Explaining BTC to rich aged parents

[Israelgogo]

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.

He's old, please let him be and don't disturb his brain so much. You'll have a lot more explanation to make if Bitcoin volatility reduces the value of his stash and they could interpret it that you duped them, even though you're being honest. You could be arrested too and such assumed loses can deteriorate the man's health and bring unintended tension to you.

Older people are not very adorable to modern technology. I've taught my 60+ mum how to use ordinary WhatsApp more than a million times and we still had sessions yesterday learning the same thing.

If he has children around, I believe it's better to enlighten their children about it, they themselves are in better position to teach their parents if they want, don't just ruin your beautiful relationship trying to teach an old cargo digital investment which his brain cannot seen to understand it's workings.

But what happen to the money am aiming to invest, yes most aged parents cannot or may not be interested in knowing what BTC is all about and like you said I can be arrested for stressing their mental health. Family needs to be expose with digital marketing to enable the generation after them take care of online business and investment, platform like btc and other coins would have more improved their assets and financial if it was initiated during young era but now they're old somebody needs to replace what they do not achieved.

[DiMarxist]

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

If the man is not informed about Bitcoin just as you have rightly put it , it will not be wise for you to collect money from him and buy Bitcoin for him. This is to avoid doubts which may come up later, why if the man is not informed about what Bitcoin is and how it works. Properties such as volatility, it decentralized nature and the idea of investors to hold for a long time, this man may be worried in time to come. What I mean is if there is a dip in price and the price drops below his buying price this man may not understand you and may blame you for it. You should focus more on enlightementing this man rather than buying what he doesn't know nothing about.

[AirdropNexioX]

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

If the man is not informed about Bitcoin just as you have rightly put it , it will not be wise for you to collect money from him and buy Bitcoin for him. This is to avoid doubts which may come up later, why if the man is not informed about what Bitcoin is and how it works. Properties such as volatility, it decentralized nature and the idea of investors to hold for a long time, this man may be worried in time to come. What I mean is if there is a dip in price and the price drops below his buying price this man may not understand you and may blame you for it. You should focus more on enlightementing this man rather than buying what he doesn't know nothing about.

I could not agree with you more. No one should be persuaded to put money into Bitcoin unless he or she is educated about this product. Education should always precede any kind of investment.

Indeed, Bitcoin does not guarantee high returns on the investment. Its value can skyrocket very quickly but there will be times when it experiences large corrections in price. The person who invested in Bitcoin unaware of its volatility or the reason why people keep Bitcoin for a long period of time will get panicky during hard times in the market. In this case, the person will probably blame the person who suggested him or her to buy this cryptocurrency.

However, education is much more important than simply making an investment on the behalf of someone else. Tell the person how Bitcoin works and discuss all the pros and cons of it, and the person will make a well-informed decision on his or her own.

[CryptoHeadlineNews]

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?

There are certain things you better not introduce to some people due to the risk and relationship you have with them, and when it comes to the issue about this old couple and his wife, I don't think collecting their money to invest in Bitcoin is a good idea, because at that year, it's obvious that at the old those couples are right now, what they might be looking for is a sure and legit investment that they can put in their money and be sure of having a specific fixed interest every week or month. And Bitcoin is not like that, because they might invest in Bitcoin now and it's value will drastically fall. And when situations like this happens, it puts your relationship that you built over the years to a test or at risk of losing it with those couples.

[Itz-prisigold]

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

I don't believe that it will be wise for you to take his money to buy Bitcoin when he is not aware of what he is investing in.  When family, friends, or elderly individuals are involved, it's even more important that the standard is higher, as there is more potential for losing trust should the market turn against them.

Yeah sure Bitcoin has the potential to be a wonderful long term investment, but the decision shouldn't be yours to make, he should make the decision himself.  Your job is to patiently educate him, answer his questions politely and ensure he understands the risks and benefits to be encountered. After learning and the man still want exposure, then he should begin by allocating a small amount he can afford to set aside over several years, in order to avoid financial hardship.

The worst case scenario is not the price of bitcoin dropping,  it's when someone gets pushed into an investment that they didn't really understand. This can destroy relationships and the trust in Bitcoin itself.

[Son Of Blockchain (SOB)]

 He already has the discretionary funds to start investing but his problem is that he doubt it's a good choice since he has no understanding of it. Giving you money to invest for him shows that he's intrested but doesn't know how to invest so to convince him, you should use the history of Bitcoin abd how it improved over the years, that's a good way to convince anyone for a start.
 Also, you need to let him know that it's a long term investment that requires patience with continue accumulation at certain intervals for a period of 4 to 10 years before you even think of convincing him with the historical growth of Bitcoin. After that, if he's still not convinced or lost interest then let him be, maybe he might later be convinced in future through your own success and by then it could be a bit later to buy this cheaper.

[Kelward]

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

Dis your topic de very interesting and I de very glad say all di comments wey I read say make you no help dis elderly couple wey you de talk about to invest in Bitcoin because as me and you know Bitcoin na volatile asset wey you no de sure when e go give di old couple profit. Di thing about Bitcoin be say if you see profit on top of your capital before you go take di profit di coin fit to don dip and dat part de very difficult to explain to somebody wey no know how di market de go.

If you must teach anybody about Bitcoin investment weda na young or old person abeg make you make sure to tell dem say profit no de guaranteed when you put mind to collect so you no go become somebody enemy for your good intentions because some fit to talk say you carry dem enter scam investment. Make everybody wey want to enter Bitcoin investment do dem own research and decide for themselves weda dem de ready to buy and hold for no matter how long e go take before dem go see profit.

[EarnOnVictor]

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

Is it a good idea to invest in Bitcoin? Yes! But is it a good idea to invest in Bitcoin with zero idea? No!

However, that is not a roadblock, as you can still be of help in the learning and fetching of the right articles to read. You could also be of help in the actual investing if you could be trusted with that since you already know what Bitcoin is and how to get the investment done in the smartest ways possible.

Very importantly, ensure you limit this to Bitcoin only.

[Nathrixxx]

I don't see why some are so obsessed about introducing bitcoin to everyone they come across, even though bitcoin is for everyone to know but not everyone will definitely be in the best position to invest or adopt Bitcoin for some reasons, an older person may only need to engage the use of Bitcoin from his children when given but not to be an investors and risk their asset on Bitcoin by doing mistakes.

[PremiumcryptoHub]

I think you should explain to him more deeply about Bitcoin and cryptocurrency because many people living in this country may have heard of Bitcoin but investing in it has a lot of risks and has to be done strategically. However, OP, if you want to interest the gentleman of that family in investing in Bitcoin, then first inform him about the basic knowledge related to Bitcoin because even with a little knowledge, he will get an idea about how to invest in Bitcoin, risk tolerance, discretionary income system, investing with a long-term mindset and keeping his investment portfolio safe from fraudsters, which will complete that gentleman's knowledge about the initial steps of investing in this BTC.

[Jubilee58]

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?

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

Like you said, there is nothing wrong to introduce older people into bitcoin investing, but be very careful because older people are very difficult to convince. So don't only explain bitcoin investing to them , but ensure they understand how bitcoin investing works before finally engaging them into investing.
Bitcoin rewards long term investors, but to an old person who lacks knowledge of bitcoin , when there is Market crash, they wouldn't understand it is part of the market. They would think there money is gone, and you that introduce them will have a lot to explain.