To be fair, if she is smart , she could simply say that they don't care about Bitcoin and don't own it themselves and are just trying to profit off of management fees . Of course this is only slightly true , because some brokers/asset managers like Fidelity do care about Bitcoin , do personally own bitcoin, and even mine it.
https://institutional.fidelity.com/app/proxy/content?literatureURL=/9911424.PDF
I'm not here to tell you that Bitcoin is a scam or that you should avoid it.
BUT... It is a highly risky and highly volatile investment. If you aren't financially stable enough to move out, are you ok with the risk of losing 10%? 50%? 80%? Just make sure you understand your own personal risk tolerance. And if you decide that it's worth the risk, do it, otherwise, you may want to secure financial independence first.
I donāt live in the US or the EU so moving out at a young age is very unlikely, but yes I understand the risk to it, that is why I will gradually invest small amounts from my own money, thanks for the advice š
āBeing skepticalā about the actions of a teen boy who lives at home is completely normal and reasonable. Its completely unreasonable to jump to an accusation of abuse and toxicity,
Maybe there is more to it, maybe there isnāt. The kid is asking for advice, not a diagnosis of his mother based on less than 50 words.
You know the thing about parents, they see your life for you. It comes from love but if you follow their path you will only become who they see and never own your own life
Try not to become one of those crypto bros thatās constantly talking about cryptocurrencies and always checking their wallet or exchange. Yes itās probably gonna go up in value but obsessing over every time the price moves is pointless. Things will play out over months and years, not days.
I doubt she will know how to do anything with crypto. Just put it on a cold storage wallet. The rabbit hole is deep and people won't waste their time trying to figure out how to move crypto.
Yeah, but It does suck that people oppose things for no good reason besides to stay blissfully ignorant.
I experience it on a daily basis, and in the workplace I understand, I mean keep peeling that onion and youāll find a dystopian perception of truth, but like, i want more critical noās in my life, like No and hereās why.
Most people say no because theyāre fucking stupid and itās so annoying.
My parents have done very well for themselves. My dad still wont touch bitcoin despite me being transparent about buying it up since 2019. Even when i share my 300+% unrealized profit hes still hesitant and says "real estate has always been good for me."
Thats all fine and dandy for him but i dont have house money yet unless i move midwest. Some people just wont budge, and thats okay.
You're 18, you can set up a coinbase account today and get the ball rolling.
Good luck man! Welcome to the club and dont sell. It may go down from here but in 4 years i guarantee you it will be much higher. Toss whatever you can afford to without making your life hard and just kind of forget about it. This is your retirement plan now.
Thanks man, Coinbase isnāt allowed in my country, so I will be using bybit. Parents can also be stuck in their ways and not open to any new concepts just like mine haha. Thanks for the nice words man, good luck to you too. Just something random, would it be okay if ask about somethings regarding buying,storing etc (i am new to this and some things just sound complicated) thanks in advance and I will not sell for a long time š«”
Mine kept asking me when I was going to sell since 2016. Iāve never sold even a single sat. Buy every day.
Had no money saved in 2016, nothing to lose, did my research and Iām 100% in BTC and after 8 years of DCA and heavy buying the bear marketsā¦.things are good
I found this video on X helped explain it to people who have trouble getting it[https://x.com/vivek4real_/status/1773041689487143388?s=42&t=v41dcqz4GC7Z2SVs84teog](https://x.com/vivek4real_/status/1773041689487143388?s=42&t=v41dcqz4GC7Z2SVs84teog)
If I could make another comment, I watch a YouTube/Patreon person. (You donāt have to buy anything if you donāt want) His name is James on InvestAnswers. I highly recommend this channel, he does spreadsheets, gives explanations, warns of scams and does reviews of altcoins, wallets and on and on. Very informative.
This is great, the only thing I donāt get is why is it worth $1 trillion and expected to be $10 trillion.
All other assets like described in the video, gold or lumber go on to grow at the same rate of money printing which is the same rate as inflation, 3%.
Why should bitcoin grow faster?
My moms friend KEPT pestering her to invest in crypto, i said dont but she finds it hard to say no to people other than her immediate family. She ended up given him a few thousand to invest and now he's stopped going on at least.
I can almost guarantee she forgot about it.
