I managed to convince my senior dad to invest in BTC

[DatBTCGuy]

My dad is 79 yo. He's a retired carpenter but has always been interested in technology, electronics and related stuff. Back in the 90s, when I was just kid, he bought me a computer because he knew that's where the world was headed and we learned to use it together. During the years, I developed my passion in computing and programming and I always taught him to use all the tools needed to be a good user (he even uses things like password managers and multi-factor authentication tools).

Fast forward to early 2020, just before the pandemic, I started to buy BTC and I had always told my dad about this new "digital gold". He was skeptical (he's lived most of his life with FIAT and cash after all) but curious. He thought it was too risky though.

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

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[tbct_mt2]

So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

What is the software wallet you used to set up for your Dad?

Hopefully it is an open source self custody wallet.

Setting up that wallet for your Dad is not enough. You should teach him how to backup the wallet seed as well as how to recover it from seed. You should teach him that he should not give up that seed information to anyone. Because if he leaks it to others, he will lose that wallet and bitcoin will be stolen by people who know that wallet seed.

Security checklist
Securing your Bitcoin wallet
Wallet basics

Did you manage to convince your dads or other older people in your family to buy BTC?

I didn't do this and won't do it.

[DatBTCGuy]

So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

What is the software wallet you used to set up for your Dad?

Hopefully it is an open source self custody wallet.

Setting up that wallet for your Dad is not enough. You should teach him how to backup the wallet seed as well as how to recover it from seed. You should teach him that he should not give up that seed information to anyone. Because if he leaks it to others, he will lose that wallet and bitcoin will be stolen by people who know that wallet seed.

Security checklist
Securing your Bitcoin wallet
Wallet basics

Did you manage to convince your dads or other older people in your family to buy BTC?

I didn't do this and won't do it.

Thanks for the links! I setup Mycelium and yes, I told him about how seeds work and he understood that's the most important thing.

[mocacinno]

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

[Asiska02]

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

The majority of the older parents here are accustomed to the traditional way of life. The ones who went to school had little or no knowledge of technology and were not as interested in it as the younger generations are now. Cryptocurrency and the security it entails are more advanced technologies that require skepticism to handle; having no understanding of the basic technological innovations will make it difficult for them to comprehend. Even though they've heard about it, they're not interested in learning more about it. Persuading them will only make it more difficult to enlighten them because they lack basic computer education. So I'd rather let them be and let them enjoy their old age without much trouble to make them think always of the market volatility when they invest in it.

[arwin100]

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

Will also have the same opinion about it since can't take it especially if those people lose their money on crypto which we know its normal and we don't know if they will be good to us or feel bad after those incident since they could blame us for not guiding them properly. There are people like that that's why I really don't like convincing people to invest not unless if they come to me telling that they can adopt the risk and no the consequences since I could spare some time teaching them the basics about crypto.

[avikz]

Did you manage to convince your dads or other older people in your family to buy BTC?

Nope! I will never try to convince anyone! I will just provide information about cryptocurrency if they need but convincing people is something which I want to avoid.

Bitcoin and crypto market in general is super volatile. Unless I have the financial power to support them if anything goes wrong, I would never convince anyone to invest in cryptos. I did it back in 2017 and lost friends in this process.

[NdaMk]

I have never tried to talk to anyone about bitcoin, although the younger generations due to curiosity sometimes ask about but I see through some of them that they only want to get rich through and seriously I warned them not to take bitcoin as a get rich scheme. As for the older generations they would ask about it risk and once I tried to tell them most at times that the risk is minimal in bitcoin if they stick to holding they just shrug off that everything related to internet seems scam to them. Sadly it is what the government has made them to believe. More so I don’t bother introducing older generations because I feel they lack the ability to secure their funds on wallets because of most of them from here are naive and could easily be scam.

I most give you credit for bringing your dad in but you need to tell him about the risk involved not when he sees some dumps he will start panicking just tell him to hodl. Also tell him not to click on phishing messages from emails because older generations easily falls for tricks like that

[mk4]

I would never try to convince anybody... I'm a big crypto enthusiast, but i still consider crypto a high risk investment... I wouldn't want to be responsible if they'd lose their funds.

On the other hand, if they'd made up their own mind and just asked me for assistance, i would gladly help them out

This, and most especially not people in their senior age, and most definitely not people in my family. I get it, it feels great if people make money because of your investment recommendation, but man the potential downside if the price went the other way.

[alik111]

I am just thinking that I will say my father about investing in Btc but my father thinks that Cryptocurrencies are scam because it isn't legal in any country. But I am trying to convince him that already it has gained huge popularity and soon it will be legalized in every country. I hope day by day I will be able to convince him.

[Minecache]

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

The majority of the older parents here are accustomed to the traditional way of life. The ones who went to school had little or no knowledge of technology and were not as interested in it as the younger generations are now. Cryptocurrency and the security it entails are more advanced technologies that require skepticism to handle; having no understanding of the basic technological innovations will make it difficult for them to comprehend. Even though they've heard about it, they're not interested in learning more about it. Persuading them will only make it more difficult to enlighten them because they lack basic computer education. So I'd rather let them be and let them enjoy their old age without much trouble to make them think always of the market volatility when they invest in it.

My parents also heard about Bitcoin and knew I was investing in it. But I also think like you, I know everyone wants money, but they have sacrificed their whole life to work hard to take care of and nurture us. They sacrificed their youth for our future, and now they need to rest. What I want is that they to have the last days of life to enjoy life and have fun with their descendants, I don't want them to face the risks brought by crypto. They are old, and having a lot of money cannot bring them happiness.

