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Title: So I told my father about bitcoin. Post by: finkleshnorts on June 29, 2012, 10:53:54 PM And I think he may start buying about 100 dollars a month of them from me for diversification purposes, onto a paper wallet. I tried to explain the whole system and he was very interested (and extremely confused). His biggest reservation was bitcoin's grey legal status and it's use on silk road etc. But he was fascinated at them same time.
Does anyone have any success/disaster/funny stories about explaining bitcoin to non-technical people? P.S. (just a side note) This conversation took place on the drive to purchase my first loan-necessitating vehicle. I went to the bank with my dad, and we got a 5500 dollar loan at 3.093 percent APR for 36 months (he cosigned). This will be my first financial venture to establish a credit score. I told him that I could have (at least) applied for a loan in bitcoin, and he was amazed. That's a damn good APR though. Title: Re: So I told my father about bitcoin. Post by: the joint on June 29, 2012, 11:00:47 PM I tell people to take $25-$100, buy some bitcoins with it, and act like its a lottery ticket for the future but with very good odds.
Title: Re: So I told my father about bitcoin. Post by: Phinnaeus Gage on June 30, 2012, 10:39:16 AM I tell people to take $25-$100, buy some bitcoins with it, and act like its a lottery ticket for the future but with very good odds. ...and better ROI, even if Bitcoin turned out to be a negative investment. ~Bruno~ Title: Re: So I told my father about bitcoin. Post by: Bitcoin Oz on June 30, 2012, 10:41:01 AM If you leave $100 in a bank after 10 years how much will be left...
Title: Re: So I told my father about bitcoin. Post by: Bitcoin Oz on June 30, 2012, 11:09:30 AM about $100, a bit more if the interest rate is good... ;D Not where I come from. Fees would destroy the balance and you would be lucky to have $2 left Title: Re: So I told my father about bitcoin. Post by: Foxpup on June 30, 2012, 11:36:05 AM If you leave $100 in a bank after 10 years how much will be left... $150, though by that time it will only be worth enough to buy 3 cigarettes and a stick of gum. Title: Re: So I told my father about bitcoin. Post by: Bitcoin Oz on June 30, 2012, 11:40:20 AM about $100, a bit more if the interest rate is good... ;D Not where I come from. Fees would destroy the balance and you would be lucky to have $2 left Oh lol! Where do you come from? What place is so crazy that people pay banks to let the banks borrow their money? WTF lulz. The national australia bank made $4 billion profit last year. Now you know why. If you even use a non bank atm its a $2 fee. Title: Re: So I told my father about bitcoin. Post by: mc_lovin on July 02, 2012, 08:16:07 PM When it comes to fiat banking, I love my President's Choice bank account.
http://www.pcfinancial.ca/ President's Choice banking has "no fees". If you live in Canada, you'd be fooling yourself to use any other bank. There is no actual "banks" as in "brick-and-mortar" physical locations, but just a kiosk in Superstore, the biggest Canadian chain market. They do not need to have a staff of tons of people or the overhead of a whole bank so they pass on the savings. Plus they use CIBC as their banking system so you can withdrawal for free at any CIBC. It's great! |