nice situation but even if somehow you lose everything you have, you still have a lot of time to recover. If you lose your retirement funds while you're in your 70s... I don't even want to think about it, you'll have to work till the day you die. Seriously, don't overcomplicate your parents' lives.

That's right, it would be better if we didn't involve them in this because if they don't understand the investments we make well, this will certainly make them stressed and make them have to think about investments that have the risk of losing their money if they make a mistake. investing in crypto not to mention the crypto market conditions which have high volatility will of course make them anxious when they see market conditions that are difficult to predict and I agree with you not to invite them to invest in crypto and we have to give them time to enjoy the time. they will grow old happily and not have to think about this very risky investment.

Its good ideas not advice them investing in bitcoin during most of our parent lack of technology and easily got scam when investing or holding bitcoin assets in mobile phone wallet. I remember with some of parent around my environment their social media account got hack after downloading fake or phising  link, seems easily their bitcoin or altcoin assets gone behind most of them not understand yet with real or trusted site and fake link.

Most of parent actually interested with their investment in land or gold, its keep worth although the increasing price not faster such as bitcoin but don't make them get pressure when investing in bitcoin and get increasing price will get problem or scare their investment assets.
Seems good ideas waiting their assets giving to us and spend it in bitcoin depend allow or not for selling or converting from land assets to bitcoin assets.

for me it's actually quite easy to convince parents to buy bitcoin. Because in my parents' generation they preferred investing in jewelry or gold, I just have to say that Bitcoin is the digital gold that exists today. It doesn't have physical properties, but the price is much more profitable if you store it compared to storing real gold.
When it comes to purchasing mechanics, I guide them from the start on CEX until they really understand and can see clearly how much profit they will make from holding bitcoin.

Actually at some point I got confused as well because giving out time to read all these lengthy post is energy consuming so I think have to reply with the title instead of reading down the whole contents before I sleep of while reading.
At first getting involving into bitcoin depends on how transparent you are to them why because whatever that involves money comes with trust and not just only the knowledge aspect. If your parents trusted so well about money then it would cost less energy to convince them to invest but if they can't trust you with money then it would take long time to get convinced into whatever thing that concerns online investment where they need to pull out money from their personal account to send to their child account or even having to buy anything with their master credit/debit cards.

Reading isn't bad anyway but it all depends on how you programmed yourself for that particular book you wanna read, let say you can't have things to meet up and expect to finished a whole lot of books without you doing other things just like what op did put down there. Usually it's sucking to see that what he could had just summarized with few words he littered the place with text just explaining how to let our mother and father invest in bitcoin. In fact they no explanation just live by example by showing them you cashed out big time from bitcoin and just tell them how long their investment needs to stay before they could harvest that all, after few moment they would call you to come take and put for them without much hassle.

It's better to not get them involved in such kinds of investments not because we don't want them to succeed but rather because we want a peaceful life with them, we are making our own money anyway and that's enough reason for us to keep the responsibility to ourselves without making them involve in such harsh environment of the crypto market where they need to deal with the volatility and stress themselves every time they see the crypto market not in a good condition. Let's just do the jobs ourselves, and lessen their worry since they are getting old, we want no stressful things for them.

I don't have lured my parents yet but i did with mybrother and cousin that is they are
now into crypto investment and specifically bitcoin.but my mom is showing interest now that
she keeps asking me how much is the value of bitcoin now and yesterday so maybe in a week
of two? she will finally invest in bitcoin.

Maybe it won't even happen, my father is over 62 years old while my mother is over 56 years old they have no expertise in technology, using their smartphones is quite difficult. So I thought I would never advise or teach them to buy Bitcoin. Right now I hope they stay alive in good health. But I also think maybe other people who have a better life and they understand technology is natural to invite to buy. If that happens to me then I will give you real evidence of bitcoin's history to date. At least it will make them understand that bitcoin's volatility is quite dangerous but its value is quite profitable to invest.

You pointed out one of the advantages that a bitcoin ETF gives us, and I also support ETFs because it makes it easier for people to access bitcoin, especially older people like our parents. To be honest, getting into bitcoin is not as easy as many people say, it may be easy for us but for some people it is really a big barrier. Many people are not even confident in using centralized exchanges after being informed about the risks involved, let alone using non-custodial wallets because they are much more complicated. But with the bitcoin ETF, things get a little easier. If someone intends to introduce bitcoin to their parents, we should introduce a more suitable bitcoin ETF.

That's absolutely correct...
The subject has a very major role to play in attracting the attention of readers, let's take this thread for instance, not everyone is interested in convincing their Dads or Moms to invest in Bitcoin, so the subject isn't a catchy one. Mind you, I'm not saying that the topic or thread isn't worth reading, I'm just saying that it's not intriguing enough to catch the attention of readers to want to read through every little thing there.

I do enjoy reading books a lot and I can spend months reading just one book, but what builds my interest the most is the title of the books, that's what invites my interest to read, and if I eventually find it interesting, I'd read the whole thing, no matter how long it takes me.

You need to find a way to simplify the meaning you want to convey to parents and if your intention is to provide them with an understanding of Bitcoin then it must be done in a much more binding way. You also have to know the character of your parents and if they are a little unfamiliar with the investment route then what you want to convey will be much more difficult for them to accept. You should also understand their previous work patterns because not everyone will be interested in investing, especially involvement in bitcoin.

If your parents are unfamiliar with technology then they should not be involved in investing. You can ask for funding and manage the investment yourself because if you give them access, it doesn't necessarily mean they can do it. I think you know the character of your parents at home better and you also know what to do when your parents are not close to investment patterns.

You are absolutely right. Now many newbies to crypto are 16 or older whose parents may have been exposed to the modern world and may know something about Bitcoin and be encouraged to invest, but it may not be easy to convince people who are old enough. So it is foolish to force them in this case.  But yes I agree with you that the next generation can get their parents' support to invest in Bitcoin. Because the parents of the next generation are those of us who already know and invest in Bitcoin

The reason why I always prefer watching videos rather than reading long posts is because I find myself sleepy whenever I read long posts or long articles.
10/10 for the OP still though for the effort that he used to create a long post like this but like what others felt, I also felt that I don't need to read that lengthy post. There might be some that are interesting but still, I prefer watching educational videos because I find myself comfortable on it.

Anyway, to answer this question, I will, and I will not let them get involved into Bitcoin... or at least I will not be the reason why they are buying Bitcoin.
I will never introduce to them with Bitcoin. My parents are the type of parents that aren't involved into any types of investments aside from real estate and business, but into other investments like Stock Market, bonds or crypto. They don't even know it or at least they've heard it, but not interested on it at least.

We all have different parents, and it's all up to us if we will guide them with regards to Bitcoin or not. If you felt that they're interested into it, then guide them. Still kudos on the lengthy post you created.

This post is long. When I first saw it, I thought it was a novel that someone posted here by mistake .
However, this post shows the poster's interest in Bitcoin. I have already said many times that people cannot be forced to do something when they do not have the heart to do something. I do not agree that any person can be forced to do something.

By doing it when there is no weak point in the hand and when it comes to spending money, people become even more stingy and curious. They think a thousand times before spending a single unit of the currency they have. Then how can anyone be advised to buy Bitcoin by saying they will benefit from it and they will believe us with their eyes closed?

You are right too if someone is dear to us and we want him to benefit like us or grow even more than us then we should gift him some bitcoins and tell him to save them for a long time, you will benefit from it by then. I think it will be too late when anyone realizes this.

There is nothing wrong with a long post as long as it's interesting and engaging enough to keep the readers intrigued so that they read it whole. It depends on the writer and his writing skills and also the subject being discussed whether the readers will read the whole wall of texts or skip through it.

Writing skills matter a lot when it comes to this because someone with good writing skills and the ability to construct sentences and paragraphs in a way that would make the reader interested will have all their posts read no matter how long they are.

On the other hand, for someone who doesn't put much effort in their writing or care about things such as sentence structure, vocabulary, punctuation, etc., their write-ups will barely catch any interest from the audience.

Lol exactly the same thing on my mind.
When I first opened the thread, I had to first scroll down to the end of the post and I literally yelled WTF. I mean that post is just to long. I only had to read a few paragraphs before proceeding to the response/comment session.
Such a lengthy post would definitely discourage people to participate in an active and interactive conversation here because not everyone can be able to dedicate invest their time reading all that, while also considering whatbthe subject of the thread says.

I don't think either of my folks would want to invest in Bitcoin. However if they actually were interested I would persuade them to invest in the Bitcoin ETFs which were just launched. Sure its not keeping actual bitcoins in your self custody but with how old my folks are they would get scammed if they kept it on a Binance account. There are way too many fake emails, phishing links, etc that old people can easily get fooled and get their crypto stolen.

If you buy the Bitcoin ETFs you don't need to worry about it. Its on your brokerage account which is very secure and hackers don't generally target any online brokerages because everything is reversible and they can't really steal anything. This is one of the few ways why the Bitcoin ETFs are great for adoption because the elderly don't really understand self-custody but they can rely on the Bitcoin ETFs like Blackrock IBIT.

If we want our fathers and mothers to buy Bitcoin, we have to be able to explain Bitcoin. They have to get the right information about Bitcoin. Don't let them get the wrong information from out there.

