Bitcoin as a retirement plan for my parents

[She shining]

I couldn't make up my mind on where I should post this whether Bitcoin discussion or beginners and help, settled for this because I think this is something a beginner would ask.

I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

[1714093645]

1714093645

[1714093645]

1714093645

[1714093645]

1714093645

[1714093645]

1714093645

[Ojima-ojo]

Buying bitcoin as retirement savings is a good and advisable means of saving for the future, but first, you will need to let your parents know about the risk associated with holding Bitcoin and as for old people bitcoin may not sound appealing to them since they may not have the time to wait for the price to increase or waiting for it to recover at whatever point.


Just like the FTX impact that you mentioned, it has forced Bitcoin investors to wait longer to see the price recover to the point it was before the attacks, so it may be a difficult journey for retirees who have already spent their time on salaries and stable earnings.

[acroman08]

it's hard to convince someone who already strongly believes that something like Bitcoin is nothing but a scam. also, it will be bad if you somewhat convince your parents to invest in Bitcoin and then Bitcoin suddenly suffers a dip, it would further strengthen their belief that Bitcoin is a bad investment or a scam and would probably force you to withdraw at a loss just to save the remaining value. to be honest it would be best to leave them be and just do what you plan to do, which is investing in Bitcoin using your own money. who knows perhaps if your investment gave you profit they might become interested in investing in Bitcoin.

[ultrloa]

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

Don't convince them to buy something they don't know especially when it comes using their retirement funds. Let them decide for their own and if they have knowledge om stock then let them be since for sure they know the risk and dom't have huge chance to lose all their money compare to investing on bitcoin where volatility is so high. Timing is also important factor on bitcoin so w you need to see the market condition before introducing to your parents so that they will not buy this asset at the top price or what we called ATH.

[dzungmobile]

They were skeptical in investing because they believed online transaction are just scams or always end in losses.

I don't think it is good to invite your family members like parents, brothers, sisters, relatives to join any investment is good idea. You will be unofficially responsible for your invitation and if they have something bad with investment, you will feel part of responsibility and it's not good.

Anyway your parents are wrong about this because bank transfers are kind of online transactions too. So do they think they will lose money with bank transfers?

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either.

Dips are terrible for gamblers who use leverages and get forced liquidations by exchanges.

Dips are great discounts and opportunities for people who don't use leverage, have cash or stable coins in hands. They don't have to be experienced people, even just by luck, if they can buy dips, they get good profit.

Generally it is a great lesson for all, gamblers, newbies to understand more about this market.

The loss affected my confidence in Bitcoin

If you did not store your coins at FTX exchange, did not use leverage, were not get forced liquidation or did not panic and cut loss by yourself, you are not in loss now. What is your case?

[Poker Player]

I don't know why you complicate your lives so much. Bitcoin, no matter how good it is, is a very volatile asset and if someone is close to retirement age it should only be part of a retirement plan in a small part precisely because of the volatility, but if your parents don't understand it, I would leave it alone. Buy Bitcoin yourself and if it comes to it you can help them. Trying to convince them will only get you into trouble.

[LogitechMouse]

My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.

There really are times where investors really regret their decision whenever they are selling way too early, but the reality is you don't know what will be the next movement of Bitcoin after you sold it. After you sold, there's a chance that it might go down thus, you will not regret your decision because you sold at the right time. On the other hand, there are times where after you sold your Bitcoins, it goes up even higher. You will feel regret, but take note that by the time you sold it, you don't know what would be the next move of Bitcoin. I guess currently you already moved on with that regret. Just be contented with your profits.

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.

Feel sorry for your losses because of the FTX drama I guess.
I also feel sorry that you're living in one of the few countries in the world where crypto is banned.

I also felt that way when I was starting. Like you, I also have huge losses in my total crypto portfolio back a few years ago. I also lost confidence at that time, but you know what I did. I believed in crypto. I believe that I can recover those losses in the future, so I choose to hold it, and that's one of the best decisions that I've made. Convince your parents that losses are just impermanent, and tell to them that it will recover soon.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

Buying stocks is still a good thing since you're investing still, but on a less volatile, and a safer type of investment than crypto. Saving in banks is a no-no unless it is for emergency funds.
If you can't convince them to buy Bitcoin, at least just convince them to just focus on the stock market. In that way, they're still investing. It would be a lot safer compare to crypto, and better than just saving it on banks.

Planning is useless without action, and capital. Save money as much as possible so you can stack Bitcoin as many as possible. Where can you buy Bitcoin? Centralized exchanges are the ones that I can recommend.

[mk4]

Not sure about you guys, but family and investment advice/recommendation doesn't mix that well. If you want to go that path, I'd say go with only like <5% of their total funds onto bitcoin. Nothing more.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

The answer to this will totally depend on what amount and what country you're in.