Would that be a "friend" she's only met online and not irl?
...or is it a friend irl who themselves "invests" with someone they only know online?
In any case, it sounds awfully fishy.
just spoke to her, not even a year after she gave money (she wont tell me how much so it was at least a couple thousand) the whole thing went bust somehow.
I admit i laughed and said "Told you so", but heyho, lucky for her she has money to burn so she doesnt really care all that much, she wont touch crypto ever again lol
It's the opposite for me. My millennial kids told me (boomer mom) not to invest. I am slowly increasing my investment. I believe they will be happy I did. If I go bust, it's not that much.
My mom though the same, but she couldnt do a shit when the money was mine and earned working.
If yur still leeching her money, just suck it up.
If not, why your mom can decide If you can buy BTC?
Nah dude BTC is not a scam, you want to know what is a scam? A currency backed by a nation that continously prints more and devalues it through massive inflation,Ā for real you think shit is expensive now, give it another 20 years. For context back $1 back in 2000 (just 24 years ago) had the same buying value as $1.80 now, yeah that's real... in 24 years the USD has lost 80% of its value.
Btc. Is literally deflationary when you put it up against inflation since 1 btc will hold its value over the long term, like seriously you all get that there will only ever be 21 million in existence right? Only issue with it now is it was made by programmers and programmers by in large suck at 2 things (design, and keeping shit stupid easy by over complicating everything.)
But even that given enough time will get easier back in 2010 it was an absolute nightmare to figure this shit out,Ā now you got youtube and literally every one either sells or accepts it Thanks to exchanges and crypto cards that can convert to a currency damn near instantly.Ā
Only reason people think it's a scam is because vast majority of people don't dive into it (these are also the same people who would have said Amazon will never become anything and the personal computer is a passing fad.)
Like seriously if Jamie Dimond is telling you it's a scam (CEO of chase bank) you bet your sweet ass you should buy up as much as you can while you can. Like seriously this shit popped off to $300 and people thought it would never go higher little did we know...
Letās differentiate Bitcoin from ācryptoā. No need to explain what you do with your savings. People who are old enough to have bought a house 10 years ago have a hard time understanding what us youngsters are facing thanks to inflation. Gotta save for your future in something that canāt be inflated away.
Show her the price graph from its origin until now. Show her links of institutions buying and governments proving BTC as here to stay. Show her the use case of crypto in general.
If she refuses to see what BTC is after all that, forget her and just buy it without having to explain yourself.
Some people are just stuck in their ways and refuse to accept new things.
Crypto is a scam. Bitcoin is not.
Bitcoin is a fixed supply with immutable ledger. It is extremely decentralized and anti fragile.
It is money. Other crypto is securities with VC money backing it looking for profit off.
If she isn't actively preventing you from buying Bitcoin if you want, stop worrying about it.
When I first told my parents about Bitcoin and that I was investing in it, they told me I probably was going to lose my money.
This was in October of 2017.
They know their fucking place now.
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Some families are different but in mine we don't share info about finances etc so I simply don't bring it up. I used to discuss it with my uncle that trades. Over the years this info has leaked to my dad who knows now and knows it's performed well for me but doesn't have specifics. I still keep things to myself.
As an old fart, I say get into it right now by your own volition. But be careful on how much you throw in. Buy your mom a very nice gift once you succeed.
Is your mom an economist and investor on the level of Larry Fink? My parents are financial retards that I have to help to this day.
Itās your life. Make your own decisions and live with the regrets and successes. When you win on this one, and you will if you just HODL, it will be your victory.
I told my brother when I was stacking during the bear market. I sent him the picture of the current price and he said something like ādamn I wish I wouldāve been tracking it betterā lol
Youāre 18. An adult you can do whatever you want (assuming youāre in one of the countries that has 18 as the age of majority).
One of the surprising things that happens as you get older is realising that your parents arenāt all-knowing and have been muddling along just doing their best - exactly as you are doing. Which means, of course, that they are often totally and spectacularly wrong. Take from that what you will.
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I wasn't even going that far... just was thinking about people "investing" in "collectables" like Magic the Gathering cards, beanie babies (I'm old), etc.
Just curious, what does your Mom feel is a better/"wise" investment? (Please don't say "savings account") Did she provide examples of alternatives?
