I helped my dad bought some Bitcoin last night

xSkylarx

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

-snip

I'm curious what urged your dad to buy some bitcoin. Unlike him, my parents are still skeptical about these crypto stuff. They think it is just some sort of investment scheme and always tells me to stay away from it since I started to incest. No matter how I educate them, they are not willing to listen and only believe what they want. It's just tiring sometimes that they don't appreciate our effort to learn this new technology to change your life.

Desmong

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Quote from: Little Mouse on October 08, 2022, 08:39:45 AM

Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

So yeah now my dad has some Bitcoin in his Binance account.

Great and now let him know that "not your keys, not your coins." and share how he can have a non custodial wallet to store his bitcoins. I think that would be great. Not sure if you are about the series article on this issue written by o_e_l_e_o
Check the lastest one here- https://bitcointalksearch.org/topic/--5416383

I cam see op has really done well to help his parent to learn and have ideas about what Bitcoin his which is a good attempt to expose the crypto market and Bitcoin in particular. The market is large and we need to let more people see the good future that are available in the market.
Lest keep helping people to learn about Bitcoin and how everything works in the crypto market.

AakZaki

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Quote from: wxa7115 on October 16, 2022, 12:31:27 AM

Your last sentence is key, how many people tried to get their friends and family members to invest in bitcoin when its price was a lot lower, and as such it made even more sense to buy all what they could, but at the time they were not ready?

Most people do not take those decisions lightly and instead they take a lot of time to take this final step, and this is natural, after all we work so hard for our money that it is always difficult to risk it in something which could produce losses before it produces profits, so being laid back about it is the best approach we can implement, and once they are ready to invest in bitcoin you can finally guide them and offer them your experience so they do not get scammed in the process.

Decision making must really be considered, especially when it comes to money and the money is the result of hard work that has been done so far. Crypto has a certainly greater risk, many ordinary people stay away from crypto because they think crypto is a dangerous investment because of rapid price fluctuations and making them lose on several occasions. Our family or those closest to us, if they are really interested, really have to provide the right education so that they can be sure and believe that crypto investment is still at a safe limit and the experience of learning about crypto requires a process so it can't be instantaneous.

minime0105

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It's a good idea to initiate parents about bitcoin, when i checked it's few parents that will be ready or being excited when it hear about cryptocurrency and Bitcoin to be preferable, i believe bitcoin because of it's not a currency that do with government approval, it only depends on its own, so i believe that cryptocurrency investment have extended to the level that parents now hour days have noticed what is cryptocurrency and some are ready to invest without condemning the benefit of cryptocurrency.

Gosgosking

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You need to help him know more about privacy because of our elderly ones don't really have knowledge how scammers operates . Since he is getting to know about bitcoin am sure he will also come across fake offers about bitcoin.

Finestream

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Quote from: yazher on October 09, 2022, 08:06:33 AM

That's amazing, now you have the same vibes with someone in your family. It's really rare to have someone to talk to personally about crypto things because most people these days aren't really interested in it, in my place, only a few people are computer literate because I'm living on the island and only a few of my friends can relate about crypto topics. I am also the reason why they know about bitcoins and cryptocurrencies but they never spread the news to their families because they are afraid to be blamed when their investment didn't go well and the same as I do.

It’s really a good feeling to know that you have some common interest shared within your family, and from now on your father will certainly be your best partner in your crypto investment. So I hope you will help him to be more educated about crypto and that hone his skills in crypto investments. That way, when the market turns into bullish, both of you will prosper and reap the fruits of your labor in crypto.

maydna

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It's not easy to explain something to another person, especially if he is close minded person and doesn't want to listen to other people's advice. But what @OP experienced was a miracle where he and his dad were relaxing and enjoying a meal together, and then his dad asked about Binance. I can only imagine doing the same thing as @OP, but unfortunately, my father passed away long ago.

Back to the topic. From there, his father wanted to know what bitcoin was, but maybe he was too difficult to express his wishes to others. But luckily, his dad started to open up to @OP, and it became @OP's job to continue teaching his dad about investing in bitcoin.

I can only pray and hope that @OP can teach his dad more about bitcoin, and together, they can have success in crypto. Kudos to @OP. Please say hello to your father and tell him not to panic if the market changes because it is normal.

EarnOnVictor

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Quote from: wiss19 on October 14, 2022, 02:39:12 AM

He used the money that is not needed for now but what if the time will come that he will be needing it?

You are putting unnecessary questions to the OP, it was already made clear that his dad does not need the money. We as human beings will always need money at one point in time, but at that time of the investment, it was his spare money, which is the kind of money that is advisable for investment. He and his dad are doing well as far as I am concerned, it is he that would do more in guiding him on the right wallets to safely keep the money, and better investment advice that Bitcoin is useful with in case he wants to advance with the coin.

wxa7115

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Quote from: m2017 on October 15, 2022, 01:04:37 AM

Quote from: lovesmayfamilis on October 09, 2022, 07:36:13 AM

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

Undoubtedly, the purchase of any asset is always a risk, and especially such a young asset as bitcoin. Once I myself went through this, that when I learned about BTC, I didn't buy it for a price of $ 600, because there was no one to explain and show how it all works. Of course, over time (and much later) I more or less figured out the nuances, but taking the first step was very difficult. Therefore, I want to say that having an experienced and trusted person makes it very easy to invest in bitcoin, who can always give good advice and direct you to the right actions. I think that OP's father was very lucky and, in principle, one should strive for the same thing as cheezcarls - try to tell and explain about bitcoin to his relatives when they are mentally ready to listen.

Your last sentence is key, how many people tried to get their friends and family members to invest in bitcoin when its price was a lot lower, and as such it made even more sense to buy all what they could, but at the time they were not ready?

Most people do not take those decisions lightly and instead they take a lot of time to take this final step, and this is natural, after all we work so hard for our money that it is always difficult to risk it in something which could produce losses before it produces profits, so being laid back about it is the best approach we can implement, and once they are ready to invest in bitcoin you can finally guide them and offer them your experience so they do not get scammed in the process.

worldofcoins

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

It's good if you know the correct finance app to install, many people have fallen to the traps of installing scammy unofficial apps of cypto marketplaces.
Did you dad cam to know about finance through google ads on youtube?

Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

Like I asked above did you dad came to know regarding bitcoin through a youtube ad?, if yes then it was explained to him pretty well in the video.
You also did good by letting him know the truth that there are no promises.

m2017

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Quote from: lovesmayfamilis on October 09, 2022, 07:36:13 AM

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

Undoubtedly, the purchase of any asset is always a risk, and especially such a young asset as bitcoin. Once I myself went through this, that when I learned about BTC, I didn't buy it for a price of $ 600, because there was no one to explain and show how it all works. Of course, over time (and much later) I more or less figured out the nuances, but taking the first step was very difficult. Therefore, I want to say that having an experienced and trusted person makes it very easy to invest in bitcoin, who can always give good advice and direct you to the right actions. I think that OP's father was very lucky and, in principle, one should strive for the same thing as cheezcarls - try to tell and explain about bitcoin to his relatives when they are mentally ready to listen.

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Quote from: ?? on ??

Quote from: RockBell on October 14, 2022, 02:08:38 PM

Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Nice op introducing your dad is actually a good one and helping set all the security measures is the first thing to consider while going into bitcoin, and eventually, you should also advise him not to keep his fund in any exchange, also tell him the risk behind leaving you bitcoin on an exchange, the wallet is more preferable and should also he should keep is seed phrase properly.

You are right, OP moves make one more DAD a Bitcoiner Cool

However I don't think holding your Bitcoin in a non- custodian wallet can be stressed enough but we also have to consider how much of an initial investment was it. I guess OP will have to advise his dad about moving his Bitcoin out of the exchange wallet as he buys more in the future.

If the advice is for a large investment and if it's for the long term then the OP can definitely advise him to store his bitcoins in a good secure wallet as well. But initially i think since he is new to bitcoin he will not invest big amount very soon. But the bearishness of the market may encourage him more. Where the profit margin can be very high. The investment for that purpose can be large.

