Topic: I helped my dad bought some Bitcoin last night - page 3. (Read 1006 times)

I'm not understanding the following:

- at binance you didn't verify your account? and in this account verification process you did not provide proof of address? if yes, now your father has a binance account, how will he verify his binance account since the proof of address you already delivered? I just want to understand this part

- and another point: if your father intends to do hodl and not day trade, why does he keep coins in binance and not in the wallet that would be safer?


with so much popularity of bitcoin, nowadays it's normal that in a house everyone has bought bitcoin, people even do exhaustive research to maximize profits, that's why this OP story doesn't surprise me

Its nice to hear that you gave some positive effect on your relatives with bitcoin. Unfortunately some of my relatives sees bitcoin as a money trap yeah it's nonsense but you can't control people's mindset. Actually most of my relatives doesn't know that im interested with bitcoin. Cause, I don't want to hear nonsense advices. But i thinks its really good moment with your dad. And you should courage him more to register here

interesting story, I ma sure that your dad is one of the people who are open-minded about recent technology developments. Well, investing in Bitcoin may not be a choice for everyone, but if someone is deciding to invest in Bitcoin, they also need some bravery to take the risks, because we know that invest in gin Bitcoin is also risky.
I wonder from who he got Binance, probably he every found you with the app.
But, as long as you have been educating him about crypto investment and also the management of funds and others, this seems like to be a very good beginning. Nothing wil be worthier exepct we are leanrig at first more to be in th ecyrpot industyr.

Crypto investment is never new to most of us as everything is spread all over the internet so maybe his father has also read it from there and just gained more information from his son that made him decide to invest. And for me, this is an edge for him as his son is already inclined to crypto investments and knows already the do’s and dont’s. As long as he gets educated rightly, then this decision will always be the right thing to do especially that he’s not investing from a borrowed money or money that is needed soon.

Sole control over the holding is missed while we use it is secured on the centralized exchanges. There's distrust from specific set of people who are good with technology whereas majority find it to be trusted, because they have a thinking of getting support of something goes wrong.

Maybe those on the Exchanges can be mere numbers, but it can be withdrawn to different non custodial wallets. So, for some volume purpose numbers might've been added and the same is not the everything.

This is a great decision actually as your father aims to invest first his money rather than just saving it plainly in a bank. And definitely, when the market is bearish, it will always be a good entry in crypto investments. I just hope OP that you will continue to guide your father and expose him on the negative side of crypto investments so that he will not be a naive on that. And by making DYOR most of the time, your father will never end up in wrong decision making that will make him lose his investments.

Exchanges are not wallets, remember, not your keys not your coins. You should create a paper wallet with vanitygen, then send the coins to that address, and then give the private keys to your father.

I think that's the right way to give bitcoins to our family, and they can hold them on a secure way, if they want to sell those btc then they only have to import the address on a wallet like blockchain.com or Electrum.

This is just an advice, is important for the users to know the secure way to giveaway coins.

Cheezcarls will do that absolutely.

He's happier now that his father is into bitcoin and actually holds bitcoin. It's part of his guidance to his father on how he's going to hold and keep the private keys.

I'm sure that he's not going to let his father down with those possible frauds or anything related to scams or phishing because he's already aware of those and will surely guide him.

It's wonderful when older people, who tend to be sceptical and wary of new technologies because they lived most of their lives without them, are trying to understand and explore new areas (even when the reason isn't general open-mindedness). I am happy the op has a nice relationship with dad to share knowledge about Bitcoin and to help make a purchase, since dad is already interested. I do think that storing the coins on Binance isn't a good choice, unless it's a small amount (say, less than $50), but I get it that the op doesn't want to impose storing choices here, and perhaps the idea of transferring the money to one's own wallet can become appealing later.

The function of son and father really goes well outside of family life, this shows the nature of your father who likes to discuss anything before doing something.
This time the medium for bonding your emotional connection is bitcoin, and I'm sure your father studied bitcoin before discussing with you, Bitcoin has entered into people's lives for now, and it seems that this will continue with other small families in the future.

That's really nice of you. I had done the exact same thing when my brother wanted to buy some crypto.
I helped him setup binance and sent him USDT so that he can some crypto. Now even he is into crypto.
But since the bear trend started his portfolio has gone down much and now he is saying to buy more so that he can dollar cost average.
That is a good strategy actually and it's good to know that he is not ranting like others when his portfolio has gone down.