Those of us who have learned about Bitcoin can teach them about Bitcoin. We can provide information about Bitcoin investment so that they can understand that apart from gold, there is now investment in Bitcoin. They can also seek profits from trading but they have to learn more about trading.

I don't think many people want to know Bitcoin in more detail because many people don't want to learn about it, especially about miners, hashes, networks or others. The important thing is that they can use Bitcoin well, they know how to store their Bitcoin properly, and they can benefit from investing in Bitcoin.

Period,the efforts doesn't have to be more than this entirely,whoever thinks its worth going for would apply the necessary steps and to buy bitcoin or even research to hasten the possibility of having to part of bitcoin.
I practically don't have any medium that I intend to use to make my parents show interest.If there is,its just the normal basics of bitcoin that I tell them..and honestly that didn't work out for me.
Bitcoin needs to be handled with proper and vast knowledge,with calculated risks and constant efforts  put into consideration.

I have tried many times to convince my parents about the importance of Bitcoin but they are not able to gain knowledge about the importance of Bitcoin and the future demand of Bitcoin. So now I have given up trying in vain to convince my parents about the importance of Bitcoin because instead of convincing them I have decided to invest in Bitcoin without their permission. Because they don't have the mindset to gain knowledge about the importance of Bitcoin and its future growing demand, I don't discuss such things with them anymore.

Same goes for me. It's like for them to believe, they want to see the success I'm telling to them live in me first then they will follow. Until then they are not convinced nor listening. They just thought it would be waste of money, time, and effort looking at this digital currency. Yes they do understand that this could be the future, but they are not seeing success for themselves. They are adamant of the possibilities.

And it's sad because I am not successful yet to become relevant person to influence them that you can get rich in bitcoin.

We know about Bitcoin and know about the history of Bitcoin so we think Bitcoin has a lot of potential and we don't hesitate to invest in Bitcoin. and we plan the future with Bitcoin. but our parents are quite old and they know very little about Bitcoin or technology. for this reason it is very difficult for us to convince them to invest in Bitcoin and in some ways almost impossible. But next gen people I think almost everyone will be using Bitcoin and will be interested in investing in Bitcoin

A rabbit hole or an entire novel?? Haha I do love the idea and thought of trying to convince your loved ones with buying Bitcoin. It’s a just argument and hitting them with some facts and educating them is definitely the right path to go down with this. If you’re having to explain it in this fashion to them it’s safe to say they are not at all familiar with Bitcoin or how it works, I’ve always found dumbing things down when dealing with these types of folks is very helpful. Describing it like you would explain and reach a 5th grader so people understand it is also going to be helpful with this pitch.

One thing that I want said to you OP; there is no compulsion in investing in bitcoin and let's not force our parents to know or have interest in things they are not familiar with, because I believe that when a person decides to invest, he will do or find a way to do what he wants. Since you are the child, and you are the one who knows more when it comes to crypto, there is nothing wrong if you give basic knowledge about it but you don't have to explain it to them at length because in the first place you should know if they are interested or no, you can convince them in the way you know, but what you will do is risky, especially since your parents' money will be involved in this, so you should really prepare so that you don't disappoint them in case your plan doesn't work out.

I find it a practically impossible mission to convince my parents (who are already old) to buy bitcoin, they barely know how to use a computer efficiently, bitcoin technology for them will be like an alien... unfortunately this is the reality for many of us... . perhaps younger people who have younger parents can convince more easily.

OP you may have made some great point in your thread but why I could not go all through it because It is being too lengthy, I would only drop you few lines that.... Don't trick or force anyone in manipulating their minds to invest in Bitcoin unless you are ready to be answerable at all costs towards their sentimental emotions as it is certain that Bitcoin is a volatile crypto currency.

On a mere discussion about Bitcoin raised by a reputable person definitely a Bitcoin enthusiastic, whoever that has interest to invest in it will definitely be identified without those strategies like you are marketing a product which of course Bitcoin does not demand.

Sorry, your article is so long that I'm lazy to read it, but I want to ask you, what is the purpose of you wanting your parents to invest in bitcoin? Do you want them to have a better life or do you want them to invest in bitcoin for you because you cannot afford to invest in bitcoin? I have seen many young people convince or even force their parents to invest in bitcoin just because they want to become rich through their parents' money. They are lazy people who refuse to work and save to create their own investments. Instead, they think they understand enough about bitcoin and want their parents to use their life savings to invest in bitcoin to satisfy their passion. That action turned them into an ungrateful child.

If you want to be good for your parents, I think let them enjoy the rest of their lives in their own way. Our parents have worked hard all their lives to raise us and now what they need is to rest and enjoy life, not the headache of making more money. If you truly love your parents, invest in bitcoin and use the money you earn to provide them with everything they need.

Nowadays there have been many changes in technology. So there are many parents who are not familiar with this technology. When parents try to explain a currency like Bitcoin, they may not take it into account. Most of the parents are used to keeping their money in bank or insurance they will never want to keep their wealth in Bitcoin. But I think if one can be successful in investing in bitcoins personally then maybe one can convince one's parents to invest in bitcoins.

This is a totally fair argument. The point is, I am concerned about some degree of system collapse over the next decade or two (I do not know, depends on each case, but maybe they do not live that long), and help them understand bitcoin so they can "earn" their way out, that would be quite satisfying. Of course I could do that for them, but I think that learning it on your own is a better choice.

I would have to simplify that technical part, I have written the pitch as a guideline, but of course it has to be simplified in some situations.

With regards to the picture you sent, in that case, "luckily", in some of those countries, either the fiat currency has been so devaluated, that there is no need to show the difference against bitcoin, as it is obvious. Or... bitcoin is simply a way to "bank" yourself, as it is not easy to access a bank account in those regions (also to send and receive bitcoin overseas)

Thank you both, I think this is a really good point, and one of the things that have more impact, showing evidence. Also, along with the whole pitch, I was thinking about gifting bitcoin as well, that is another good start

Your guide may work for your parents but it cannot be used generally for people in that age range. There’s some points to consider like how tech savvy are your parents; are they computer literate? If they are not, then they cannot possibly understand the concept of nodes, hash rates or other technical details of Bitcoin.

People from developing countries where a formal education does not go so far back the family tree have to teach bitcoins to elders like they are teaching a toddler. How do you talk to the people in these images about technical discussions about Bitcoin?

Has Dr. Frankenstein perfected the process he used to make the Frankenstein Monster? If he hasn't, I'm not even going to try it on my Dad or Mom, just to introduce them to Bitcoin.

I mean, without a guarantee of success, I wouldn't even be able to convince the authorities that they should let me dig them up.

A lot of people's parents who were cremated wouldn't have any hope whatsoever of convincing their Dad or Mom. Think of trying to track down their every atom that was burned, and then scattered over the ocean. Of course, those in a urn would be a little easier.

You are right the way the OP has structured the post here is not worth reading carefully. If the post is not shortened then I think no one will be able to read this post carefully. I myself could not bring myself to focus when I entered after reading the topic. Because it will not be possible for me to read such a big post carefully. So I would also suggest the OP to make the post more short so that everyone would be interested to read and give proper knowledge.

You've made a very good point here, when there's no evidence that the asset you're trying to convince people to invest in is not bringing you profits, that's if you can't show them a proof then your opinion would be pointless cause sometimes parents don't need too much advice from their kids concerning making investments but when you show them prove you're making profits from it, give the benefit of doubt that the invest won't go wrong with tangible reasons then the deal is done. I also want to say that the level of understanding or education matters too, if one's parents are not well educated or understand modern things very properly then it would be very tough to convince such parents, since a good number of them already feel it's a scam or ponzi scheme.

I feel like I'm reading a whitepaper when I first learnt about bitcoin back in the day ,

Bitcoin does have advantages over other assets, among which are easy to carry, read fundamentals and witness with price evidence from history to date, but for parents and the uninitiated there will be doubts if using a softwhare wallet because it does not have a physical that can be stored or carried for a suggestion that the asset is real. although the function is the same, as the times develop, there are now various variants of harwhare wallets that can be purchased in the marketplace. When education about bitcoin has begun to grow, especially in terms of news if many are wealthy from storing bitcoin, of course the business spirit of parents will try it because even the smallest bitcoin investment can bring trust as long as they want to try. the problem is that there are too many fuds who think all are the same from vulnerability, but I don't think everyone is waiting for bitcoin. it is very easy to convince people, especially media such as Instagram, TikTok etc. now there is a lot of content that contains crypto curency, even if it is only for the sake of personal branding someone

It's not stressful but a little bit complicate when there's no evidence, show working is necessary. Persuading them to buy bitcoin ought to be very easy on our ends. We just need evidence and huge figures generated from the investment in bitcoin. For instance, showing your dad a car from the massive profits made from bitcoin, or even as far as getting a luxury home for yourself and dad knows you're extremely doing well, ofcourse he won't generate any doubt as he will hurrying concord to your suggestion of buying bitcoin.

Me?
So sorry, but I think that I will never make it. Because I really understand my parents' condition so far. So it is very unlikely that they will invest in Bitcoin. yeah, no problem. Let them enjoy their old age more comfortably and calmly without thinking about Bitcoin assets with all their fluctuations. What they do is just to breathe in the fresh air of the village and carry out daily activities that they like. Yes, that's their wish and I really appreciate it.