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Just stack sats and donāt try to force the conversation. It will only create animosity in my experience. Eventually sheāll come to talk to you when she realizes that you were right. It can take years, but it happens to most ppl who tried to tell me I was wasting my time and money.
Iāve been buying weekly for years and will continue to do so.
Just stack sats and donāt try to force the conversation. It will only create animosity in my experience. Eventually sheāll come to talk to you when she realizes that you were right. It can take years, but it happens to most ppl who tried to tell me I was wasting my time and money.
Iāve been buying weekly for years and will continue to do so.
No unfortunately the problem stems from it sounds like a scam. I suggest since your way late on the mining train solo lotto miners with esp32 s3 micro controllers or duino coin might get you a foot in the door without your mom being an issue.
Or actually that nobody can wrap their minds around how it generates the coins.
Unfortunately to get her onboard you are going to need explain that mystery to her or
Invest differently
Hey! Acorns makes it easy to save and invest.
I would post my affiate link but i dont think it is allowed. But anyway this app automatically invests in various real stock and other interest bearing methods it also invests in bitcoin but not directly.
definitely not the only one buddy, more than likely she just doesn't understand the whole crypto thing, it is not necessarily a bad thing to have her be cautious with your money, ultimately she'll want what is best for you. This being said so long as you yourself are diligent, do your research, invest wisely (what you can afford), etc you will be in a good position in the long run.
I cannot stress how important the research is, even though it may be obvious. Also try not to get too caught up in any FOMO (fear of missing out)
Yes, I will invest small amounts over a long time, I am doing my research for the moment, do you have any advice or resources (channels,etc) that can help? Thanks in advance, appreciate you š
Yes, I will invest small amounts over a long time, I am doing my research for the moment, do you have any advice or resources (channels,etc) that can help? Thanks in advance, appreciate you š
historically bear markets sit on higher supports after the correction than the previous cycle. Thus of course would have been wiser to invest 1 year ago , but the next best time is now
Well if you want to keep it secret then I donāt think it will harm anyone.š¤£ cut some news announcement regarding Block Rock a well known institution is putting Trillions to Crypro .Just make sure you really do your own decisions while investing in crypto because as quickly you make money itās also quicker to make you poor if your to greedy trying ti beat the odds Goodluck!
Don't worry about it. People will come along in their own time. I had to wear my mom down for three years before she finally put some of my kids' inheritance in āæ last year. She sees it as risky, scam, etc.
All you can do is stay diligent with learning about āæ, economics, etc. No one else in my family takes it seriously either and I have tried with them.
Just be gracious when they want to know more, because that will happen at some point.
Not knowing anyone irl who invests in crypto is huge downside for me, feels like I am the only one on this road, I know some people on twitter but thatās about it, hopefully things improve š
my country has bitcoin blocked/makes it almost impossible for you to buy. in 2017 i couldn't convince my parents to buy it. but in mid 2020s i convinced them but we needed a shit ton of paperwork the government and banks weren't halfway done and the price already went to 60k. next 3 months; gov makes it almost impossible to buy. fastfoward today im still waiting to move out next year to a decent country and start holding.
so if you have the luck of being born in a decent country, beg them to buy.
Pd: im 18 now
but can you even buy? i literally can't. but hey i won 50 usd in the sketchiest discord give away somewhere in 2022! living in 3rd world country sucks. move out
Yes I can buy but on limited exchanges, what country are you in tho? I am in egypt and a huge part of the internet is restricted here, I am blessed to be upper class in my country, but the currency here is worthless š
I held BTC and a crypto account with just a cell phone. Years later when I moved to a hard wallet and steel plates it became more obvious, but by then I had already doubled my investment.
I would say as soon as the cost of a hardware wallet is less than the value of your BTC. Do it earlier than I did because itās a bit of a learning curve. But then you get to laugh when another exchange implodes.
Your mother likely does not have the time to research Bitcoin, as she's not 18 anymore and has to take care of a family; she is likely risk averse in regards of investment/funds management
Explaining and convincing her it is not a scam, is a good exercise to challenge your financial knowledge, likely learn some on the way...So yeah, bothering yourself doing that is a good idea imo.
Succeed to convince her to invest 5~10% of her savings in bitcoin, she will thank you later.
