I helped my dad bought some Bitcoin last night

[cheezcarls]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

[Little Mouse]

So yeah now my dad has some Bitcoin in his Binance account.

Great and now let him know that "not your keys, not your coins." and share how he can have a non custodial wallet to store his bitcoins. I think that would be great. Not sure if you are about the series article on this issue written by o_e_l_e_o
Check the lastest one here- https://bitcointalk.org/index.php?topic=5416383.0

[livingfree]

Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

[Sterbens]

Did he know about bitcoin before, or did you introduce him a long time ago? Anyway, I'm glad your dad joined in and has some bitcoins in his wallet. Yes, as a bitcoin user, of course everyone will be happy with what you just said. But it's good to explain more about bitcoin, or even bitcoin basics as a whole. I'm afraid your father will fall victim to a scam, I mean it's better to anticipate it before something happens that we don't want.

[SquirrelJulietGarden]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

Please tell him that he should always go to official websites to find download link. Don't search in stores that is risky with fake applications.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

Your dad is one of few elderly can change themselves, learn new things and accept new things. Most of elderly hardly to accept new things that they are not familiar with.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

Please tell him how to backup his account, 2FA setup code and how to install 2FA in another device. Or you can simply guide him to re-adding that 2FA in a same device, by using backup of setup code.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

I think it is risky for elderly but if you think it is fine, you can tell your dad about risk of storing coins at centralized exchanges and advantage of using non custodial wallets.

[dimonstration]

You should ask him on what’s the reason that he decided to invest on crypto since you said that you didn't influence him to do it. Probably he was influenced by one of his friends or work colleagues so I become curious on the source of motivation for him to invest. I try to convince my family since I was college during 2014 but they didn't believe me until now. Your dads motivation miht help me to convinced my family too.

Check too if he understands carefully what he is entering because he might be educated by someone who has a ponzi background on crypto.

[Darker45]

That sounds good. Nobody is probably too old to get some Bitcoin. Anybody who has some extra savings lying around could consider putting some into Bitcoin.

It always feels good having a family member finally convinced about Bitcoin. And it is even better if we also bring them to realize what Bitcoin basically stands for. Decentralization, for example, is such an amazing concept. The finitude of Bitcoin's supply and how it is absolutely predictable is something the old dogs would probably be surprised and be curious about.  

[Techkoy407]

cool,
you have great parents,
can keep up with the times
with technological advances like now, not a few people who do not know or do not understand about crypto,
especially parents,
because if I look around where I live,
maybe only five people know bitcoin or crypto
percent.

maybe because of the customs and culture here,
and most of the people around me work as farmers.

[8rch7]

Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

What you have done is something very good but you as a child must always supervise, provide education and have to teach about the basics of bitcoin and you also have to create a bitcoin wallet and create a security key, the need to do all that to prevent fraud because before something happens we must be vigilant and must anticipate so that things don't happen that we don't want.

[Rruchi man]

So yeah now my dad has some Bitcoin in his Binance account.

This reminds me of a Fix-It joke that I read some time ago, lol about a boy that introduce his parents to cryptocurrency and it was crashing, the parent of the boy on seeing that balance was becoming increasingly lower than what they originally invested, the mother picked up her phone called her son and told him that he has to fix it because the money they invested, had reduced in value. The joke of the comedy was that the boy introduced his parents to cryptocurrency without properly telling them about it and it's versatile nature. In your case OP, I hope you have properly educated your dad, so he doesn't call you to fix the entire crypto situation if he starts seeing his investment looking like it is going all away.

[Ayers]

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

Please tell him how to backup his account, 2FA setup code and how to install 2FA in another device. Or you can simply guide him to re-adding that 2FA in a same device, by using backup of setup code.

he said his dad just wants to buy and hold so in this case don't leave your bitcoins on the exchange it is too risky for you to leave your assets on the exchange even though binance is an exchange leading today. as Little Mouse suggests, he should help his dad move all bitcoin into a non-custodial wallet

congrats OP and your dad, it's great to know older people who share the same passion and belief in bitcoin. it can be said that most of the participants in this market are young people, and i hardly see anyone from the 6x, or 7x generation participating in the market. once again wish you and your dad a good profit in the market

[348Judah]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

You need to be extra careful because the recent events going with centralized exchanges could make one loss everything he has with centralized exchanges, i will advise you to withdraw all his asset from centralized exchanges to a decentralized one or rather get a cold storage wallet like electrum from their official website and generate your keys, remember not your keys not your coins, lastly hardware wallet is another simple and affordable way to keep your bitcoin with just little amount for purchase or bitcoincore for maximum security. [https://bitcointalk.org/index.php?topic=5416383.0] Recent events should make you withdraw all your coins to your own wallet: Part 3 [/url] and i think this could gives you more reasons to fasten your steps on deciding to own your coins with you and not with centralized exchanges or third party.

[YOSHIE]

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

What you did that night, one thing that was special for me to your father, it was a historic moment if it happened to me, it must be recorded and immortalized in the family, a father wants to know about Bitcoin from his son.

A little advice for you, tell your dad about the risks in the crypto world, especially Bitcoin trading & investing, considering that the crypto market is currently unstable, Of course the risk must be there when your father buys Bitcoin, so he doesn't lose too much, convince him of all the risks that occur in the future, try to give an understanding of trading and investing, before buying more Bitcoin.

Tell him what crypto investing and trading is, accompany him in doing both buying and selling Bitcoin.

[m2017]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

I can say that it's great that your father wanted to become the owner of bitcoin and I want to congratulate him on this. I'd also like to know what prompted him to do this last night. Did he come to this decision for a long time thanks to you, or did he receive important information yesterday that played an important role?

Holding bitcoin in a binance account doesn't make the owner of bitcoin yet and I hope you show him how to hold it in a electrum wallet. Better in conjunction with a hardware wallet.

[_BlackStar]

Interesting, of course this will be a good experience for you and your family. But then, I think you really should tell him that exchange are not a safe place to store long term assets so your dad really should have a wallet to store them. Also teach your dad to make a backup of his wallet files including the private key and seed and keep it in a safe place.

I haven't been able to convince anyone in my family about bitcoin, but they do know that I have been here for the past few years. Maybe sooner or later they will also realize that bitcoin is a good choice as an investment asset, but now I'm not going to force that on them.

[Findingnemo]

Glad to hear that but the next step is really important which is about cryptocurrency wallets for now if he is only interested in Bitcoin then just suggest the electrum which is lightweight and with simple UI so anyone can understand to use the app in few minutes but make sure he also knows about the fee required according to the mempool clog so the transaction won't get stuck which may really frustrating for the beginners.