However, I don't want to generalize all old rooms like that, because their conditions are definitely different. If you want to convince your parents to invest in Bitcoin, make sure you understand the conditions and financial readiness of your parents. Both your mom and dad will usually tend to follow their child's wishes, even though they are sometimes quite at odds with what they really want. For this reason, we also encourage them to get to know Bitcoin in order to invest in it. unless they are very close to technology and are no strangers to Bitcoin. Then they also understand what Bitcoin is like, its fluctuations and various things related to risks. Parents will usually be very careful about the risks they take, so make sure you have a very strong reason, which is not in the form of promises that are too high or too sweet.

Your explanation is very lengthy how can you give a newbie this Long explanation, well I don't like forcing someone to go into something that he don't even intend to do in the first place, except you seek for help from me, the reason why I always avoid that is because in terms of making investment risk is always involve so I don't want a situation whereby someone will keep blaming me for his Lost, because not everyone that can bare the risk. However I think investment is all about choice, if you are willing to bare the risk alone, because not everyone that is ready to go into crypto investment, That is why we don't need to force anyone into crypto investment.

LOL... This was not how Op convinced his parents to buy bitcoin. He is just teaching us now to convince our own parents his way. If I am a parent and you bring this to my table, I'll definitely bounce it. This is the reason why older people always complain that bitcoin is too tedious and technical to understand. It all depends on the premise it was introduced to them.

Meanwhile, I know of a friend who doesn't find it difficult to convince his parents (especially the dad to invest. She did it to his dad more than twice and it ended that the project was a scam and her dad lost money. Yet, her dad still believe for other financial advces.

One simple thing that many lack is the way to make use of summary initiative and concluded on a thing than wasting time explaining what could have been easily summarized, if you're interested in teaching or inviting your parent to bitcoin, then start from somewhere within your own little effort in explaining to them what you have understand about bitcoin, refer them to the forum and guide them through as well, it may take a little more time and efforts to achieve all these, but you will succeeded in doing what you targeted on.

Older people are more focused on physical investment instead of digital investment so the parents will not easily give you money to put it into Bitcoin and also will not allow you to use your own money for such a purpose. Actually they believe that the things which we cannot see are not worthy and they cannot reach the Bitcoin source so they think that is not a good way of investment.

It is important to be noted to ask your parents about anything that you are investing in and if your parents do not allow you then don't do that because their knowledge is more than ours. If you still want to make Bitcoin investment then first convince your parents and then start investing.

Don't force them to invest in something they don't know about, if you want them to invest them teach them about it.
Your pitch is perfect, explaining about Bitcoin stuff and all.
For me I don't really mind if they invest or not it is their money after all they could do what they want with it, and same goes to me.
We could only give them idea on where to invest their money, but we couldn't force them to invest it even if we believe on it.

omg I did not expect that many answers 

I have added a TL:DR edit, additionally, I do not expect for you guys to read the whole text, that is a baseline for my pitch, I would rather like to know if you guys have had any success on similar cases, and what is the reaction.

For instance, I have had some kind of success when gifting bitcoin, some poeple got interested, and some didn't, but it is another strategy.

Also, I do not want them to invest for my own benefit, I already handle everything on my own, I just want my loved ones to be aware of the whole picture, different from the one shown in the mainstream media

Question is why? Why would you want them to invest in this technology? For sure you know the risk present in this industry and that you're aware of their interest with investments. It would be okay to share your knowldge with them but to get them invest into it, is another thing. Personally I am a bit against with encouraging people towards this industry. One reason is avoiding the blame if ever there will be something negative to happen; keep in mind that there are still countries who are against this technology which should not leave us be too confident of things. Extreme volatility is another thing that could incure loss to the investor; we have different levels of risk appetite. At the end of the day, most likely if their engagement will yield to loss, you'd be a part of it. Again, sharing is different from encouragement.

my father bought bitcoin many years ago (of course I follow the whole process)
Honestly, I didn't insist on making this purchase but he decided independently.

It's my idea, but I believe that the best motivation to get someone to buy bitcoin is to make them understand the advantages of this technology. it is useless to talk about "earnings".
He could hit the wrong moment and have a sensational dump, or he could have a magical moment and suddenly make money.

This is one of the best method to pass wealth down the generations.
In a certain sense we are the first generation to use bitcoin.

I imagine that in many decades, it will be really difficult to acquire bitcoin directly except through financial instruments.
but it is not the same as having bitcoin directly

I can assure you that diving into the technical aspects of bitcoin will scare off not only your Dad (or Mom), but also most average people. These points should be stated very superficially.

Any currency (not just bitcoin) is given value by people’s faith in this asset.
Why does the dollar have value? It's just a piece of cut paper. There is a certain consensus in the world that the dollar has value, therefore, anywhere in the world people are ready to accept this currency. There is no actual, real, tangible value in any currency. Value is an abstract quantity and varies greatly depending on supply and demand.
The same goes for bitcoin, whose value is based on our belief in that value and that the value of the asset will increase over time. The dollar has the opposite effect - the value of a unit of this currency decreases over time.

This only works for long-term investing distances. Over short periods of time, this effect may be zero due to the high volatility of this asset.

The first thing that is needed to encourage not only parents but also someone you know about something is an example of walking in it yourself and succeeding in it. Because parents is quite old and convincing them to invest in a decentralized blockchain like cryptocurrency is relatively difficult. Especially my parents totally discourage them from taking any risks at this old age. Their patience is fairly thin and I may be able to deliver this long speech to them but those who listen to such a long speech will be fairly bored.

You're not forcing them, you're convincing them to invest. Kind of like giving a pitch to get funding for your business like the show Shark Tank and Dragon's Den, that's what basically OP is trying to do in this scenario, preparing us for the scenarios by giving away the answer to the potential questions that your parents might ask, the only problem that I see in this cheat sheet is that they're all too technical to be fitted to the understanding of your parents, some of us if not all have parents that didn't grew up with a computer so they might get lost in the technical and computer jargons, and with the words that you're using for answers, it's probably a long-winded pitch which will only result with only one question being answered because they're going to ask for some of those terms that you've used, make the answers to those questions much more concise and you'd have a chance of success in your potential pitch to them.

We are not all the same in terms of perception, so actually presenting someone with an opportunity with bitcoin is really a double-edged sword, and it is not certain that it will completely guarantee the opportunity without risk. For me, it is not necessary to teach my parents about bitcoin, because most people in my family do not pay too much attention to technology or finance, so spreading knowledge does not happen overnight, and it's like trying to explain to a child about DNA replication.

So imo, let everything happen naturally, without necessarily convincing someone about the opportunity that we know about. Through that, prove that you have a good opportunity by showing the results you get and helping those around you in return.

You are probably seeing this from the point of view of a young person who still has a lot of life in front of him. Parents of people who are in their 30s are probably retired at this point, or they are just a few years away from retirement so, probably, they already built their retirement plan years and years ago. If they are ok with their current and future situation, I wouldn't try to convince them at all costs to buy bitcoin: sure, they could increase their retirement funds but what if bitcoin goes down, let's say, 30%, will they be able to hold? Or is it easy for them to sell at loss and then blame you? Bringing your parents into bitcoin is a dangerous path.

I believe, even someone who own a lot Bitcoin and know the reason why they invest in this currency, didn't even know what you said above.

People don't have to understand the technical thing to invest in Bitcoin, they only need to understand basics computer security, compare Bitcoin with banks, fiat and other assets, that's. So, when they understand what actually Bitcoin is different and offer use cases that you can't find from other assets, it's enough.

Frankly I don't want to convince my parents to buy Bitcoin, they know what I'm doing, so if they're interested, they should open a discussion about it with me.

Even though I am never going to be teaching Mom or Dad about bitcoin because they are too old for it and they should probably be playing with their grandkids or something but lets assume that I am going to teach them. The first question I'll ask myself is what do they like? What is the best time to talk to them? When I find out what dad or mom likes, then I'll explain it to them using whatever they like, like a five-year old.

If they are retired, I'll use analogies from their career to explain bitcoin to them. I'll avoid the use of technical terms that will get them easily confused and lose interest. I'll go for simpler terms or use terms with similarity with their professional jargons. I'll also keep it very short. 15minutes should be enough to talk about bitcoin and gauge their interest. I'll leave rooms for questions. I won't talk about abstract bitcoin stuff but show them used cases of its application in every area of life.

True, a wall of text like that would be boring for them, they would pay you any amount just to stop talking about bitcoin  

I think the best way to get the parents involved with cryptos is to be honest, and explain the monetary side of it, how it used to cost $400 in 2014 and right now it cost $63,000 if they don't see the benefit that way, then it will be hard to convince them.

Another way is to make them proceed on a blind investment. "Hey mom, do you believe in me? then give me $5k for an Investment", hold the coins for 5 years and you will be in a huge profit.

