That's very sweet, and a true Mom convo 
haha thanks... yeah, I love her 
Topic: My mom bought Bitcoin - page 2. (Read 304 times)
haha thanks... yeah, I love her
That's very sweet, and a true Mom convo
It's so amazing.I really want to see that but my mom dont understand about it.I want to bring it to my mom and say that this is so valuable for anything you want,Mom.Actually my mom want it so i want to do that.I bring Bitcoin.
wow, you're mom is veryyyyy cooool!
My mom never understands it and tell me all the time that you never can cash it out, if you can do it now
My mom never understands it and tell me all the time that you never can cash it out, if you can do it now
your mom is really cool
So yesterday I got a message from my mom asking me about Bitcoin. This is how the discussion went:
Mom: "Rei, do you know this place called Bit Coin? Apparently you can invest with them and turn R1500 into R17000 in 6 months. Apparently it's very popular."
Me: "It's a currency (like dollars, francs, rands), except it's digital. You don't have physical banknotes and coins. The gain/loss you make from it is similar to exchange rates e.g. today BTC 1 = R74 000"
Mom: "So what use is it to me if I can't withdraw it?"
Me: "Well you can use it and pay for things like you do with your debit card. You can also exchange your Bitcoin for another currency, and just withdraw that."
Mom: "OK, because the housemaid convinced me to give her R1500 to invest. She says I'll have R17000 in 6 months. So it's not a scam?"
Me: "It's not a scam. But it's high risk. You can certainly make money, but you can also lose money. Historically in the last 6 months Bitcoin grew 350%. So with a R1500 you would have had R5700. I think R17k is a bit optimistic."
Mom: "What do you mean lose money? If you earn interest on it, doesn't your investment just grow?"
Me: "It's forex mom. E.g. if tomorrow you buy R1000 worth of Swiss franc, and the Rand drops 10% in value, and you exchange it back to Rands you'll only get R900."
Mom: "Thank you for answering my questions. Glad it's not a scam."
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What do you think? Did my explanation do BTC justice? Keep in mind my mom is 75.
Mom: "Rei, do you know this place called Bit Coin? Apparently you can invest with them and turn R1500 into R17000 in 6 months. Apparently it's very popular."
Me: "It's a currency (like dollars, francs, rands), except it's digital. You don't have physical banknotes and coins. The gain/loss you make from it is similar to exchange rates e.g. today BTC 1 = R74 000"
Mom: "So what use is it to me if I can't withdraw it?"
Me: "Well you can use it and pay for things like you do with your debit card. You can also exchange your Bitcoin for another currency, and just withdraw that."
Mom: "OK, because the housemaid convinced me to give her R1500 to invest. She says I'll have R17000 in 6 months. So it's not a scam?"
Me: "It's not a scam. But it's high risk. You can certainly make money, but you can also lose money. Historically in the last 6 months Bitcoin grew 350%. So with a R1500 you would have had R5700. I think R17k is a bit optimistic."
Mom: "What do you mean lose money? If you earn interest on it, doesn't your investment just grow?"
Me: "It's forex mom. E.g. if tomorrow you buy R1000 worth of Swiss franc, and the Rand drops 10% in value, and you exchange it back to Rands you'll only get R900."
Mom: "Thank you for answering my questions. Glad it's not a scam."
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What do you think? Did my explanation do BTC justice?
Keep in mind my mom is 75. Jump to: