Bitcoin Forum

Other => Off-topic => Topic started by: rei_m on October 17, 2017, 09:57:30 PM



Title: My mom bought Bitcoin
Post by: rei_m on October 17, 2017, 09:57:30 PM
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."

-------------

What do you think? Did my explanation do BTC justice? :D Keep in mind my mom is 75.


Title: Re: My mom bought Bitcoin
Post by: GaboSt on February 10, 2018, 10:36:50 PM
your mom is really cool  :D


Title: Re: My mom bought Bitcoin
Post by: Me.n.KHOF4SH on February 10, 2018, 10:54:42 PM
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


Title: Re: My mom bought Bitcoin
Post by: @bolodupak on February 11, 2018, 12:48:15 AM
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. :D


Title: Re: My mom bought Bitcoin
Post by: ghostcode on February 12, 2018, 12:20:46 AM
That's very sweet, and a true Mom convo  :D


Title: Re: My mom bought Bitcoin
Post by: rei_m on February 12, 2018, 09:07:21 PM
That's very sweet, and a true Mom convo  :D

 :D haha thanks... yeah, I love her


Title: Re: My mom bought Bitcoin
Post by: BINGA TEAM on February 12, 2018, 09:13:46 PM
well good to hear, bitcoin is a good investment but remember dont over do it


Title: Re: My mom bought Bitcoin
Post by: Pintadj on February 20, 2018, 07:49:24 PM
cool


Title: Re: My mom bought Bitcoin
Post by: peanut587 on February 20, 2018, 08:38:36 PM
This is refreshing to see!  You are lucky!  I tried explaining it to my mom, and I just got this blank stare back.    :)


Title: Re: My mom bought Bitcoin
Post by: BTCMILLIONAIRE on February 20, 2018, 09:54:06 PM
Bitcoin is more than just Forex (due to lack of a central bank), especially once things like Rootstock (smart contracts) come into fruition. But that explanation was pretty good for someone who has absolutely no clue about Bitcoin (your mom in this case).

Just make sure she knows that she could lose a significant portion if things go bad and that she should mentally prepare for that scenario. I don't think it will happen, but it's best to be prepared anyways.


Title: Re: My mom bought Bitcoin
Post by: msspink on February 20, 2018, 10:27:09 PM
You should be very proud of your mom!  I find that as people (most, not all) get older, they tend to not try and get involved with new things less.  My parents are aware of crypto, but are so afraid of it.  I try over and over to explain it to them, but, it just doesn't seem to be sinking in.  So, at her age, you have one cool momma!!!


Title: Re: My mom bought Bitcoin
Post by: Cryptochuchis on February 20, 2018, 10:58:20 PM
Haha  ;) ;)


Title: Re: My mom bought Bitcoin
Post by: JovhanHermias on February 21, 2018, 02:40:21 AM
You can also make it as bonding while earning in crypto , Your mom is awesome  :)


Title: Re: My mom bought Bitcoin
Post by: Tonyloaves on February 21, 2018, 03:13:33 AM
Good to hear that it is not only the millennials who have positive insights about Bitcoin, as older people are gradually accepting it as a form of currency that can impact our lives in a positive way.


Title: Re: My mom bought Bitcoin
Post by: lowtalker on February 21, 2018, 03:31:35 AM
Like previous posts mention, it's really great to see the older generations get into crypto, not just the millennials.  I hope your mom decides to get in, I don't think she'll regret it!
I hate to admit it, but I actually learned about crypto from my 88 year old grandfather.  He's always reading, and really into survival stuff, and somewhere along the line he heard about crypto.  He researched it a little, was a bit confused, then consulted  me.  We've been collecting coins together ever since!  I am so incredibly grateful that he brought it to my attention when he did. 


Title: Re: My mom bought Bitcoin
Post by: Jitra on February 21, 2018, 05:20:44 AM
When mom started buying buying bitcoin then I think the bubble might have burst.  I remember during the dot-com bust 20 years ago.  Not too long after media reporting teenagers, high-schoolers & stay-at-home mom started to invest in the dot-com companies, Nasdaq tanked 60+ percent and did not recover until 15 years later.  It was known as the "lost decade".  Maybe some of you are too young to remember this.


Title: Re: My mom bought Bitcoin
Post by: jiniyaakter on February 21, 2018, 05:24:16 AM
Wow, cool


Title: Re: My mom bought Bitcoin
Post by: vanderveld on February 21, 2018, 06:11:08 AM
ur mom is SWAG and cool, man! proud to be her son, man!


Title: Re: My mom bought Bitcoin
Post by: rei_m on February 21, 2018, 07:42:52 AM
Bitcoin is more than just Forex (due to lack of a central bank), especially once things like Rootstock (smart contracts) come into fruition. But that explanation was pretty good for someone who has absolutely no clue about Bitcoin (your mom in this case).

Just make sure she knows that she could lose a significant portion if things go bad and that she should mentally prepare for that scenario. I don't think it will happen, but it's best to be prepared anyways.

Thanks. Yes definitely agree. At that moment in time however forex was the only quick comparison I could draw on to explain to her that it’s not like putting your money in a “savings” account and drawing interest from it 😆


Title: Re: My mom bought Bitcoin
Post by: Maximo1 on February 21, 2018, 07:56:56 AM
Your so lucky that you have a mother like her.


Title: Re: My mom bought Bitcoin
Post by: J_CCreate on February 21, 2018, 09:36:17 AM
Wow your mum is doing great! We should implement more crypto to the world


Title: Re: My mom bought Bitcoin
Post by: jamesllaneta on February 21, 2018, 09:37:59 AM
your mon are very cool


Title: Re: My mom bought Bitcoin
Post by: Topher65g on February 21, 2018, 11:46:34 AM
honestly this is sooo cool


Title: Re: My mom bought Bitcoin
Post by: Chacon994 on May 01, 2018, 04:12:26 PM
It's a beautiful and knowledgeable woman who has virtual currencies, and in my country, very few women are involved in the trading and trading of virtual money, in the future, there will probably be many people. More.


Title: Re: My mom bought Bitcoin
Post by: Yunbalo on May 02, 2018, 04:48:48 AM
I do not think that each age that she also demanded to buy BTC. Perhaps it was the instant hobby she had heard about it.


Title: Re: My mom bought Bitcoin
Post by: bokuto on May 02, 2018, 06:26:14 AM
I told my mom about bitcoin yesterday. She was like "Do whatever you want" and goes back to playing crossword apps. I love my mom.