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Nice op introducing your dad is actually a good one and helping set all the security measures is the first thing to consider while going into bitcoin, and eventually, you should also advise him not to keep his fund in any exchange, also tell him the risk behind leaving you bitcoin on an exchange, the wallet is more preferable and should also he should keep is seed phrase properly.

samuraijin

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Honestly it's good for example, but what is the purpose of your father, when your father has bought the bitcoin, is it to learn how to trade or hold it until the price of the bitcoin rises, if the goal is to trade then it is very good to put at least a little of it. BTC that your father has now, because it is very vulnerable, if you put BTC on an exchange, even though Binance is a trustworthy exchange, but we can't predict bad things in the future, at least you teach it or tell Blockchian wallets that may be safe to store Bitcoin your father, in order to avoid carelessness that you may not know, whether it's the wrong purchase at a certain price or something..

At least you also need to tell your father about the Blockchain wallet about its use, if your father just wants to hold it then, move the BTC that your father has a Blockchian Wallet, to avoid being hacked on some exchanges, even though the system that Binance has is very strong, at least you have prepared anticipate when bad things happen to your father..

wiss19

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He used the money that is not needed for now but what if the time will come that he will be needing it? I think it would be better to not put that money in something that is unstable like cryptocurrencies but better if he can just keep that money in the bank or in the vault. What we need here in crypto is only the money that is not intended for something so that we can accept whatever happens to that money.

There will be no regrets in short. Your dad knows that you're into this for a long time but why this was only the time he showed an interest? Also, have you not ever talked about it before to them and encouraged them to do the same? You can always gave them some of your cryptos, for them to get started but as you said, it's better be late than later/never.

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Perhaps, even before the thing that your father is going to ask you, he may have done his research about bitcoin, or he may have someone else he knows who is also a friend of his who mentioned to him that matter besides knowing that you are also here in this industry. So out of curiosity he discovered and saw the potential of bitcoin.

The only good thing is that he asked you because he knows that you are also doing bitcoin trading in this industry. And it's an advantage because your father also trusts you in this matter, so you made a good move dude, and I congratulate you on that matter.

len01

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maybe your father is young and you are lucky to have such a father.
actually i also still have a father but he is a bit old and difficult to tell about crypto.
but i also have an experience like you if i tell and give basic lessons to my wife and children about bitcoin and about investing in bitcoin. and from now on they have started to be able to do it themselves and every week my wife and children always set aside money to buy bitcoin and hold it until the bull comes.
very good to give knowledge about bitcoin to family or relatives and start investing.

but for the OP, you shouldn't be sending USDT to your father's binance account. let your father buy with his own money. so that your father will understand better how to deposit and buy bitcoins

naira

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If your dad wants to buy and hold, is it worth keeping on the stock exchange? your dad is getting old and what if he forgets? your job is to make sure that the assets it holds are not frozen. Connect to the exchange without trading then pull the lag to a cold wallet and you keep your seeds in a safe place. I am amazed by such parents where most of us parents prefer stable assets and are conventional investments. He probably has a broad enough perspective to dare to buy Bitcoin.

I hope you make sure that the asset is on a safe exchange if you don't withdraw it.

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Quote from: Cryptmuster on October 11, 2022, 04:21:47 AM

It is commendable of you to help your father take his first steps in the crypt, but he still has a lot to learn. And here it would probably be worth starting with the fact that you should never store your coins on an exchange account, since this is very risky and anything can happen to them, from account blocking to a hacker attack. One of the previous posts was right that your father should be registered here at BTT so that he can independently study the issues of interest to him, this would greatly speed up the understanding of the essence.

Perhaps his dad is new and needs more knowledge to realize the importance and difference between a non-custodial wallet and an exchange account. Since his dad figured things out on his own without anyone's help, I don't think his advice won't work, the best way is that OP should create an account on the forum so that his dad can research and learn the necessary knowledge by himself. He's a very smart old man who finds out everything on his own, I don't think it will take too long for him to realize everything.

Chato1977

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Quote from: cheezcarls on October 08, 2022, 08:22:12 AM

. So yeah now my dad has some Bitcoin in his Binance account.

with this? meaning it is a beginning of something bigger as parents really wanted to have a secure and stable funds and yeah this is what crypto promises now, though not completely stable but once you understand its nature then you can also call this as an permanent investment readying for their retirement.

I myself is a parent and having crypto as my retirement funds .

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