Explaining BTC to rich aged parents

[Shaponzy]

That's reminds me of how some of us are facing challenges with our parents when they reach  thier old age. The facts is, ageing is something that will affect everyone of us when it's time comes, it's natural process in everyone's life inwhich our body functions reduces it's functions as it was before. Such age like from 55,60 to 65 and above, depending on how healthier you were and the environmental factors. So imagine they went above this ages and you are bringing or introducing them into bitcoin investment. The thing is bitcoin is volatile in nature and the bitcoin prices may fluctuate anytime any moment without our consent, which is a normal thing that must happen in bitcoin investment journey. Then if they have successfully invested into bitcoin and they experience market dips, how would one explain to them that it's normal?. So introducing them into bitcoin investment may caused you harm than peace seriously, so its better you let them be and if thier children are interested in the investment it would be better than the elderly parent. Well I don't support that even in a bit.

[Mhizlove]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

For me, I won't advice him to invest if he has no understanding about bitcoin or how it works. Because no matter how good your intentions are, if later the market price falls, it will feel like you mislead him into it and at the end of it all it will affect the trust between you both. A better way in which you can approach this kind of situation is to help such person how to learn first, go ahead and answer all his questions and lastly you will let him decide for himself if he really wants to invest. If he finally agrees to invest, such person will have start small, atleast with only the money that  he can afford to risk while gaining experience.

[liasbaa]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Through money transactions, you can easily recognize a person. How idealistic or deceiving that person is. If anyone cannot repay the loan on time, you will assume that the person is not idealistic and will possibly deceive with you.

The gentleman you met is not aware of cryptocurrency, you have introduced him to this asset, this is enough for him. Do not force him, in the future, help him in every way if wants to know about this or invest in it. You have explained it to him, okay, provide him with important links to learn about Bitcoin and ask him to do research. Ask him to apply his own judgment to make a decision about Bitcoin.

If you can borrow money from him to buy Bitcoin, take it for a fixed period and try to repay it within the specified period because many good mutual relationships are ruined due to financial transactions. Establishing and maintaining a relationship and even gaining trust is a great quality of every human being.

[Fiatless]

These elderly people are prone to sicknesses such as high blood pressure and heart attacks. So you need to be careful about the business or asset you want them to invest in. Bitcoin is a very volatile asset that can make even young people become anxious and fearful. A massive drop in price could make these elderly people feel bad.

If they have children, introduce Bitcoin to them. I am proposing a defensive approach to avoid being called a scammer. I have seen someone who was arrested not because he defrauded people but because he introduced people to an investment.

However, some elderly people are risk takers and they might like to invest. In that case, ensure they have the right information and allow them to make their decision.

[Creeper0]

If you value that friendship I'd advise you to not do it. It's difficult dealing with elderly people; your intentions might be good but remember that Bitcoin is volatile and if the price crashed, it would be difficult explaining to someone with zero knowledge of how the system works and it could leave them feeling misled and that would affect the relationship with the person.

 First step is to encourage him to learn about Bitcoin first rather than invest immediately. Elderly men hates to lose money on a new technology

I would not advise against making this decision just because he is old, but rather that such a decision should not be made within a relationship if he values ​​the relationship. I would advise never taking responsibility for someone else's investment or Bitcoin, especially those who have very little knowledge about crypto and technology. Helping them gain knowledge about Bitcoin and investing may be enough.

For that old person, it is better not to get involved in long-term investment assets like Bitcoin, especially if they do not have heirs. Because they are already in the last stage of life, they may end their life before achieving their investment goals or face any accident. Even the last age is a time to spend saved money, not a time to save new ones. If there is an inheritance, some assets can be left for them, be it Bitcoin or any other asset.

[Johnlomape]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

This is a dead trap....You need to run as far as you can if you don't want to end up in jail if anything happens later.
A rich man want to give you money to invest in Bitcoin maybe he was not understanding you based on your own explanation but do not forget that the internet is there to help us get clarity about what we may not know.

 If someone you told about Bitcoin is not ready to invest by themselves and asking to give you money to invest, that is a trap to make you pay in the future when the price of Bitcoin may depreciate adding very high floating loses that can be very hard to understand by him.

[Plutomanian]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Common, that's not even good enough. Are you trying to say you're going to be persuasive towards your friend before he can purchase Bitcoin? He's not investing in Bitcoin because he truest Bitcoin, rather he's investing in Bitcoin because you convince him to invest which will later generate a very big problem.