You already failed at that. If you cannot get us (people in a bitcoin forum) to read your topic, how can you get newbies and skeptics to listen to you. It took my time but I read the entire OP, I don’t think you should be talking  about the technical aspects of bitcoin to newbies as an introduction to Bitcoin. Neither do I think that newbies would be interested in the environmental impact of mining. When introducing Bitcoin to a beginner, stick to the simple stuff, use layman terms and do not try to impress people with your technical expertise on the subject. Most people are interested in bitcoin as an asset, you can hold their interest by talking about that.

Hey what are you upto? If we drag it so much while inviting or explaining Bitcoin to newcomers then they will just get confused and run away, even I could read your entire post.

We need to keep it simple and upto the point wherein we need to explain them about the decentralised P2P and its benefits and how people who have invested into Bitcoin have been profited and we can use historic pricing data to explain them about it.

You are dragging it too much, bro. That's not how you explain Bitcoin to a beginner, they would start yawning or might even get up and go when you start explaining how mining works and how miners mine a block, etc. Those aren't necessary details for everyone to know, especially someone who is just getting started. You will scare them away with all this, so just keep it simple, and explain it in a way that would make them grasp the basic idea behind it.

You can't expect someone to invest in something they don't understand unless they are into technology and have an interest in such things because someone normal wouldn't be interested to hear all that when they are expecting you to make them understand what you are suggesting them for investment.

Exactly, I personally don't bother reading that long I wanted it to be more specific that is why most commenters will stick to what the title is implying. 😅

For my parents situation I don't think they do have time to learn Bitcoin anymore since they are not tech savvy, they are weak to investments and Bitcoin for me is way too technical to them. Interests on it might be at 0% in my opinion as they will only prefer to stay home take care of their poultry,  piggery and farm. Even my brother which is much younger than me also has no idea about it and does not have an interest on it when I tried to convince him to learn about crypto so yeah not gonna work for them at all.

Older people like our parents' generation tend to like safety, they don't have the habit of learning new and too complicated things. So I think explaining bitcoin to them will not be very effective in convincing them to invest. But I want to ask the OP and those who are planning to convince their parents to invest in bitcoin, what is the purpose of this?

If you want them to protect your assets from inflation then I believe they have made a choice and gold is certainly their top priority. An asset that has accompanied them throughout their lives and they will feel safer holding gold instead of bitcoin. Personally, I also advise parents to use gold to store assets. I don't want my parents to have to worry and be confused for the rest of their lives investing in bitcoin, a very volatile asset class.

By the way, OP, I'm also sorry that I, like some others, couldn't read everything you wrote  .

I could just imagine a person explaining this whole blocks of texts to their parents and as soon as he starts explaining, the parents would quickly lose interest due to the technicalities of cryptocurrencies.

Remember that a person must explain BTC like they are five (5) years old- use simple terms and apply metaphors in order to explain technical and complex information. As soon as they understand the opportunity that it hides, then they may be inclined to invest at some point. But be reminded that you must also keep your expectations low as some parents are very traditionalist- meaning they only invest and exert effort on things that they have experienced before.


I think it could also be of help if you can also use financial terms that can be applied to BTC for better understanding of its mechanics. Understanding cryptocurrencies can be a challenge to a beginner but if they are committed enough in learning it, then it can be done quickly.

Lastly, I would also suggest to use third-party materials (e.g. YouTube lectures, etc.). since there are several videos that explain the blockchain in its simplest form.

Such a lengthy post for a simple discussion. I'm not sure if my mom/dad will invest on Bitcoin if they read this wall of post from you that explains too broad for a non bitcoiner will obviously too lazy to read further.

I have a mom/dad that doesn’t believe on new technology investment since they preferred the traditional investment such as business and stocks. They are already close minded no matter how hard I shill Bitcoin with them using my profit. I believe you can only convince your parents to invest if they don’t have background on traditional investments since they usually stick to their old method that is working for them rather than venture out on risky asset with their age.

Maybe start by telling them about the decentralisation & security features of Bitcoin explaining its potential to protect against inflation & diversify their investment portfolio. Explain the increasing acceptance of Bitcoin by major institutions & highlight its potential for long term growth. Try to address their concerns about the volatility & complexity of Bitcoin by providing education & resources to help them understand & navigate the cryptocurrency market. Think about emphasising the importance of starting with a small investment & go from there.

All I can say about this post is "damn wow " just wow. I can bet that 90% of the people that will post a reply here on this post won't bother reading through it. The first school of thought is how do you expect parents to be able to read through this kind of bulky article just to convince them into making crypto investments.
Convincing or forcing people into crypto investments usually ends up a mess with them running into huge loss with altcoins and possibly huge loss also due to scam in the case of Bitcoin.

Most of the time people convinced into making Bitcoin investments are unable to properly understand how to secure their coins and at such they can easily be hacked or scamed.

It’s weird that someone whose profile consists of mostly short replies and comments is the same person that made this great wall of text. Hats off to everyone that manage to read the OP, I for sure cannot afford to put my eyes through that. It would have been better if you summarized the post, a more concise explanation would help if you really want people to discuss the topic.

As bitcoin is a popular currency many people have little knowledge about bitcoin so giving parents good advice about bitcoin may prevent them from believing it. Most people fear losing money I think it's better to invest yourself than to advise parents. Elderly people will not easily understand the good side of this coin they can always think negatively. Use your own discretion to buy bitcoin.

If you want an advice on how to get your parents or any elderly to invest in bitcoin I would say to not show them what you just wrote. It's long and could and be difficult to understand. Your parents are old (assuming you are not 10 years old or something) so they might not easily understand these kind of things anymore so it is better if you basically dumb it down for them.

Anyway why do you need your parents to invest on it? Just invest on it yourself and then show them the advantages and let them decide whether they want to invest or not.

Recommendations of any investment assets are always risky, especially when dealing with family members. This risk is amplified with cryptocurrencies, considering that the majority of people don't understand that you can easily lose 80% of the value within a single bear market. And guess who gets the blame?

You can give information to your father and mother but you cannot impose your wishes on them. The decision to invest will be up to them and if they are not yet interested in investing in Bitcoin, you don't need to force them. You can just keep approaching them and show them how much Bitcoin profit you have made. But again, if they are still not interested, there is nothing you can do.

That's also what I do to people near me where I only provide information about Bitcoin. It is up to them if they want to invest in Bitcoin or not.

Parents can trust you just because you are their child and they trust you, but this should not be the case when it comes to money, they must trust the asset in which they are going to invest money, and with Bitcoin this is possible, they just need to understand how things work.

My parents still don’t want to understand what Bitcoin is, but they know that I buy some Bitcoin when I manage to put aside some savings. I can’t call my investment significant, I spend a lot on rent and have other expenses, but I have been buying Bitcoin for some time and there is already a profit. I probably won’t sell, I’ll hold it until I collect more, maybe by then the price will increase even more.

thick walls but the point is I understand, and in my opinion there is no need to invite or force them to buy Bitcoin because what parents need to do is prepare pension security so they can pay for health insurance in hospitals and allowances so they can go on holiday to enjoy their old age. Investing is a risky thing, especially in Bitcoin so I don't recommend them putting money into it. With Bitcoin's volatility, my parents might be stressed looking at it, so the priority is preparation to enjoy old age with retirement funds.

  lol I hope they have time to read through such long text. Op, you should have tried to give us little details of what your had in mind and not such long Epistles. Most members might not be interested in reading and so your thread will have less engagement from the forum.

To answer your question though, if you want your parents to invest in Bitcoin then you have to be read to make them understand what and why they need to put their money in an investment that carrys risk and volatile. Also you will have to explain to them how possible they can make profits and be relax when the market is experiencing a dip. Well for me I think it's going to be a long task if your parents are not the tech types. But just give it a try mate. Good luck.

While you highlight all the good of bitcoins when invested in, you need not spare any detail about the risk associated with it. For example, some of the people who were introduced to bitcoins just before the halving, and were not told about the potential for investments to dip as well are very disappointed now because they were not properly told.
Tell your dad and mum that bitcoins can go down as it is expected to go up, so that their blood pressure do not rise if after they invest and bitcoins start performing badly. You know they are old and can have health challenges making them prone to cardiac arrest.

You have to know your parents to be able to pull this off because if they're a close minded kind of people that don't easily embrace new technology then you're basically selling water to a fish or air to a bird. Make sure that they want to and they've got the curiosity to invest in bitcoin, they don't like the idea that their retirement money is going to go down the drain suddenly, remember that bitcoin is a volatile asset and you don't want them to feel the shock without a warning because once they get their first bear market or price dump, they're going to be really susceptible to panic and I don't think that you'd want that for them plus you're going to be getting all the blame if they decide that it's bad for them. Don't explain the technical side to them especially if they don't have a tech background, the best approach for them is to teach them the most basic way that you can teach bitcoin, think of explaining bitcoin to children.

Op, your text is so long that it'll discourage people from reading it and taking part in a meaningful discussion, You should at least add a TL;DR for this.
If I got it right, TL;DR: Even when you're excited about Bitcoin, those close to you might not care, so if you want to convince them to invest, you should explain what Bitcoin is, what gives it value (decentralization), fixed supply as a hedge against inflation, self-custody of coins, mining as a buyer of unused energy surplus, and that it's not too late to invest.

