How to help persuade my dad to get into bitcoin

[KellyKirk]

Hi! I'm Kelly, and I'm new on this forum. I was wondering if anyone has any thoughts or ideas on an issue I've been having. Despite bitcoin being in the news so much recently, I still can't seem to get my dad interested in it. He's a financially conservative guy, and just doesn't really see the need, I guess. From his point of view he's been doing fine with dollars, and thinks bitcoins are too new, not proven over time, and not worth the risk. He also sees them as really complicated. Had anybody had a similar situation with their parents? How would you recommend I try to get my dad on board?

[DeathAndTaxes]

Simple answer ... don't.   Let him come around to it on his own.  Bitcoin isn't going away, it isn't a race and there really is no reason for a financial conservative, technologiclaly unsophistication person who sees no need or use for Bitcoin to get "into it".

If you want, the next time you need a gift get him a physical Bitcoin and tell him to keep it safe.  If 5, 10, 30 years from now he realizes that gift you got him is worth a fortune well that might get him into it.  If Bitcoin fails well it didn't really cost him anything except not getting a different gift in the past.

[aklintsevich]

There is no point to get your dad into bitcoin. If you like bitcoin then you should invest in it because YOU believe in it-don't drag your dad into something that he doesn't understand nor wants to invest in.  

[KellyKirk]

I hear what you guys are saying but he's my dad and I care about him, and I don't want all his savings to potentially be worthless someday. You're right that I can't "make" him get into it, but I was just wondering if people had any success with particular persuasive points of view. It's not a race, but it's still early in the bitcoin timeline and it seems like the earlier you get into it (assuming the price continues to rise) the better off you'll be later on, relatively speaking.

That's a good idea about giving him one as a gift.

[KellyKirk]

Edited title to reflect a little better what I'm trying to do

[KellyKirk]

If you want, the next time you need a gift get him a physical Bitcoin and tell him to keep it safe.  If 5, 10, 30 years from now he realizes that gift you got him is worth a fortune well that might get him into it.  If Bitcoin fails well it didn't really cost him anything except not getting a different gift in the past.

I don't know much about the physical bitcoins but just did a search. Are the Casascius ones what you're talking about? That was the first thing that came up.

[Bananery]

Invest in bitcoin only if you can afford to lose it. There are many ways to invest that are not tied to fiat currencies, such is real estate and stocks. Precious metals too, but it might be too late to buy gold.

Diversify it with bitcoin, but only a small part, and long term.

[DeathAndTaxes]

If you want, the next time you need a gift get him a physical Bitcoin and tell him to keep it safe.  If 5, 10, 30 years from now he realizes that gift you got him is worth a fortune well that might get him into it.  If Bitcoin fails well it didn't really cost him anything except not getting a different gift in the past.

I don't know much about the physical bitcoins but just did a search. Are the Casascius ones what you're talking about? That was the first thing that came up.

Yes.  They make good gifts.  I wouldn't try to do anything beyond that.  For many people they simply aren't going to be comfortable with the idea of Bitcoin until it has been around for DECADES.  Not months or even years but decades.  If Bitcoin is still around there is a good chance your Dad will own some in 2033.

[KellyKirk]

Invest in bitcoin only if you can afford to lose it. There are many ways to invest that are not tied to fiat currencies, such is real estate and stocks. Precious metals too, but it might be too late to buy gold.

Diversify it with bitcoin, but only a small part, and long term.

Well yeah he has some money to invest. And that's what I'd like him to do! Of course not put all his money into it, but just have some. Persuading him it's a good idea is the tricky part.

[KellyKirk]

If you want, the next time you need a gift get him a physical Bitcoin and tell him to keep it safe.  If 5, 10, 30 years from now he realizes that gift you got him is worth a fortune well that might get him into it.  If Bitcoin fails well it didn't really cost him anything except not getting a different gift in the past.

I don't know much about the physical bitcoins but just did a search. Are the Casascius ones what you're talking about? That was the first thing that came up.

Yes.  They make good gifts.  I wouldn't try to do anything beyond that.  For many people they simply aren't going to be comfortable with the idea of Bitcoin until it has been around for DECADES.  Not months or even years but decades.  If Bitcoin is still around there is a good chance your Dad will own some in 2033.

Thanks. I hope it doesn't take that long but you might be right. :/

[cp1]

I hear what you guys are saying but he's my dad and I care about him, and I don't want all his savings to potentially be worthless someday. You're right that I can't "make" him get into it, but I was just wondering if people had any success with particular persuasive points of view. It's not a race, but it's still early in the bitcoin timeline and it seems like the earlier you get into it (assuming the price continues to rise) the better off you'll be later on, relatively speaking.

That's a good idea about giving him one as a gift.

