Bitcoin as a retirement plan for my parents

[Z390]

Older people don't believe in anything online investment, they believe that every online investment is a scam and I advise you not to waste your time trying to bring in any older people into bitcoin because even if you managed to convince them to invest in Bitcoin, they will keep doubting you and it will get to a point that they might feel frustrated or something like that, e.g if we have a longer bear market and bitcoin keeps losing value, and if anything happened you will be held responsible now I prefer to bring in youth rather into online investments rather than older people.

[Zaguru12]

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.

They have every cause to be concerned because not all cryptocurrency are actually not scam. Most of the Alticoins are just seasonal dump and pump coins/tokens. And once people lure to invest in them they dump and die, this is clearly similar to Ponzi schemes and could also be regarded as scam. So whenever you’re speaking about cryptocurrency and why it is not scam, be specific on bitcoin that you have full confidence on. Do not generalize crypto entirely so people don’t go and invest is some of this Altcoins.

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.

Yes the FTX actually had a negative effect on bitcoin price but there were also other factors then that actually affected bitcoin, so do not be discouraged with because there are have been sever crashes than this and bitcoin still bounced back just like you are seeing this year already.

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.

My advice is to leave them to invest into anything they want because it will be a Borden too much to convince some to save their life savings into bitcoin. Although it is certainly guaranteed that it is not a scam and it is the currency for the future, but its volatility is serious something of a concern. If they are afraid of online investment, speak to them about running physical businesses and if they accept you can try to convince them to incorporate bitcoin payment method into the business, this way they could get familiar with it and could be there way into taking it as an investment option.

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

You can buy bitcoin as small as $5 from some exchanges. All you need to do is to visit your country’s board on the forum here and they would suggest exchanges that are suited for your country

[m2017]

~snip

So what is your problem? That you can't convince your parents to invest in bitcoin?

I will say that the chances of convincing them are almost zero. Firstly, as you said, in your country people have a negative experience with the crypto-scam and of course your parents have heard about it. This is one of the strong arguments that will hold them back until the last moment. The next factor is that your parents lived for the most part in the world of the traditional financial system with pension savings and the stock market, therefore, everything new seems alien and foreign to them. And thirdly, your father is quite stubborn and is unlikely to change his mind.

I would recommend that you focus on your investments, forgetting about trying to get your parents interested in bitcoin.

Are you asking where you can buy btc for the minimum amount? You didn't specify how much you mean, but look on bestchange, where you can find an exchanger that allows you to buy for a couple of tens of dollars. The link can be found in my signature.

[tvplus006]

...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 understand your desire to help parents in financial matters, but your investment advice can lead to a loss of money, since investing refers to high-risk transactions. Focus on your own business, which will allow you not only to invest in Bitcoin, but also to help your parents when they reach retirement age.

[Merit.s]

I
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.

You shouldn't kill yourself to convince your parents to invest in bitcoin, if they don't believe in it. They lack the knowledge of how bitcoin works and your parents still believe in the old fiat tradition, which might make it a mission impossible. You should also know that bitcoin is highly volatile and can cause a big problem,if the price goes dip than what they bought especially when they will be in need of their bitcoin to sell. It is very risky for them to invest in bitcoin in their old age because bit coin investment needs patience and understanding of bitcoin market analysis. If it is a must that they must invest,then let them use little fraction to invest in bitcoin. I hope you are not trying to convince them to invest in bitcoin for you to be in charge of your dad bitcoin portfolio. You should think of buying your own bitcoin instead of thinking on how to convince your parent to buy what they don't believe in.

[Queentoshi]

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.

Since your parents are old and they believe more in saving in banks and other investments like buying stocks, you don't need to put them under too much tension to change their beliefs. Old people are not easy to convince because they are okay with what works for them and will not easily consider any reason to change. Instead of focusing your energy on them, focus more on yourself on how you can better invest In Bitcoins, your parents have lived and faced the results of the actions they made while younger, if you focus on your parents and loose focus of the actions you need to make today investing in Bitcoins, the results you will get in the future, the consequences of your actions may not be too pleasant for you.