Honestly, I don't know anyone inquisitive enough to listen to all that information about Bitcoin, especially if they aren't really interested in investing. I think that, overall, it's not a good practice to convince others to invest in certain things. If you want your relatives to get into Bitcoin, you can simply gift them a small amount of it, which might encourage them to learn more.

How do you want your mom and dad to understand all these wall of text that you wrote. It will be boring to them and that alone can discourage anyone from listening to you the second time. You must not convince or force anyone to buy bitcoin, so that you will not be held responsible for their actions, when the price of bitcoin goes south or if anything happen to their bitcoin investment.

Just tell whoever that you want to introduce to bitcoin, the basic concept of bitcoin that it is worth investing in bitcoin as an investment for a long time or to use it as their savings because it is an hedge against inflation, instead of keeping their savings in banks that will depreciate overtime. They should also use the amount of money that they can afford to lose. Whoever is interested will make research and come back to you showing interest, then you can throw more light on bitcoin the second time.

Once you enter the world of Bitcoin, you feel, as often said in the field, ‘like falling down the rabbit hole,’ that you may have heard in a thousand podcasts, etc… Once inside, depending on the paths you follow, it’s not uncommon to start captivated by the shitcoins and promises of easy money, but when you’ve been in it longer, you spend hours studying it, etc… it’s hard not to be captivated by the potential of Bitcoin, once you understand it, even though it is common to give some concessions, or just trust some parts (we all delegate our trust to certain parties, I assume that most people haven’t compiled the software of their wallet, and reviewed every line of code).

The thing is, once you’re at that point, you find yourself wanting to share this excitement or knowledge with those closest to you, not to inflate the value of your holdings (unless you’re a cousin of an Arab sheikh, they’re not going to move the price), but because you truly believe in its transformative power for their financial future (they will remember you in the midst of a bull market, but it won’t be the right time either).

However… convincing them can be quite complicated, it’s a topic that most people simply aren’t interested in, and if you’re too pushy it can be counterproductive… So, given that in my case, there are people close to me whom I want to ‘orange-pill’, and it’s very difficult for me to synthesize all the arguments for the advantages of bitcoin, but I will try in this post to build the most common counterarguments to bitcoin (I’m convinced someone has done something similar before (but I want to show my own take on it). And also, to synthesize the most obvious arguments, let’s say, that point to bitcoin as an escape route from what is coming (assuming that these messages would be transmitted to people with very mainstream thinking, who watch TV, and read the newspaper).

I want to avoid in any case, that sensation of being a boring crypto bro evangelist, you can’t force anyone to move their money in one way or another, the goal is to transmit some of the knowledge that I may possess (in my case I have devoted many hours to it), in a synthetic way, so that ideas start to take shape, and at least the people who read this start asking themselves questions, or at least question how the current system works.

I have structured the thread into points in favor, and sub-sections of possible opposing versions.

After this introduction, let’s begin…

NOTE: This would be the speech to them, you do not have to read it though, but these would be the main points to address

TL:DR: These are the points I would use (and have used, in some cases) to make the pitch, but you do not have to read them, of course I would summarize it when describing it to any of my loved ones.

Edit: I see to many complaints about getting into too much detail... but the point is that, there are some people who actually ask questions which require such level of detail to be provided. For instance a friend of mine asked me once about the functioning of nodes, the miners... questions like, what is a block? Why can't a node inscript other transactions on it (different from the ones at the currently mined block), and so on... therefore I included the technical stuff on the pitch

Edit2: Just to point it out, I do not want my loved ones to invest for my own benefit (like inherit some bitcoin from relatives, or friends), I already handle everything on my own. I just want them to be aware of the whole picture, different from the one shown in the mainstream media, try to make them understand my point of view, and why I think this technology is quite a masterpiece

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0. What is Bitcoin?

First, it’s necessary to explain what Bitcoin is. I’m going to opt for a simple explanation, but delving into the detail of mining, in case the interested person finds it odd that certain liberties are taken and the explanation is oversimplified:

Bitcoin is a form of digital money that exists on the internet. Imagine it as online money; instead of physically holding it in your hand (like cash), you store it in a digital wallet on your computer or phone. What makes Bitcoin special is that it’s not controlled by a government or a bank. Instead, it’s managed by a network of computers worldwide (called nodes, which can be servers, or mini-computers like a Raspberry Pi, which anyone can have at home with minimal power consumption). All computers run the same protocol, making it very difficult to change (you need to get enough people to agree, all with very different interests). This network validates the transactions that occur. Approximately every 10 minutes, a “block” is generated containing the transactions sent by the network users (it contains the maximum number of transactions possible in 4MB; the block originally was 1MB, but with SegWit, an update from 2017, it can go up to 4MB in practice, each transaction is ordered according to the fee each user is willing to pay). Once the block is validated, the next one begins to be filled, and each node dedicates itself to storing the entire record of blocks in history. It’s like an accounting ledger containing all network transactions in its history. As of today, it weighs about 650GB.

In this Bitcoin network, there are two key actors, miners, and nodes.

Nodes are simply computers connected to the Bitcoin network. Their main function is to validate and relay transactions and blocks on the network. Each node stores a complete copy of the Bitcoin blockchain, which is a public record of all transactions that have occurred on the network. Nodes verify the validity of transactions and blocks, ensuring they comply with the rules of the Bitcoin protocol.

Miners are special nodes (it may not be a full node and may be “pruned,” although I won’t go into that much detail) that compete to add new blocks to the Bitcoin blockchain. Their main function is to gather valid transactions, group them, and solve blocks to add them to the chain.

If you don’t want to delve into details here, skip to the bold paragraph. I put the following explanation in italics to differentiate.

To solve a block, first, it is created by filling it with the transactions of the users, and then the “hash” of the block must be calculated (I’ll skip that sometimes miners are said to “solve complex mathematical problems” as you read on some sites, because it’s very ambiguous, and incorrect)… And what is that hash? (something I’ll try to write in a simplified way to properly “orange-pill” people who are just getting into Bitcoin). The hash function is a fundamental concept in cryptography and in the case of Bitcoin, it’s essential for the mining process and network security. A hash function is a (mathematical) function that takes an input, which can be any type of data (in this case, a concatenation of numbers and letters), and produces a unique output of fixed length, called a “hash”. It also has specific properties: a given input will always produce the same hash output. This means that if the same information is input into the hash function, the same unique hash will always be generated (this is called a deterministic function). Although hashes appear random, they are deterministic and produce the same output for the same input. However, a small change in the input will produce a completely different hash, making hashes seemingly random and unique.

So, what does a miner do when solving a hash? Let’s imagine a previous block:

Previous block:

– Hash of the previous block: abc123

– Timestamp: 1637284650

– Nonce: 0

– Transactions: 1. Tx1: 10 BTC from A to B 2. Tx2: 5 BTC from C to D 3. Tx3: 3 BTC from E to F …

The miner creates the current block, concatenates all the data (pay attention to the nonce, which I’ve marked in bold):


Concatenated block data: abc123163728465010Tx1Tx2Tx3…

Then, the SHA-256 hash function is applied to the entire block:

Hash = SHA-256(abc123163728465010Tx1Tx2Tx3…)

The result is a unique 256-bit hash, which can be seen as a hexadecimal string of numbers and letters. For example, suppose the resulting hash starts with some zeros (just to get a realistic example, I will explain it afterwards):

Hash = 0000f1a2bc34d56789e…

Then the miner checks if the hash is valid, as there is another constraint, the difficulty adjustment, which I’ll explain now. The miner must check if the hash meets the difficulty requirements set by the Bitcoin network. If the hash does not meet the requirements, the miner adjusts the nonce (changes it) and repeats the process until finding a valid hash.

The nonce represents an arbitrary number that miners can repeatedly change in a block of transactions to try to find a valid hash that meets the difficulty requirements set by the network.

The nonce is one of the data included in the header of each block of transactions. Along with other data, such as the hash of the previous block, the timestamp, and the pending transactions, the nonce is used to calculate the hash of the entire block.

Since the hash function is deterministic and produces the same result for a given input, miners change the nonce in the block and recalculate the hash repeatedly until finding a hash that meets the difficulty requirements set by the network. This involves a trial-and-error process, adjusting the nonce and calculating the hash repeatedly until finding a hash that meets the requirements of the difficulty adjustment.

The concept of “difficulty adjustment” is related to how the difficulty is set to find a new block in the Bitcoin network. This process ensures that blocks are created approximately every 10 minutes, regardless of the total computing power of the network.

The difficulty is automatically adjusted by the Bitcoin network every 2016 blocks, approximately every two weeks. This adjustment is based on the average time it took to find the last 2016 blocks. If that time was longer than 10 minutes per block, the difficulty is reduced to make mining easier. If it was shorter, the difficulty is increased to make it more difficult.

Now, regarding the difficulty adjustment itself… how is it adjusted? The difficulty in Bitcoin is set in terms of the number of zeros required at the beginning of the hash of a valid block. This means that the resulting hash of a block must start with a specific number of zeros to be considered valid and accepted by the network.

At first glance, it might seem counterintuitive that more zeros make mining more difficult, as that would limit the number of possible valid hashes. However, it actually works the opposite way. Here’s the explanation:

More zeros, more difficult: When the hash of a block is required to start with more zeros, it means that the search space for possible valid hashes is significantly reduced. In other words, finding a valid hash that meets the difficulty requirements becomes more difficult because there are fewer possible hashes that meet those criteria.

