I managed to convince my senior dad to invest in BTC

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Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

My dad is 79 yo. He's a retired carpenter but has always been interested in technology, electronics and related stuff. Back in the 90s, when I was just kid, he bought me a computer because he knew that's where the world was headed and we learned to use it together. During the years, I developed my passion in computing and programming and I always taught him to use all the tools needed to be a good user (he even uses things like password managers and multi-factor authentication tools).

Fast forward to early 2020, just before the pandemic, I started to buy BTC and I had always told my dad about this new "digital gold". He was skeptical (he's lived most of his life with FIAT and cash after all) but curious. He thought it was too risky though.

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

I think a lot depends on how balanced his portfolio ultimately is. Convincing anyone to invest can also have its backlashes. If Bitcoin's price is developing well there won't be any trouble and its all great. But convincing your dad and then going through a crash can turn out to be a rough situation and quite the burden on the relationship between a dad and a son. That's why caution is a must. The rule number 1 should be to not get neck deep into Bitcoin only because someone else told you, even if it is the son. With a balanced approach I think giving advice within your family is ok.

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Quote from: JoyMarsha on March 11, 2023, 04:24:17 PM

Quote from: alik111 on March 07, 2023, 06:36:33 AM

I am just thinking that I will say my father about investing in Btc but my father thinks that Cryptocurrencies are scam because it isn't legal in any country. But I am trying to convince him that already it has gained huge popularity and soon it will be legalized in every country. I hope day by day I will be able to convince him.

The worst thing you can do is try to persuade your father to invest in something he believes to be a scam because if you succeed in getting him to invest in bitcoin, he will hold you solely responsible for any problems that arise in the future related to his bitcoin investment.

I agree, he is the one who introduced bitcoin so he'll also be responsible for asking him to invest which we all know the risk and volatile situation of bitcoin. That's not a good idea especially it's your father, if he loss a lot amount in bitcoin it's also your loss. Unless if they ask you to assist them and they try to explore in bitcoin which you can help them with your knowledge about bitcoin. It's good to invest if only your investing is not your life savings. Have you think the scenario of losing a huge amount and what will be the impact of it to your dad? Your dad is already 79 and I hope you don't let his money to be risked in bitcoin. I rather ask them to support me in my journey in the world of crypto where you can succeed or not.

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Everyone won't be able to do it. Even the young generation finds it hard to understand the real value of bitcoin and the need for the world. In such scenario making an elderly person to know about bitcoin and invest with confidence is really a great achievement. It isn't easy to believe, only our knowledge and trust can guide through the right way.

Even the people working on technology related stuffs haven't known about bitcoin and existence of more cryptocurrencies. We're at the early days of bitcoin gaining more importance. This will surely make a change in the long term.

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Quote from: Yawa2020 on March 13, 2023, 02:13:36 PM

Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

My dad is 79 yo. He's a retired carpenter but has always been interested in technology, electronics and related stuff. Back in the 90s, when I was just kid, he bought me a computer because he knew that's where the world was headed and we learned to use it together. During the years, I developed my passion in computing and programming and I always taught him to use all the tools needed to be a good user (he even uses things like password managers and multi-factor authentication tools).

Fast forward to early 2020, just before the pandemic, I started to buy BTC and I had always told my dad about this new "digital gold". He was skeptical (he's lived most of his life with FIAT and cash after all) but curious. He thought it was too risky though.

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

You did a good job thou but have you thought of the other side of it? I mean the trauma and dilemma (sell at loss or hold for long time) associated with Bitcoin? Considering his age, I don't think he can be able to control his emotions when the market is in a state of collapse. I don't know the worth of that amount in your country but in my country here that is a little bit huge amount.

Being that optimistic isnt really that bad and of course on the time that you had stepped your foot into this market then it is really that impossible for you not to be aware on whats the particular risks.
Yes, you could really still able to make yourself that aware about those volatility but once you do gain put up the awareness then you cant really make yourself that be shocked about the circumstances.
There are really that people who are really that easily to understand on what they are dealing and specially on the time that someone introduce it to them or really have that self learned.
It is really good that you are really that able to convince your dad without having no problems.

