I helped my dad bought some Bitcoin last night - page 5.

Lucius

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Quote from: cheezcarls on October 08, 2022, 07:22:12 AM

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.

Interesting tactic, not only did your father become a referral to you, but if I understood correctly, you sold him your BTC - everything stays in the family

Quote from: cheezcarls on October 08, 2022, 07:22:12 AM

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

In fact, he has nothing but the promise that his funds are safe in the custodial service, with the risk of being hacked at any time through phishing, clipboard malware or some other accident. The time of Black Friday and New Year is approaching, so why not give your father a hardware wallet if he has already shown interest in becoming a serious hodler Wink

Findingnemo

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Glad to hear that but the next step is really important which is about cryptocurrency wallets for now if he is only interested in Bitcoin then just suggest the electrum which is lightweight and with simple UI so anyone can understand to use the app in few minutes but make sure he also knows about the fee required according to the mempool clog so the transaction won't get stuck which may really frustrating for the beginners.

_BlackStar

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Interesting, of course this will be a good experience for you and your family. But then, I think you really should tell him that exchange are not a safe place to store long term assets so your dad really should have a wallet to store them. Also teach your dad to make a backup of his wallet files including the private key and seed and keep it in a safe place.

I haven't been able to convince anyone in my family about bitcoin, but they do know that I have been here for the past few years. Maybe sooner or later they will also realize that bitcoin is a good choice as an investment asset, but now I'm not going to force that on them.

m2017

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Quote from: cheezcarls on October 08, 2022, 07:22:12 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.

I can say that it's great that your father wanted to become the owner of bitcoin and I want to congratulate him on this. I'd also like to know what prompted him to do this last night. Did he come to this decision for a long time thanks to you, or did he receive important information yesterday that played an important role?

Holding bitcoin in a binance account doesn't make the owner of bitcoin yet and I hope you show him how to hold it in a electrum wallet. Better in conjunction with a hardware wallet.

YOSHIE

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Quote from: cheezcarls on October 08, 2022, 07:22:12 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.

What you did that night, one thing that was special for me to your father, it was a historic moment if it happened to me, it must be recorded and immortalized in the family, a father wants to know about Bitcoin from his son.

A little advice for you, tell your dad about the risks in the crypto world, especially Bitcoin trading & investing, considering that the crypto market is currently unstable, Of course the risk must be there when your father buys Bitcoin, so he doesn't lose too much, convince him of all the risks that occur in the future, try to give an understanding of trading and investing, before buying more Bitcoin.

Tell him what crypto investing and trading is, accompany him in doing both buying and selling Bitcoin.

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Quote from: cheezcarls on October 08, 2022, 07:22:12 AM

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.

You need to be extra careful because the recent events going with centralized exchanges could make one loss everything he has with centralized exchanges, i will advise you to withdraw all his asset from centralized exchanges to a decentralized one or rather get a cold storage wallet like electrum from their official website and generate your keys, remember not your keys not your coins, lastly hardware wallet is another simple and affordable way to keep your bitcoin with just little amount for purchase or bitcoincore for maximum security. [https://bitcointalk.org/index.php?topic=5416383.0] Recent events should make you withdraw all your coins to your own wallet: Part 3 [/url] and i think this could gives you more reasons to fasten your steps on deciding to own your coins with you and not with centralized exchanges or third party.

Ayers

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Quote from: SquirrelJulietGarden on October 08, 2022, 08:41:16 AM

Quote

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.

Please tell him how to backup his account, 2FA setup code and how to install 2FA in another device. Or you can simply guide him to re-adding that 2FA in a same device, by using backup of setup code.

he said his dad just wants to buy and hold so in this case don't leave your bitcoins on the exchange it is too risky for you to leave your assets on the exchange even though binance is an exchange leading today. as Little Mouse suggests, he should help his dad move all bitcoin into a non-custodial wallet

congrats OP and your dad, it's great to know older people who share the same passion and belief in bitcoin. it can be said that most of the participants in this market are young people, and i hardly see anyone from the 6x, or 7x generation participating in the market. once again wish you and your dad a good profit in the market

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Quote from: cheezcarls on October 08, 2022, 07:22:12 AM

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

This reminds me of a Fix-It joke that I read some time ago, lol Grin

about a boy that introduce his parents to cryptocurrency and it was crashing, the parent of the boy on seeing that balance was becoming increasingly lower than what they originally invested, the mother picked up her phone called her son and told him that he has to fix it because the money they invested, had reduced in value. The joke of the comedy was that the boy introduced his parents to cryptocurrency without properly telling them about it and it's versatile nature. In your case OP, I hope you have properly educated your dad, so he doesn't call you to fix the entire crypto situation if he starts seeing his investment looking like it is going all away.

8rch7

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Quote from: livingfree on October 08, 2022, 08:00:12 AM

Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

What you have done is something very good but you as a child must always supervise, provide education and have to teach about the basics of bitcoin and you also have to create a bitcoin wallet and create a security key, the need to do all that to prevent fraud because before something happens we must be vigilant and must anticipate so that things don't happen that we don't want.

Techkoy407

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cool,
you have great parents,
can keep up with the times
with technological advances like now, not a few people who do not know or do not understand about crypto,
especially parents,
because if I look around where I live,
maybe only five people know bitcoin or crypto
percent.

maybe because of the customs and culture here,
and most of the people around me work as farmers.

Darker45

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That sounds good. Nobody is probably too old to get some Bitcoin. Anybody who has some extra savings lying around could consider putting some into Bitcoin.

It always feels good having a family member finally convinced about Bitcoin. And it is even better if we also bring them to realize what Bitcoin basically stands for. Decentralization, for example, is such an amazing concept. The finitude of Bitcoin's supply and how it is absolutely predictable is something the old dogs would probably be surprised and be curious about.

dimonstration

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You should ask him on what’s the reason that he decided to invest on crypto since you said that you didn't influence him to do it. Probably he was influenced by one of his friends or work colleagues so I become curious on the source of motivation for him to invest. I try to convince my family since I was college during 2014 but they didn't believe me until now. Your dads motivation miht help me to convinced my family too.

Check too if he understands carefully what he is entering because he might be educated by someone who has a ponzi background on crypto.

SquirrelJulietGarden

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Quote from: cheezcarls on October 08, 2022, 07:22:12 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.

Please tell him that he should always go to official websites to find download link. Don't search in stores that is risky with fake applications.

Quote

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.

Your dad is one of few elderly can change themselves, learn new things and accept new things. Most of elderly hardly to accept new things that they are not familiar with.

Quote

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.

Please tell him how to backup his account, 2FA setup code and how to install 2FA in another device. Or you can simply guide him to re-adding that 2FA in a same device, by using backup of setup code.

Quote

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.

I think it is risky for elderly but if you think it is fine, you can tell your dad about risk of storing coins at centralized exchanges and advantage of using non custodial wallets.

Sterbens

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Did he know about bitcoin before, or did you introduce him a long time ago? Anyway, I'm glad your dad joined in and has some bitcoins in his wallet. Yes, as a bitcoin user, of course everyone will be happy with what you just said. But it's good to explain more about bitcoin, or even bitcoin basics as a whole. I'm afraid your father will fall victim to a scam, I mean it's better to anticipate it before something happens that we don't want.

livingfree

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Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

Little Mouse

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Quote from: cheezcarls on October 08, 2022, 07:22:12 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

cheezcarls

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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.

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