I gave investment advice to my grandfather. - page 2.

Desmong

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

it is good that you explain to your father the character of Bitcoin and how the market moves. Some persons do not understand the market very well that is why they keep making mistakes and doing the wrong thing. They thought Bitcoin is everything and they don't need fiat to make savings. It is good to keep our food in different basket.

Woodie

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin.

For someone that worked so hard to acquire that wealth while they were still youthful, I don't believe they can give up all their work and money for some unknown tech asset as an investment!
Honest this is too good to be true, did someone force him into getting into the crypto space or this was a personal decision??

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

Sound like grandpa might have been in the finance industry during his working days, but credit to you for advising him well on what to expect with crypto investments.

You are a good man Cool

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My only question to all, was I able to give my grandfather the right advice??

Yep the advice given couldn't get any better than that Cheesy

Quote from: Negotiation on February 27, 2023, 09:04:58 AM

Advising on investing in bitcoin is a good idea but it takes a little longer to convince older people because they have less knowledge about bitcoin and hence the risk is higher. Before investing you need to know about bitcoin and use good wallet so that the hacker does not lose the bitcoin after one and a half cryptocurrency is the future of the world's economy. Investing in this field is definitely a smart thing to do several things should be considered before investing.

Agreed, for this reason, I actually think that to some extent if they suffer some kind of loss of investment, with a good lawyer they could get back what they lost because they lack the capacity to make a sound decision.

Chrlie95

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I was looking for getting investment advices from people and I applied some. Not surprisingly, I lost money. Since then, I never get any recommendations blindly, I always make my own research and make a decision on my own. The reason was not that I lost money, but I lost money based on someone else's advice. When I lose, I lose. I learn from my mistakes and move on. It's at least my decision and I cannot blame anyone else. But when you fail with other people's thoughts, its like it eats you inside.

Making an investment basket is always a good idea. However, I personally wouldn't put a penny on risky investments if I were a grandfather. Risk fits youth. You can always comeback if you fail when you are young. After retirement, people should use their money wisely and only invest in low-risk investments such as bonds, and adjust to a life they managed to built for all those years.

Negotiation

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Advising on investing in bitcoin is a good idea but it takes a little longer to convince older people because they have less knowledge about bitcoin and hence the risk is higher. Before investing you need to know about bitcoin and use good wallet so that the hacker does not lose the bitcoin after one and a half cryptocurrency is the future of the world's economy. Investing in this field is definitely a smart thing to do several things should be considered before investing.

Pierre 2

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I think old people are very hard to convince in any of worldly issues. If I were you I would do same buddy. For example when my close friends asked me about Bitcoin I told them to buy but with money you saved. One of my friends sold his car for Bitcoin. He made huge mistake in my opinion. I didn't talk about Bitcoin with him anymore. He wasn't even old. But people are like that. Its best to teach them how to invest in Bitcoin in better ways. Like without hurting your wallet or family.

LDL

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Quote from: kelechi on February 27, 2023, 03:22:03 AM

That's right. Golden rule is to invest in different thing and never put all on one coin

Since his grandfather's age is not mentioned, his grandfather's age would probably be over 60 years old. As such, investing in Bitcoin at this age involves a lot of risk at times. As he may not have the risk tolerance. Also investing all of OP's grandfather's physical assets in Bitcoin is too risky. But an important point is that his grandfather's assets should not be invested in only one coin. Moreover, another important thing is that his grandfather's invested bitcoins must be hold in a hardware wallet.

pixie85

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You gave your grandfather a good advice, although I'd be careful with this because people often do dumb things and then try to blame it on someone else.

Your grandfather could soon get some profit from his investment and put all his savings into it and then if he loses something by being careless with his private keys he's going to blame you.
I would want to supervise the process and see how his security looks and how much he's investing. Don't leave him alone with this because you're the one that started the process so see it through until the end.

Think of a situation where your grandpa wants to cash out and chooses a scam exchange or sends coins to a wrong address and loses everything. He's going to blame you and crypto for being a scam.

MoonOfLife

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Bitcoin investing has no age limit, as long as your grandfather still wants to invest there is nothing wrong here. But you need to tell your grandfather about the risks of investing in bitcoin, aside from price fluctuations. You should also tell him about risks, such as vulnerabilities when storing online wallets, as well as storing on centralized exchanges.

QueenVera

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

I hope you didn't ask him to invest in altcoins instead investing all his money in Bitcoin. That will be a wrong advise since Bitcoin controls the whole market and if Bitcoin was having a bad market so will other altcoins. I don't see anything wrong with investing all your investment savings in Bitcoin provided you have other funds for your day to day activities.
The only time putting all your money into Bitcoin becomes wrong is when you you don't have any other money left and this will put you under pressure whenever the market is dumping as you will want to sell your investment and usually this is done in loss. Apart from this scenario, evey other time you can invest all you money Into Bitcoin.
When investing in this way, it should be a long term investment as investing short team aren't profitable. Bitcoin is the future of money and what's better than investing in the future today.

BenCodie

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Now you have a responsibility to keep him safe. The elderly are not generally technically well-versed. A lot of them are probably using old, outdated versions of windows...with who knows how many underlying infections just waiting to syphon any value they possibly can.