[yazher]

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.

That's what is important because when you successfully buy some bitcoins all you need to worry about is where to safely store it for a long period and it needs to be easy to access for you as well. There are people that are easily forgetting their private keys after a long period of hiding them and mostly they forgot them because they are busy with their worldly life and they are not often checking them. As we progress with this new financial investment, there are lots of ways for hackers to steal our BTC so it is important to always get updated on their new schemes and also on how to further secure our wallets from potential scammers.

[cryptoaddictchie]

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

Thats a smart move. You can buy bitcoin on different places online you could use non custodial dex market or use centralized one. Any choice of you and there is no minimum purchase of it as long as you can afford a chunk of bitcoin. A warning though be careful on scammer who would contact and promise to help you bought bitcoin on market. Do it on your own, its not hard to learn how to buy.

[mk4]

Since your parents are old and they believe more in saving in banks and other investments like buying stocks, you don't need to put them under too much tension to change their beliefs. Old people are not easy to convince because they are okay with what works for them and will not easily consider any reason to change. Instead of focusing your energy on them, focus more on yourself on how you can better invest In Bitcoins, your parents have lived and faced the results of the actions they made while younger, if you focus on your parents and loose focus of the actions you need to make today investing in Bitcoins, the results you will get in the future, the consequences of your actions may not be too pleasant for you.

Precisely. At older ages, all they need is low-risk investments just to make sure they have enough funds to live comfortably(and probably have inheritance money for the next of kin) until their inevitable deaths, rather than go with higher risk investments to hopefully buy a yacht or a lambo someday.

[smyslov]

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.

They are old folks and old folks rely on traditional investments, Cryptocurrency is something new to them so it's kind of hard convincing them to invest with their hard-earned money, so the best recourse is to teach them how to use Bitcoin from buying something, in short, concentrate on the usage and the underlying technology once they become interested then you can introduce the monetary side of it, and it's up to their decision if they want to proceed to invest.

[suzanne5223]

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.

If you want to make something good out of the cryptocurrency you need to develop the habit of holding for the long-term. Most crypto millionaires achieve the record through holding. You make use of BTC as retirement plan for your parent but you need to have good knowledge about securing the BTC and also know the danger involve in BTC investment.

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 sad thing about innovative technology is that some bad actors will always abuse it potential for their selfish again but that's not enough reason for the government to ban Bitcoin. If the illicit transaction is done through fiat currency, will they ban it?
I think they purpose ban BTC because they didn't like it.

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 depends on your country of residence but if you can buy without having issue with KYC and P2P trading is supported in your country i will advise using Binance but if you value privacy, i will suggest Crypton Exchange.

[Natalim]

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.

IMHO, I really don't think that you need them to convince but to let them decide what they want and what they think is better for them. Because if crypto is not their interest, I don't think it works for them nor they would study it. If they want to invest in the stock market, that is still okay at least they have a plan and direction on what to do after retiring. But stop them from thinking of putting their money in the banks as it won't help them to grow their money, maybe encourage them to go business instead.

[Rengga Jati]

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.

Well, if they don't want, don't force them. Once something bad happens, you are the one accused.
Investing in Bitcoin must be with awareness and acceptance of all risks. If they don't want to, don't force them. Just let you continue to invest in Bitcoin and later they will see the real results of how you try to invest in Bitcoin with pretty good profits. Actually saving money in the bank is detrimental, because it still requires admin fees and others. But if they really believe in it, let it be rather than having problems later because we recommend diverting money to Bitcoin.

If you want to buy Bitcoins in small quantities and collect them little by little, some top exchanges like Binance can be the solution.

[I_Anime]

Most senior citizens don't even want to keep their money's in bank. Many people tend to shy away from anything that will affect their status quo. Once one get older they don't think about change but stability. Bitcoin might be more profitable but its definitely more volatile hence more risky. Its hard to change a man to go against its belief. If you believe in the prospect of Bitcoin, but are advised otherwise on its shortcomings you would still act headstrong. Is hard to change one's belief. Patience, diligence and result would be needed.

