Topic: We need to understand bitcoin and wallets before investing - page 3. (Read 472 times)

They don't have be the only ones profiting from their investment directly. Instead, they can pass it on to their children after they die. Let take it from another perspective Why can't people over 70 invest in Bitcoin? It's likely less stressful than someone of the same age running for the Post of a president. My point is, as long as these older people can still read or are physically capable and are willing to understand the technology and risks involved, they can take part in the cryptocurrency market. There's no age limit for using Bitcoin.




before investing in anything it is always adviced to DYOR (do your own research). carrying out research helps you understand further in details about
1. what you are putting your funds into.
2. how long such investment has existed.
3. what you will benefit from such investment.
4.precautions to take before and after investing.



At this point, I'm having trouble understanding what you're saying. I thought since you know about Bitcoin since 2014, you'd know that if you lose your phone, your Bitcoin isn't gone
As long as your seed phrase were written down and kept just as you said, you can always recover or have access to your funds.
 Bitcoin or cryptocurrency are not stored in your wallet, but are recorded on the block chain. the wallet serves as device which connect you to the Blockchain and displays the total amount of funds related to your wallet address.  I think you and your instructor still needs to learn a lot about Bitcoin because from what you said it shows clearly that he is still a newbie into the crypto space and he is misleading you mate.

I fully understand what you have written here. My question to you is, how would you convince a generation that practically lived on cash & plastic card in their entire lifetime. They are in living on the verge of death & life now. They all have retired from their work and want to live their life in peace with thier medical issues. You cannot ask them to go ahead and invest in a new technology, which by the way is just a decade old. In my country old people don't think about investing in anything new, they do encourage in investing the old ways like gold and property. In suc a scenario it is hard for the young generation to invest in Bitcoin.

We should know about bitcoin wallet because after buying bitcoins we need to store those bitcoins in a safe place. Before you know about bitcoin wallets we need to know some more things before investing in bitcoins like.

1 What is Custodial & Non Custodial
2 From where we should buy bitcoin? and how.
3 When we should buy bitcoin
4 How long we should Hold Bitcoin
Etc.....

In your example, you have shown that you have gaps in your understanding of how bitcoin works, but you suggest that the older generation may have some problems with this. It's funny. If you spend more time on this forum, you will be surprised to learn that your grandparents' peers are some of the most active and understanding of things.

The problems that may arise are more related not to age, but to the level of preparation for studying the topic. If a person has a sufficiently rich life experience and technical savvy, he will be able to understand on his own whether he should be actively involved in bitcoin at 70, and at 80, and at 90, and over 100, and older.

On my mobile device, I have just searched for it. This is is what I saw while using Google search:



Coinbase is a custodial wallet ❌
Blockchain.com is a web wallet and close source ❌
Ledger Nano secure element is close source and also having ways your seed phrase would be given to third parties and also careless about customers data and privacy ❌
Exodus is a close source wallet ❌
Electrum ✅ Excellent.
Trezor Model T. With Wasabi coinjoin ❌. A good wallet but without Wasabi coinjoin ✅
Ledger, the same company that manufactured Ledger Nano S ❌
Trustwallet is a close source wallet and not a good bitcoin wallet ❌
Metamask is not a bitcoin wallet

I was unable to see Passport, one of the recommended bitcoin hardware wallet.

Other recommended bitcoin wallets:

• Sparrow
• Bluewallet
• Specter
• Samourai for coinjoin

What I am trying to imply is that it is good to research for good bitcoin wallet from the right source, like asking on a forum like this forum because search engines are full of misleading information.

Some people can be lucky, but there are some misleading ways like pay-to-click, solving captcha, faucets and some other ways that are only waste of time. Airdrops and pay-to-click can lead to phishing, wallet hack and scam.[/list][/list]

You did not read carefully, because if you do you would have understand what I said. This is one of the challenges we have in reading articles, at least we are supposed to read twice to understand before responding to some questions. What I asked is that " is it necessary to teach someone that's above 70 years bitcoin, that questions does not have to do agree or disagree, its a question that you will make your own suggestion, because I did not say its good to teach 70 years old person bitcoin

I don’t agree with you that bitcoin is meant for only the younger. Yes it is a technical thing that requires knowledge. But bitcoin is first of all a payment gateway and everyone certainly needs to buy things not just the young ones. Also bitcoin has been used by many has an investment asset, and we all know that it is the older generations that are looking for investment asset just to leave off some funds for their children and grandchildren and with bitcoin they have the perfect asset to last for a long time with ROI advantages and also without the fear of devaluations that comes with fiat currency.

The wrongest decision one could make is to dabble into something they do not know, this is why many would call Bitcoin names while they are actually the guilty ones here.

Many things are expected to be learned about it but four aspects of Bitcoin have to be learned majorly, the rest are left to the person. The aspects are;

1. How Bitcoin come into play and Why.
2. How to buy and sell Bitcoin.
3. Best wallets for Bitcoin
4. How to earn through Bitcoin.

You said that people should do proper research before investing in bitcoin. I doubt you have done so yourself. Otherwise, you would know that trustwallet is not a good choice.
Take note that trustwallet is close source and there is no way to know how the keys are generated.


What?
Someone wrote down the  seed phrase for you and after two months you lost your phone. Am I getting you correctly?
If you have access to your seed phrase (assuming that person hasn't stolen your bitcoin), you should be able to recover your wallet.

Anytime that you buy bitcoin, it is never too late for anyone that does have children and wife. If your children inherit your bitcoin, it is better than fiat.

I saw this on Twitter:



Most old people will prefer to have their money in saving fiat but which are devaluing assets. If an old person understand about bitcoin, he can have some of his savings in bitcoin which is possible that his children will benefit from it than fiat.

Point 1
When I think of bitcoin I see Bitcoin like treasure and their is desperation in me that bitcoin can not disappoint people who embrace bitcoin, but I'm not having the instinct that bitcoin will make us rich or bitcoin will make us poor because of the information I obtain from people investing in bitcoin. But I want to ask people who do emphasise on teaching their grandparents bitcoin what are their instinct of teaching their grandparents and their parents bitcoin, is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest  in bitcoin.

Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin