How do we convince our parents to invest in Bitcoin?

[Tribalchief]

~snip

Let's start with the fact the old people can sometimes be very scared to try out new things and that fact alone makes them more vulnerable when it comes to investing in crypto. We often discuss and talk about hodling bitcoin however sometimes we underestimate the importance of security for a successful hodling period. Most old Nigerians aren't that good with digital and technical stuff and therefore it would give them a hard time trying to understand how to secure their hodlings from scams , phishing and hacks.

Just like you said too, many rumours and wrong information about crypto have been out there longer than the right and important information and as such you can't blame them much for believing that crypto is scam.

And also, our society have been fed with too many false information, that anything that have to do with money and internet must be related to fraudulent activity. Most parents, or should I say the old won't even want to relate in anyway with what their children wants to present, because to most of them, life is nothing more than investing in lands or business. I can't really find a word to describe the problem here, but it seems majority of them are not up-to-date with recent happenings, unlike the young generations that we have today.

So, trying to convince parents might take a little effort than we imagine, and we must be prepared to answer every question that will definitely arise from curiosity or doubts.

[Mia Chloe]

And also, our society have been fed with too many false information, that anything that have to do with money and internet must be related to fraudulent activity. Most parents, or should I say the old won't even want to relate in anyway with what their children wants to present, because to most of them, life is nothing more than investing in lands or business. I can't really find a word to describe the problem here, but it seems majority of them are not up-to-date with recent happenings, unlike the young generations that we have today.

So, trying to convince parents might take a little effort than we imagine, and we must be prepared to answer every question that will definitely arise from curiosity or doubts.

That's quite true. That's pretty much the reason you shouldn't try convincing them to invest in bitcoin. Firstly they actually don't have that genuine interest of wanting to HODL some coins for say probably "X" period of time so want to convince them to hodling some coins or investing some coins may give them this idea of bitcoin as a profit making scheme that they could probably just place a few hodlings and boom in just a short period of time they get a super return of Say 5X their investment.

Crypto currencies can be volatile however for the case of bitcoin it really doesn't work like that. Some may even get scared and tensed up when there is a little pullback in bitcoin's price and they toggle over to their wallet to check out their hodlings and they find out that they are a couple dollars short.

[Asiska02]

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.

Bitcoin is not a place for everyone to start with and you can’t get to convince everyone to invest in bitcoin. The type of understanding people have when it comes to investment is somehow less risky to what they might think bitcoin will be. Some cannot wait for that long to watch their investment grow without having to touch from the profits of the investment from time to time. For parents to invest in bitcoin, you just need to tell them the basics they need to know about it and explain in detailed how it works, both the advantage and disadvantage part of it should be known by them. If after that, they find interest in the investment, you can now go ahead and get them to it. You can’t persuade them, allow them to make their decisions themself. It is not easy though, but if you’re lucky, they may find interest in it.

[rachael9385]

Hmm that one na very big war, do u want to turn lecturer overnight? Persuading ur parents to invest in Bitcoin depends oo and It's not an easy task because most African or Nigerian parents don't believe in this online banking they are very cautious when it comes to safety of their money or investment.
And u can only persuade ur parents to invest in Bitcoin that is if they have it enough because u as the child persuading ur parent to invest in Bitcoin ur mind no go touch ground oo.

One of the simplest way from my own idea to persuade our parents to invest in Bitcoin is only when they see it from you, e.g when they see that u no longer depend on them and they become very desperate to know how this is possible from there u fit follow them up.

[Cantsay]

And u can only persuade ur parents to invest in Bitcoin that is if they have it enough because u as the child persuading ur parent to invest in Bitcoin ur mind no go touch ground oo.

One of the simplest way from my own idea to persuade our parents to invest in Bitcoin is only when they see it from you, e.g when they see that u no longer depend on them and they become very desperate to know how this is possible from there u fit follow them up.

