I gave investment advice to my grandfather.

[Japinat]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Yes, you did the right thing OP. I believe our first role is to plant the seeds into their mind that there is indeed bitcoin that was created to help the whole humankind about its existence and to help the people against the overwhelming inflation that is increasing as much as almost twice annually.

But give your grandfather some advice again that he shouldn't put all his wealth into bitcoin because even if the profits is good, it's still risky to do it because its future is still not guaranteed although that chances are just slim. Risk are risks and it is still better to be safe than sorry. I'm afraid that someday in the future, when everything will fail, he will blame you because you introduced him about the existence of bitcoin.

[BenCodie]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Now you have a responsibility to keep him safe. The elderly are not generally technically well-versed. A lot of them are probably using old, outdated versions of windows...with who knows how many underlying infections just waiting to syphon any value they possibly can.

You must absolutely help him increase his cybersecurity and ensure that his funds are safe...OR, make sure he is storing his coins offline using cold storage/paper wallet.

Protect his wealth. Don't let it get in the wrong hands.

[QueenVera]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

I hope you didn't ask him to invest in altcoins instead investing all his money in Bitcoin. That will be a wrong advise since Bitcoin controls the whole market and if Bitcoin was having a bad market so will other altcoins. I don't see anything wrong with investing all your investment savings in Bitcoin provided you have other funds for your day to day activities.
The only time putting all your money into Bitcoin becomes wrong is when you you don't have any other money left and this will put you under pressure whenever the market is dumping as you will want to sell your investment and usually this is done in loss. Apart from this scenario, evey other time you can invest all you money Into Bitcoin.
When investing in this way, it should be a long term investment as investing short team aren't profitable. Bitcoin is the future of money and what's better than investing in the future today.

[MoonOfLife]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

Bitcoin investing has no age limit, as long as your grandfather still wants to invest there is nothing wrong here. But you need to tell your grandfather about the risks of investing in bitcoin, aside from price fluctuations. You should also tell him about risks, such as vulnerabilities when storing online wallets, as well as storing on centralized exchanges.

[pixie85]

You gave your grandfather a good advice, although I'd be careful with this because people often do dumb things and then try to blame it on someone else.

Your grandfather could soon get some profit from his investment and put all his savings into it and then if he loses something by being careless with his private keys he's going to blame you.
I would want to supervise the process and see how his security looks and how much he's investing. Don't leave him alone with this because you're the one that started the process so see it through until the end.

Think of a situation where your grandpa wants to cash out and chooses a scam exchange or sends coins to a wrong address and loses everything. He's going to blame you and crypto for being a scam.

[LDL]

That's right. Golden rule is to invest in different thing and never put all on one coin

Since his grandfather's age is not mentioned, his grandfather's age would probably be over 60 years old. As such, investing in Bitcoin at this age involves a lot of risk at times. As he may not have the risk tolerance. Also investing all of OP's grandfather's physical assets in Bitcoin is too risky. But an important point is that his grandfather's assets should not be invested in only one coin. Moreover, another important thing is that his grandfather's invested bitcoins must be hold in a hardware wallet.

[Pierre 2]

I think old people are very hard to convince in any of worldly issues. If I were you I would do same buddy. For example when my close friends asked me about Bitcoin I told them to buy but with money you saved. One of my friends sold his car for Bitcoin. He made huge mistake in my opinion. I didn't talk about Bitcoin with him anymore. He wasn't even old. But people are like that. Its best to teach them how to invest in Bitcoin in better ways. Like without hurting your wallet or family.

[Negotiation]

Advising on investing in bitcoin is a good idea but it takes a little longer to convince older people because they have less knowledge about bitcoin and hence the risk is higher. Before investing you need to know about bitcoin and use good wallet so that the hacker does not lose the bitcoin after one and a half cryptocurrency is the future of the world's economy. Investing in this field is definitely a smart thing to do several things should be considered before investing.

[Chrlie95]

I was looking for getting investment advices from people and I applied some. Not surprisingly, I lost money. Since then, I never get any recommendations blindly, I always make my own research and make a decision on my own. The reason was not that I lost money, but I lost money based on someone else's advice. When I lose, I lose. I learn from my mistakes and move on. It's at least my decision and I cannot blame anyone else. But when you fail with other people's thoughts, its like it eats you inside.

Making an investment basket is always a good idea. However, I personally wouldn't put a penny on risky investments if I were a grandfather. Risk fits youth. You can always comeback if you fail when you are young. After retirement, people should use their money wisely and only invest in low-risk investments such as bonds, and adjust to a life they managed to built for all those years.

[Woodie]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin.

For someone that worked so hard to acquire that wealth while they were still youthful, I don't believe they can give up all their work and money for some unknown tech asset as an investment!
Honest this is too good to be true, did someone force him into getting into the crypto space or this was a personal decision??

I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

Sound like grandpa might have been in the finance industry during his working days, but credit to you for advising him well on what to expect with crypto investments.

You are a good man 

My only question to all, was I able to give my grandfather the right advice??

Yep the advice given couldn't get any better than that

Advising on investing in bitcoin is a good idea but it takes a little longer to convince older people because they have less knowledge about bitcoin and hence the risk is higher. Before investing you need to know about bitcoin and use good wallet so that the hacker does not lose the bitcoin after one and a half cryptocurrency is the future of the world's economy. Investing in this field is definitely a smart thing to do several things should be considered before investing.

Agreed, for this reason, I actually think that to some extent if they suffer some kind of loss of investment, with a good lawyer they could get back what they lost because they lack the capacity to make a sound decision.

[Desmong]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

it is good that you explain to your father the character of Bitcoin and how the market moves. Some persons do not understand the market very well that is why they keep making mistakes and doing the wrong thing. They thought Bitcoin is everything and they don't need fiat to make savings. It is good to keep our food in different basket.