OP, If reverse was the case and I happen to be in your shoes, I wouldn't for a second think about persuading or convincing anybody to invest in Bitcoin, not when this project is base on volatility. When the bear season comes and his portfolio start to experience dip, what will be your advise to your friend that invested in Bitcoin solely because you told him to. We're no longer in that phase where you get to persuade someone to invest in Bitcoin, this is time to learn and explore more about the market because as time goes on, many things are evolving snd that's how we ought to be working, knowing our routes and becoming more independent. I would urge you to let go of any Bitcoin related discussions with your friend because that man won't be able to bear the losses when it comes.

[Shadiq]

Never advise anyone to invest in high-risk and volatile assets or take responsibility for investing. Especially do not advise those who have mental illness and are very weak mentally. Even try to avoid giving risky advice to elderly people.

Dependent Bitcoin investment is not yet advisable. Before advising someone to invest in Bitcoin, help them achieve the ability to invest independently. If you advise someone to invest while depending on you, then it will definitely be risky for you. Because Bitcoin will not follow your expectations or obey your orders.

[Comeacross]

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

You probably try to force the idea on the man to invest and that's why he wants you to convince him to give you the money to invest. First of rule of introducing Bitcoin to a newbie is being neutral. If you make it sound too good, you're given them assurance of guaranteed profit and you'll be held responsible for their lose. If you make it sound too bad, you'll probably scared potential investors away. Be neutral and allow them to make decisions for themselves and never collect their money to invest on their behalf.

If you agree to collect someone's money to invest for them, you probably have no idea about it either or you have another motive behind just investment. It is the worst mistake you can do as a mentor.

[WhoYouCantKill]

For me, I won't advice him to invest if he has no understanding about bitcoin or how it works. Because no matter how good your intentions are, if later the market price falls, it will feel like you mislead him into it and at the end of it all it will affect the trust between you both. A better way in which you can approach this kind of situation is to help such person how to learn first, go ahead and answer all his questions and lastly you will let him decide for himself if he really wants to invest. If he finally agrees to invest, such person will have start small, atleast with only the money that  he can afford to risk while gaining experience.

Absolutely, that is how aged people thinks, no matter how educated they can be, most of them do act like someone who don't have any idea of anything. That is why its important to observe your own perspective because that is the only way one can avoid unwanted pressure from someone who invest and lose everything in the process, especially when it comes to the aged people and if possible, its better to let them be and allow them to relax and enjoy their old age in peace because stressing them to invest especially in a volatile assets like Bitcoin can only harm their health.

[Dicee]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

This is way too risky. Even if the man has gained the little knowledge about bitcoin and also youve convinced him to invest in bitcoin, it doesn't still rule out the fact that if the price of bitcoin drops, the consequences will be on you, and it be difficult for them (the aged couple) to understand, they believe you have a better understanding about Bitcoin even before you introduced it to them.

So for me i dont think is a good idea for u to convince them in investing, rather if they have children,  you can as well educate them on digital market rather then risking yourself.

[Dr.Bitcoin_Strange]

This is what is going to happen, they will give you the money to buy the Bitcoin and after you do so and price drops drastically, then the man will panic and probably lose patients of waiting and so will accuse you of scamming them and also putting you in pressure by demanding a refund of all his capital which you might not be able to afford and so you will be forced to sell the Bitcoin in lose and refund him what you have come up with, promising to pay back later when you have money. To avoid any issues arising in the future, I will advise you let him do so by himself, give him the right source where he can learn about Bitcoin and let him decide for himself whether he will invest or not.

[Grace333]

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

I don't really think it is a good idea to manage or rather invest his money in Bitcoin if he doesn't clearly understand what it is or even the risks involved sef.  We obviously know Bitcoin is a valuable long-term asset, but of course it is also volatile as well and investing without informed consent could damage both his finances and your relationship if the price falls. You can actually focus on educating him over time, answer his questions patiently  because he should have alot and only if he fully understands the potential risks and rewards should he consider investing and obviously starting with a small amount he can comfortably afford to leave untouched for the long term.

Before anyone invests in bitcoin he must know the kind of money that should be used for investment, not every money is worth investing,  all investments must come from your discretionary income and money you don't plan to use for the main time, so yeah before anyone must invest they need to have the knowledge of investing from their discretionary income so they don't put their finance in trouble that will cost them regrets. What ever you want to do, it's always good to do it well by first making all the necessary research.

[CryptopreneurBrainboss]

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Don't, we have old money and then we have new money, from the look of things your client is in the category of old money that is why he's yet to understand what crypto is all about. The fact that he wants to give you money to invest without knowing about what crypto is all about then I guess his wealth was achieved from others making it for him or him inheriting it because a true businessman knows that he has to understand what he is investing into.

What I will do is to follow him up with videos and lectures on what crypto/Bitcoin is all about and when he has gotten enough knowledge then he can invest. Right now money isn't this man's problem but how to secure and preserve that money is his problem so it's better he wait a little to understand what he is getting into than to rush him into investing and when he lost all his money you become the one to be blamed.