The fact that you no longer depend on them doesn’t necessarily means that they will automatically start giving you a listening ear when it comes to bitcoin. There are some that might easily be convinced that’s those that are a bit educated about how the internet works and also is well acquainted with different online platforms but when it comes to those that are very traditional and are not very smart (in terms of technology) they might not even give you a listening ear even if you’re not asking them for money again because they’ll be scared that something might go wrong and their money will disappear into thin air.

[Celph]

The mentality of the youngins(genzy's) are really different basically.Most parent's do not reallt believe in making money online or in the internet as well as investing in bitcoin because all this werent prirotied at their own time,even if such similar things were made,they would see it as a scam.
My parents for example shunned the idea of investing in bitcoin or any other coin at all for this same reason but unknown to them then that that is where the real money comes from.Now,what am i using to take care of them?This same bitcoin that they shunned few years back.Lol.
   It's quite funny how the elderlies think most times but do we blame them?

[Aanuoluwatofunmi]

As children to their parent, we need to firstly assess our parent to know what intention they have towards us and in making a digital investment, if at all they have interest in bitcoin or not, because this is going to be the reason to faster their interest in going for it or going against it, when we know all this, then it will be the direction for us to know where to come in and how to start with them, by introducing bitcoin to them for an investment.

[Mia Chloe]

As children to their parent, we need to firstly assess our parent to know what intention they have towards us and in making a digital investment, if at all they have interest in bitcoin or not, because this is going to be the reason to faster their interest in going for it or going against it, when we know all this, then it will be the direction for us to know where to come in and how to start with them, by introducing bitcoin to them for an investment.

Of course some parents are learned while some others really don't have a sound educational background. Although educational background can contribute, level of exposure still has a large effect on if your parents would accept to invest I. Crypto or not. Personally I wouldn't advise a child to bother talking to their parents about investing in crypto or bitcoin because they would be very vulnerable especially in terms of security.

Another thing to note is that in the process of trying to convince them to prioritise bitcoin investments, you may influence their expectations to become naive since they may begin to think that bitcoin investment is a way to multiply your money which is a red flag too.

[Hatchy]

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.

Most of our parents whom are old and already have this mentality that online stuffs are bad, they will not have any reason to what to change their mindset. And to me it's even better to just let them use the old systems they understand very well, that's because if something goes wrong you might be blamed. I know we can still put them through the process but then it might be stress full for people of their age. Imagine like times when BTC transaction fees are high and they end up using low fees for their transactions and probably get stacked on the mempool.. now you aren't around to help them bump the fee or something then they begin to panic that their money has been lost. No that it's bad to teach them o but for me I just let them be..

[Cantsay]

And to me it's even better to just let them use the old systems they understand very well, that's because if something goes wrong you might be blamed.

With the way most people are now preaching bitcoin to nonbitcoiners they make it sound like as if there are no risks involved with investing in bitcoin. They just preach as if once you put your money into it in the next 2 years you’ll be able to start packing tonnes of money from it, they have completely neglected the risks that are involved either bitcoin and any other online investment.

now you aren't around to help them bump the fee or something then they begin to panic that their money has been lost. No that it's bad to teach them o but for me I just let them be..

Well, if they are going in for investment sake then there really isn’t any big deal with this though since they won’t be selling always and would only do it when they is a huge price difference (depending on the financial situation of the person though) if they are the type that can leave their for years then they won’t be affected much by this but if they are the type that don’t have enough capacity to keep their for a long period this might become an issue.

[Hatchy]

With the way most people are now preaching bitcoin to nonbitcoiners they make it sound like as if there are no risks involved with investing in bitcoin. They just preach as if once you put your money into it in the next 2 years you’ll be able to start packing tonnes of money from it, they have completely neglected the risks that are involved either bitcoin and any other online investment.

