Bitcoin Forum

I couldn't make up my mind on where I should post this whether Bitcoin discussion or beginners and help, settled for this because I think this is something a beginner would ask.

I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

Buying bitcoin as retirement savings is a good and advisable means of saving for the future, but first, you will need to let your parents know about the risk associated with holding Bitcoin and as for old people bitcoin may not sound appealing to them since they may not have the time to wait for the price to increase or waiting for it to recover at whatever point.


Just like the FTX impact that you mentioned, it has forced Bitcoin investors to wait longer to see the price recover to the point it was before the attacks, so it may be a difficult journey for retirees who have already spent their time on salaries and stable earnings.

it's hard to convince someone who already strongly believes that something like Bitcoin is nothing but a scam. also, it will be bad if you somewhat convince your parents to invest in Bitcoin and then Bitcoin suddenly suffers a dip, it would further strengthen their belief that Bitcoin is a bad investment or a scam and would probably force you to withdraw at a loss just to save the remaining value. to be honest it would be best to leave them be and just do what you plan to do, which is investing in Bitcoin using your own money. who knows perhaps if your investment gave you profit they might become interested in investing in Bitcoin.

Don't convince them to buy something they don't know especially when it comes using their retirement funds. Let them decide for their own and if they have knowledge om stock then let them be since for sure they know the risk and dom't have huge chance to lose all their money compare to investing on bitcoin where volatility is so high. Timing is also important factor on bitcoin so w you need to see the market condition before introducing to your parents so that they will not buy this asset at the top price or what we called ATH.

I don't think it is good to invite your family members like parents, brothers, sisters, relatives to join any investment is good idea. You will be unofficially responsible for your invitation and if they have something bad with investment, you will feel part of responsibility and it's not good.

Anyway your parents are wrong about this because bank transfers are kind of online transactions too. So do they think they will lose money with bank transfers?

Dips are terrible for gamblers who use leverages and get forced liquidations by exchanges.

Dips are great discounts and opportunities for people who don't use leverage, have cash or stable coins in hands. They don't have to be experienced people, even just by luck, if they can buy dips, they get good profit.

Generally it is a great lesson for all, gamblers, newbies to understand more about this market.

If you did not store your coins at FTX exchange, did not use leverage, were not get forced liquidation or did not panic and cut loss by yourself, you are not in loss now. What is your case?

I don't know why you complicate your lives so much. Bitcoin, no matter how good it is, is a very volatile asset and if someone is close to retirement age it should only be part of a retirement plan in a small part precisely because of the volatility, but if your parents don't understand it, I would leave it alone. Buy Bitcoin yourself and if it comes to it you can help them. Trying to convince them will only get you into trouble.

There really are times where investors really regret their decision whenever they are selling way too early, but the reality is you don't know what will be the next movement of Bitcoin after you sold it. After you sold, there's a chance that it might go down thus, you will not regret your decision because you sold at the right time. On the other hand, there are times where after you sold your Bitcoins, it goes up even higher. You will feel regret, but take note that by the time you sold it, you don't know what would be the next move of Bitcoin. I guess currently you already moved on with that regret. Just be contented with your profits.

Feel sorry for your losses because of the FTX drama I guess.
I also feel sorry that you're living in one of the few countries in the world where crypto is banned.

I also felt that way when I was starting. Like you, I also have huge losses in my total crypto portfolio back a few years ago. I also lost confidence at that time, but you know what I did. I believed in crypto. I believe that I can recover those losses in the future, so I choose to hold it, and that's one of the best decisions that I've made. Convince your parents that losses are just impermanent, and tell to them that it will recover soon.

Buying stocks is still a good thing since you're investing still, but on a less volatile, and a safer type of investment than crypto. Saving in banks is a no-no unless it is for emergency funds.
If you can't convince them to buy Bitcoin, at least just convince them to just focus on the stock market. In that way, they're still investing. It would be a lot safer compare to crypto, and better than just saving it on banks.

Planning is useless without action, and capital. Save money as much as possible so you can stack Bitcoin as many as possible. Where can you buy Bitcoin? Centralized exchanges are the ones that I can recommend.