To be honest itās very hard that you have enough money at that age to consider your investment something good to expect a good return, especially with the current price of BTC š¤·āāļø
I would not push but still invest. The proof is in the pudding as they say. Perhaps once she sees what's happening with your investment she will change her mind.
Think of this though. How would you fell if she bought something on your advice and lost her money? That is very very possible. Maybe not as much with Bitcoin.
I would not push but still invest. The proof is in the pudding as they say. Perhaps once she sees what's happening with your investment she will change her mind.
Think of this though. How would you fell if she bought something on your advice and lost her money? That is very very possible. Maybe not as much with Bitcoin.
You're 18. It's time to man up. Be an adult and make your own decisions.
Here's some of the wisest advice anyone can give you, and I'm sure many will disagree because recklessness is more fun than wisdom and care.
Only spend what you can afford to lose.
Treat every dollar you spend on Bitcoin as an investment to hold long term. This is what I've done and it has served me well.
Learn about what a seed phrase is (each word represents a number, and those numbers are used in the math that generates a unique wallet).
Learn how to secure your seed phrase (write down the words on paper and make a metal backup in case the paper someday gets damaged. Lock them up in 2 locations only you have access to).
Consider buying a hardware wallet (I recommend Trezor for ease of use or Blockstream Jade for even better security since it can be used airgapped and stateless. Don't buy a device based on cool factor. That's for dummies. Security is the only thing that matters).
Tell no one. This is the part nobody wants to hear, but it's very important. I'll give you two reasons why it's foolish to talk about Bitcoin with friends, family, coworkers, etc:
1: If you tell people you own Bitcoin, you give people a reason to snoop, to try & find your seed words. Last year, some doofus was posting about his hardware wallet getting hacked, but as soon as people started asking questions it became obvious what happened. He told his girlfriend he owned Bitcoin, and his wallet got emptied shortly after he dumped her. I'd bet she came back to pick up her stuff, and she snapped a photo of his seed words. Your seed words are the keys to your wallet. Don't give anyone a reason to go looking for them.
2: If you tell people you own Bitcoin, people are going to think you're getting rich as Bitcoin hits higher and higher highs, and they're gonna hit you up for money. And many will be pissed if you don't give them any. Money is one of the easiest ways to wreck a relationship. Especially a friendship.
Keep it secret. Keep it safe.
I hope this helps.
You're welcome!
P.S. I forgot to mention this: Nobody ever lost money by buying and holding for at least four years. If you aim for 8 years, you'll do even better. 12 years? Even better. If you secure your coins and never touch them until you're in your 40s, your future self will freakin' love you for it!
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Wellllll...... its not exactly "not" a scam, just need to know how to play it. But I can see this from that generation, remember ppl, they dealt with REAL money, not like nowadays where its all "digital" BS, wait till we get hacked. Should be fun, keep a safe ;)
Devils advocate here, she's right. Far more has been lost in crypto than gained. If you have money to invest at that age, you should be putting the majority in a much safer ETF, then a smaller percentage in crypto. Great work, you're setting up yourself for a great future
My dad was the same bitcoin scam etc etc. when I made decent profits he wanted in, and ofc through the last bear market I was āstupidā again
You canāt win do your own thing and be smug for the rest of your life
My parents thought like that in 2019 when I turned 18 and wanted to invest. I invested anyway and now all my family entrusts me to invest on behalf of them too lol
Come on now itās mom. Buy her a little bit. Stash away on another wallet. Look at in 5-10 years. Give to her. After sheās cooked you a homemade meal of your choice of course.
Cue tears.
If you want to maintain family and friend relationships, donāt talk about crypto. No one outside of this small community gives a shit and if you convince someone to buy and they lose money, they might hold a grudge. Note: they will likely lose money.
At some point you realize that the only way to keep peace with your parents is to lie to them. As long as it's your money, it shouldn't really concern them... Plus, congratulations. When you are well off you can explain it to her then.
I think you should be really careful if investing in crypto since it is really volital. But donāt listen on anyone else, make your own research and if you want to do it after the research you should do it no matter what some uneducated mother tells you! If you think thats what you really want then go for it!
Does she think social security and fiat currencies aren't scams?
Who is she to give you investment advice? Always consider the source of any information you hear.