[kamvreto]

The advice you said to your grandfather was correct, you also explained that bitcoin also has risks. Investing in bitcoin 50% of your grandfather's wealth and 50% in the form of fiat or in the form of land and buildings, would be better. Putting eggs in one basket may not be good, there must be some backup for bitcoin when the price starts to drop to a price we don't predict. and tell your grandfather that bitcoin is a long-term investment that will provide more benefits and can be passed on to their children and grandchildren.

[uneng]

I wish I also could convince my grandparents to invest in bitcoin, but my grandfather doesn't understand it and my grandmother is fearful about investing. I think it's not only about they belonging to an older generation, but also about the culture and tradition they are used to which don't allow them to open their minds to innovations. In other places, especially first world countries, we know there are elders who have already adopted bitcoin, so age definitely isn't an inhibitor factor at all.

[ogamibr]

Well, every investment has a risk, what you can do for your grandfather is to try to reduce them as much as possible, whether on the subject of bitcoin or any other type of investment.

As other people have already mentioned in this topic, never invest more than you can afford to lose, never invest money you don't have, or take a risk of life, personal, financial for that, common sense always, I always say that.

[ChiBitCTy]

Smh at some of the replies that you’ve gotten on this thread. First off, a lot of people in this thread aren’t very financially savvy, which is very easy to see. As a licensed financial advisor, I would absolutely not have placed all his wealth in bitcoin. Never put your eggs in the same basket, always diversify. As you noted bitcoin is volatile, so I would only invest in it what I'm willing to lose.

I would highly suggest he sell some of the bitcoin for some traditional asset like stocks and bonds.

[Reatim]

if you are in good faith for this advise then I see no reason why  you will need to ask these questions .


what I was thinking is that "Are you an Investor your own"? if not then this maybe a mistake because if ever this ends wrong then only your Grandfather is the loser here. and that will make you feel the guilt .

I don't see any reason why you should give advice to someone if you haven't experienced it or known it. You can't give advice if you are not an investor yourself because you don't know how it works. Once you tell the person, for sure, he will ask you more questions about it.
 
For sure, his grandfather will get curious about it and spend some money on it to try it. I just hope that he will not go all in on it as it is very risky and he is already old.

maybe he experienced investing but to the extend of being a total investors that can risk or trust bitcoin that much , and the way i see it? he is an altcoin supporter more than bitcoin.
but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.

[Strongkored]

My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.

My only question to all, was I able to give my grandfather the right advice??

The good thing you have done by not just telling the benefits of investing in Bitcoin but also the risks and advising your grandfather not to put all the money in one basket, but if your grandfather is rich enough to advise him to invest in bitcoin is not too important because buying Bitcoin will be better to hold it in a long period so it could be that your grandfather will not enjoy the investment but his descendants will enjoy it

[TheGreatPython]

My only question to all, was I able to give my grandfather the right advice??

Tension!
Tension!!
Tension!!!
It is not possible to say what the bitcoin market will look like in the coming days. If the market goes well and the bitcoin invested by your grandfather bring profit to your grandfather then it will be a reason to be happy for your grandfather. And if your grandpa's investment in bitcoin you advised him to make is a loss instead of a profit, it is doubtful whether your grandpa will be able to overcome the grief of the loss. If your grandpa dies due to over-tension then you will be the number one culprit and your grandpa will remain at risk of death for your advice.

I think it is easy to predict short term but the one that is hard is long term because unexpected events might happen. Before we refer someone to invest in Bitcoin, it's a must to tell the risk that entails with it so that they will now think twice if they will continue or not. If they will, they will know what to expect already and it will now be easy for them to accept things.

We all here experience what it takes to lose. It's hard at first but time heals so his grandpa can as well overcome his losses no matter how big it was. If his grandpa dies, Bitcoin isn't the one to be blame but if we are guilty then much better if won't introduce it to him at the first place. 

[AakZaki]

I think old people are very hard to convince in any of worldly issues. If I were you I would do same buddy. For example when my close friends asked me about Bitcoin I told them to buy but with money you saved. One of my friends sold his car for Bitcoin. He made huge mistake in my opinion. I didn't talk about Bitcoin with him anymore. He wasn't even old. But people are like that. Its best to teach them how to invest in Bitcoin in better ways. Like without hurting your wallet or family.

Difficult or not depends on how we can explain it to them. Must really explain in detail about bitcoin and how bitcoin can generate more profits in the long term. Using savings is quite risky, but if you have to use only half of it. Your friend probably didn't get the risk warning and panicked too much when the price dropped, so he sold it cheap. even though bitcoin is very good for long-term holding. It is better not to suggest any investment to other people, than you will be blamed. Let them come for themselves when you earn a lot from bitcoin.

[salad daging]

Difficult or not depends on how we can explain it to them. Must really explain in detail about bitcoin and how bitcoin can generate more profits in the long term. Using savings is quite risky, but if you have to use only half of it. Your friend probably didn't get the risk warning and panicked too much when the price dropped, so he sold it cheap. even though bitcoin is very good for long-term holding. It is better not to suggest any investment to other people, than you will be blamed. Let them come for themselves when you earn a lot from bitcoin.

Ordinary people won't be strong enough to face the price of bitcoin falling, usually they will panic and sell half of the price they bought and blame the one who gave the advice because it doesn't provide any profit even though it has been explained in detail but the minds of ordinary people will certainly keep thinking about the benefits not the risks.

It is clear from us that bitcoin is indeed good to hold for the long term, even for years, but will beginners be strong for it? I don't think they have much to learn from failure to try and keep trying. From that experience, it would be better if the advice was not given, but to provide a basic understanding and also about how bitcoin works.