[Gallar]

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.

It will definitely be very difficult, let alone affecting parents who are strict and feel they know everything the best. Telling your parents about the advantages of investing in bitcoin will definitely take a long time. Because your parents' minds already contain negative thoughts about the existence of crypto/bitcoin, so it will definitely be very difficult to reverse these negative thoughts. Moreover, in your position as a child, you definitely can't say anymore when your parents say no to crypto/bitcoin investment.

But if you really care and want your parents to invest in bitcoin, I suggest not using words to explain bitcoin, but using real evidence about the benefits of investing in crypto/bitcoin. Because if you only use words, I'm sure it will be less weighty to make your parents understand. But if the evidence is visible, I'm sure your parents will think for a while about investing in crypto/bitcoin. So now you just focus first if you are investing in bitcoin. for example, you get the profit when the halving will come next year, show the results to your parents, and after that start discussing crypto/bitcoin again with your parents. I'm sure your parents' minds will change a bit.

[ultrloa]

Most senior citizens don't even want to keep their money's in bank. Many people tend to shy away from anything that will affect their status quo. Once one get older they don't think about change but stability. Bitcoin might be more profitable but its definitely more volatile hence more risky. Its hard to change a man to go against its belief. If you believe in the prospect of Bitcoin, but are advised otherwise on its shortcomings you would still act headstrong. Is hard to change one's belief. Patience, diligence and result would be needed.

And especially on there age where they are at situation where there health is also at risk I don't recommend them to invest bitcoin since this is not short term rich scheme. You need to await for long time before you can see some good result on your holdings and maybe they will get affected on its heavy volatility and might it can cause risk for their self and also on financial aspect. I am more confident if they invest their money on rental properties since this once could give them security rather than going on another risky things which we can't predict on what's going to happen.

[Inwestour]

I noticed such a thing that children will not always be good authorities, who could give advice to their parents and they would listen to him.

You think about your parents it's good, but you will take care of them anyway, so you better think about your pension fund, start now and maybe in the future it will be able to provide for you and your parents. For our parents, new technologies and digital money can be incomprehensible. It will only give them unnecessary experiences, so if you can avoid it, then do it.

[Pandu Geddon]

it is quite difficult to explain how technology develops to parents. but from the positive side, your parents are still thinking about how they save their money in the bank or buy stocks for investment.
Young people like you have a more modern mindset. you understand how Bitcoin can be profitable if you consistently invest and are patient with your planning.
no need to force your parents to follow your thinking. you also do not need to oppose the thoughts of your parents. now what you need to do is have your Bitcoin even from the smallest. collect your small money until finally enough to buy Bitcoin. because your country doesn't like Bitcoin and Crypto. maybe you should find a p2p merchant to get it.

[tabas]

There's the same thread about this topic: Dad's retirement money is invested in Bitcoin!
My take on this is if it's not our money, I wouldn't get to touch and do anything with it. I know that we're all optimistic about bitcoin but if it's not the money we've worked hard for, why decide to do anything with it. I don't think you need to convince them. Look, majority of us on this thread and on the other thread is worried about these parents that even had their kids planning for the money they own without them realizing that you guys have a plan for it.

I noticed such a thing that children will not always be good authorities, who could give advice to their parents and they would listen to him.

I agree, I have my own plan of retirement money but I'm not interested on touching my parents retirement money or any money that they own.

[robelneo]

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 Cryptocurrency market is highly volatile you can lose half of your investment in just a short period of time and could triple your investment also at a short period of time, can your parents understand the losses that they are going to incur if ever can they accept it?
Our parents are moderate in their age they just want a small profit from their retirement pension so you have to respect your parent's decision if they are not into this kind of investment, but you also have to explain the risk and the benefits but never give them false hope, remember it's their retirement pay, they worked their whole life for this, let them decide on their own.