[Lucius]

I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.
He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin.

Interesting tactic, not only did your father become a referral to you, but if I understood correctly, you sold him your BTC - everything stays in the family

So yeah now my dad has some Bitcoin in his Binance account.

In fact, he has nothing but the promise that his funds are safe in the custodial service, with the risk of being hacked at any time through phishing, clipboard malware or some other accident. The time of Black Friday and New Year is approaching, so why not give your father a hardware wallet if he has already shown interest in becoming a serious hodler

[EarnOnVictor]

Your dad has made a good decision for adopting Bitcoin, you should have even told him about this before now, yet thanks to you for the education and support given to him so far. But more needs to be done if I am right, but my advice might be more important if he has more BTC in his wallet. Binance is a good exchange to buy Bitcoin, yet you need to explain further to your dad that Binance is a custodian wallet and has limited reliability especially when the money is much and he wants to hold the crypto.

You guys might still move the crypto to a non-custodial wallet with an open source if he wants a long-term holding.

[Asiska02]

I wish him well in reaping the rewards of his wise decision. By informing him about the risks associated with investing in bitcoin, particularly in the area of protecting his keys, you've done well from your own perspective. Since bitcoin is highly volatile, I hope he agreed to the terms of trading it and will be patient to see how the market develops. Although you've simply given him the bare minimum of information, I urge you to let him to continue learning on his own and conduct further study to determine the kinds of expectations he ought to have.

[Rikafip]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Congrats to your dad, its a very good time to buy bitcoin for the first time.

One thing I don't understand though is how come you sent him USDT to Binance so he can buy it from there, instead sending your father bitcoin directly to his own non-custodial wallet. This way he would save some money when he decides to move bitcoin from Binance  (which he should do as soon as possible) and he would learn the proper way to store bitcoin.

[$crypto$]

Congratulations on your father's first successful Bitcoin purchase that you taught him, but you must monitor your father so that he is not exposed to other bad news that makes him sell again so this needs to be done so that your father can maintain bitcoin for a long time.
This is the right buy because when the market is going down and it's said to be low at 20k, especially with the extra money that is never needed then I think your dad can hold on longer with what he wants in investing in Bitcoin.

[cheezcarls]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Congrats to your dad, its a very good time to buy bitcoin for the first time.

One thing I don't understand though is how come you sent him USDT to Binance so he can buy it from there, instead sending your father bitcoin directly to his own non-custodial wallet. This way he would save some money when he decides to move bitcoin from Binance  (which he should do as soon as possible) and he would learn the proper way to store bitcoin.

Okay just to clarify. From my Binance account, I sent it directly to his Binance account & not a non-custodial wallet. Then in his Binance account, we used the "Convert" option to other crypto so we converted USDT to Bitcoin. Hope this clarifies a lot.

I did opened up to him about moving it to non-custodial Bitcoin wallet if he wants to store and not trade, but he chose to stick with Binance. So it's his decision anyways, so I should respect that. He is illiterate in crypto as a baby boomer & senior citizen.

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

[Oneandpure]

Most excitement when first time purchasing about Bitcoin and actually you have give opportunity for your father from Bitcoin investment at the future, actually saving Bitcoin on exchange market seems not really safety and you need to guide your father way how to sent Bitcoin assets to hardware wallet and save there if want to be long term investment, but trough his Binance account keep safety how ever you have guide your father way from setting KYC and 2FA seems all thing clearly safety.

Little thing left you should explain to your father about how to sell Bitcoin later when price pumping and still need to give him way if want withdraw his investment fund to be cash money. Need to explain all detail not only from invested or deposited only but also how to withdraw later if your father got much profit from Bitcoin investment.

[BobK71]

Small effort will one day become big with the spread of Bitcoin. If Bitcoin is to grow in popularity we should start with our own family as the OP has started. The price of Bitcoin is still very low so investing at this time will have a high chance of profit. But in that case, it is important to understand the negative and positive aspects and the loss rather than the gain when getting someone involved in crypto.

[salad daging]

Remembering this story how the first time I helped my relative make a Bitcoin purchase for the first time and I taught him until he could by himself to do good financial management and at the risk of other things he had learned so far, so with what I teach to my relatives to do a lot of things about Bitcoin and do other things that make him important to learn, but I only suggest for long term investment it will be a good prospect especially at this low price he can buy with him as much as he can afford but I the good thing is that there is progress when there is additional money invested in Bitcoin, the rest is done in gold which he has believed in for a long time, but at least he is sure of Bitcoin what I explained before when he didn't know anything about Bitcoin.

He is following in my footsteps by doing monthly DCA, but for me it's not a problem even though it's not weekly which he does, but for sure I'm glad he's doing this without any doubts.

Btw, I congratulate your father who already owns Bitcoin for your help, this indicates that your father can believe in Bitcoin investment which is so popular in the eyes of the world.

Hopefully someday in the future we can see the price of bitcoin even higher above $100,000. lol

[samuraijin]

this is almost similar to my father, he always wants to know what I have learned so far in crypto and my father also buys bitcoins with his savings money and keeps it in a blockchain wallet, but unfortunately my father has rested in peace so the bitcoins are inherited to me, I didn't sell it until now until the price was high, OP made a useful thread for the community to want to start teaching the people closest to us before introducing it to others, bitcoin can be a good investment especially when the current bear market is of course a moment that should not be taken miss to buy it

[romero121]

The growth and the adoption of bitcoin is found among all levels of people. This real incident serves as motivation for people above certain age who have known about bitcoin and not into it. Already there were more aged people using bitcoin, and few have used their retirement fund into buying bitcoin and enjoying out of the growth.

[Davidvictorson]

Bravo OP. You must have been doing something right for your dad to have been this interested and self-motivated. I do not know how old your dad is but I am sure glad he has embraced this new digital technology. And trust me when I say sooner than later friends of his age grade will likely join the bandwagon because most people do not like feeling left-out. You know there's more work to be done and on this forum you have all the resources you need to guide your dad on this new journey. Cheers.

[Marykeller]

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin.