[Japinat]

Did you manage to convince your dads or other older people in your family to buy BTC?

Nope! I will never try to convince anyone! I will just provide information about cryptocurrency if they need but convincing people is something which I want to avoid.

Bitcoin and crypto market in general is super volatile. Unless I have the financial power to support them if anything goes wrong, I would never convince anyone to invest in cryptos. I did it back in 2017 and lost friends in this process.

Yes, I agree with that sentiment.

I think our role in the society is to only plant the idea about the cryptocurrencies and its future to their heads but never convince them to try and invest into crypto. That part is really up to them how will they react about that interaction afterwards, some might be curious enough what is it about and what does it do but doesn't have the will to have their own research to know about it.

[Lucius]

~snip~

I completely agree with you here, because in my beginnings some ten years ago I had a completely different philosophy and I told people that it would be wise to invest a few hundred $ in Bitcoin (and the price of 1 BTC was only a few hundred $), but no one didn't take it too seriously. In the last 5-6 years, things have changed, not only because most people say that BTC is too expensive for them, but also because it is not wise to expose yourself in any connection with Bitcoin in public.

In addition, older people (mostly) are not interested in new technologies, and I personally let them enjoy their old days, because realistically, they have earned it by working continuously for 40 years.

[Emmanuelex]

That's nice. I never really managed to convince my family about Bitcoin, but at the same time I'm not worried about it. They prefer to make use of fiat/cash, and tech is not really their thing. Most of them are are into trade business, so I'm not surprised. I'm the only one who is really into internet and tech stuffs.

[DatBTCGuy]

I absolutely understand what you all mean but it's 0.01 BTC, we are not talking about lifelong savings. I'm also relatively relaxed because we're not in the bubble phase of the market just before the top, so if history repeats itself, it's unlikely to lose much money for anyone investing now.

[Plaguedeath]

Your senior dad is already 79 years old, do you think it's a good idea to convince an old people about high risk stuff? I'm sorry to say this and I don't mean to wish this, but what if Bitcoin price drop 20% in a single day? and then after next few days, the price keep dropping until 50%? do you sure your dad wouldn't get a heart attack? be sure you need to understand what you're doing rather than convince someone to invest in Bitcoin.

[CryptSafe]

My dad is 79 yo. He's a retired carpenter but has always been interested in technology, electronics and related stuff. Back in the 90s, when I was just kid, he bought me a computer because he knew that's where the world was headed and we learned to use it together. During the years, I developed my passion in computing and programming and I always taught him to use all the tools needed to be a good user (he even uses things like password managers and multi-factor authentication tools).

Fast forward to early 2020, just before the pandemic, I started to buy BTC and I had always told my dad about this new "digital gold". He was skeptical (he's lived most of his life with FIAT and cash after all) but curious. He thought it was too risky though.

Not sure why, but last week he finally told me he wanted to try it. So we setup his software wallet and he bought 0.01 BTC. Not sure if he'll buy more, but I can certainly say I'm proud of him!

Did you manage to convince your dads or other older people in your family to buy BTC?

From the looks, your account is a newbie account so i would start be welcoming you to this platform but it seems you are that vast and knowledgeable about bitcoin from all you have said. Anyways you have done well by on boarding your dad into bitcoin. It is rear to see the elderly getting involved  by investing in bitcoin as a business for them with regards to the volatility and their expectations which does not augur well. This is the sole reason when ever I meet with elders who are inquisitive about bitcoin I open up to them telling them everything about it so that they do not develop blood pressure in the future as a result of the market volatility and other unforeseen circumstances that might likely emanate in the future. You did well and i trust you did tell your dad the "not your keys,not your coin" phrase so as to keep him on the safe track.

[xSkylarx]

I don't want to convince anybody to invest in bitcoin; I just told them about it and let them decide if they want it or not. I think your father discovered it on his own; that is why he approached you to try it; probably he found an article or saw it in social media about it. Also, just a word regarding convincing people: it is risky because some people will blame you when the price drops or they lose their investment. The minds of people are built differently, so if you don't want to get mocked, don't convince them.

[darkangel11]

Good job with convincing your Dad, I hope he'll be satisfied with the results. It's important to let people know how to self-custody, secure the devices they use to hold bitcoin and make backups.
My greatest worry with older people is that they misplace stuff, forget their passwords, are talkative and brag about their investments. All this puts them at risk.

Personally, I have access to my father's account and I could invest his money, but I don't do it and I won't do it, even if he asks me. I don't want to be responsible for it and I don't need the burden of him calling me all the time because he read that "bitcoin CEO was arrested". Yes that's a real thing. He was listening to the news and they were talking about a "bitcoin CEO" but what they really meant was a CEO of a bitcoin exchange. To my father it's all the same because he's an older guy.

[posi]

I absolutely understand what you all mean but it's 0.01 BTC, we are not talking about lifelong savings. I'm also relatively relaxed because we're not in the bubble phase of the market just before the top, so if history repeats itself, it's unlikely to lose much money for anyone investing now.

That amount is not too large and will not be lost if you do not sell. But encouraging an 80 year old to invest or do something just for the money, I don't think it's a good idea. I also have an elderly father like you, and what I think he needs are days off and enjoying his old age. What they need now is the love of their children, health, and joy every day, not money. He will be happier, happier if you invest in bitcoin and make money from it, have a rich life, that's what he needs.