Not sure about you guys, but family and investment advice/recommendation doesn't mix that well. If you want to go that path, I'd say go with only like <5% of their total funds onto bitcoin. Nothing more.


The answer to this will totally depend on what amount and what country you're in.

To me I will advice you can get Bitcoin with your person funds, don't get Bitcoin with the savings of your parents, except perhaps you let them know about what you intend doing with their money, and also tell them the risk behind Bitcoin, then if they permit you then you can go ahead and invest with their savings.
Don't go invest their (parents)money on Bitcoin without their permission, if loses are incurred, they would blame you forever.

Bitcoin for long-term financial savings such as a retirement plan is a good idea I would say because it allows you to get the most benefit out of all the halvings which are about to come in the future. Even if we go for 20 years from now, that means your savings will face up to 4 Bitcoin halvings. It's a smart choice I would say.

I see many people are recommending you to not invest your parents money for this however you should focus on educating them about Bitcoin and if they agree, then only proceed. If they don't want to, you should not force them.

Good idea for people who experience the bearish and bullish market condition of it since most of that guys will not easily get panic when worst bearish condition will happen. But for those people who's new in the industry for sure they are the one who will be affected by huge decline. So before introducing this to them maybe it will be much ideal if we introduce the risk first and show them how risky the market is. And then insert the good benefit for this for sure those people will be much prepared, also they will not easily get affected by fuds will spread anywhere.

Don't engage in something you didn't know just because it has "potential".

The retirement plan is supposed to be, at least risk-free, and away from any "speculative" path. Bitcoin is a good investment but it doesn't fall on the tier of being a risk-free support that your parents can rely on. Take Bitcoin as an investment and treat it as a usual investment, not a life-support or retirement plan.

Are you willing to depend on the speculative movement of Bitcoin to support your parent's retirement? You should understand that during the bull run, lots of wise people popped out of nowhere thinking bitcoin is a quick-money scheme but most of them disappear during the bear run.

you are a good child because you have thought of your parents' old age in the future, now there are many exchanges that you can use as a place to buy bitcoin, but you have to pay attention to where you will store it, I suggest you never save the bitcoin you buy on the exchange, keep it in a personal wallet.

it's not without reason that I suggest that you save the bitcoin that you are going to buy in a personal wallet because at the moment there are many centralized exchanges that experience problems such as being hacked, scam or rugpull, you will definitely regret it especially if you invest in bitcoin for the future of your parents.

The problem lies here and they understand and trust the pattern of saving at the bank and prefer to buy shares. So forcing them to buy Bitcoin with all their pension funds is completely not right because it talks about volatility, even though Bitcoin is good in storing values sometimes not everyone matches Bitcoin. You must be able to make them enjoy retirement happily and peacefully, leaving them involved in Bitcoin votality will be far more problematic especially their assumptions regarding internet investment are scams.

If you intend and insist on this way then you should make a percentage for investing in bitcoin. So you don't use all of their retirement money to buy bitcoin because after all they need money to support their life in retirement.

DCA is the right way if you intend to buy bitcoins consistently and don't have to wait for the amount of free funds you have, bitcoins can be purchased with any percentage of capital we have and investments should not be made haphazardly without careful estimates. Don't complicate and complicate things when the opportunities are much easier, use simple methods and DCA will help you collect bitcoins consistently.

Very good idea, bitcoin investment should be made on a decentralized wallet such as in cold storages, because when you let  the custodial wallet get your keys with them abd anything happens to their website or platform such that it got hacked or go bankrupt, your bitcoin stored on the blockchain cannot be assessed because you don't have the unlocking keys to the encrypted keys or access to the coins on the blockchain, which means the exchanges has in possession what you can always use to import your wallet at anytime from the blockchain, if many had known this, maybe only few would have been using centralized exchanges.

Everything you have witnessed in crypto space have happened to 99% of people in the crypto space, this is normal to get better with crypto and gain more knowledge if you learn from your failures.

Bitcoin as a means of retirement is very good and advisable but for older people, I don't know, because their minds are created differently, they are in this world before us and they understand Fiat better, an old man would rather advise you to invest in gold than anything is because Gold was the best in their era.

If I am in a position to advise older people that are ready to listen to me I will tell them to invest in some Bitcoin, Gold, and stock for retirement,  doing so will likely give them rest of mind better than focusing on Bitcoin only.

If your parents are going retirement, let them do what they wanna do with their money. They know better with their money and they can't take that much risk for that money that's good as their retirement fund.

While you, I assume you're still young and can take and bear losses. That's okay for you to take that risk and invest in Bitcoin. We know as believers that someday it will be on a better place but as we go through that path, there will be times that you're not anticipating and will show how volatile this market is.

To begin persuading your parents, educate them on the technology underlying Bitcoin and its prospective benefits. The principles of blockchain technology, how it facilitates safe transactions, and its long-term growth potential are explained. Sharing the success stories of trustworthy investors or companies that have accepted Bitcoin could be beneficial.

Addressing their fears about fraud by emphasizing the significance of using reputable exchanges and securing cryptocurrency storage options. This highlights the growing global use of Bitcoin, as well as the regulatory steps being implemented to protect investors.

There are several alternatives to purchasing Bitcoin at low cost. Consider a Bitcoin exchange that allows small investments. Some major exchanges, such as Coinbase, Mexc, Gate.io, and Kraken, allow BTC to be purchased for a modest minimum deposit. Additionally, peer-to-peer services, in which vendors are prepared to exchange lesser amounts, can be used.

Finally, you should continue to learn about Bitcoin and the cryptocurrency industry. Keep up with the latest news, follow trustworthy sources, and interact with the bitcoin community to learn and develop their knowledge.

Youths are more attracted to cryptocurrencies but it is usually difficult to convince the elderly about investing in Bitcoin. They are not well exposed to the computer and the opportunities that abound on the internet. Except if they are well informed about these opportunities or they are investments minded they will never accept it. So I don't blame your parents.

There are very clear differences between scams and cryptocurrencies. The only reason why people assume that there are no genuine crypto businesses is because of ignorance or lack of information. For those that care to know teach them the difference but for others, leave them. The Bitcoin industry is not for everybody so you don't need to convince or force people to them to believe or join the space.

The fall of ftx affected the price of Bitcoin because it promoted FUD. But ftx is an exchange and not Bitcoin. The only relationship ftx has with Bitcoin is that people carelessly keep their funds with exchanges instead of holding them in a self-custodian wallet. Dealing with exchanges is risking your funds.

Retirement benefits are priceless income that should not be toiled with. Your parents need that funds to take care of themselves because there will no longer be salaries or wages. Therefore, upmost care should be taken while choosing a sector to invest. Don't force them to invest in Bitcoin because the sector is not also predictable. Let them make their choice of investment by themselves. If you force them, you will be blamed for anything that happens. I will only invest what I own and teach people about my investment. I will always pass the decision to invest to the intending investor.

It is your money, you can invest. Invest only what you can afford to lose. You can buy through P2p platforms or from a trusted member of the forum.

I suppose you are of Nigerian origin. Some of our parents, particularly those who are not well educated, refer to all online investments as "froud" and a fraud that will soon stop. That is why they will find it difficult to accept Bitcoin investment; they would rather leave their money with banks than invest it for greater earnings.


I don't think it's a good idea to give them Bitcoin investment advice because they don't believe in anything online and consider it a scam; therefore, it's best to let them keep the physical investment they started because it's less risky than Bitcoin investment and they'll profit from it.

Older people don't believe in anything online investment, they believe that every online investment is a scam and I advise you not to waste your time trying to bring in any older people into bitcoin because even if you managed to convince them to invest in Bitcoin, they will keep doubting you and it will get to a point that they might feel frustrated or something like that, e.g if we have a longer bear market and bitcoin keeps losing value, and if anything happened you will be held responsible now I prefer to bring in youth rather into online investments rather than older people.

They have every cause to be concerned because not all cryptocurrency are actually not scam. Most of the Alticoins are just seasonal dump and pump coins/tokens. And once people lure to invest in them they dump and die, this is clearly similar to Ponzi schemes and could also be regarded as scam. So whenever you’re speaking about cryptocurrency and why it is not scam, be specific on bitcoin that you have full confidence on. Do not generalize crypto entirely so people don’t go and invest is some of this Altcoins.

Yes the FTX actually had a negative effect on bitcoin price but there were also other factors then that actually affected bitcoin, so do not be discouraged with because there are have been sever crashes than this and bitcoin still bounced back just like you are seeing this year already.

My advice is to leave them to invest into anything they want because it will be a Borden too much to convince some to save their life savings into bitcoin. Although it is certainly guaranteed that it is not a scam and it is the currency for the future, but its volatility is serious something of a concern. If they are afraid of online investment, speak to them about running physical businesses and if they accept you can try to convince them to incorporate bitcoin payment method into the business, this way they could get familiar with it and could be there way into taking it as an investment option.

You can buy bitcoin as small as $5 from some exchanges. All you need to do is to visit your country’s board on the forum here and they would suggest exchanges that are suited for your country

So what is your problem? That you can't convince your parents to invest in bitcoin?

I will say that the chances of convincing them are almost zero. Firstly, as you said, in your country people have a negative experience with the crypto-scam and of course your parents have heard about it. This is one of the strong arguments that will hold them back until the last moment. The next factor is that your parents lived for the most part in the world of the traditional financial system with pension savings and the stock market, therefore, everything new seems alien and foreign to them. And thirdly, your father is quite stubborn and is unlikely to change his mind.

I would recommend that you focus on your investments, forgetting about trying to get your parents interested in bitcoin.

Are you asking where you can buy btc for the minimum amount? You didn't specify how much you mean, but look on bestchange, where you can find an exchanger that allows you to buy for a couple of tens of dollars. The link can be found in my signature.

I understand your desire to help parents in financial matters, but your investment advice can lead to a loss of money, since investing refers to high-risk transactions. Focus on your own business, which will allow you not only to invest in Bitcoin, but also to help your parents when they reach retirement age.

You shouldn't kill yourself to convince your parents to invest in bitcoin, if they don't believe in it. They lack the knowledge of how bitcoin works and your parents still believe in the old fiat tradition, which might make it a mission impossible. You should also know that bitcoin is highly volatile and can cause a big problem,if the price goes dip than what they bought especially when they will be in need of their bitcoin to sell. It is very risky for them to invest in bitcoin in their old age because bit coin investment needs patience and understanding of bitcoin market analysis. If it is a must that they must invest,then let them use little fraction to invest in bitcoin. I hope you are not trying to convince them to invest in bitcoin for you to be in charge of your dad bitcoin portfolio. You should think of buying your own bitcoin instead of thinking on how to convince your parent to buy what they don't believe in.

Since your parents are old and they believe more in saving in banks and other investments like buying stocks, you don't need to put them under too much tension to change their beliefs. Old people are not easy to convince because they are okay with what works for them and will not easily consider any reason to change. Instead of focusing your energy on them, focus more on yourself on how you can better invest In Bitcoins, your parents have lived and faced the results of the actions they made while younger, if you focus on your parents and loose focus of the actions you need to make today investing in Bitcoins, the results you will get in the future, the consequences of your actions may not be too pleasant for you.

That's what is important because when you successfully buy some bitcoins all you need to worry about is where to safely store it for a long period and it needs to be easy to access for you as well. There are people that are easily forgetting their private keys after a long period of hiding them and mostly they forgot them because they are busy with their worldly life and they are not often checking them. As we progress with this new financial investment, there are lots of ways for hackers to steal our BTC so it is important to always get updated on their new schemes and also on how to further secure our wallets from potential scammers.

Thats a smart move. You can buy bitcoin on different places online you could use non custodial dex market or use centralized one. Any choice of you and there is no minimum purchase of it as long as you can afford a chunk of bitcoin. A warning though be careful on scammer who would contact and promise to help you bought bitcoin on market. Do it on your own, its not hard to learn how to buy.

Precisely. At older ages, all they need is low-risk investments just to make sure they have enough funds to live comfortably(and probably have inheritance money for the next of kin) until their inevitable deaths, rather than go with higher risk investments to hopefully buy a yacht or a lambo someday.

They are old folks and old folks rely on traditional investments, Cryptocurrency is something new to them so it's kind of hard convincing them to invest with their hard-earned money, so the best recourse is to teach them how to use Bitcoin from buying something, in short, concentrate on the usage and the underlying technology once they become interested then you can introduce the monetary side of it, and it's up to their decision if they want to proceed to invest.

If you want to make something good out of the cryptocurrency you need to develop the habit of holding for the long-term. Most crypto millionaires achieve the record through holding. You make use of BTC as retirement plan for your parent but you need to have good knowledge about securing the BTC and also know the danger involve in BTC investment.

The sad thing about innovative technology is that some bad actors will always abuse it potential for their selfish again but that's not enough reason for the government to ban Bitcoin. If the illicit transaction is done through fiat currency, will they ban it?
I think they purpose ban BTC because they didn't like it.

It depends on your country of residence but if you can buy without having issue with KYC and P2P trading is supported in your country i will advise using Binance but if you value privacy, i will suggest Crypton Exchange.

IMHO, I really don't think that you need them to convince but to let them decide what they want and what they think is better for them. Because if crypto is not their interest, I don't think it works for them nor they would study it. If they want to invest in the stock market, that is still okay at least they have a plan and direction on what to do after retiring. But stop them from thinking of putting their money in the banks as it won't help them to grow their money, maybe encourage them to go business instead.

Well, if they don't want, don't force them. Once something bad happens, you are the one accused.
Investing in Bitcoin must be with awareness and acceptance of all risks. If they don't want to, don't force them. Just let you continue to invest in Bitcoin and later they will see the real results of how you try to invest in Bitcoin with pretty good profits. Actually saving money in the bank is detrimental, because it still requires admin fees and others. But if they really believe in it, let it be rather than having problems later because we recommend diverting money to Bitcoin.

If you want to buy Bitcoins in small quantities and collect them little by little, some top exchanges like Binance can be the solution.

Most senior citizens don't even want to keep their money's in bank. Many people tend to shy away from anything that will affect their status quo. Once one get older they don't think about change but stability. Bitcoin might be more profitable but its definitely more volatile hence more risky. Its hard to change a man to go against its belief. If you believe in the prospect of Bitcoin, but are advised otherwise on its shortcomings you would still act headstrong. Is hard to change one's belief. Patience, diligence and result would be needed.

It will definitely be very difficult, let alone affecting parents who are strict and feel they know everything the best. Telling your parents about the advantages of investing in bitcoin will definitely take a long time. Because your parents' minds already contain negative thoughts about the existence of crypto/bitcoin, so it will definitely be very difficult to reverse these negative thoughts. Moreover, in your position as a child, you definitely can't say anymore when your parents say no to crypto/bitcoin investment.

But if you really care and want your parents to invest in bitcoin, I suggest not using words to explain bitcoin, but using real evidence about the benefits of investing in crypto/bitcoin. Because if you only use words, I'm sure it will be less weighty to make your parents understand. But if the evidence is visible, I'm sure your parents will think for a while about investing in crypto/bitcoin. So now you just focus first if you are investing in bitcoin. for example, you get the profit when the halving will come next year, show the results to your parents, and after that start discussing crypto/bitcoin again with your parents. I'm sure your parents' minds will change a bit.

And especially on there age where they are at situation where there health is also at risk I don't recommend them to invest bitcoin since this is not short term rich scheme. You need to await for long time before you can see some good result on your holdings and maybe they will get affected on its heavy volatility and might it can cause risk for their self and also on financial aspect. I am more confident if they invest their money on rental properties since this once could give them security rather than going on another risky things which we can't predict on what's going to happen.

I noticed such a thing that children will not always be good authorities, who could give advice to their parents and they would listen to him.