I like the fact that you helped your dad to invest in bitcoin for the first time with his spare money that he can afford to lose. At least he's ready to hodl for a long till bull season. You are quite lucky to have a father who has embraced bitcoin as a means of investment. Not all parents are ready to invest in bitcoin. I know how many times I have tried to convince my parents to invest in crypto but to all avail. They prefer saving up their money in the bank than investing in crypto

[Viscore]

Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

You did a great job OP, by helping your father finally bought bitcoin on his own will. Somehow, I feel your father’s investments will always be secured because you are there for him to guide and remind him that bitcoin is a risky investment, so one should never do such things that will trigger the lost of his bitcoin. Well, continue to educate your father OP so he won’t fall in future scams as bitcoin will never run out of scammers just waiting around the corner. And definitely, not your keys, not your coins. Hope you’ll always remind him of that.

[uneng]

Many people from older generations are getting aware of bitcoin these days through so many crypto businesses' ads being promoted on the internet and even during sports' matches, because there are already crypto companies sponsoring such events. Now it is just a matter of time until all those people adopt bitcoin (for real or for curiosity).

And glad your father had you nearby to guide him properly. Not everyone have the opportunity to have such a very welcome and trustful assistance.

[jakelyson]

That is nice to hear. You have influenced your dad without even doing any effort. I guess he saw how successful you are in crypto, and he got curious too.

This is good because it shows that older people can also get into crypto without anyone forcing them or influencing them too much to buy bitcoin. If they get curious about it, they are willing to buy.

Maybe in the future, we will see more of this because crypto is slowly getting more and more popular not only to the younger age but also to those who are older and not too familiar with technologies.

Many people from older generations are getting aware of bitcoin these days through so many crypto businesses' ads being promoted on the internet and even during sports' matches, because there are already crypto companies sponsoring such events. Now it is just a matter of time until all those people adopt bitcoin (for real or for curiosity).

You are right, the ads/sponsorship in sports and tv commercials help the older generations get acquainted with bitcoin and other cryptos. I just hope if they get curious and try to buy, there are younger generations beside them to guide them to make good decisions. Just like what OP did to his father.

[isaac_clarke22]

~

It's perfectly fine if he does not go through you if he is really into learning about how to buy bitcoins and how to sell them. Is your dad a long-term holder or would he sell some of it when the time is right? I would really love the reaction of your father when he finally sells some of his holdings. Not sure if you would be willing to update, but I just wanted to hear/read some of my fellow Filipinos about their experience in Bitcoin considering that its price here in our country is really high even if it is at around 19k as of writing this.

Props to you OP for following him up with the basics and not just "yeah this is Bitcoin".
Would love to grab some chicharon with a vinegar right now when you mentioned it, lol.

[stomachgrowls]

Many people from older generations are getting aware of bitcoin these days through so many crypto businesses' ads being promoted on the internet and even during sports' matches, because there are already crypto companies sponsoring such events. Now it is just a matter of time until all those people adopt bitcoin (for real or for curiosity).

And glad your father had you nearby to guide him properly. Not everyone have the opportunity to have such a very welcome and trustful assistance.

Some of the oldies do stick out on traditional ways or methods and never welcome these new innovations.This is why it would really vary!I had speak about Bitcoin or crypto into my father and he ended up on getting

interested with it due into its nature of being decentralized plus having those volatile price which could really give out potential on making profits or money.This isnt surprising yet people do really get interested

on something that comes with money making.On the other side of things like or speaking about utility then it do really give out that kind of convenience
in between p2p transactions.

[wxa7115]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

This is a nice story and shows how we can have an effect even without making a big deal out of it, sometimes I read stories about people trying to get their friends and family members to adopt bitcoin and most of the time I think they are trying too hard.

It is better to not talk too much about it and let the people which are interested in the topic approach you on their own, this way you are not pressuring them to adopt bitcoin and they will feel way more comfortable when they finally take the decision to adopt bitcoin on their own.

[Mauser]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

That is great news, good job. We should all help our friends and family to buy some Bitcoins, the price is still so low at the moment that it's a good point to invest. I wish I could also help my father to get into the crypto world, but he is already so confused when it comes to money and investing. Maybe it's the age that he is trouble remembering things, or it something worse. He constantly loses his bank card, forgets his PIN. There is no way he could do online banking at his age, he barely uses his smart phone or writes emails. At his age there is probably no more opportunity to invest in bitcoins. At least my cousin is very interested. I bought him some bitcoins for his birthday in the summer and gave him his first wallet. He is now actively checking the market and even bought his own coins.

[Iranus]

I did opened up to him about moving it to non-custodial Bitcoin wallet if he wants to store and not trade, but he chose to stick with Binance. So it's his decision anyways, so I should respect that. He is illiterate in crypto as a baby boomer & senior citizen.

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

If he has decided to keep his bitcoins in biological form then you should support him with all necessary security measures so that he can best protect his assets. Binance is indeed a very secure exchange, I have never had a problem with it but leaving too many assets on a centralized exchange is somewhat risk, you should clearly explain to him the risks he may face if using finance.

I guess he doesn't just want to hold and maybe find a way to increase his bitcoins by trading, sounds interesting to an old man, keep updating us if he really wants to trade bitcoin.

[coinerer]

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

It's good to know that even if you didn't force him, he decided to buy. But I believe he was just as interested in his already established presence in this area as he was in the ease of buying on binance.

There are many people in the society who still have no idea about Bitcoin. If they knew about Bitcoin then they would have been encouraged just like OP's dad has been. Therefore, if the public awareness is increasing towards bitcoin and its use case and the potentiality, the price of Bitcoin will increase simultaneously a large number of investors added to the crypto market. Which can play a more important role in the adoption of Bitcoin.

[decodx]

Okay just to clarify. From my Binance account, I sent it directly to his Binance account & not a non-custodial wallet. Then in his Binance account, we used the "Convert" option to other crypto so we converted USDT to Bitcoin. Hope this clarifies a lot.

Well, where you took the first step, your dad will take the second one. However, I agree that it would be a better option if you sent him BTC directly to his wallet. Somehow, I have a feeling that the first contact with cryptocurrencies through a centralized exchange is the wrong approach. The whole point of cryptocurrencies is decentralization and being your own bank. You would also save on some fees.

Of course, it would help if he also explain why is he betting on bitcoin and what's the factors that make him decided to invest in it, and if it's because of you.

I did opened up to him about moving it to non-custodial Bitcoin wallet if he wants to store and not trade, but he chose to stick with Binance. So it's his decision anyways, so I should respect that. He is illiterate in crypto as a baby boomer & senior citizen.

