How to get your Dad (or Mom) to buy Bitcoin? - page 11.

HideYourKeys

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omg I did not expect that many answers Huh

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

Yatsan

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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.

bitbollo

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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 Roll Eyes

m2017

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Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

0. What is Bitcoin?

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.

Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

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

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.

Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

1. Buying Bitcoin to protect yourself against inflation

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.

MissNonFall9

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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.

Maus0728

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Quote from: naira on May 04, 2024, 05:52:14 AM

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.

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.

bluebit25

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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.

Ale88

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Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

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

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.

Jawhead999

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Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

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.

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. Tongue

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.

Alphakilo

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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.

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Quote from: Frankolala on May 04, 2024, 02:26:52 AM

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.

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

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.

Pokapoka124

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Quote from: HideYourKeys on May 04, 2024, 02:08:32 AM

I want to avoid in any case, that sensation of being a boring crypto bro evangelist,

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.

kentrolla

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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.

Gladitorcomeback

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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.

0t3p0t

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Quote from: Hatchy on May 04, 2024, 05:46:30 AM

Quote from: Frankolala on May 04, 2024, 02:26:52 AM

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.

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.

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.

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Quote from: DeathAngel on May 04, 2024, 07:49:57 AM

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.

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 Grin

.

qwertyup23

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Quote from: Frankolala on May 04, 2024, 02:26:52 AM

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.

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.

Quote from: DeathAngel on May 04, 2024, 07:49:57 AM

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.

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.

Beparanf

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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.

DeathAngel

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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.

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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.

Topic: How to get your Dad (or Mom) to buy Bitcoin? - page 11. (Read 2007 times)