Yeah I did tell him that, but he just wants it on Binance for now. I know my dad for a very long time. In all life aspects, he’s a close minded person. When we have suggestions to him from time to time, he never listened ever since we were kids. But at least he never criticizes or stops me from what I am doing because of the success that I have here in this industry.

Like when he runs traditional businesses back then and failed, he never listened to our ideas that would clearly change the game, but he just wants to stick to what he know and wants. It’s like he cover the sides of his face ignoring other suggestions from the other sides, and just focusing on what he is looking on. He doesn’t like to innovate or think out of the box. He’s just sticking what he sees and believes on his own rather than being open.

Same thing for him in buying Bitcoin through Binance. He already knew the risks of losing money. He even lost money around $13k+ for secretly investing in a get rich quick scheme years ago without doing his own research. He’s still having an old school traditional “yesteryears” mindset until now.


Umm not really. He only saw the Binance banner in his iPad and then starting to question me while we were watching basketball. That’s where the convo started, setting up his Binance account, educating the basics, risks in storing between CEXs and non-custodial wallets, etc. But regardless, he just wants me to fully respect his decision to store it on Binance rather than moving it to a non-custodial wallet and understanding the risks.


Unfortunately after registering this account in 2014 and didn’t really understand and listening to naysayers about Bitcoin scam, I ignored my account for more than 3 years and only came back in mid-2017 after Bitcoin touched $10k for the first time. So not really 8 years. More than 5 years to be exact because of my 3+ year inactivity.


Well yes exactly because credit card fees are high. At least when I transfered my USDT from my Binance account to his own account, there are no fees along with converting it to BTC.

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.

very salute to you, has helped your father buy bitcoin.
in the last paragraph, the part that amazed me, you helped your father in totality to avoid transactions via credit cards.
I can't say anything but amazing to you. without forcing your parents they come alone and you tell them the risks that will be faced if the value / price of bitcoin can be reduced from the beginning of buying (the worst thing that is always faced by btc holders)

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.

Nice to hear the OP's story, if my dad is like you I suggest buying bitcoins and using them myself and I will teach my dad in detail how to buy and sell especially to hold them long term. But unfortunately my father is very old and can't even use a smartphone.
but I taught it to some of my family members long ago and until now, and with a record of using the money they can afford to lose. Actually this is the best way to spread bitcoins and it doesn't need to be to distant people or unknown people if there are close family or friends which I think we will be happy if they enjoy it and also easy to discuss or share ideas because we often meet.

Then appeal to his conservative mindset and tell him Binance and other exchanges are for those who don't believe the system is rigged and controlled.

My grandmother after the second world war absolutely distrusted banks, famously kept whatever money she had in her house. I know your dad must be from my generation, the same distrust.

A conservative would want to have his own wallet, his own sole control... and actual Bitcoin. He knows those numbers on that app's just numbers and not real Bitcoin right?

Well, where you took the first step, your dad will take the second one. However, I agree that it would be a better option if you sent him BTC directly to his wallet. Somehow, I have a feeling that the first contact with cryptocurrencies through a centralized exchange is the wrong approach. The whole point of cryptocurrencies is decentralization and being your own bank. You would also save on some fees.

Of course, it would help if he also explain why is he betting on bitcoin and what's the factors that make him decided to invest in it, and if it's because of you.


You need to be persistent and introduce him to all the advantages of a properly secured personal wallet, and all the disadvantages and risks associated with keeping money in custodial wallets. I'm sure he will understand if he values your advice. I would hate to see his first experience end up being negative in case of any issues with holding money at the exchange.

There are many people in the society who still have no idea about Bitcoin. If they knew about Bitcoin then they would have been encouraged just like OP's dad has been. Therefore, if the public awareness is increasing towards bitcoin and its use case and the potentiality, the price of Bitcoin will increase simultaneously a large number of investors added to the crypto market. Which can play a more important role in the adoption of Bitcoin.

If he has decided to keep his bitcoins in biological form then you should support him with all necessary security measures so that he can best protect his assets. Binance is indeed a very secure exchange, I have never had a problem with it but leaving too many assets on a centralized exchange is somewhat risk, you should clearly explain to him the risks he may face if using finance.

I guess he doesn't just want to hold and maybe find a way to increase his bitcoins by trading, sounds interesting to an old man, keep updating us if he really wants to trade bitcoin.