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

You need to be persistent and introduce him to all the advantages of a properly secured personal wallet, and all the disadvantages and risks associated with keeping money in custodial wallets. I'm sure he will understand if he values your advice. I would hate to see his first experience end up being negative in case of any issues with holding money at the exchange.

[buwaytress]

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

Then appeal to his conservative mindset and tell him Binance and other exchanges are for those who don't believe the system is rigged and controlled.

My grandmother after the second world war absolutely distrusted banks, famously kept whatever money she had in her house. I know your dad must be from my generation, the same distrust.

A conservative would want to have his own wallet, his own sole control... and actual Bitcoin. He knows those numbers on that app's just numbers and not real Bitcoin right?

[bitzizzix]

Nice to hear the OP's story, if my dad is like you I suggest buying bitcoins and using them myself and I will teach my dad in detail how to buy and sell especially to hold them long term. But unfortunately my father is very old and can't even use a smartphone.
but I taught it to some of my family members long ago and until now, and with a record of using the money they can afford to lose. Actually this is the best way to spread bitcoins and it doesn't need to be to distant people or unknown people if there are close family or friends which I think we will be happy if they enjoy it and also easy to discuss or share ideas because we often meet.

[lovesmayfamilis]

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

[glendall]

very salute to you, has helped your father buy bitcoin.
in the last paragraph, the part that amazed me, you helped your father in totality to avoid transactions via credit cards.
I can't say anything but amazing to you. without forcing your parents they come alone and you tell them the risks that will be faced if the value / price of bitcoin can be reduced from the beginning of buying (the worst thing that is always faced by btc holders)

[yazher]

That's amazing, now you have the same vibes with someone in your family. It's really rare to have someone to talk to personally about crypto things because most people these days aren't really interested in it, in my place, only a few people are computer literate because I'm living on the island and only a few of my friends can relate about crypto topics. I am also the reason why they know about bitcoins and cryptocurrencies but they never spread the news to their families because they are afraid to be blamed when their investment didn't go well and the same as I do.

[cheezcarls]

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

Then appeal to his conservative mindset and tell him Binance and other exchanges are for those who don't believe the system is rigged and controlled.

My grandmother after the second world war absolutely distrusted banks, famously kept whatever money she had in her house. I know your dad must be from my generation, the same distrust.

A conservative would want to have his own wallet, his own sole control... and actual Bitcoin. He knows those numbers on that app's just numbers and not real Bitcoin right?

Yeah I did tell him that, but he just wants it on Binance for now. I know my dad for a very long time. In all life aspects, he’s a close minded person. When we have suggestions to him from time to time, he never listened ever since we were kids. But at least he never criticizes or stops me from what I am doing because of the success that I have here in this industry.

Like when he runs traditional businesses back then and failed, he never listened to our ideas that would clearly change the game, but he just wants to stick to what he know and wants. It’s like he cover the sides of his face ignoring other suggestions from the other sides, and just focusing on what he is looking on. He doesn’t like to innovate or think out of the box. He’s just sticking what he sees and believes on his own rather than being open.

Same thing for him in buying Bitcoin through Binance. He already knew the risks of losing money. He even lost money around $13k+ for secretly investing in a get rich quick scheme years ago without doing his own research. He’s still having an old school traditional “yesteryears” mindset until now.

That's amazing, now you have the same vibes with someone in your family. It's really rare to have someone to talk to personally about crypto things because most people these days aren't really interested in it, in my place, only a few people are computer literate because I'm living on the island and only a few of my friends can relate about crypto topics. I am also the reason why they know about bitcoins and cryptocurrencies but they never spread the news to their families because they are afraid to be blamed when their investment didn't go well and the same as I do.

Umm not really. He only saw the Binance banner in his iPad and then starting to question me while we were watching basketball. That’s where the convo started, setting up his Binance account, educating the basics, risks in storing between CEXs and non-custodial wallets, etc. But regardless, he just wants me to fully respect his decision to store it on Binance rather than moving it to a non-custodial wallet and understanding the risks.

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

Unfortunately after registering this account in 2014 and didn’t really understand and listening to naysayers about Bitcoin scam, I ignored my account for more than 3 years and only came back in mid-2017 after Bitcoin touched $10k for the first time. So not really 8 years. More than 5 years to be exact because of my 3+ year inactivity.

very salute to you, has helped your father buy bitcoin.
in the last paragraph, the part that amazed me, you helped your father in totality to avoid transactions via credit cards.
I can't say anything but amazing to you. without forcing your parents they come alone and you tell them the risks that will be faced if the value / price of bitcoin can be reduced from the beginning of buying (the worst thing that is always faced by btc holders)

Well yes exactly because credit card fees are high. At least when I transfered my USDT from my Binance account to his own account, there are no fees along with converting it to BTC.

[pawanjain]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

That's really nice of you. I had done the exact same thing when my brother wanted to buy some crypto.
I helped him setup binance and sent him USDT so that he can some crypto. Now even he is into crypto.
But since the bear trend started his portfolio has gone down much and now he is saying to buy more so that he can dollar cost average.
That is a good strategy actually and it's good to know that he is not ranting like others when his portfolio has gone down.

[Fara Chan]

He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

The function of son and father really goes well outside of family life, this shows the nature of your father who likes to discuss anything before doing something.
This time the medium for bonding your emotional connection is bitcoin, and I'm sure your father studied bitcoin before discussing with you, Bitcoin has entered into people's lives for now, and it seems that this will continue with other small families in the future.

[kryptqnick]

It's wonderful when older people, who tend to be sceptical and wary of new technologies because they lived most of their lives without them, are trying to understand and explore new areas (even when the reason isn't general open-mindedness). I am happy the op has a nice relationship with dad to share knowledge about Bitcoin and to help make a purchase, since dad is already interested. I do think that storing the coins on Binance isn't a good choice, unless it's a small amount (say, less than $50), but I get it that the op doesn't want to impose storing choices here, and perhaps the idea of transferring the money to one's own wallet can become appealing later.

[livingfree]

Congrats to you and to your dad for having his first ever purchase of bitcoin. Now, since you're able to educate him and it's likely that he's just going to hold it.

I reckon what Little Mouse said that it's now time for him to introduce to those wallets where he's the one holding the private keys. Little by little, a progress like that will make him more aware of how it goes and how to keep his bitcoins safe.

What you have done is something very good but you as a child must always supervise, provide education and have to teach about the basics of bitcoin and you also have to create a bitcoin wallet and create a security key, the need to do all that to prevent fraud because before something happens we must be vigilant and must anticipate so that things don't happen that we don't want.