You think about your parents it's good, but you will take care of them anyway, so you better think about your pension fund, start now and maybe in the future it will be able to provide for you and your parents. For our parents, new technologies and digital money can be incomprehensible. It will only give them unnecessary experiences, so if you can avoid it, then do it.

it is quite difficult to explain how technology develops to parents. but from the positive side, your parents are still thinking about how they save their money in the bank or buy stocks for investment.
Young people like you have a more modern mindset. you understand how Bitcoin can be profitable if you consistently invest and are patient with your planning.
no need to force your parents to follow your thinking. you also do not need to oppose the thoughts of your parents. now what you need to do is have your Bitcoin even from the smallest. collect your small money until finally enough to buy Bitcoin. because your country doesn't like Bitcoin and Crypto. maybe you should find a p2p merchant to get it.

There's the same thread about this topic:  Dad's retirement money is invested in Bitcoin! (https://bitcointalk.org/index.php?topic=5454681.0)
My take on this is if it's not our money, I wouldn't get to touch and do anything with it. I know that we're all optimistic about bitcoin but if it's not the money we've worked hard for, why decide to do anything with it. I don't think you need to convince them. Look, majority of us on this thread and on the other thread is worried about these parents that even had their kids planning for the money they own without them realizing that you guys have a plan for it.

I agree, I have my own plan of retirement money but I'm not interested on touching my parents retirement money or any money that they own.

The Cryptocurrency market is highly volatile you can lose half of your investment in just a short period of time and could triple your investment also at a short period of time, can your parents understand the losses that they are going to incur if ever can they accept it?
Our parents are moderate in their age they just want a small profit from their retirement pension so you have to respect your parent's decision if they are not into this kind of investment, but you also have to explain the risk and the benefits but never give them false hope, remember it's their retirement pay, they worked their whole life for this, let them decide on their own.

I have to admit this, because I also experienced a bad situation when the FTX incident went bankrupt last year, and it made me feel uneasy and doubtful about my investment in Bitcoin, because my bitcoin value seemed to go down that I almost sold my bitcoin, but I Back again to the initial beliefs I invest in Bitcoin and I have to continue to hold the bitcoin, and finally I keep holding it until this moment.
Parents do have more fear of something volatile like Bitcoin, they trust more to store wealth in gold than online assets such as Bitcoin, but you only need to wait for Bitcoin to return to their highest price, I'm quite sure your parents will recognize Bitcoin when You get a decent profit from Bitcoin.

It is not easy to convince anyone even if it is your parents especially when you are still a student. If you are from a well-to-do family, your parents are probably thinking about your guts to convince them about an investment when they are doing well financially. At the same time, you are still a student without proof that you are better than them when managing money.

The best way for you is to look for extra income so you can invest even a small fraction of bitcoin. There are many ways to earn online if you are just determined. No need to convince your parents right now. It is enough that you introduced them to what is bitcoin all about and that it is not a scam.

Convincing your parents to invest in bitcoin is not a good idea because I know you will encounter many difficulties, especially when they are old and they believe that any method of making money online is a scam. I sincerely doubt they will listen to you, particularly when you explain the risk associated with bitcoin investment and the time they will spend before getting their money back with a profit. You can see that they are used to receiving a salary, so they won't be interested in learning about these things.

I would advise you to only assist them with real-world business where they will see money as they are used to and they will be the ones to manage their business rather than you wasting your time convincing them to invest in bitcoin where you will be in charge of the coins, but if the Bitcoin price does not work out as you tell them for an extended period of time, I believe you will be the one to blame.

I do think that it is also better to keep track of your investments even if you plan on using it as a retirement savings for your parents. Given its volatility in the price, it may change suddenly and its price may also skyrocket without any given notice.

Based from experience and on history, every fork that happens in BTC increases its price substantially on the market. You may want to take advantage of the boost and re-invest the BTCs after you recover back your initial investment for maximum safety and profit.

In addition, if I'm not wrong, from what I understood from what she mentioned in the OP, cryptocurrencies are illegal in her country, so I don't think this is a good idea either.