I don't like the idea of taking people's money to invest, it is better they do it themselves to avoid future misunderstanding.

[Tonimez]

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Don't, we have old money and then we have new money, from the look of things your client is in the category of old money that is why he's yet to understand what crypto is all about. The fact that he wants to give you money to invest without knowing about what crypto is all about then I guess his wealth was achieved from others making it for him or him inheriting it because a true businessman knows that he has to understand what he is investing into.

This reminds me of a line I read from the book the richest man in Babylon.

This is very understandable that no real investor goes into any business he does not understand because there's higher chances of ending in regrets. So for him to even consider releasing his money to buy bitcoin when he knows nothing about cryptocurrency should tell him that all the man is hoping to hear is profit, he is not after how the money will come and may not even be ready to have enough patience to allow the bitcoin for a long period of time.

What I will do is to follow him up with videos and lectures on what crypto/Bitcoin is all about and when he has gotten enough knowledge then he can invest. Right now money isn't this man's problem but how to secure and preserve that money is his problem so it's better he wait a little to understand what he is getting into than to rush him into investing and when he lost all his money you become the one to be blamed.

I don't like the idea of taking people's money to invest, it is better they do it themselves to avoid future misunderstanding.

As an old man with "old money", every penny matters and taking money from him to invest in bitcoin would actually end in public embarrassment and branding him a scammer. Even is the man insists on investing immediately, it is better to allow him do it by himself in his own wallet where he would monitor it on his own. But to be able to manage a wallet, he still has to learn about bitcoin first. So make all the necessary information available for him and allow him make his informed conclusion/decision. If he invests on his own, the blame will be less than when he takes the money from him.

[Tungbulu]

Before anyone invests in bitcoin he must know the kind of money that should be used for investment, not every money is worth investing,  all investments must come from your discretionary income and money you don't plan to use for the main time, so yeah before anyone must invest they need to have the knowledge of investing from their discretionary income so they don't put their finance in trouble that will cost them regrets. What ever you want to do, it's always good to do it well by first making all the necessary research.

Even if one doesn’t know everything about investing in Bitcoin, there are some basic things that are a must have for everyone going into Bitcoin investing, and what you’ve stated about investing with only discretionary funds is purely one of those basic things every investor must know, this is because, investing with your discretionary funds helps you avoid getting your overall finances mixed up with your portfolio. Since Bitcoin is a long term investment, one thing that wouldn’t be accepted would be getting into any situation that’ll make you tamper with your portfolio anytime sooner than your set time horizon, and the best way to do this is to completely avoid putting in any money you’ll have an immediate need for.

[Out of mind]

I came across a family through one our outreach programs and the man love my approach to life and he decides to invite me home and introduce me to his aged wife, over time I became more familiar with them and I gets to know the kind of properties and assets he has.

So on one occasion I was discussing with the man on projects then I landed him on digital market and I was surprised this man have not heard of cryptocurrency as digital assets. So I try explaining everything to my best knowledge but he was not still flowing,  he wants me to convince him enough to buy the idea of giving me money to buy BTC.

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Basically, if you can explain Bitcoin well to the elderly person, then maybe he can give you money to invest if he owns a large amount of money. However, you should also make sure that you have done something about the volatility of the Bitcoin market and risk management before talking to him about investing. You must pay more attention to these things that only investing can make you profitable, rather it is normal that you will face times of market decline. Therefore, if you help that elderly person understand it well by advising him on investing for a long time, it is good if he gives you money to invest. But I think it would be best to invest with your own money and have a self-control over yourself, I claim that nothing is better with other people's money. However, if you have a good acquaintance with him, then you can invest with money, it will depend entirely on you.

[Samlucky O]

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

Buying Bitcoin is an individual choice and not by force, if he doesn't have any knowledge but his willing to invest on it, then you can go ahead and make him learn how to invest. First of all, you have to teach him how cryptocurrency works and how to buy Bitcoin and send to wallet. He must learn to be patient and be consistent, not just investing without proper orientation. Lack of orientation is like a wasted effort.

[Dareo]

Do think is good ideas taking his money to buy BTC when he has little or no knowledge of crypto word?

I would say that your situation creates a big moral and responsibility gap. When a gentleman wants to pay money to buy Bitcoin without understanding it himself, just trusting you then taking that money would not be a good decision at all. The crypto market is very volatile and at any moment the old man can have a mental breakdown due to a big drop in price, which will ultimately destroy his trust in you and the beautiful relationship in an instant. In my opinion , he should be given a chance to learn about Bitcoin first, If after a while he understands himself, knows about the risks and wants to invest on his own decision, then the matter is different. It is always better for the investor to make the investment decision himself.