Fewer zeros, easier: On the other hand, when the hash of a block is required to start with fewer zeros, the search space expands, making it more likely to find a valid hash. Although it may seem like there are more numbers to guess, there are actually more chances for a random hash to meet the difficulty requirements.

When the difficulty is high, more zeros are required at the beginning of the hash for the block to be valid. Therefore, finding a valid hash becomes more difficult, as I just mentioned. On the other hand, when the difficulty is low, fewer zeros are required at the beginning of the hash, making mining easier.

The zeros at the beginning of the hash act as a difficulty control mechanism. The more zeros required, the more difficult it is to find a valid hash, and vice versa. This difficulty adjustment ensures that the block production rate remains stable over time, thus maintaining the integrity and security of the Bitcoin network. (and if anyone asks, mathematically it could be possible not to find a valid hash with x zeros, but the probability is practically negligible, and it would be solved with the next difficulty adjustment, which ultimately balances the network according to the available computing power).

So, in our case, we would change the nonce and hash again, repeating until finding a hash with the necessary number of zeros:

Block:

– Hash of the previous block: abc123

– Timestamp: 1637284650

– Nonce: 1 (changed)

– Transactions: 1. Tx1: 10 BTC from A to B 2. Tx2: 5 BTC from C to D 3. Tx3: 3 BTC from E to F …

And we repeat:

Hash = SHA-256(abc123163728465011Tx1Tx2Tx3…)

The nonce is an unsigned integer that can take any value in the range of 0 to 4,294,967,295 (2^32 – 1) in Bitcoin. This range covers all 32-bit numbers since the nonce is typically stored in a 32-bit field in the header of a Bitcoin block.

When a miner is trying to solve a block, they adjust the nonce in the block header and repeatedly recalculate the hash of the entire block until finding a hash that meets the difficulty requirements set by the network. Since the nonce can take values in such a wide range, miners can make a large number of attempts to find a valid hash.

The simplest way to explain how to solve the block would be to roll a dice with many faces, and the one who gets the hash (result, in case of a dice) that meets the difficulty adjustment forms the block. The analogy would be as if millions of computers were rolling the dice at the same time. It’s not exactly like that, but it’s an analogy to make it understandable.

(As a curiosity, although irrelevant for “orange-pilling”, it’s important to note that a single hash attempt is not limited to changing only the nonce. Miners can also change other aspects of the block, such as the timestamp or transactions, in an effort to find a valid hash. This means that a miner can make many more hash attempts than just 4 billion.)

Once the block is mined, miners receive rewards in the form of new Bitcoins (there’s a “reward” for being the one to solve the block, the so-called “coinbase”, which is a fixed amount of Bitcoin), as well as transaction fees, for their work of securing and maintaining the network. The coinbase transaction is halved approximately every 4 years, which is known as “halving,” and involves a halving of the block mining reward (which also has consequences, as it reduces the Bitcoin “inflation” over time).

In conclusion, we can say that the competition among miners to add blocks to the blockchain is known as “mining” and is fundamental to the security and integrity of the Bitcoin network. The more miners participate in the network, the more secure it becomes, as it makes it harder for any individual or group to control the network or engage in malicious activities.

In summary, with Bitcoin, you can send money to anyone anywhere in the world quickly and securely, without the need for intermediaries like banks, thanks to the nodes and miners that support and secure the network. Additionally, as a finishing touch, there is a limit on the total amount of Bitcoin that can be created, making it scarce and valuable.

0.1 Why does Bitcoin have value? Isn’t it just hot air?

Following the last sentence, comes the classic counter-response, “What gives value to Bitcoin? (Isn’t it smoke, pure speculation, etc…?)”.

Regarding what gives value to Bitcoin, from my point of view, it’s the fact that it has generated a decentralized network of nodes distributed worldwide, allowing transactions to be made without intermediaries. This decentralization provides security against manipulation or centralized control by institutions or governments, which increases its reliability as a store of value. It’s an asset without counterparty risk; it’s not someone else’s debt. It can be used as a medium of exchange, store of value, or even as a unit of account in certain cases, perhaps in the Western world, where we don’t yet see value in these issues, but in countries with substantial currency depreciation, Bitcoin is an existing solution.

Over time, Bitcoin has gained greater acceptance and recognition both institutionally and among the general public. The increasing adoption by companies, investors, and individual users has contributed to its legitimacy and valuation. With the ETFs, doubts about the value of Bitcoin are dissipating, but there are still many people who consider it just hot air or a bubble.

Another important issue is the ability to monitor and verify the amounts of Bitcoin held in specific wallets. This is very useful if the owner of a wallet is known. For example, if we know that a wallet belongs to a bank or a government, we would be able to know at all times, and in any place, how much Bitcoin is in that wallet, and anyone could verify it. This is an obvious advantage over gold and central bank reserves.

Bitcoin offers several advantages over gold in terms of central bank reserve monitoring. Its digital and transparent nature allows for easy verification and real-time auditability of Bitcoin reserves, providing greater transparency and efficiency compared to physical gold storage (which has always been subject to rumors and doubts, from painted bars to empty vaults). Furthermore, Bitcoin is highly divisible, easily transferable, and offers advanced security against counterfeiting, making it an attractive option for diversifying and managing central bank reserves more efficiently and securely.

However, there’s always the doubt about “tangibility”; Bitcoin can’t be touched, and it’s true, it can’t be. Bitcoin has no tangible backing or governmental backing. Some critics argue that this makes it less reliable as a form of money or store of value in the long run, but with all that I’ve mentioned before, it’s questionable not to appreciate the value of the existence of such a network, which if imposed as a monetary base layer, would solve many problems of distrust between countries, or political and institutional transparency.

1. Buying Bitcoin to protect yourself against inflation

The fiat currencies are subject to constant erosion due to inflation, something that people who have lived in the western world in decades before the 2000s are well aware of. However, since the economic crisis in 2008, people have assimilated the idea that the fiat money (dolar/euro) is the base unit, and salaries from two decades ago do not differ significantly from those of now, compared to inflation (also thanks to reduced inflation, even deflation, in the past decade of the 2010s). During the last 2-3 years, people are starting to become aware of currency depreciation, but they are not really aware of the origin of this fact. The expansive monetary policy of central banks and the unrestrained printing of money have led to a constant depreciation of the purchasing power of fiat currencies, but until this happens for decades, and in an obvious way, as in Argentina, people are not really aware of it (some may even think it’s the evil businessmen who want to enrich themselves, or the speculators).

All this has actually been brewing for much longer, but the most obvious turning point is in 1971 when Nixon temporarily halted the dollar-gold convertibility, known as the “End of the Gold Standard”. Personally, I love this page regarding this.

The surprising thing is that there are still people today who believe that their money is backed by gold, so the first topic to introduce to the person you’re trying to “orange-pill” is the fact of debt-money that we have today. A simple way to explain this fact would be:

Before 1971, many national currencies, including the dollar, were backed by gold, which meant that governments and banks held gold reserves to back the value of their currency. This provided a way to stabilize exchange rates between different currencies and provided confidence in the stability of the financial system (in fact, as far as I know, the forex market was quite uninteresting back then, compared to what it is today).

However, in August 1971, U.S. President Richard Nixon unilaterally announced that the U.S. dollar would no longer be directly convertible into gold, ending the Bretton Woods system that had been in place since the end of World War II. This event marked the beginning of a fiat currency system, where the value of money was not backed by any tangible asset like gold but was based solely on trust and faith in the issuing government (or as some like to say, backed by petrodollars or aircraft carriers).

Since then, governments have had the ability to print money almost limitlessly, leading to a massive increase in the amount of money in circulation, which ultimately affects the population in the form of inflation. Furthermore, there has been a fundamental shift in the nature of money, which has gone from being a representation of tangible value to essentially being debt money, where most of the money in circulation is created through bank debt, loans, and credits. This debt money system has led to a significant increase in public and private debt, as well as economic cycles of boom and bust.

In contrast to all the above, Bitcoin has a limited and fixed supply of 21 million coins. This inherent scarcity protects users’ funds against devaluation caused by inflation, making it an attractive option for preserving value over time. And from here arise various arguments against Bitcoin (personally, I find them quite simplistic, but I’ll add them to be consistent with the post’s structure).

1.1 How do we know there are only 21 million Bitcoins, and if they decide to print more tomorrow, or change the code?

The total amount of Bitcoin that can be created is determined by the Bitcoin protocol and is programmed to be limited to 21 million units. In fact, as a curiosity, this limit is approached asymptotically; it’s not that there’s a variable that sets it.

This limitation was established from the beginning and is encoded in the Bitcoin software. The reason why this limit of 21 million was chosen is presumed to be based on the idea of creating a scarce and limited supply, similar to gold, to preserve its value in the long term, although we do not know what was in Satoshi’s mind (seeing the attempts of Bitgold by Szabo and company, this hypothesis would make sense).