For somebody young and adventurer who lives in a developing country it could be great to travel somewhere where they are not banned, invest the funds he/she can afford to lose, and HODL: he can lose all, or achieve financial freedom in several years. But if his parents are not so young, they don't believe cryptos can have any pros because of what they hear day to day, and worse, it is illegal, maybe you should consider to stop convincing them and start thinking on yourself.

I'm just wondering how you wanna convince your parents to believing you -- I saw an OP saying Nigerian parents are always becoming too sceptical in stuffs like that.. I can't say they're not but I don't wanna make that a predominant factor as old peeps in the outside world would also do the same thing... Apathy remains a core dissociative factor and that can actually happen anywhere... Only that I can also say 9% out of 100 of them aged people in America would feel the same way.
Bitcoin made as a retirement plan isn't  bad for your parents if they've got to do it professionally...

Sandra 🧑‍🦰

It is pretty hard if they are also a close-minded person but of course, I don't suggest this it my parents for they possibly have an idea what they gonna do with their money and make it enjoy within. Might mentioning this is the best idea but not it reaches the point that we need to urge them and say it was the best investment as they are old and can't bear the stress unlike us who still have the capability to manage it well.

Yes, that's right, we have to work on our own and start our investment with the use of our money.
Because for me, I'd rather see my parents enjoy their money as they are old and tired already from working. It's time for them to enjoy themselves and become stress-free.

Due to the fact that many of them have had their minds poisoned by a variety of unethical activities taking place online, particularly scams, and as a result of bad news they have been hearing about online investments like all this ponzi schemes, so many elderly people's minds have become weak towards anything involving the internet, many of them are thinking negatively of Bitcoin because of all this act of scam that are very common on online nowadays.But I think the next generation is learning a lot about bitcoin currently so I expecting much them in crypto industry very soon.


Never try to persuade anyone to invest in Bitcoin, especially your family members,If not something happens to their Bitcoin investments, you will be held liable.Bitcoin is an excellent investment, but nobody can predict what the future will hold for it. Currently, you are unsure of what will happen to the price of Bitcoin in the near future. Why would you try to persuade someone to invest in something you can't guarantee of?The best thing you can do for anyone, whether a friend or a family member, is to educate them about Bitcoin and encourage them to conduct their own research. If they are satisfied with the results, they will be persuaded to invest in Bitcoin without any further convincing, so let them develop their own courage rather than pressuring others to do so.

Cryptocurrency is not entirely banned in Nigeria but the banned is only placed by the CBN government in restricting Nigerians from doing any crypto transactions directly from the bank.
There are exchanges that offers customers opportunity to buy Bitcoin with small amount but it do varies on the exchange definition of small. Here is link about some exchanges and the minimum amount of bitcoin they  allow customers to buy (they varies from 0 to $10)11Best Places To Buy Bitcoin  (https://www.softwaretestinghelp.com/how-to-buy-bitcoin/)

They investing in stocks is not bad either though alot of Nigerians knows about bitcoin and cryptocurrency but most perception of them are either wrong or vague .

Whether we're going to believe what it says on OP, considering investing crypto as a retirement plan should be planned so well. Because investing seems to become useless if we don't know anything about it and most of all, if we're not interested in this. Because how hard is the OP to convince his parents but if it was not their interest, he would still fail? And the question is if they are also to take risks.

We can't compare the people who live in poor countries to rich countries as their mindset is possibly different and much more different when it talks about investment.

Your father's stubborn attitude because he doesn't know how to work and the potential that can be generated from Bitcoin. No need to think too much about how to convince your parents to get involved in Bitcoin, all you need to do is prove the effort from your belief in Bitcoin. Bitcoin has very high volatility so it requires a strong mentality to get involved in it, it's very risky if the reality they receive doesn't match what you tell them because it will make them even more ignorant with Bitcoin.

You can only know what has happened and you cannot know what will happen in the future. Therefore, if parents trust you and spend all their savings on buying bitcoin, and later they will depreciate for reasons beyond their control, they may lose all their retirement savings.

I don't know why on Earth would he want to convince his parents to invest in Bitcoin when they have not seen any tangible results that would make them also want to be a cryptocurrency investors. We don't force to invest in what will benefit them in the future that is why we need to make sure that we are a successful investor as either a crypto investor or trader.