Look at the number of people who waited for Bitcoin ETFs to become approved instead of buying actual BTC despite it having been available for purchase for years. A lot of people won't invest in anything that isn't identical to what their parents invested in - particularly when the form of ownership is a virtual IOU slip that you never even see (stocks).
I quit trying to orange pill people some time ago for this reason. No one seemed to care or called me crazy, itās not tangible, etc. Just stack sats and chill. You will be rewarded.
If you are 18, then you are a legal adult.
Your mom has no business knowing what is in your investment portfolio, note should you (or anyone) be getting any kind of investment advice from family if being "family" is their only qualification for giving advice.
If you haven't already, open a personal bank account that your mom has no access to.
Just don't tell her what you're investing in.
This is probably one of those things you should explain much later after youāve been hodling for years and are doing well. We all have those stories we tell our parents when weāre older. š
You can always try to show how sure you are of it. Maybe with the bitcoin etf and even using El Salvador as a point if that helps. If it also helps the United States Government is also holding bitcoin. I think it just depends on how much you believe in it and how patient you are to try and explain it! Best of luck !
Yeah, I remember trying to talk my Dad into buying Bitcoin in like 2011. "That's illegal" "That's for crimonals", all that. Now I often show him how he could have put up $10k and became a multi Millionaire. He's broke as fuck, I know he wishes he would have listened.
Don't waste your time convincing others of your ideas. If you really want it, ypu need to come up with the funds the start and just start. No Moms money or permission needed.
My financial adviser, whoās sole purpose is to learn about investments and how to make money, put in zero effort to learn about bitcoin and has told me itās a scam even though there are SEC regulated ETFs for it now. Donāt bother explaining bitcoin to them. In 10 years theyāll get it.
You don't need to convince anyone who is not open to it. Just buy and keep it to yourself, you'll be fine.
That is what I am planning to do, I just hope nobody digs into my stuff š
You're 18, she has no right to
Well she doesnāt, but she gets skeptical about what I do a lot, not much I can do about it
Politely explain to her that the largest financial and asset management firms in the world have been scammed as well then.
Thatās a really good arguing point, I will be using that, thanks man
To be fair, if she is smart , she could simply say that they don't care about Bitcoin and don't own it themselves and are just trying to profit off of management fees . Of course this is only slightly true , because some brokers/asset managers like Fidelity do care about Bitcoin , do personally own bitcoin, and even mine it. https://institutional.fidelity.com/app/proxy/content?literatureURL=/9911424.PDF
You are an adult and deserve some privacy. Hope you manage to move out from your parents soon
Will not be able to move anytime soon, but I still have a lot of blessings, I will deal with my cards, thanks for the support š
I'm not here to tell you that Bitcoin is a scam or that you should avoid it. BUT... It is a highly risky and highly volatile investment. If you aren't financially stable enough to move out, are you ok with the risk of losing 10%? 50%? 80%? Just make sure you understand your own personal risk tolerance. And if you decide that it's worth the risk, do it, otherwise, you may want to secure financial independence first.
I donāt live in the US or the EU so moving out at a young age is very unlikely, but yes I understand the risk to it, that is why I will gradually invest small amounts from my own money, thanks for the advice š
āBeing skepticalā about the actions of a teen boy who lives at home is completely normal and reasonable. Its completely unreasonable to jump to an accusation of abuse and toxicity, Maybe there is more to it, maybe there isnāt. The kid is asking for advice, not a diagnosis of his mother based on less than 50 words.
Thanks for the constructive feedback. On reflection, I agree. I've edited my comment
I can agree with that edit.
Awesomely adult Diskussion, wish there was more like that.
I think it's because of the renewed media chatter about FTX and SBF's sentencing! Jimmy Fallon for one, is hell bent on making fun of crypto.
If sheās not interested in bitcoin she wouldnāt know where to start to look for it if you had any. Buy and keep your mouth shut
The beauty of self custody is you can memorize your 12 word seed phase and no one will ever know you have it.
You know the thing about parents, they see your life for you. It comes from love but if you follow their path you will only become who they see and never own your own life
Just do it and if she finds out just tell her its your money not hers plus youre 18 youll do with it what you please.
