How do we convince our parents to invest in Bitcoin?

[Yamzakid]

Most of our parents are committed to traditional investments such as bank deposits, and some of them can neither read nor write and some have never heard of cryptocurrencies before, so in this situation, if we see that they have intention to do any kind of profitable investment, how do we convince them to invest in Bitcoin?
I'm interested in knowing what you think of this discussion.

[Mia Chloe]

Let's start with the obvious fact that most Nigerian parents aren't learned enough to understand most digital banking stuff pike bitcoin and crypto and that alone puts them at risk  of losing their crypto investment. Their traditional method of bank investment works well for them since they understand how to manage it properly.
You shouldn't force them to put their money at risk. The best you could do for them is for you to personally understand bitcoin and crypto and them make profits of them and use from it to assist your parents in their personal investments.

[EluguHcman]

First you need to find out if your parents are risk bearers and the level of their patients while invested their funds with the expectations of making profits.

You don't need to convince your parents to invest on Bitcoin rather... You need to make them understand what Bitcoin is all about including its risks potentials.

Let them know how legitimate Bitcoin is because scammers has made it look unbelievable for older people.

Believing that you have invested on Bitcoin before that day, you can reference yourself worth on investing in Bitcoin to let them know how genuine and profitable investing on Bitcoin could really and then leave them with the decision to decide if they would take the dare to invest or decline.

[Wiwo]

Most of our parents are committed to traditional investments such as bank deposits, and some of them can neither read nor write and some have never heard of cryptocurrencies before, so in this situation, if we see that they have intention to do any kind of profitable investment, how do we convince them to invest in Bitcoin?
I'm interested in knowing what you think of this discussion.

First talk to the about bitcoin and let them know that for bitcoin investment to appreciate in value, there is the need to wait for a long period of them, giving it few years, and with this understanding leads me to ask this question.

Do you think your parent have such time to wait for an investment to take year to appreciate a d be ready for liquidation?

Most old people believe more on daily business like what their can sell and buy on daily to surviywith the trade, such as owning a restaurant or business center, that the income comes in on the daily, bitcoin is a kind of too risky to the elderly ones most especially someone who's life depends on they investment to survive.

[target]

If you really want to make them invest in Bitcoin, you can just introduce them to an online wallet that they could to pay using Bitcoin. Give them discount if they buy Bitcoin from you.

I would like my parents to alwo invest but I don't see them using the coins for something like casinos or buying on daily items since Bitcoin is not adopted widely in my town.

[Sim_card]

It depends on the age of your parent and how much they are earning that will determine if you will introduce them to bitcoin. For those that are from 50 above, I don't think it is important for you to introduce them to bitcoin only if they are very wealthy and looking for where to throw extra value on. At least, you know that they can invest and will forget about the money for long. It will be good if OP try teaching youths who are open to accept changes than our parents who are used to the old fashioned life style. Invest in bitcoin with your own funds and not with your parent funds.

[Agbe]

I am still battling with some of my elderly and mentor friends to invest in bitcoin bit it is not easy to convince them. I am still on the move. At first you don't have to force them to accept your opinion. It is a gredual process. You tell them the advantages and the disadvantages. The risk involved and the benefits of short and long term investments. And when they see that the long term investment is good for their future and then they can plan for the DCA. And also explain the benefits of short term investment for the bear market that about to enter the bull run. And before you introduce Bitcoin investment to them, make sure they have reliable sources of income so that they won't depends on the Bitcoin investment.

[Cryptsafe]

I think this is a very delicate discussion looking at the people and age involved here. At first the major thing i would consider is the age factor because most elderly people can not be able to withstand pressure or shock if anything funny happens when looking at their age and the nature of the investment. It is fine we talk with them as it regards to bitcoin investment but not compelling them to invest but only on their personal conviction. If they deem it worth investing then we can guide them through the process if otherwise, let them be.

Some elderly people do not really have that understanding of how digital technology works, not to mention when it has to do with digital finance, even after a series of explanations. They would rather make their physical investment than put themselves in a situation where they really do not understand how the process works. However, some will be willing to do so as they have funds and are well-equipped to do so, and that would not bother them a lot as they have other sources of income on which they would rely, so putting funds into bitcoin investments would not worry them compared to those who do not have good sources of cash flow.

One thing we should know is that in this part of the world, the elderly are not really digitally inclined and, as such, do not give in to digital investment except for those who have traveled far and wide and are exposed to lots of streams of income and investment. All through their life they have been used to the physical investment and do not have the idea what the digital aspect of finance is all about. If they are the type that do not give you money, they would think you want to scam them because they do not give you money and you have device a mean to take money from them by telling them what they have no knowledge and idea about. 

[electronicash]

we have long been using fiat system and its not going anywhere as this has also transitioned in digital which they could be using easily as well without having to learn cryptocurrency which is another learning curve and they would think its a scam knowing they have to pay every transaction. they are more worried to their social security than investing on something new.

they'd be more trusting to the government retirement funds that will give them source when they wait for their end.

[Hatchy]

It might be very hard to introduce Bitcoin to parents who rely on traditional investments but we can always start by explaining it to them in simple relatable terms, comparing it to something they know e.g "gold", address their concerns about volatility and security, and offer hands-on help with the technical aspects, enlighten them on how to start small to gradually build familiarity with this new form of investment and if they are risk takers and are willing to learn, then voila.

[PrivateKayla]

It's going to be very challenging, especially if they are unfamiliar with technology. You can explain what Bitcoin is and how it can be an investment even if it isn't tangible like money is. You can compare it to gold or stocks. If you have invested in Bitcoin, show them how its price has gone up. Be patient with their questions and concerns. It may take time for them to warm up to the idea, but if you provide clear, straightforward answers, they will feel more comfortable about the idea of Bitcoin investment.

[Rruchi man]

how do we convince them to invest in Bitcoin?
I'm interested in knowing what you think of this discussion.

If your parents are successful and already have the culture of investing, there may not be any need to introduce them to invest in crypto or bitcoin because not everyone must invest in bitcoin. you can introduce them to bitcoin and the opportunities behind it but do not put pressure on them to invest in it because if things go bad and sideways and they made the investment in bitcoin without them fully understanding what it entails they will blame you for any losses they make. The goal and purpose of investment is to make money and if your parents are already doing that from other means of Investments it is okay and that is something you should accept.

[Sim_card]

It's going to be very challenging, especially if they are unfamiliar with technology. You can explain what Bitcoin is and how it can be an investment even if it isn't tangible like money is. You can compare it to gold or stocks. If you have invested in Bitcoin, show them how its price has gone up. Be patient with their questions and concerns. It may take time for them to warm up to the idea, but if you provide clear, straightforward answers, they will feel more comfortable about the idea of Bitcoin investment.

Parents nowadays believes in physical assets that are they can see like gold, real estate, stock and bonds which will male them as lame people not want to listen to whatever you are telling them, since most of them thinks that anything about the internet might be a scam. I once talked to my uncle about bitcoin and he told me that bitcoin is not real and will fade away in no time. He didn't want to listen to me because he is rich, can you imagine that.

[Cantsay]

The way bitcoin has been presented to our parents in the past will definitely affect our success in convincing them to invest in it.

Majority of our parents believe that anyone that’s involved with anything that has to do with “bitcoin” must be excessively wealthy - and also that most of the things that can be done with bitcoin are always illegal and thus the reason why yahoo boys are always using it to sing up and down.

The first thing that we’ll do if we want to successfully convince them is to get rid of their current view of bitcoin and let them know what it’s really used for and that it’s not just for the rich and anyone can invest in it and not just someone who owns two estates. It’s going to be hard but if properly done and also if we’re patient we should be able to get them to invest little in it.