I helped my dad bought some Bitcoin last night

[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.