I helped my dad bought some Bitcoin last night

[$crypto$]

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?