I gave investment advice to my grandfather. - page 6.

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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 have given the right advice to your grandfather.
It is true that he shouldn't invest all his wealth, it is too risky. It is better to invest some wealth only, don't be greedy to invest all the wealth. Bitcoin investment is a high risk, we can't predict the future of Bitcoin obviously. Since it is high-risk and unpredictable, most people are only brave to invest with the money they can afford to lose. Just show him the example of some cases of people losing money in Bitcoin because of being greedy and investing carelessly !!

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If you ask me personally, is it a good idea for your Grandfather to invest all his money into bitcoin then I would say yes. I have done very well being balls deep in bitcoin myself. Hopefully he lives through at least another two halvening cycles so he can see his bitcoin drastically increase in value.

There is no better investment than bitcoin if you have a long term view. Hopefully he’s not too old and can see the price many magnitudes higher than it is now.

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Quote from: Cantsay on February 24, 2023, 02:41:16 PM

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??

The mind of old people doesn't work the way young minds do and for you to be able to convince him to invest in Bitcoin is quite surprising and I commend you for that, and also you letting him know that there is a possibility of losing money (i.e when the price of Bitcoin falls) that way he'll be able to prepare his mind for what comes afterward and reduce panic.

It depends on the trust I think. If old people trust a person, they will definitely listen and do what that person tells them or advise them to do. Honestly, it is not surprising to see old people investing on Bitcoin. They have the money and many invest and become a victim of scam company, so it is not surprising that his grandfather will listen to @OP and invest in Bitcoin since Bitcoin is nowhere near to being a scam.

Quote from: Stalker22 on February 24, 2023, 03:00:28 PM

I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.

I think your faith in the Bitcoin market isn't enough that you can recommend it to your grandfather. Anyway, we have different kind on how we see things so if you think that Bitcoin is not an advisable investment for older person then I think that is good enough reason to hesitate.

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Quote from: CoinEraser on February 24, 2023, 02:47:10 PM

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??

I think that was good advice. He really shouldn't invest more than he can afford to lose. That is really important!

But you should also explain to him where he can buy bitcoin safely and without risk. There are enough people who fall for scam exchanges and lose their money there. Especially if they have no experience. And if he really invests in bitcoin, you should also explain to him how to keep his bitcoins safe. It shouldn't store the coins on an exchange and maybe buy a hardware wallet so that it plays it safe.

I guess OP won’t let his grandfather invest too without making him aware on how to safely invest in bitcoin and avoid some circumstances like being scammed or money being stolen. Since OP introduced bitcoin to his grandfather, then it will be his responsibility to guide him throughout his investment and when he thinks he can do it alone, then he can leave it everything to his grandfather. But as always, invest only with a minimal amount so that if he lose, it won’t be a big issue for him, most especially for old people as they have hard time managing some issues in their lives.

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I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.

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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??

Your advice is just right. Never let him invest all in with bitcoin. There are more possibilities that he will only lose them all knowing he is not an experienced investor, and that bitcoin investment is still new for him. And before he will take the risk investing with bitcoin, let him educate first on how bitcoin works and how he can avoid the risks of losing. He can do investing as much as he want but at his current age condition, I guess it won’t be easy for him to manage all the pitfalls that might come his way.

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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 are right in my opinion, but you have to see how old your grandfather is to ensure that when bitcoin increases in its cycle your grandfather can enjoy investing in his bitcoins, and maybe you also need to keep an eye on your grandfather's seed phrase wallet because maybe he will quickly forget what he saved maybe even what he did the age factor is usually like that but if you grandpa your still looks physically fit a longer term offer with a DCA strategy may be better for the investment ride and less stress when a downturn occurs.

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Quote from: jayce on February 24, 2023, 12:52:47 PM

Well it's tricky for old people to invest in crypto stuffs, which it depends on the purpose of that investment for. If it's me, I'd rather suggest my grandpa to enjoy his retirement by having a trip to any place he likes. Or if he still wants to make an investment, he could just make a store, restaurant, or shop that accepting bitcoin as the payment. Elderly people get used to work for years, and in their retirement, it's bothering them a lot to do nothing in their house. Though you did a good thing by suggesting him not to invest all of his wealth into bitcoin, which the main rule of investment is, don't put all of your money into one basket.

With risks from bitcoin investment, I guess your grandfather will have a hard time managing bitcoin especially when the market is showing some recession or when there is sudden decline in bitcoin price. So I would agree more if he will just enjoy his wealth while he is still alive or share some of his wealth into his children so they can start investing if they want. Investments are not for golden age people, it will only make their remaining days stressful and become deprived from the possibility of enjoying their life.

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Quote from: Upgrade00 on February 24, 2023, 12:36:23 PM

That's good advice. An important rule of investing is not putting in more than you can afford to lose.
Your grandfather putting all of his wealth into Bitcoin is a very bad decision and one that could have negative consequences.

Much better to buy slowly and spread over multiple purchases, DCA.

Yes, great job. Bitcoin investment takes a lot of risk so your grandfather should never invest all what he has got as he may end up losing them everything if not properly managed. Although I would say bitcoin is very profitable, but it takes for some professionals to invest for guaranteed profits, while your grandfather has no experience at all so he must invest only what he won’t regret losing.

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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??

I think that was good advice. He really shouldn't invest more than he can afford to lose. That is really important!