[Belarge]

To me I will advice you can get Bitcoin with your person funds, don't get Bitcoin with the savings of your parents, except perhaps you let them know about what you intend doing with their money, and also tell them the risk behind Bitcoin, then if they permit you then you can go ahead and invest with their savings.
Don't go invest their (parents)money on Bitcoin without their permission, if loses are incurred, they would blame you forever.

[ImThour]

Bitcoin for long-term financial savings such as a retirement plan is a good idea I would say because it allows you to get the most benefit out of all the halvings which are about to come in the future. Even if we go for 20 years from now, that means your savings will face up to 4 Bitcoin halvings. It's a smart choice I would say.

I see many people are recommending you to not invest your parents money for this however you should focus on educating them about Bitcoin and if they agree, then only proceed. If they don't want to, you should not force them.

[avp2306]

Bitcoin for long-term financial savings such as a retirement plan is a good idea I would say because it allows you to get the most benefit out of all the halvings which are about to come in the future. Even if we go for 20 years from now, that means your savings will face up to 4 Bitcoin halvings. It's a smart choice I would say.

I see many people are recommending you to not invest your parents money for this however you should focus on educating them about Bitcoin and if they agree, then only proceed. If they don't want to, you should not force them.

Good idea for people who experience the bearish and bullish market condition of it since most of that guys will not easily get panic when worst bearish condition will happen. But for those people who's new in the industry for sure they are the one who will be affected by huge decline. So before introducing this to them maybe it will be much ideal if we introduce the risk first and show them how risky the market is. And then insert the good benefit for this for sure those people will be much prepared, also they will not easily get affected by fuds will spread anywhere.

[Heartilly]

Don't engage in something you didn't know just because it has "potential".

The retirement plan is supposed to be, at least risk-free, and away from any "speculative" path. Bitcoin is a good investment but it doesn't fall on the tier of being a risk-free support that your parents can rely on. Take Bitcoin as an investment and treat it as a usual investment, not a life-support or retirement plan.

Are you willing to depend on the speculative movement of Bitcoin to support your parent's retirement? You should understand that during the bull run, lots of wise people popped out of nowhere thinking bitcoin is a quick-money scheme but most of them disappear during the bear run.

[Ludmilla_rose1995]

you are a good child because you have thought of your parents' old age in the future, now there are many exchanges that you can use as a place to buy bitcoin, but you have to pay attention to where you will store it, I suggest you never save the bitcoin you buy on the exchange, keep it in a personal wallet.

it's not without reason that I suggest that you save the bitcoin that you are going to buy in a personal wallet because at the moment there are many centralized exchanges that experience problems such as being hacked, scam or rugpull, you will definitely regret it especially if you invest in bitcoin for the future of your parents.

[ancafe]

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

The problem lies here and they understand and trust the pattern of saving at the bank and prefer to buy shares. So forcing them to buy Bitcoin with all their pension funds is completely not right because it talks about volatility, even though Bitcoin is good in storing values sometimes not everyone matches Bitcoin. You must be able to make them enjoy retirement happily and peacefully, leaving them involved in Bitcoin votality will be far more problematic especially their assumptions regarding internet investment are scams.

If you intend and insist on this way then you should make a percentage for investing in bitcoin. So you don't use all of their retirement money to buy bitcoin because after all they need money to support their life in retirement.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

DCA is the right way if you intend to buy bitcoins consistently and don't have to wait for the amount of free funds you have, bitcoins can be purchased with any percentage of capital we have and investments should not be made haphazardly without careful estimates. Don't complicate and complicate things when the opportunities are much easier, use simple methods and DCA will help you collect bitcoins consistently.

[Dunamisx]

you are a good child because you have thought of your parents' old age in the future, now there are many exchanges that you can use as a place to buy bitcoin, but you have to pay attention to where you will store it, I suggest you never save the bitcoin you buy on the exchange, keep it in a personal wallet.

Very good idea, bitcoin investment should be made on a decentralized wallet such as in cold storages, because when you let  the custodial wallet get your keys with them abd anything happens to their website or platform such that it got hacked or go bankrupt, your bitcoin stored on the blockchain cannot be assessed because you don't have the unlocking keys to the encrypted keys or access to the coins on the blockchain, which means the exchanges has in possession what you can always use to import your wallet at anytime from the blockchain, if many had known this, maybe only few would have been using centralized exchanges.

[Crypt0Gore]

Everything you have witnessed in crypto space have happened to 99% of people in the crypto space, this is normal to get better with crypto and gain more knowledge if you learn from your failures.

Bitcoin as a means of retirement is very good and advisable but for older people, I don't know, because their minds are created differently, they are in this world before us and they understand Fiat better, an old man would rather advise you to invest in gold than anything is because Gold was the best in their era.