Yawa2020

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Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

My dad is 79 yo. He's a retired carpenter but has always been interested in technology, electronics and related stuff. Back in the 90s, when I was just kid, he bought me a computer because he knew that's where the world was headed and we learned to use it together. During the years, I developed my passion in computing and programming and I always taught him to use all the tools needed to be a good user (he even uses things like password managers and multi-factor authentication tools).

Fast forward to early 2020, just before the pandemic, I started to buy BTC and I had always told my dad about this new "digital gold". He was skeptical (he's lived most of his life with FIAT and cash after all) but curious. He thought it was too risky though.

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

You did a good job thou but have you thought of the other side of it? I mean the trauma and dilemma (sell at loss or hold for long time) associated with Bitcoin? Considering his age, I don't think he can be able to control his emotions when the market is in a state of collapse. I don't know the worth of that amount in your country but in my country here that is a little bit huge amount.

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Quote from: Japinat on March 12, 2023, 09:20:58 PM

I happen to have the same scenario because your father and mine has the same situation, even if he wanted to, he just can't because cryptocurrencies are so gibberish in his eyes but despite that fact, he is indeed aware about the crypto space and some coins that are existing right now. He even know about Axie Infinity when it exploded. It's just that my father likes to be update about what is happening in the world these days, that is why even if he can't fully understand what is it, he know about it and why it did happen.

I never talked to my father about cryptocurrencies, I'm sure he heard about bitcoin, but I doubt that he suspects the existence of other coins.

In addition, I know that after he once lost his savings by entrusting them to the state, he will never trust anyone again. in his understanding, there is nothing more reliable than securely hidden cash. All other options when the money needs to be given to the bank, or somewhere else, carries a huge risk to which he will not expose his money. It's a bitter lesson that he learned well.

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Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

Did you manage to convince your dads or other older people in your family to buy BTC?

No, No , No I will never encourage my father or my neighbor's old man or any other person to buy bitcoins on their own. Because I myself do not know what the market condition is. Since they are not interested on their own, if I force them to invest in these cryptocurrencies and then if they suffer losses then everything will be on me.

But if they want to know everything about crypto currency and want to buy Bitcoin, or any kind of help about Bitcoin, I am willing to help.

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Quote from: mocacinno on March 07, 2023, 05:58:51 AM

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

you have already made it through the crypto space even if the risk is high or not there is still need for we to enlighten people more about bitcoin investment because so many people don't know about this trend in the global world.

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Quote from: The Cryptovator on March 10, 2023, 02:22:16 PM

If an elderly person is not at all educated, explaining Bitcoin to them can be challenging. But it appears that you were ultimately convinced. The existence of cryptocurrencies in the virtual world is something my father is aware of, without having much knowledge of it. He cannot use Bitcoin, despite his best intentions, because he is not literate. Nonetheless, he consistently motivates me to use cryptocurrency and ahead with technology, shouldn't stay backdated. Being inspired by my parents has therefore been really helpful to me.

I happen to have the same scenario because your father and mine has the same situation, even if he wanted to, he just can't because cryptocurrencies are so gibberish in his eyes but despite that fact, he is indeed aware about the crypto space and some coins that are existing right now. He even know about Axie Infinity when it exploded. It's just that my father likes to be update about what is happening in the world these days, that is why even if he can't fully understand what is it, he know about it and why it did happen.

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Quote from: JoyMarsha on March 11, 2023, 04:24:17 PM

Quote from: alik111 on March 07, 2023, 06:36:33 AM

I am just thinking that I will say my father about investing in Btc but my father thinks that Cryptocurrencies are scam because it isn't legal in any country. But I am trying to convince him that already it has gained huge popularity and soon it will be legalized in every country. I hope day by day I will be able to convince him.

The worst thing you can do is try to persuade your father to invest in something he believes to be a scam because if you succeed in getting him to invest in bitcoin, he will hold you solely responsible for any problems that arise in the future related to his bitcoin investment. It's better to avoid letting that happen. You are aware of how it feels when your parents accuse you of their misfortunes. They'll spread the word about what you forced them to do.

I'd advise you to leave your father alone. Don't try to convince him to invest in bitcoin.

For those who don't believe in bitcoin yet, the more we try to convince them to invest, the more they think we are trying to deceive them, which just wastes our time. Instead of advising someone to invest, I think it's important to let them know the concept and how bitcoin works, I mean, teach them about bitcoin. Don't just try to convince them to put money into something they don't know what it is, bitcoin is not just for investment, it can be used as a means of payment, a place to store assets...

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Quote from: SOKO-DEKE on March 11, 2023, 04:45:42 AM

And As for me, I think that 79-year-olds people are too old to be in the cryptocurrency industry because I don't think they have much to do there.

That might be true for a lot--even most--people of that age, but there are still many older folks who were pioneers in fields like computer science, cryptography, and even larger ones like finance and economics. Just because someone is getting up there in age doesn't disqualify them from being a part of the crypto industry. Jet Cash is getting up there in years, and he's an ardent supporter of bitcoin and has been for years.

That said, I have to agree that this whole space is a young person's game in general. Most new things are.

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Quote from: alik111 on March 07, 2023, 06:36:33 AM

I am just thinking that I will say my father about investing in Btc but my father thinks that Cryptocurrencies are scam because it isn't legal in any country. But I am trying to convince him that already it has gained huge popularity and soon it will be legalized in every country. I hope day by day I will be able to convince him.

The worst thing you can do is try to persuade your father to invest in something he believes to be a scam because if you succeed in getting him to invest in bitcoin, he will hold you solely responsible for any problems that arise in the future related to his bitcoin investment. It's better to avoid letting that happen. You are aware of how it feels when your parents accuse you of their misfortunes. They'll spread the word about what you forced them to do.

I'd advise you to leave your father alone. Don't try to convince him to invest in bitcoin.

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Quote from: Lida93 on March 09, 2023, 11:29:40 AM

It's such a great idea inviting people to know about cryptocurrency and the potentials it can offer to those that are into it, but on the other hand I hate being blamed for any losses someone might incur because he or she decided to invest into crypto because I told them to do so.
Be it a relative or colleague I can only introduced you to the idea of the existence of cryptocurrency but never gonna try to convince you to invest, as I don't know your plans before you decided to invest and with the volatility of the market there's much chances things might go as you had planned, so I now git caught up in the blame net.

The same reason why I never want to convince someone to invest in a high risky investment because I don’t want to take the blame when things did not work in the end. Though I have high hopes that bitcoin will never disappoint us and will give us life changing rewards, but there’s no guarantee that bitcoin will stay that way forever. I can always help people on how to learn and understand about bitcoin, but I will never force them to invest in it knowing there’s also high chances of losing from bitcoin especially if they will only invest for the sake of getting rich quick.

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I like reading such stories so much, they are very inspiring. I hope you taught your father how to use a wallet, and he keeps his seed phrase in a safe place!

I convinced my friend to buy bitcoin, but he was already interested enough so I didn't have to bother much.

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Good job op, rather than saving it up on a bank, investing it in Bitcoin instead is much better. My mom is curious about Bitcoin but doesn't want to invest in Bitcoin, she just want to save her money on her safety vault because I think she likes it when she can easily access her money just in case of emergency.

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Quote from: SOKO-DEKE on March 11, 2023, 04:45:42 AM

-snip-
A lot of people are unaware of the fact that Bitcoin is not just about making money; it also discusses a lot about privacy, so let always talk much about privacy not all time profit making.
-snip-

For now, the fact about making money with Bitcoin has always been the main attraction and the privacy provided by Bitcoin is still just a compliment.
People trade, and invest in bitcoins with the aim of making lots of short-term as well as long-term profits.
Bitcoin is the perfect speculative asset because of the high volatility that causes price fluctuations in Bitcoin.

People who are interested in getting into bitcoin or into crypto because of the rapid fluctuations and make profits faster, but also worth the risk that will be given.

it is important to remember that Bitcoin is still a highly speculative and high-risk investment.
Never invest more than you can afford to lose, and be sure to do your own research before deciding to invest in Bitcoin or other digital assets.

Main Reason For Buying Bitcoin

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Quote from: Mate2237 on March 10, 2023, 02:23:13 PM

Quote from: mocacinno on March 07, 2023, 05:58:51 AM

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

exactly, convincing someone to invest on Crypto is the big mistake I will never make or do. Some people that convinced cryptocurrency (bitcoin) to their friends, wife, children, mother, husband etc does not really understand the risk involve in it they too are time unaware of the whole process, that is how cryptocurrency work, they only know that cryptocurrency investment is good and profitable. Yes it is profitable but when you lost, ehn! You might lost everything you have laboured for years. So always use risk management mindset to deal with bitcoin before introduce it to someone. And also, always know whom you are convincing, if you convinced someone that is not polite, and his funds got lost. Op at that time you would understand why it is not not good to convince someone to deal with crypto.

I wouldn't do that either, I would never advise or convince anyone to invest in bitcoin, which does more harm than good to both. It's best if someone wants to invest, they should decide for themselves and be responsible for their own money if lost. Bitcoin is very volatile, I am not proud to be a long-time market participant, but many times when bitcoin is dumped, I also panic a bit, let alone how scared the newbies will be. Investing in bitcoin is not possible through the advice of others, we need to find out everything by ourselves. We should only invest in something when we understand it well.

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It never seems like a good idea to me to try to persuade people to invest in the cryptocurrency industry instead of educating them about it and making them aware of both its positive and negative aspects. It would be great if people were aware of Bitcoin's existence and were persuaded to buy it based on their knowledge gained through independent research after the awareness rather than making using of various tactics to convince them to invest.

A lot of people are unaware of the fact that Bitcoin is not just about making money; it also discusses a lot about privacy, so let always talk much about privacy not all time profit making.

And As for me, I think that 79-year-olds people are too old to be in the cryptocurrency industry because I don't think they have much to do there.

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Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

That is cool for your dad to invest in bitcoin at an old age. My dad turned 70 this year and he isn't interested in bitcoins at all, which is fine I guess. Even though he was an engineer he is struggling with all the new technology, he doesn't do any online banking, uses his smartphone only for calling and writing messages and is not really interested in anything new. Kind of sad to see him living in the old world without much interested. With my mother it's very similar, she uses her smart phone more actively, but isn't really interested in anything related to money. That is why I can't convince them to invest in bitcoins. The only elderly person that is interested is my uncle, but he is turning 81 this year and already gave away most of his money and assets to his children, he doesn't have much money left to invest.

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Quote from: DatBTCGuy on March 07, 2023, 05:24:54 AM

Did you manage to convince your dads or other older people in your family to buy BTC?

I did not manage to make them buy BTC but I managed them to trust my venture on BTC. My parents are seniors and I am the sole earner in the family. Before they wanted me to focus on my job and look for side job that can help our financial capability. They often scolded me thinking I am wasting my time browsing and playing on my pc but today it is different. They often give me updates on my country's stand on BTC, keep me updated on the local news about cryptocurrency, they support my venture in cryptocurrency in their own way. Funny things is they even remind me about my holdings (which somehow I forgot) and told me to be updated because I often share a story to them about how I failed to sell when the price is surging.

Quote from: Mate2237 on March 10, 2023, 02:23:13 PM

Quote from: mocacinno on March 07, 2023, 05:58:51 AM

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

exactly, convincing someone to invest on Crypto is the big mistake I will never make or do. Some people that convinced cryptocurrency (bitcoin) to their friends, wife, children, mother, husband etc does not really understand the risk involve in it they too are time unaware of the whole process, that is how cryptocurrency work, they only know that cryptocurrency investment is good and profitable. Yes it is profitable but when you lost, ehn! You might lost everything you have laboured for years. So always use risk management mindset to deal with bitcoin before introduce it to someone. And also, always know whom you are convincing, if you convinced someone that is not polite, and his funds got lost. Op at that time you would understand why it is not not good to convince someone to deal with crypto.

We can introduce Bitcoin but convincing them to buy Bitcoin gives us a responsibility which many of us do not want. I do not find any wrong on convincing people because I believe it is done in good intention but we must be responsible in informing these people of the risk that is involved in investing.

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