Cheezcarls will do that absolutely.

He's happier now that his father is into bitcoin and actually holds bitcoin. It's part of his guidance to his father on how he's going to hold and keep the private keys.

I'm sure that he's not going to let his father down with those possible frauds or anything related to scams or phishing because he's already aware of those and will surely guide him.

[seoincorporation]

Okay just to clarify. From my Binance account, I sent it directly to his Binance account & not a non-custodial wallet. Then in his Binance account, we used the "Convert" option to other crypto so we converted USDT to Bitcoin. Hope this clarifies a lot.

Exchanges are not wallets, remember, not your keys not your coins. You should create a paper wallet with vanitygen, then send the coins to that address, and then give the private keys to your father.

I think that's the right way to give bitcoins to our family, and they can hold them on a secure way, if they want to sell those btc then they only have to import the address on a wallet like blockchain.com or Electrum.

This is just an advice, is important for the users to know the secure way to giveaway coins.

[freedomgo]

Congratulations on your father's first successful Bitcoin purchase that you taught him, but you must monitor your father so that he is not exposed to other bad news that makes him sell again so this needs to be done so that your father can maintain bitcoin for a long time.
This is the right buy because when the market is going down and it's said to be low at 20k, especially with the extra money that is never needed then I think your dad can hold on longer with what he wants in investing in Bitcoin.

This is a great decision actually as your father aims to invest first his money rather than just saving it plainly in a bank. And definitely, when the market is bearish, it will always be a good entry in crypto investments. I just hope OP that you will continue to guide your father and expose him on the negative side of crypto investments so that he will not be a naive on that. And by making DYOR most of the time, your father will never end up in wrong decision making that will make him lose his investments.

[Vaskiy]

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

Then appeal to his conservative mindset and tell him Binance and other exchanges are for those who don't believe the system is rigged and controlled.

My grandmother after the second world war absolutely distrusted banks, famously kept whatever money she had in her house. I know your dad must be from my generation, the same distrust.

A conservative would want to have his own wallet, his own sole control... and actual Bitcoin. He knows those numbers on that app's just numbers and not real Bitcoin right?

Sole control over the holding is missed while we use it is secured on the centralized exchanges. There's distrust from specific set of people who are good with technology whereas majority find it to be trusted, because they have a thinking of getting support of something goes wrong.

Maybe those on the Exchanges can be mere numbers, but it can be withdrawn to different non custodial wallets. So, for some volume purpose numbers might've been added and the same is not the everything.

[lalabotax]

interesting story, I ma sure that your dad is one of the people who are open-minded about recent technology developments. Well, investing in Bitcoin may not be a choice for everyone, but if someone is deciding to invest in Bitcoin, they also need some bravery to take the risks, because we know that invest in gin Bitcoin is also risky.
I wonder from who he got Binance, probably he every found you with the app.
But, as long as you have been educating him about crypto investment and also the management of funds and others, this seems like to be a very good beginning. Nothing wil be worthier exepct we are leanrig at first more to be in th ecyrpot industyr.

[meser#]

Its nice to hear that you gave some positive effect on your relatives with bitcoin. Unfortunately some of my relatives sees bitcoin as a money trap yeah it's nonsense but you can't control people's mindset. Actually most of my relatives doesn't know that im interested with bitcoin. Cause, I don't want to hear nonsense advices. But i thinks its really good moment with your dad. And you should courage him more to register here

[Slow death]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Congrats to your dad, its a very good time to buy bitcoin for the first time.

One thing I don't understand though is how come you sent him USDT to Binance so he can buy it from there, instead sending your father bitcoin directly to his own non-custodial wallet. This way he would save some money when he decides to move bitcoin from Binance  (which he should do as soon as possible) and he would learn the proper way to store bitcoin.

Okay just to clarify. From my Binance account, I sent it directly to his Binance account & not a non-custodial wallet. Then in his Binance account, we used the "Convert" option to other crypto so we converted USDT to Bitcoin. Hope this clarifies a lot.

I did opened up to him about moving it to non-custodial Bitcoin wallet if he wants to store and not trade, but he chose to stick with Binance. So it's his decision anyways, so I should respect that. He is illiterate in crypto as a baby boomer & senior citizen.

He's not really open minded though and has a lot of pride. It's just his own instincts that he only wants to buy Bitcoin.

I'm not understanding the following:

- at binance you didn't verify your account? and in this account verification process you did not provide proof of address? if yes, now your father has a binance account, how will he verify his binance account since the proof of address you already delivered? I just want to understand this part

- and another point: if your father intends to do hodl and not day trade, why does he keep coins in binance and not in the wallet that would be safer?

interesting story, I ma sure that your dad is one of the people who are open-minded about recent technology developments. Well, investing in Bitcoin may not be a choice for everyone, but if someone is deciding to invest in Bitcoin, they also need some bravery to take the risks, because we know that invest in gin Bitcoin is also risky.
I wonder from who he got Binance, probably he every found you with the app.
But, as long as you have been educating him about crypto investment and also the management of funds and others, this seems like to be a very good beginning. Nothing wil be worthier exepct we are leanrig at first more to be in th ecyrpot industyr.

with so much popularity of bitcoin, nowadays it's normal that in a house everyone has bought bitcoin, people even do exhaustive research to maximize profits, that's why this OP story doesn't surprise me

[kawetsriyanto]

It is very good if your father wants to try Bitcoin investment with his own will. I also expect that someday there are my family parts asking me to help them in crypto investment. I do the same, I never tried to force any of my family parts to invest in Bitcoin or Altcoins. They know I am a part of crypto business, but still no one is interested to follow me until now. I guess you are in a country that legalizes crypto both for investment or payment purpose, that's why it seems easy for your father interested in crypto investment. You are lucky, dude!!  

[BobK71]

Congratulations on your father's first successful Bitcoin purchase that you taught him, but you must monitor your father so that he is not exposed to other bad news that makes him sell again so this needs to be done so that your father can maintain bitcoin for a long time.
This is the right buy because when the market is going down and it's said to be low at 20k, especially with the extra money that is never needed then I think your dad can hold on longer with what he wants in investing in Bitcoin.

This is a great decision actually as your father aims to invest first his money rather than just saving it plainly in a bank. And definitely, when the market is bearish, it will always be a good entry in crypto investments. I just hope OP that you will continue to guide your father and expose him on the negative side of crypto investments so that he will not be a naive on that. And by making DYOR most of the time, your father will never end up in wrong decision making that will make him lose his investments.