It sounds like you've been listening to some Doomsday dollar is going to be worthless in 5 years because of China or aliens or Obamacare.  You shouldn't do that.

I think the advice above about buying him a 1 BTC physical coin as a present is a good way to go.

[KellyKirk]

I hear what you guys are saying but he's my dad and I care about him, and I don't want all his savings to potentially be worthless someday. You're right that I can't "make" him get into it, but I was just wondering if people had any success with particular persuasive points of view. It's not a race, but it's still early in the bitcoin timeline and it seems like the earlier you get into it (assuming the price continues to rise) the better off you'll be later on, relatively speaking.

That's a good idea about giving him one as a gift.

It sounds like you've been listening to some Doomsday dollar is going to be worthless in 5 years because of China or aliens or Obamacare.  You shouldn't do that.

I think the advice above about buying him a 1 BTC physical coin as a present is a good way to go.

I don't know about any of that but I keep hearing that the government continues to print out more and more money, as opposed to bitcoins where there's a limited amount.

[Viceroy]

Asking the Internet for investment advice is just dumb.  I am not qualified to give advice but if I were I would tell you to encourage your Father to invest in the NASDAQ 100 or Dow Jones Industrial Average or any other Index.  Any other advice is probably going to lose you money.

[DeathAndTaxes]

I don't know about any of that but I keep hearing that the government continues to print out more and more money, as opposed to bitcoins where there's a limited amount.

My guess is your dad doesn't have a giant trash can full of dollar bills as an investment. He likely has investments in ASSETS  (equity in companies, bonds, real estate, etc) while those assets may be valued in dollars (i.e. 1 share of google is $886) the asset has value independent of what a dollar is worth.  Printing more dollars doesn't reduce the value of the asset, and it doesn't increase their value either although the nominal price in USD will rise.  The rising price is simply a reflection of the falling value of the dollar.

[KellyKirk]

Asking the Internet for investment advice is just dumb.  I am not qualified to give advice but if I were I would tell you to encourage your Father to invest in the NASDAQ 100 or Dow Jones Industrial Average or any other Index.  Any other advice is probably going to lose you money.

It certainly would be. That's why I was asking for help in how to persuade him to invest in some bitcoins.

[Bananery]

I don't know about any of that but I keep hearing that the government continues to print out more and more money, as opposed to bitcoins where there's a limited amount.

My guess is your dad doesn't have a giant trash can full of dollar bills as an investment. He likely has investments in ASSETS  (equity in companies, bonds, real estate, etc) while those assets may be valued in dollars (i.e. 1 share of google is $886) the asset has value independent of what a dollar is worth.  Printing more dollars doesn't reduce the value of the asset, and it doesn't increase their value either although the nominal price in USD will rise.  The rising price is simply a reflection of the falling value of the dollar.

Right. Good point, many assets that are sold in dollars will not lose value if dollars crashes. They will be sold at different price or different currency. Maybe bitcoin if major currencies crash.

These are a lot of assets that are safe even if you buy them with dollars and dollars crashes.

[BitCoinNewGuy]

Buy BitCoin! It is a great instrument for trade! BitCoin is perfect because there is NO WAY for you to file a claim if you purchase an item or service and the seller doesn't deliver. ALSO, unlike using your credit card for purchase, bitcoin has been losing value almost daily for the past 2 months! Buy BitCoin! You won't be let down  Make sure to tell your friends you are using BitCoin, they won't think you are using it for illegal activity such as drugs, trust me  .

[BitCoinNewGuy]

are safe even if you buy them with dollars and dollars crashes.

I don't get it! BitCoin users go around saying "...when the dollar crashes...blah blah". OPEN YOUR EYES! Unlike the dollar, BitCoin IS CRASHING. BitCoin is (currently) crashing. The dot com 'crash' took about 2 years, BitCoin has followed the same pattern when it began crashing at $238!

[KellyKirk]

Buy BitCoin! It is a great instrument for trade! BitCoin is perfect because there is NO WAY for you to file a claim if you purchase an item or service and the seller doesn't deliver. ALSO, unlike using your credit card for purchase, bitcoin has been losing value almost daily for the past 2 months! Buy BitCoin! You won't be let down   Make sure to tell your friends you are using BitCoin, they won't think you are using it for illegal activity such as drugs, trust me  .

Wow, you must have a lot of free time on your hands to be able to come on this forum and just troll against bitcoins. *ignore clicked*

[BitCoinNewGuy]

Wow, you must have a lot of free time on your hands to be able to come on this forum and just troll against bitcoins. *ignore clicked*

What, someone says something not positive about BitCoin and you can't take it? Instant ignore? BitCoin user's are so ignorant. The only possibility they see in the future of Bitcoin is bright & fuzzy - sorry if that might not be true. Price drop from $238 to $77, someone is in denial.