But you should also explain to him where he can buy bitcoin safely and without risk. There are enough people who fall for scam exchanges and lose their money there. Especially if they have no experience. And if he really invests in bitcoin, you should also explain to him how to keep his bitcoins safe. It shouldn't store the coins on an exchange and maybe buy a hardware wallet so that it plays it safe.

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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??

The mind of old people doesn't work the way young minds do and for you to be able to convince him to invest in Bitcoin is quite surprising and I commend you for that, and also you letting him know that there is a possibility of losing money (i.e when the price of Bitcoin falls) that way he'll be able to prepare his mind for what comes afterward and reduce panic.

akuntester1

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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??

From your story, it seems that your grandfather did not fully understand cryptocurrency as a very high-risk investment.
I think you did the right thing to do which was to warn against being too greedy to invest in Bitcoin.
You should always accompany and direct your grandfather to invest in Bitcoin.
If there is nothing to direct, I afraid that your grandfather will make a fatal mistake when investing in the crypto world.
Or maybe worse, losing the wealth he has invested in Bitcoin.

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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??

That is a good one OP advising your grandfather about the ups and downs about bitcoin is alright for his knowledge. Atleast you let him know that investing in what he can afford to loose is the one of the fundamentals of bitcoin investment if one must invest and do business with bitcoin. From the looks, seems your grand father already have knowledge of bitcoin. For him to have accepted I investing his wealth in bitcoin them he must be a smart business man. Do well to tell him about storing his key phrase in a safe place and do not forget to tell him to let you know too if only he can trust you not to do away with his assets. Et him know the phrase " not your keys, not your assets" ie the dangers of keep his assets with centralised exchange so it does not hang there.

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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 quite simple yet clear that you stated that putting all your grandfather's money into Bitcoin may give him some problems if the price of Bitcoin plummets or the investment does not perform well. Although we are positive with Bitcoin market uptrend, there is time when Bitcoin price crashes and may harm your grandfather's health if he experienced it. So, yes you gave your ground father a sound advice, hopefully he will listen to you and invest the money he can afford to lose.

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Good advice OP, I believe your grandfather will live long, if he listen to your advice and work with it in the environment, I guess he will surely enjoy his wealth in his old age . Investing all your wealth in BTC is not advisable because, the price of BTC can remain low through out the year for the old man to start thinking negative things about BTC not knowing that BTC investment is different from fiat investment. Hope you told your grandfather to use this bear season to buy BTC and hold for future purpose because the price has reduced to $23k.

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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??

In as much as we all love bitcoin and want to pour all that we have in it in anticipation of making big profit from it, it is still very wise for us to diversify our investments, Don't invest every thing you have on Bitcoin, there are still hundreds of other crypto asset out there with good potentials, but just incase you don't want to invest in an altcoin, then consider investing in stocks, real estates as well, this are all investment opportunities that could bring in good profit in the future.

So to answer your question now , Yes, you indeed advised your grand father well, i was also thinking, is your grand father still that young that he is still looking to invest in bitcoin right now?, cus i thought old people usually don't have that much interest in investing in bitcoin.

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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??

It is a good advice since your grandfather already has the mindset of investment, but also let him know that he has to make plans now he is alive for his bitcoins for the time he dies. He is old and close to death, so making plans for when he dies is important so all his investments in bitcoins don't become intransferable and lost, locked in some wallet that no one can access. He has to understand the importance of his private key and how if possible it has to be included in his will.

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Every investment must understand in his field such as an example of your grandfather you want to invest in bitcoin then he already knows before about bitcoin and basic understanding? For me it's important before investing in Bitcoin.

It would be better not to put eggs in one basket in the sense that all wealth is moved to Bitcoin is certainly very high risk if there is a very deep price decline because Bitcoin is very fluctuating.
Investing in Bitcoin must dare to lose even though I know that it won't be lost Bitcoin, it's just that it remains a reference for your grandfather not to all wealth in investing in Bitcoin.

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Quote from: The Cryptovator on February 24, 2023, 01:32:57 PM

I really curious how old your granddad is. It's surprising, though, that you were successful in convincing him to buy Bitcoin. Most often, elderly people don't want to understand Bitcoin and don't think that virtual currencies exist. You are certainly a lucky man for having explained things to him appropriately. His entire savings, in my opinion, should not be put into Bitcoin. Gotta keep some money on hand in case of emergency. Because Bitcoin is a very volatile cryptocurrency that could crash at any time for any reason, as we all know. Everything would then be lost or forced to wait longer. As you have suggested, I would also.

I’m just surprised that even in his old age, he still wants to venture into an investment where in fact, he could just enjoy all his wealth if he wishes to. But certainly, it’s a great decision too as long as he’ll only invest an amount he can afford to lose. And most probably, he can leave some of his wealth into his children too so they can also benefit them in the future. Or better yet, he can go invest some of his wealth but let his children manage them as it’s stressful for an old age to manage a risky investment.

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How do you convince the old man anyways I am curious to know what and how you made that happen, old people are more sceptical towards bitcoin and cryptocurrency investments and most of them never give the young folks the audience to try to educate them on the risk and advantages of bitcoin.
I believe that since he already loved you enough to want to risk some of his wealth on bitcoin I am sure you should be ready to teach him how to secure his wallet and use bitcoin as an alternative currency and let your ground father try not to put too much into Bitcoin that he cant afford to let go for a long time.

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