If I am in a position to advise older people that are ready to listen to me I will tell them to invest in some Bitcoin, Gold, and stock for retirement,  doing so will likely give them rest of mind better than focusing on Bitcoin only.

[sunsilk]

If your parents are going retirement, let them do what they wanna do with their money. They know better with their money and they can't take that much risk for that money that's good as their retirement fund.

While you, I assume you're still young and can take and bear losses. That's okay for you to take that risk and invest in Bitcoin. We know as believers that someday it will be on a better place but as we go through that path, there will be times that you're not anticipating and will show how volatile this market is.

[Iadegbola34]

To begin persuading your parents, educate them on the technology underlying Bitcoin and its prospective benefits. The principles of blockchain technology, how it facilitates safe transactions, and its long-term growth potential are explained. Sharing the success stories of trustworthy investors or companies that have accepted Bitcoin could be beneficial.

Addressing their fears about fraud by emphasizing the significance of using reputable exchanges and securing cryptocurrency storage options. This highlights the growing global use of Bitcoin, as well as the regulatory steps being implemented to protect investors.

There are several alternatives to purchasing Bitcoin at low cost. Consider a Bitcoin exchange that allows small investments. Some major exchanges, such as Coinbase, Mexc, Gate.io, and Kraken, allow BTC to be purchased for a modest minimum deposit. Additionally, peer-to-peer services, in which vendors are prepared to exchange lesser amounts, can be used.

Finally, you should continue to learn about Bitcoin and the cryptocurrency industry. Keep up with the latest news, follow trustworthy sources, and interact with the bitcoin community to learn and develop their knowledge.

[Fiatless]

I came across Bitcoin around 2020, yes before the halving and was talked into by a friend to try it out. I was interested but been a student I wasn't with any tangible fund so had to seek my parents help. They were skeptical in investing because they believed online transaction are just scams or always end in losses. My friend made good return after the halving around 2021 (He is a believer of HODL) and i made some too( am not someone known for their patience) but was still filled with regret due to selling earlier.

Youths are more attracted to cryptocurrencies but it is usually difficult to convince the elderly about investing in Bitcoin. They are not well exposed to the computer and the opportunities that abound on the internet. Except if they are well informed about these opportunities or they are investments minded they will never accept it. So I don't blame your parents.

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

There are very clear differences between scams and cryptocurrencies. The only reason why people assume that there are no genuine crypto businesses is because of ignorance or lack of information. For those that care to know teach them the difference but for others, leave them. The Bitcoin industry is not for everybody so you don't need to convince or force people to them to believe or join the space.

The FTX bankruptcy that lead to a massive dip in Bitcoin didn't help either. The loss affected my confidence in Bitcoin (cut me some slack knew nothing of this forum) and my parents who I almost convinced took it as been unprofitable and filled with losses.

The fall of ftx affected the price of Bitcoin because it promoted FUD. But ftx is an exchange and not Bitcoin. The only relationship ftx has with Bitcoin is that people carelessly keep their funds with exchanges instead of holding them in a self-custodian wallet. Dealing with exchanges is risking your funds.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

Retirement benefits are priceless income that should not be toiled with. Your parents need that funds to take care of themselves because there will no longer be salaries or wages. Therefore, upmost care should be taken while choosing a sector to invest. Don't force them to invest in Bitcoin because the sector is not also predictable. Let them make their choice of investment by themselves. If you force them, you will be blamed for anything that happens. I will only invest what I own and teach people about my investment. I will always pass the decision to invest to the intending investor.

I am also planning on buying some Bitcoin when I have some free funds rather than using them for something with no real benefit. Where can I buy Bitcoin at the minimum amount possible like the minimest(I know not an English word) amount possible so I can accumulate easily. Thanks in advance

It is your money, you can invest. Invest only what you can afford to lose. You can buy through P2p platforms or from a trusted member of the forum.

[Hyphen(-)]

My country is known for some group of guys called yahoo boys who deal sometimes in crypto scam(a reason crypto is banned in my country) now if you tell most people in my country that you deal in crypto you are branded like one of the boys. My parents are not different they frown against it thinking crypto is a means of scamming others thus biased to stocks.

I suppose you are of Nigerian origin. Some of our parents, particularly those who are not well educated, refer to all online investments as "froud" and a fraud that will soon stop. That is why they will find it difficult to accept Bitcoin investment; they would rather leave their money with banks than invest it for greater earnings.

They are close to retirement and still believe in saving in banks and buying stocks. I don't really know how I could go about convincing them to invest some idle funds in Bitcoin since my father is kinda headstrong.

I don't think it's a good idea to give them Bitcoin investment advice because they don't believe in anything online and consider it a scam; therefore, it's best to let them keep the physical investment they started because it's less risky than Bitcoin investment and they'll profit from it.