You must absolutely help him increase his cybersecurity and ensure that his funds are safe...OR, make sure he is storing his coins offline using cold storage/paper wallet.

Protect his wealth. Don't let it get in the wrong hands.

Japinat

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Yes, you did the right thing OP. I believe our first role is to plant the seeds into their mind that there is indeed bitcoin that was created to help the whole humankind about its existence and to help the people against the overwhelming inflation that is increasing as much as almost twice annually.

But give your grandfather some advice again that he shouldn't put all his wealth into bitcoin because even if the profits is good, it's still risky to do it because its future is still not guaranteed although that chances are just slim. Risk are risks and it is still better to be safe than sorry. I'm afraid that someday in the future, when everything will fail, he will blame you because you introduced him about the existence of bitcoin.

Charmekkd

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investing in bitcoin there are losses and there are profits, so we have to invest with idle money and with a note that we must also be prepared to lose this money.

so your advice to your grandfather is very, very good. And when buying, don't forget to use the DCA system, with the aim of getting different prices.

CryptocurencyKing

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Quote from: lizarder on February 26, 2023, 11:46:48 AM

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

I agree in terms of giving advice on investing in bitcoins for him, your grandpa's age should be enjoying his wealth more and taking a regular approach to investing in bitcoins rather than investing his entire fortune in a big way. Let's say he will be successful in his investment, my question is are you given full access to his bitcoin assets. If not, how will he run and manage it?

My thoughts as well. Felt the old man would be about enjoying what he has amassed to himself in course of his lifetime but, it seems his going to have his heart beating to the volatile nature of the bitcoin market. Perhaps the doctors needs to be kept on alert to nurse him back to health from HBP when it comes kicking.

Maybe his grandpa isn't that old as I like to start but again, it's a useful advice which I felt for someone that has acquired wealth to have already known. That his got to diversify other than having all his amassed wealth in a basket.

kelechi

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That's right. Golden rule is to invest in different thing and never put all on one coin

LDL

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My only question to all, was I able to give my grandfather the right advice??

Tension!
Tension!!
Tension!!!
It is not possible to say what the bitcoin market will look like in the coming days. If the market goes well and the bitcoin invested by your grandfather bring profit to your grandfather then it will be a reason to be happy for your grandfather. And if your grandpa's investment in bitcoin you advised him to make is a loss instead of a profit, it is doubtful whether your grandpa will be able to overcome the grief of the loss. If your grandpa dies due to over-tension then you will be the number one culprit and your grandpa will remain at risk of death for your advice.

siedemtrzy

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Quote from: summonerrk on February 27, 2023, 01:44:16 AM

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Now the most important thing is that you ensure maximum security on his computer. Because I am sure that there is an impressive amount, which means that we need: a powerful antivirus, a flash drive for storing passwords, a licensed verified version of programs and applications.

That's all is good, but the best thing he can do for his grandfather is to teach him how to detect scammers. It doesn't care if you have the best security if you are just sending your data or money to scammers.

kotajikikox

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

You have given him a best advise of His entire life and maybe what are those funds he has are from His retirement benefits?
then that is better to be put in bitcoin as he needs to support his living for longer time .
and also what we need to be ready is to control Himself from losing his beliefs as it will take years before tasting the fruit of his investments.
and also try to lure Him from ranking altcoins like ethereum and binance for same long term holding .

summonerrk

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Now the most important thing is that you ensure maximum security on his computer. Because I am sure that there is an impressive amount, which means that we need: a powerful antivirus, a flash drive for storing passwords, a licensed verified version of programs and applications.

GigaBit

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

You have given a reliable advice to your grandfather. Actually there are lots of investors deserve investing in Bitcoin as a money making scheme. But is it really so? Those who have invested in Bitcoin are well aware of its situation. In this platform there will have various suggestions for investment. But I would like to mention two things, first of all, invest in Bitcoin with the money which is not need to lead your daily life, and lastly, invest in Bitcoin only for the long term. I think those who invest based on these two words will succeed. Many of us invest but need to sell those bitcoins at a loss to cash out. Those who have such situation should not invest in Bitcoin.

NicNacCoin

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Quote from: Mr.corol on February 26, 2023, 08:29:08 PM

I shared my grandfather's investment story with everyone. Many people are happy to hear about my grandfather's bitcoin investment. Want to invest in Bitcoin even in old age. Many people also say that your grandfather is too old so it is better not to invest now. Actually there is no benefit in keeping wealth at home. It is better to put resources to some use. My grandfather is interested in investing in terms of profit and loss. I advised my grandfather to invest some assets. Everyone will pray for my grandfather that he may live long.

Many thanks to all brothers from my side. What advice should I give my grandfather? Many said the advice was good. Some brothers say that it is better not to invest in old age. My grandfather wants to invest in Bitcoin. So I will invest him some wealth in bitcoins.

First I read all your stories and I realized that you explained your grandfather about investing. Maybe your grandfather expressed interest in investing in your words. But if your grandfather expresses interest to invest accepting profit and loss then you can invest. Since investment involves taking your own risk, you can invest as your grandfather has agreed to take the risk. But quite a while back was a more suitable time to invest. There is still a good time to invest. You can sell your grandfather's property and invest some money in Bitcoin. But of course I advise you to keep your wallet very safe after investing.

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