My mom bought Bitcoin

[rei_m]

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.

[GaboSt]

your mom is really cool 

[Me.n.KHOF4SH]

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

[@bolodupak]

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.

[ghostcode]

That's very sweet, and a true Mom convo 

[rei_m]

That's very sweet, and a true Mom convo 

  haha thanks... yeah, I love her

[BINGA TEAM]

well good to hear, bitcoin is a good investment but remember dont over do it

[Pintadj]

cool

[peanut587]

This is refreshing to see!  You are lucky!  I tried explaining it to my mom, and I just got this blank stare back.   

[BTCMILLIONAIRE]

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.

[msspink]

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!!!

[Cryptochuchis]

Haha 

[JovhanHermias]

You can also make it as bonding while earning in crypto , Your mom is awesome 

[Tonyloaves]

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.

[lowtalker]

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. 

[Jitra]

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.

[jiniyaakter]

Wow, cool

[vanderveld]

ur mom is SWAG and cool, man! proud to be her son, man!

[rei_m]

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 😆

[Maximo1]

Your so lucky that you have a mother like her.