As his father becomes more experienced in crypto matters I believe he will be more positive about Bitcoin. The deeper the loyalty, the more conscious he will be of holding more bitcoins in the face of the bitcoin crisis. At the same time, he can give ideas about this to his close friends or relatives, so that Bitcoin will spread rapidly around the world.

[LoyceV]

I did opened up to him about moving it to non-custodial Bitcoin wallet if he wants to store and not trade, but he chose to stick with Binance. So it's his decision anyways, so I should respect that. He is illiterate in crypto as a baby boomer & senior citizen.
~
It's just his own instincts that he only wants to buy Bitcoin.

That's too bad, considering initially there was a full plan:

He just wants to try buy and hold Bitcoin.

Now he only did the first part.

Maybe you can show him some of the many hacks that happened to exchanges in the past, in which people lost their Bitcoins. I wouldn't trust a Chinese website with my money for a long time.

[noorman0]

I assume that your father is not too old to learn about internet finance which at least requires basic skills to operate electronic devices in non-native languages. Unlike parents in some parts of the world, where it's impossible to teach bitcoin basics overnight (my parents included).

I quite appreciate your father's will and I hope he will always listen to your advice on what to do next with his funds (he seems to be stubborn, lol).

-snip-
In all life aspects, he’s a close minded person. When we have suggestions to him from time to time, he never listened ever since we were kids.
-snip-
Like when he runs traditional businesses back then and failed, he never listened to our ideas that would clearly change the game, but he just wants to stick to what he know and wants.

[The Cryptovator]

It's interesting you sold Bitcoin to your dad lol (just fund fact). Anyway good to see your dad convince himself to buy Bitcoin. No doubts your dad choose a good exchange but don't encourage him to hold Bitcoin there. Even if you teach him about 2FA and potential risk, but better teach him about non-custodial wallets like Electrum or hardware wallet. Not sure how big the amount but better practice good things. Binance is good for trending, not for holding.

[Lizzylove1]

Fantastic, It may turn out to be a good retirement plan in the near future. Nevertheless, to have a total control of his bitcoin, I strongly advise you walk him through a decentralized wallet and have him withdraw the btc to a backed up private wallet. 

[Pierre 2]

I feel so good when old person comes to me and instead of asking about Bitcoin price, directly saying he/she wants to buy Bitcoin. There are so many easier options now. Binance TR especially has many support from many banks in Türkiye so you can trade 7/24 nearly, very very easily. My mum also uses binance and one more local exchange. She holds Bitcoin since like when? it was like 10.000 usd I think when she first bought.

[cheezcarls]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

Do you want to tell me that it seems you don't forum from the beginning to now that you're here remember that I have not heard of binance exchange before I think this is totally lie because for you to be a member of the showroom you have known by nonsense because if you go to altcoin bored every discussion that lead to buying and selling or bitcoin always narrow to The binance exchange so I think that's not true

I don't understand what you mean. Very confusing. 

It seems that you misunderstood the topic here. Perhaps you might want to re-read it again.

It's interesting you sold Bitcoin to your dad lol (just fund fact). Anyway good to see your dad convince himself to buy Bitcoin. No doubts your dad choose a good exchange but don't encourage him to hold Bitcoin there. Even if you teach him about 2FA and potential risk, but better teach him about non-custodial wallets like Electrum or hardware wallet. Not sure how big the amount but better practice good things. Binance is good for trending, not for holding.

I sold USDT instead and then convert it into Bitcoin in his own Binance account.

[arwin100]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Good to see a father and son doing some quality bonding on investment. Hopefully you keep an eye on what your father do and also frequently tell him about scamming methods made by some people also make him understand that people who offer something on social media especially who tell them that they are trading expert and they can also earn with them if he invest some amount are 100% scam. Make him realize that there no free things on internet and no random people will help you to earn so that he can avoid such people who promise heaven and earth to him.

[Tony116]

It's great to know that older people are interested in bitcoin and crypto as well, I always thought that only younger generations have a passion for bitcoin as majority of older people tend to prefer stability and not likes to accept new things.

Can you tell me how old is your father? because it's amazing that he did everything himself before talking to you to buy bitcoin even he found and downloaded the official binance app. For my dad, using smartphones is also very difficult because of his old age, let alone using them to engage in cryptocurrency.

[dlightag]

Wow, that is a good one to hear, because your dad accept changes and understand that we are na into digital world in Era of technology, which he adopted into the system, that is a smart move of him, and also a privilege to have a son that is into cryptocurrency industries, which has added advantage to him to start investing on bitcoin.

[KingsDen]

It's interesting you sold Bitcoin to your dad lol (just fund fact). Anyway good to see your dad convince himself to buy Bitcoin. No doubts your dad choose a good exchange but don't encourage him to hold Bitcoin there. Even if you teach him about 2FA and potential risk, but better teach him about non-custodial wallets like Electrum or hardware wallet. Not sure how big the amount but better practice good things. Binance is good for trending, not for holding.

That is a great insight. Although he guided his dad to set up the 2fa and kyf and made his account more secure, but yet it is not 100% safe. I am of thr opinion that his dad may have a plan to invest huge money into bitcoin, maybe part of his life savings. That is why Op needs to teach him everything, especially about private wallets where he will own his keys and control his funds. If you don't teach him all he needs to do, at some points you may not be available for him to ask some questions and he will try to handle things himself and makes mistakes.  Teach him No your keys no your coins.

[Sanitough]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Congrats on both of you as you made it finally seeing your father already investing in bitcoin. Though it’s not you that get to convinced him, but I’m glad that he ended up trusting in bitcoin which for sure he will never regret in the future. I guess there will be no problems in the future as long as your father never decides on his own without consulting on you first. Just guide him all the way, I’m sure you’ll be happy seeing your father also in profit in the future, same feeling when you started first in bitcoin.

[KennyR]

It's interesting you sold Bitcoin to your dad lol (just fund fact). Anyway good to see your dad convince himself to buy Bitcoin. No doubts your dad choose a good exchange but don't encourage him to hold Bitcoin there. Even if you teach him about 2FA and potential risk, but better teach him about non-custodial wallets like Electrum or hardware wallet. Not sure how big the amount but better practice good things. Binance is good for trending, not for holding.

That is a great insight. Although he guided his dad to set up the 2fa and kyf and made his account more secure, but yet it is not 100% safe. I am of thr opinion that his dad may have a plan to invest huge money into bitcoin, maybe part of his life savings. That is why Op needs to teach him everything, especially about private wallets where he will own his keys and control his funds. If you don't teach him all he needs to do, at some points you may not be available for him to ask some questions and he will try to handle things himself and makes mistakes.  Teach him No your keys no your coins.