Those are people making crypto investments look easy and at same time giving it bad name. They go out there preaching lies claiming that with crypto one can become a millionaire over night and when things goes south, the individuals no longer wants to have anything to do with crypto anymore. Yes a lot of people have become millionaires through crypto investments but it wasn't just something that happened in a blink, they were consistent and had enough patience to grow their holdings and portfolio. That's how crypto works.

[Fivestar4everMVP]

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.

I completely agree with what Mia Chloe said, infact, it felt as though he/she was in my head to know what I was thinking while reading the op.

I don't know about parents in other continents of the world, but here in africa, specially in our dear country Nigeria, alot of our parents are either half of non educated at all, they managed to learn how to operate a Nigerian bank account simply because since things, specially technology, alot is shifting and nowadays, its very risky to keep money at home, so for this reason, many of them force themselves to learn to keep and operate a bank account.

With the complexity in crypto, starting from buying and withdrawing, and managing to keep the wallet where the crypto asset is stored can be very challenging for the avarage parent out there, better not to lead them into something as volatile as cryptocurrencies and it's investment, allow them to enjoy their old age, because  the older a man gets, the higher their risk appetite is reduced.

[Tribalchief]

~snip

Those are people making crypto investments look easy and at same time giving it bad name. They go out there preaching lies claiming that with crypto one can become a millionaire over night and when things goes south, the individuals no longer wants to have anything to do with crypto anymore. Yes a lot of people have become millionaires through crypto investments but it wasn't just something that happened in a blink, they were consistent and had enough patience to grow their holdings and portfolio. That's how crypto works.

I believe that if any successful crypto investor wants to give advice to someone new, there is no way that the investor won't mention the risk part of crypto investment. Those who over hype crypto without remembering to lay more emphasis on the risk aspect are those that are not fully into the game. Their small investment is probably what's making them over excited, thereby forgetting to address the needful. Besides, have you noticed that when you meet with some people who are very good at certain things, they tend to scare you at some point with the disadvantage part of what they are into, that you are also interested in, which is same for crypto.

[bitebits]

~snip

Those are people making crypto investments look easy and at same time giving it bad name. They go out there preaching lies claiming that with crypto one can become a millionaire over night and when things goes south, the individuals no longer wants to have anything to do with crypto anymore. Yes a lot of people have become millionaires through crypto investments but it wasn't just something that happened in a blink, they were consistent and had enough patience to grow their holdings and portfolio. That's how crypto works.

I believe that if any successful crypto investor wants to give advice to someone new, there is no way that the investor won't mention the risk part of crypto investment. Those who over hype crypto without remembering to lay more emphasis on the risk aspect are those that are not fully into the game. Their small investment is probably what's making them over excited, thereby forgetting to address the needful. Besides, have you noticed that when you meet with some people who are very good at certain things, they tend to scare you at some point with the disadvantage part of what they are into, that you are also interested in, which is same for crypto.

Of course, any person who has been investing in cryptocurrencies for some time will immediately name all the dangers associated with this investment and the unpredictability of the cryptocurrency market. Those who armchair it and don’t tell people that there are massive risks associated are probably ignorant of the shades of gray in this market or are more interested in cashing in now. As in any business case in the crypto world opportunities and risks are bound together, and for a real investor risk means the only measures they need to apply in order to become successful.

It takes time to develop a sober perspective toward an industry and to include loss factors into the equation; those with extensive experience in a field are more likely to do this, including uttering cautionary words to new entrants. What this is not meant to do is to intimidate you otherwise, the goal here is to share some potential obstacles as they might be encountered out there. Similar to how an analyst who has traded in and out of crypto will realize that sometimes you need to cut your losses and they want to make sure that one knows that too. It is worthy to have this risk in mind so that we do not find ourselves blindly hitting the ‘buy’ button out of high from temporary feelings of high or being tempted to believe in some get rich quick fairy tales.

[Agbe]

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.

The only way we can convince them is to show them about your result that you have gotten from the crypto investment as these old people will not understand what you mean by crypto currency investment but money had a way of speaking better than you, so if you show them about money you have made from crypto they will be convinced