In any case, it is possible to alter that limit; after all, it’s an open-source protocol, you can change the limit… but the problem is that the protocol runs on hundreds of thousands of nodes (computers, servers, raspberries running the protocol) distributed around the world, so if you want to change the code, you would have to convince the rest of the nodes to change it too. In case it doesn’t happen (which is highly likely), you would be running a Bitcoin fork alone; it would be a parallel chain in which no one would be interested in.

The Bitcoin system is decentralized (as I explained regarding the nodes, distributed worldwide, and anyone can have one at home for less than $100) and based on an open-source protocol, which means that any change in the protocol requires consensus among network participants. Changing the 21 million limit would require a software update that should be accepted by the majority of the network nodes and miners. Given the widespread support for Bitcoin scarcity and the decentralized nature of its network, making such a drastic change to the protocol would be extremely difficult and unlikely.

2. Financial Sovereignty and Confiscation Resistance:

The concept of financial sovereignty takes on a new meaning in the context of Bitcoin, thanks to its inherent nature. In a traditional system, asset custody and transaction execution are controlled by intermediaries such as banks or governments. However, with Bitcoin, individuals gain an unprecedented level of control over their own financial assets. You can create a bitcoin wallet, and when sending or receiving funds, they are confirmed by the consensus of the network, without a central entity (bank) validating such transaction. By eliminating the need for intermediaries, Bitcoin allows people to be their own banks, which means they have the ability to store, send, and receive funds autonomously, without the need for permission from third parties.

This financial autonomy has significant implications, especially in regions where trust in the traditional banking system is low or where capital restrictions exist. In these cases, Bitcoin offers a secure and accessible alternative for storing and transferring value, providing people with a way to protect themselves against asset confiscation by authoritarian governments or irresponsible monetary policies. Here, more than one may think that this is not a problem in the western world… but the fact is that it could be in the medium term, and you cannot protect yourself from something when it has already happened, action must be taken beforehand. Additionally, the ability to access Bitcoin globally and without geographic restrictions promotes financial inclusion and democratizes access to financial services.

Furthermore, another notable feature of Bitcoin is its resistance to confiscation by third parties. Traditionally, financial assets stored in bank accounts or custody by intermediaries are subject to the risk of confiscation by governments, financial institutions, or creditors. However, with Bitcoin, users have complete control over their funds and the private keys needed to access them (all assuming that we are “orange-pilling” the case of self-custody, although it may not be the initial step, it is something that needs to be emphasized, in my opinion). If you self-custody your keys, firstly, no one needs to know that you have created that wallet, nor that you control those keys, nor that the funds are yours (here I clarify that it depends, if you have bought bitcoin on an exchange that has asked for your data, it can be known that you have sent funds to a wallet, although it may not be yours).

Bitcoin transactions are recorded immutably on the blockchain and are irreversible once confirmed, meaning they cannot be reversed or altered by third parties (here, you can explain, without going into too much detail to avoid overwhelming, that the cost of mining a block is a lot of energy and money, undoing transactions in past blocks has an exponential cost, and in fact, past 6 blocks are usually considered immutable). In summary, Bitcoin offers users a secure and confiscation-resistant way to store and transfer value, protecting their assets from any unwanted external interference.

2.1 What if countries ban it?

Another common criticism is that Bitcoin will be banned. Those who put forward this argument usually have not used Bitcoin, or are not familiar enough with the protocol. Their theory is that a widespread ban on Bitcoin by several countries could discourage its adoption and use in those jurisdictions. Companies and individuals could face legal restrictions on owning, trading, or using Bitcoin, which could significantly reduce its utility and liquidity in those markets.

First of all, this is likely to happen, even surely will happen, as it did with the “Gold Reserve Act of 1934” in the United States, specifically the “Emergency Banking Act of 1933”. This law was enacted during the presidency of Franklin D. Roosevelt in response to the Great Depression and the banking crisis of the 1930s.

The Emergency Banking Act of 1933 prohibited private ownership of gold in coin, bullion, or gold certificates in the United States. The law required US citizens to surrender their gold to the government in exchange for compensation in dollars.

The issue with Bitcoin is that you can create a wallet without anyone knowing it, and operate in a circular economy, among people who have done the same (in a hypothetical case in which a higher percentage of the population knows how to use Bitcoin), and no one can discern the owners of these wallets, or associate them with real people, as long as they have bought P2P, or avoided giving their data as much as possible when purchasing for the first time (or using other methods for obfuscating them). It is true that every effort will be made to scrutinize and identify wallets, buyers, etc. Our political bureaucrats who govern us do not want anyone to slip through without complying, but it is still like trying to fence off a field, and such an overt attack could have the opposite effect, in addition to the collapse of the current fiat system itself, pushing people towards systems like Bitcoin (unfortunately, probably amid serious crises). This is one of the reasons why it is advisable to have at least some Bitcoin, as a counterbalance to a rapid degradation of the current system, which could happen in the coming decades.

In any case, effectively banning Bitcoin presents significant technical challenges due to its decentralized and censorship-resistant nature. Although governments may try to block access to cryptocurrency exchanges and websites related to Bitcoin, users could still access the Bitcoin network through privacy technologies and censorship evasion tools. Banning Bitcoin in some countries would not have a direct impact on the global Bitcoin network as a whole, as it remains a decentralized network that operates without a central point of control. The network could continue to function and serve users in countries where it is not prohibited.

Game theory offers an interesting framework for analyzing the dynamics between Bitcoin and countries considering its prohibition or adoption. In this context, some countries may see Bitcoin as a strategic opportunity to enhance their position in the global economic stage, using the threat of prohibition or active adoption as a bargaining tool.

On one hand, countries that take a pro-Bitcoin stance may see it as a way to strengthen their position in the global financial market and increase their economic influence. By embracing Bitcoin, these countries could attract investments in blockchain technology and fintech, foster financial innovation, and position themselves as leaders in the digital economy of the future (as is already happening with countries in the Middle East, or El Salvador, countries cannot afford to ban it so lightly, as others may seize a large part of the pie during these early stages).

On the other hand, countries considering the prohibition of Bitcoin may do so for various reasons, such as concerns about financial stability, combating money laundering and “terrorism financing,” or protecting the interests of traditional financial systems. However, banning Bitcoin may lead to unintended consequences, such as the flight of talent and capital to jurisdictions more friendly to Bitcoin (as is already happening, this is not something that will happen, this is the present).

In the context of game theory, the strategic interaction between Bitcoin and countries can be seen as a non-zero-sum game, where the actions of one player affect the options and outcomes of other players. Countries that adopt pro-Bitcoin policies can take advantage of competitive advantages and economic opportunities associated with the cryptocurrency, while those opting to ban it may face additional economic challenges and risks. Ultimately, the balance between the adoption and prohibition of Bitcoin will depend on the individual strategies and preferences of each country, as well as broader geopolitical and economic dynamics, but in any case, there are no incentives for global prohibition, I would even say there are incentives to acquire some Bitcoin as protection.

3. Mining, the Solution to the World’s Energy

Regarding mining, the mainstream opinion is that it is something “very bad that consumes a lot of energy and pollutes a lot”… When the reality, currently, because this is something that happens nowadays, is quite different.

Bitcoin and cryptocurrency mining have several advantages in terms of balancing energy consumption, acting as a buyer of last resort for energy, monetizing waste gas facilities (flare gas), and avoiding energy wastage. Bitcoin mining can help balance energy consumption by providing a constant demand for electricity (the computers that are mining, or rather ASICs, but for simplicity I’ll stick to “computers”, are continuously running calculating hashes). Since cryptocurrency mining is an activity that requires a large amount of energy, it can absorb excess energy during times of low demand (at night, for example, or when renewables provide more energy than the population absorbs) and help stabilize the power grid.

Cryptocurrency mining can act as a buyer of last resort for energy, especially in regions where there are surpluses of unused energy (there are many places where in times of abundant sun and wind, surplus energy that cannot be absorbed is wasted, and with Bitcoin, it could be absorbed and spent “on-site,” avoiding energy losses if that electricity had to be sold to a neighboring country, for example). This can be beneficial for energy producers by providing them with an additional market for their energy and avoiding the waste of energy resources.

In some oil and gas extraction areas, associated natural gas (flare gas) is burned as an unwanted byproduct due to the lack of infrastructure for its transportation and utilization. Bitcoin mining offers a cost-effective solution by allowing this gas to be used to generate electricity that is then used to power Bitcoin mining operations, turning a byproduct into a valuable resource.

In summary, Bitcoin mining can help avoid energy waste by using energy that would otherwise be discarded or not used efficiently. By harnessing renewable energy sources, unused energy surpluses, or underutilized energy resources, cryptocurrency mining can contribute to greater energy efficiency and reduce the waste of natural resources. It also allows electrical installations to be profitable in less time since you ensure a minimum, continuous demand, and makes projects viable that would not be otherwise. Bitcoin mining is profitable when energy is obtained at very cheap prices, less than 4 cents per kWh; it is not taking energy away from the population, optimizing the system and avoiding waste, thus improving efficiency.

3.1 Mining pollutes a lot, it’s going to ruin the planet, etc…

After the previous paragraph, I believe it’s justified to say that this stance is simply due to ignorance or insufficient research on the topic. Bitcoin mining can harness renewable energy sources such as solar, wind, or hydroelectric, which often experience fluctuations in energy generation. By utilizing this renewable energy for Bitcoin mining, a consistent outlet for energy that might otherwise go to waste during surplus periods can be provided.