Agreed, there is a need of teaching about all the security needs and the privacy needs while using cryptocurrencies. Maybe the practice to teach them about this when someone is interested into buying bitcoin might end up with fear of losing. So, it is good to set them the base and later explain them about the real market as well as the security things associated with cryptocurrency.

[Russlenat]

Nice to hear the OP's story, if my dad is like you I suggest buying bitcoins and using them myself and I will teach my dad in detail how to buy and sell especially to hold them long term. But unfortunately my father is very old and can't even use a smartphone.
but I taught it to some of my family members long ago and until now, and with a record of using the money they can afford to lose. Actually this is the best way to spread bitcoins and it doesn't need to be to distant people or unknown people if there are close family or friends which I think we will be happy if they enjoy it and also easy to discuss or share ideas because we often meet.

It’s good to share the same interest with your family members, but most likely this is not what happening in most of us. Some are just hesitant to trust bitcoin and take the risk in investing, while others are very supportive on whatever their family members are into. I’m just glad that at the end of the day, OP’s dad finally decide to trust and invest in bitcoin. With the utmost help from his son, I guess things will be quite easier for him in the crypto investment even if it means he’s a completely newbie in crypto investment.

[Mpamaegbu]

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Hopefully, one day he catches the BTT bug and makes an entry here to register too and speed up his learning process.

[landheer]

now more and more people are interested in investing in bitcoin, for example, like what your father did, and what your father did, REALLY COOL, hopefully your father's investment in bitcoin works out well. and I'm sure that now more and more people are realizing how important it is to invest in bitcoin, because investing in bitcoin will make the future bright. because bitcoin in the future in my opinion the price will be very high.

[Bazzu]

Interesting topic, my friend, your father is very thoughtful, because he is very brave to invest in bitcoin, but events like that remind me of when I first invested in bitcoin. At first I used to download the application, BINANCE, and I thought that it was a game, after I asked my younger brother what game application is this? and my younger brother  replied that it was not a game application, but an application for buying and selling bitcoin and crypto, and since then I was immediately interested in investing in bitcoin, and it is still running until now.
yes,,, hopefully your dad is fine investment goes well.

[Cryptmuster]

It is commendable of you to help your father take his first steps in the crypt, but he still has a lot to learn. And here it would probably be worth starting with the fact that you should never store your coins on an exchange account, since this is very risky and anything can happen to them, from account blocking to a hacker attack. One of the previous posts was right that your father should be registered here at BTT so that he can independently study the issues of interest to him, this would greatly speed up the understanding of the essence.

[coinerer]

Congratulations for your dad for bought and known about bitcoin at the first time. But since your father has started a new journey in one bitcoin, you must guide your father well so that he does not take any wrong decision or action and get financially harmed. I again appreciate your father for getting attracted to Bitcoin and investing in Bitcoin at this old age.

[Chato1977]

. So yeah now my dad has some Bitcoin in his Binance account.

with this? meaning it is a beginning of something bigger as parents really wanted to have a secure and stable funds and yeah this is what crypto promises now, though not completely stable but once you understand its nature then you can also call this as an permanent investment readying for their retirement.

I myself is a parent and having crypto as my retirement funds .

[laurenB7742]

It is commendable of you to help your father take his first steps in the crypt, but he still has a lot to learn. And here it would probably be worth starting with the fact that you should never store your coins on an exchange account, since this is very risky and anything can happen to them, from account blocking to a hacker attack. One of the previous posts was right that your father should be registered here at BTT so that he can independently study the issues of interest to him, this would greatly speed up the understanding of the essence.

Perhaps his dad is new and needs more knowledge to realize the importance and difference between a non-custodial wallet and an exchange account. Since his dad figured things out on his own without anyone's help, I don't think his advice won't work, the best way is that OP should create an account on the forum so that his dad can research and learn the necessary knowledge by himself. He's a very smart old man who finds out everything on his own, I don't think it will take too long for him to realize everything.

[naira]

If your dad wants to buy and hold, is it worth keeping on the stock exchange? your dad is getting old and what if he forgets? your job is to make sure that the assets it holds are not frozen. Connect to the exchange without trading then pull the lag to a cold wallet and you keep your seeds in a safe place. I am amazed by such parents where most of us parents prefer stable assets and are conventional investments. He probably has a broad enough perspective to dare to buy Bitcoin.

I hope you make sure that the asset is on a safe exchange if you don't withdraw it.

[len01]

maybe your father is young and you are lucky to have such a father.
actually i also still have a father but he is a bit old and difficult to tell about crypto.
but i also have an experience like you if i tell and give basic lessons to my wife and children about bitcoin and about investing in bitcoin. and from now on they have started to be able to do it themselves and every week my wife and children always set aside money to buy bitcoin and hold it until the bull comes.
very good to give knowledge about bitcoin to family or relatives and start investing.


but for the OP, you shouldn't be sending USDT to your father's binance account. let your father buy with his own money. so that your father will understand better how to deposit and buy bitcoins

[gunhell16]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Perhaps, even before the thing that your father is going to ask you, he may have done his research about bitcoin, or he may have someone else he knows who is also a friend of his who mentioned to him that matter besides knowing that you are also here in this industry. So out of curiosity he discovered and saw the potential of bitcoin.

The only good thing is that he asked you because he knows that you are also doing bitcoin trading in this industry. And it's an advantage because your father also trusts you in this matter, so you made a good move dude, and I congratulate you on that matter.

[wiss19]

He used the money that is not needed for now but what if the time will come that he will be needing it? I think it would be better to not put that money in something that is unstable like cryptocurrencies but better if he can just keep that money in the bank or in the vault. What we need here in crypto is only the money that is not intended for something so that we can accept whatever happens to that money.

There will be no regrets in short. Your dad knows that you're into this for a long time but why this was only the time he showed an interest? Also, have you not ever talked about it before to them and encouraged them to do the same? You can always gave them some of your cryptos, for them to get started but as you said, it's better be late than later/never.

[samuraijin]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Honestly it's good for example, but what is the purpose of your father, when your father has bought the bitcoin, is it to learn how to trade or hold it until the price of the bitcoin rises, if the goal is to trade then it is very good to put at least a little of it. BTC that your father has now, because it is very vulnerable, if you put BTC on an exchange, even though Binance is a trustworthy exchange, but we can't predict bad things in the future, at least you teach it or tell Blockchian wallets that may be safe to store Bitcoin your father, in order to avoid carelessness that you may not know, whether it's the wrong purchase at a certain price or something..

