I helped my dad bought some Bitcoin last night

[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.