In regions with underutilized electrical infrastructure, Bitcoin mining can tap into surplus capacity and enhance the efficiency of the electrical system by more fully utilizing available resources. This can reduce the need for costly investments in expanding electrical infrastructure and improve the profitability of existing assets.

This is a reality today, in the present, and news that goes against mining, in general, reflects a worrying lack of information (because any other alternative would be somewhat perverse, which I prefer not to mention).

4. An emerging technology… Are we still early?

Finally, there are people who think that the train has already left the station. Obviously, it was a better time to buy and get into the world a few years ago, but we are still far from widespread use. We will see a shift in mainstream opinion towards Bitcoin over the years, probably when they have secured a good portion of the pie, it’s your chance to secure a small part too.

It’s not too late to buy Bitcoin, as it remains an emerging technology with great long-term growth potential. Although the price of Bitcoin has experienced significant fluctuations in the past, its adoption and acceptance continue to expand worldwide. Bitcoin is a disruptive technology that is transforming the global financial and technological landscape. Its intrinsic scarcity, decentralized nature, and cryptographic security make it attractive as a store of value and a digital medium of exchange.

It is also true that there is not enough Bitcoin for everyone… Each Bitcoin is divisible into 100,000,000, or 100 million, satoshis, its smallest unit.

Calculating how many “sats” (satoshis, the smallest unit of Bitcoin) each person would get if everyone used Bitcoin involves making some rough estimates. Currently, there are around 2.1 billion adults in the world, and the total amount of Bitcoin that can be mined is 21 million.

If we evenly distribute all the available Bitcoin among all adult people, we would have:

Bitcoin per person = Total Bitcoin / Total people

Bitcoin per person = 21 million / 2,100,000,000

This would give us an extremely small amount of Bitcoin per person. To get a more manageable figure, we can convert this amount to satoshis, considering that there are 100,000,000 satoshis in one Bitcoin:

Sats per person = Bitcoin per person × 100,000,000 Sat per person / 2,100,000,000

This would give us the number of 1000 satoshis per person if everyone used Bitcoin equitably. It’s important to note that this calculation is hypothetical and simplified, as the actual distribution of Bitcoin is far from equitable, and the widespread adoption of Bitcoin would have significant implications for the value and availability of the cryptocurrency.

Transaction fees for simple transactions are already in that order of magnitude, so in the case of widespread adoption, there simply aren’t enough sats for everyone. Most likely, in my opinion, custodial solutions will be used, such as bitcoin banks, which hold the bitcoin of all users together, and you have an account with such a bank, and only move accounting entries between them, but the bulk of the bitcoin will end up in institutions, banks, governments, etc… We still have the opportunity to have bitcoin under custody, perhaps in a few years, it will not be possible.

It is true that if a hard fork occurs in the future, adding more decimals to bitcoin could be considered to handle more sats on the main chain, but these are all assumptions.

4.1 mySpace vs. Facebook

The opposite point to Bitcoin in this section is the analogy of mySpace, which was surpassed by Facebook, TikTok, etc… The analogy between Bitcoin and mySpace, suggesting that Bitcoin could be replaced by a better cryptocurrency in the future, is incorrect for several reasons.

Bitcoin is a pioneer; it was the first cryptocurrency and has proven to be extremely resilient and durable since its creation in 2009. It has overcome numerous technical, regulatory, and competitive challenges over the years, solidifying itself as a reliable store of value and a medium of digital exchange. Being the first and emerging “spontaneously” has made its decentralization and distribution natural. If a “definitive cryptocurrency” were to emerge today, there would be incentives to pre-mine it or have it hoarded by large companies, as they already attempt with many shitcoins. Bitcoin has that “commodity” aspect, which is impossible to replicate.

Although Bitcoin is the first cryptocurrency, its protocol is still subject to active development and continuous improvement. Enhancements such as the Lightning Network for faster and cheaper transactions, Taproot for increased privacy and scalability, and other layers like Liquid are being implemented. Bitcoin aims to be money, a secure and stable protocol. If you start adding gimmicks and changes, you compromise the long-term security of the protocol. Being money does not require complexity; it requires robustness, so seeking continuous changes and alternatives doesn’t make sense.

Bitcoin stands out for its robust decentralized network and cryptographic security. The Bitcoin network is the largest and most secure in the world in terms of computing power and community participation. This makes it extremely difficult to censor or manipulate, providing users with confidence and protection against external interference. The rest of the networks are far from such adoption or are controlled by protocols that depend on fiat money (proof of stake, in Ethereum), which is essentially a return of control to the owners of fiat money (central banks, institutions), under the guise that mining contaminates, which as we have seen is not the case (obviously, manufacturing computers pollutes, like any other industrial process, but it is allowing a new energy concept, opening up many fields that were simply not profitable before; globally, improvements in efficiency are clearly beneficial for the population).

Bitcoin’s launch in 2009 was completely open and decentralized, with mining available to anyone who wanted to participate from the beginning. There was no pre-mining in Bitcoin; that is, no blocks were mined before the software was publicly available.

On the other hand, Ethereum, for example (the example is analogous to many others that came after), was announced in 2014 and launched in 2015 through a token presale (Ethereum Ether) as a crowdfunding to finance its development. During this presale, large amounts of Ether were sold to investors and developers interested before the main network launch. This led to an initial supply of Ether distributed among those who participated in the presale, which is a form of pre-mining.

Bitcoin was primarily conceived as a decentralized digital currency and peer-to-peer payment system. It focused on scarcity and resistance to censorship, with an emphasis on fair and equitable coin distribution. Being money, or a store of value, reducing its complexity. Ethereum, on the other hand, was designed as a platform for smart contracts and decentralized applications (DApps). Its focus was on flexibility and programmability, which required a native token to pay transaction fees and ensure network security. It had many issues, hacks, the chain split with a hard fork… complexity and changes come with a cost. Those who want to secure their money do not want changes but stability.

I do not rule out that in the future, there may be cryptocurrencies with utility, but as a protocol to be money, the same conditions in which Bitcoin “was born” cannot be replicated, and given its adoption and network effect, I do not see the “mySpace” case feasible. There are and will be ways to enrich oneself with other cryptocurrencies or projects, but I do not see it possible for Bitcoin to be replaced by an alternative with the same functions since it is not possible to reproduce the conditions of “commodity” in which it was generated.

5. Governments are averse to unpopular decisions.

Another reason to buy Bitcoin is also inherent in the system we live in, where the incentives themselves only push Bitcoin’s price higher. The only way for it to decrease, in my opinion, is if governments and politicians were to start acting in favor of the citizens. If you don’t trust this to happen, as is my case, it further reinforces the bullish thesis for Bitcoin.

It’s a fact that with the debt-based monetary system we live in, countries are becoming increasingly indebted. When it comes to paying off these debts, there are several ways to “bleed” the population, although in my view, inflation is the preferred and most obvious method (which also pushes Bitcoin higher).

Governments may prefer inflation over raising taxes for several reasons, which are related to economic policy and political considerations. Raising taxes can be unpopular among voters and may result in a negative backlash against the government that implements it. On the other hand, inflation tends to be less visible and can be perceived as a more abstract phenomenon, allowing politicians to avoid direct responsibility and negative political repercussions.

Inflation can provide a way to reduce the government’s debt burden in real terms. When there is inflation, the real value of the debt decreases over time, as government tax revenues increase in nominal terms. This can be beneficial for governments facing high levels of public debt.

Raising taxes can have direct and indirect social costs, such as disincentivizing investment and economic activity, and generating resentment among taxpayers. Inflation, although it can have adverse effects, may be perceived as a less direct way to raise revenue for the government.

Inflation has negative effects on fiat currency, basically eroding the purchasing power of the currency, regressive wealth redistribution, and economic uncertainty. Furthermore, the fact that governments change every so often can lead to a lack of long-term accountability in managing inflation and other economic policies – every four years there is a change, predictably, and the problem is “the next one’s,” which means there is no incentive to do it right, and every day we are a little closer to collapse.

Bitcoin can be a lifeboat. You don’t need to be fully invested in it, but if someday you need it, not having anything at all is riskier.

5.1 The government looks after us

If at this stage of the game, someone thinks otherwise than the paragraph above, their level of lobotomization is such that they truly don’t deserve to reach Bitcoin; they will get it when the commercial bank forces it upon them in 2040, at 1 sat = 1 euro/dollar change rate.

6. How to get your Dad to buy Bitcoin? (or Mom)

Convincing someone to invest in Bitcoin, like your dad or mom, requires understanding his concerns and interests. Highlight its potential for high returns, its increasing adoption by institutions, and its role as a hedge against inflation, use the sections above to support your thesis. Emphasize the security measures in place and educate him about the technology behind it. Start with small investments to mitigate risk and offer to assist him with the process. Ultimately, approach the conversation with patience, respect, and a willingness to address his doubts or questions.

I want to use the points above to approach the topic to close people, but I would really appreciate it if you could give me some extra tips, or hints, or arguments that may be useful for this. Also if you guys have some good short videos for such purpose, I would really appreciate it as well