At least you also need to tell your father about the Blockchain wallet about its use, if your father just wants to hold it then, move the BTC that your father has a Blockchian Wallet, to avoid being hacked on some exchanges, even though the system that Binance has is very strong, at least you have prepared anticipate when bad things happen to your father..

[RockBell]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Nice op introducing your dad is actually a good one and helping set all the security measures is the first thing to consider while going into bitcoin, and eventually, you should also advise him not to keep his fund in any exchange, also tell him the risk behind leaving you bitcoin on an exchange, the wallet is more preferable and should also he should keep is seed phrase properly.

[BobK71]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didn’t need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah it’s never too late for him to buy his first Bitcoin.

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.

Nice op introducing your dad is actually a good one and helping set all the security measures is the first thing to consider while going into bitcoin, and eventually, you should also advise him not to keep his fund in any exchange, also tell him the risk behind leaving you bitcoin on an exchange, the wallet is more preferable and should also he should keep is seed phrase properly.

You are right, OP moves make one more DAD a Bitcoiner However I don't think holding your Bitcoin in a non- custodian wallet can be stressed enough but we also have to consider how much of an initial investment was it. I guess OP will have to advise his dad about moving his Bitcoin out of the exchange wallet as he buys more in the future.

If the advice is for a large investment and if it's for the long term then the OP can definitely advise him to store his bitcoins in a good secure wallet as well. But initially i think since he is new to bitcoin he will not invest big amount very soon. But the bearishness of the market may encourage him more. Where the profit margin can be very high. The investment for that purpose can be large.

[m2017]

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

Undoubtedly, the purchase of any asset is always a risk, and especially such a young asset as bitcoin. Once I myself went through this, that when I learned about BTC, I didn't buy it for a price of $ 600, because there was no one to explain and show how it all works. Of course, over time (and much later) I more or less figured out the nuances, but taking the first step was very difficult. Therefore, I want to say that having an experienced and trusted person makes it very easy to invest in bitcoin, who can always give good advice and direct you to the right actions. I think that OP's father was very lucky and, in principle, one should strive for the same thing as cheezcarls - try to tell and explain about bitcoin to his relatives when they are mentally ready to listen.

[worldofcoins]

When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that it’s legit once he installs the correct app and not the fake one.

It's good if you know the correct finance app to install, many people have fallen to the traps of installing scammy unofficial apps of cypto marketplaces.
Did you dad cam to know about finance through google ads on youtube?

I have never convinced or forced him to buy BTC since I started my journey. He’s just being interested in all of a sudden that’s all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.

Like I asked above did you dad came to know regarding bitcoin through a youtube ad?, if yes then it was explained to him pretty well in the video.
You also did good by letting him know the truth that there are no promises.

[wxa7115]

Judging by the time of your registration on the forum, this is 2014. You were probably a beginner at the time, and have been passionate about bitcoin for 8 years. If your father asked you before about all the disadvantages and advantages of bitcoin, it still took a long time for him to "mature" as an investor. And if it was a momentary desire, and you explained to him all the basics of storing and using bitcoin in a short time, is this really a good event? I understand that your father has trust and a guarantee that you are always there, but if we talk about a simple person who suddenly decides to buy bitcoins, it would be somewhat risky for him.

Undoubtedly, the purchase of any asset is always a risk, and especially such a young asset as bitcoin. Once I myself went through this, that when I learned about BTC, I didn't buy it for a price of $ 600, because there was no one to explain and show how it all works. Of course, over time (and much later) I more or less figured out the nuances, but taking the first step was very difficult. Therefore, I want to say that having an experienced and trusted person makes it very easy to invest in bitcoin, who can always give good advice and direct you to the right actions. I think that OP's father was very lucky and, in principle, one should strive for the same thing as cheezcarls - try to tell and explain about bitcoin to his relatives when they are mentally ready to listen.

Your last sentence is key, how many people tried to get their friends and family members to invest in bitcoin when its price was a lot lower, and as such it made even more sense to buy all what they could, but at the time they were not ready?

Most people do not take those decisions lightly and instead they take a lot of time to take this final step, and this is natural, after all we work so hard for our money that it is always difficult to risk it in something which could produce losses before it produces profits, so being laid back about it is the best approach we can implement, and once they are ready to invest in bitcoin you can finally guide them and offer them your experience so they do not get scammed in the process.

[EarnOnVictor]

He used the money that is not needed for now but what if the time will come that he will be needing it?

You are putting unnecessary questions to the OP, it was already made clear that his dad does not need the money. We as human beings will always need money at one point in time, but at that time of the investment, it was his spare money, which is the kind of money that is advisable for investment. He and his dad are doing well as far as I am concerned, it is he that would do more in guiding him on the right wallets to safely keep the money, and better investment advice that Bitcoin is useful with in case he wants to advance with the coin.

[maydna]

It's not easy to explain something to another person, especially if he is close minded person and doesn't want to listen to other people's advice. But what @OP experienced was a miracle where he and his dad were relaxing and enjoying a meal together, and then his dad asked about Binance. I can only imagine doing the same thing as @OP, but unfortunately, my father passed away long ago.

Back to the topic. From there, his father wanted to know what bitcoin was, but maybe he was too difficult to express his wishes to others. But luckily, his dad started to open up to @OP, and it became @OP's job to continue teaching his dad about investing in bitcoin.

I can only pray and hope that @OP can teach his dad more about bitcoin, and together, they can have success in crypto. Kudos to @OP. Please say hello to your father and tell him not to panic if the market changes because it is normal.

[Finestream]

That's amazing, now you have the same vibes with someone in your family. It's really rare to have someone to talk to personally about crypto things because most people these days aren't really interested in it, in my place, only a few people are computer literate because I'm living on the island and only a few of my friends can relate about crypto topics. I am also the reason why they know about bitcoins and cryptocurrencies but they never spread the news to their families because they are afraid to be blamed when their investment didn't go well and the same as I do.

It’s really a good feeling to know that you have some common interest shared within your family, and from now on your father will certainly be your best partner in your crypto investment. So I hope you will help him to be more educated about crypto and that hone his skills in crypto investments. That way, when the market turns into bullish, both of you will prosper and reap the fruits of your labor in crypto.