It is the result that people see that would make them want to invest in what you are doing to be like you. The fear is that, nobody would want to put there money in something that would lead to loses and not able to access there funds. There had been plenty of crypto scam and ponzi schemes that had made a lot of persons to loss money so become conscious of any investment is important to avoid regret.

FTX case really brings a huge impact on crypto. I assume many people feel panic when it happened previously, that's why the prices of crypto coins freefall severely at that time. Panic people may sell their coins and quit crypto investment. Well, there is no force to invest in crypto, it is just for people who believe in crypto only. It is difficult to convince people who feel negatively about crypto, especially old people. I also have some family members who are already above 50+ years old, they don't believe in something like crypto. So, I never try to convince them to join crypto.  ;D

You don't need to force your parents. Why don't you invest some money for them? I mean you buy Bitcoin with your own money and you plan it for your parents' assets in the future. I think it will be easier than convincing your parents to trust in Bitcoin.  ;)

Do not convince your parents to invest in bitcoin especially if they are against in it in the first place. Otherwise, you will only take the blame once their investment does not work according to the plan. Instead, show them your profits once you experience a big break in bitcoin. Maybe that will help change their minds and will start to be open-minded on the potentials of bitcoin. And they will be the one to take the initiative and research on how to succeed with bitcoin.

Find some means first so you can start investing in bitcoin and when your investment paid off, that’s the time that you can make a good move to prove to your parents that bitcoin is real legit and not a big scam. Do not convince them to like and invest in bitcoin, just let them know once you are making consistent profits with bitcoin. I guess those proofs will be good enough to make them favor with bitcoin in the end.

It’s not really a wrong idea to consider bitcoin as a retirement plan but know that it can also result into life changing losses than just mere profits. Especially that your parents are not exposed with bitcoin trading or investing. However, if you are making significant profits already with bitcoin, maybe you can start convincing them but never force them to go along with your own decision. Their money, their rules. Let them decide if they want to invest in bitcoin or not.

It wouldn't be a bad idea if they'd allocate a small part of their retirement plan in Bitcoin in order to diversify it since Bitcoin is not correlated to any other asset despite being a high volatile and risky one , but investing all their finds into it would be the worst idea ever. As for gambling games, you should only invest what you can afford to lose. And it would be surprising if they don't need their retirement plan.

looking at the recent market trend I'd advise that you avoid persuading people to join cryptocurrency, even when that person shows interest of investing into crypto always explain to them the losses and profits involved in it. Because after the 2021 trend, lots of people joined cryptocurrency, later when the price plunged down they ran back to disturb those who introduced them into cryptocurrency. As for your parents if they don't like the idea, no need stressing yourself. Work on investing your own money into cryptocurrency, it's better to handle the outcome between yourself than answering multiple questions everyday from your parents about their money invested into cryptocurrency.

Convincing them to invest in bitcoin for their retirement plan will not work if not supported with real testimonies. At least, you should be profitable with your investment first so that you can easily attract them and make them believe that bitcoin is never a scam but certainly a profitable source of income. That way, once they invest, at least  it’s their own decision since the money are theirs and not because of your own will.

Well, we can say that the most convincing power is to show other people the output of your crypto investment first which I agree with that. Maybe, if OP has it, possible his parents will be convinced. But for me, I don't make decisions about what my parents wanted with their money. Let us say that Bitcoin investment is profitable but can't say that all people who invest in this area went well, some ended up losing their money because of being impatient and lack of knowledge about the market. And this will possibly happen to his parents.

In general, it is never advisable to invest in what we fear of losing, and in this case, the money is not on the OP's property, but on the property of his parents. The best that can be done is to convince them that bitcoin is one of the successful investments in the long term, while pointing out that it is not possible to set a specific time.
Also, we cannot blame anyone for his fear of what might happen in the future, especially if he lived through market reversals and was aware of it. On this basis, it can be proposed to invest part of the savings in Bitcoin (at least as an experiment) and then leave them with the option to continue investing more money, or to be content with that amount, or to abandon the whole idea.