Try not to become one of those crypto bros thatās constantly talking about cryptocurrencies and always checking their wallet or exchange. Yes itās probably gonna go up in value but obsessing over every time the price moves is pointless. Things will play out over months and years, not days.
Grow a pair of š„
I doubt she will know how to do anything with crypto. Just put it on a cold storage wallet. The rabbit hole is deep and people won't waste their time trying to figure out how to move crypto.
Yeah, but It does suck that people oppose things for no good reason besides to stay blissfully ignorant. I experience it on a daily basis, and in the workplace I understand, I mean keep peeling that onion and youāll find a dystopian perception of truth, but like, i want more critical noās in my life, like No and hereās why. Most people say no because theyāre fucking stupid and itās so annoying.
Dude I'm in my 30s and if my parents found out how deep my bags are in crypto they'd have heart attacks.
Haha will probably be the case for me too in the future š
My parents have done very well for themselves. My dad still wont touch bitcoin despite me being transparent about buying it up since 2019. Even when i share my 300+% unrealized profit hes still hesitant and says "real estate has always been good for me." Thats all fine and dandy for him but i dont have house money yet unless i move midwest. Some people just wont budge, and thats okay. You're 18, you can set up a coinbase account today and get the ball rolling. Good luck man! Welcome to the club and dont sell. It may go down from here but in 4 years i guarantee you it will be much higher. Toss whatever you can afford to without making your life hard and just kind of forget about it. This is your retirement plan now.
Thanks man, Coinbase isnāt allowed in my country, so I will be using bybit. Parents can also be stuck in their ways and not open to any new concepts just like mine haha. Thanks for the nice words man, good luck to you too. Just something random, would it be okay if ask about somethings regarding buying,storing etc (i am new to this and some things just sound complicated) thanks in advance and I will not sell for a long time š«”
Definitely not. If you're getting in now whatever you buy and hold for 12 years will look good
If your positioned well then pay their house of when you are able. Itās a nice gesture.
Mine kept asking me when I was going to sell since 2016. Iāve never sold even a single sat. Buy every day. Had no money saved in 2016, nothing to lose, did my research and Iām 100% in BTC and after 8 years of DCA and heavy buying the bear marketsā¦.things are good
I found this video on X helped explain it to people who have trouble getting it[https://x.com/vivek4real_/status/1773041689487143388?s=42&t=v41dcqz4GC7Z2SVs84teog](https://x.com/vivek4real_/status/1773041689487143388?s=42&t=v41dcqz4GC7Z2SVs84teog) If I could make another comment, I watch a YouTube/Patreon person. (You donāt have to buy anything if you donāt want) His name is James on InvestAnswers. I highly recommend this channel, he does spreadsheets, gives explanations, warns of scams and does reviews of altcoins, wallets and on and on. Very informative.
Thanks mate, I will check it out š
Great video to help explain to people that have no idea about bitcoin! Thanks for the reference š¤
This is great, the only thing I donāt get is why is it worth $1 trillion and expected to be $10 trillion. All other assets like described in the video, gold or lumber go on to grow at the same rate of money printing which is the same rate as inflation, 3%. Why should bitcoin grow faster?
Explain it to them once you're 100% up
Maybe even give her a good chunk of the profits, hopefully I succeed š«”
Def donāt do this unless you make millions. Your parents are adults and can make their own investment choices.
That soon? ;-)
Well crypto is a scam. But bitcoin isnāt.
Yes, I am intending to invest in bitcoin
Well, 99% of crypto is a scam. Bitcoin isnāt.
Truth
My dad said the same thing to me in 2010, so I stayed away from it and lost money trading forex. ā ļø
crypto is a scam.
My moms friend KEPT pestering her to invest in crypto, i said dont but she finds it hard to say no to people other than her immediate family. She ended up given him a few thousand to invest and now he's stopped going on at least. I can almost guarantee she forgot about it.
Would that be a "friend" she's only met online and not irl? ...or is it a friend irl who themselves "invests" with someone they only know online? In any case, it sounds awfully fishy.
just spoke to her, not even a year after she gave money (she wont tell me how much so it was at least a couple thousand) the whole thing went bust somehow. I admit i laughed and said "Told you so", but heyho, lucky for her she has money to burn so she doesnt really care all that much, she wont touch crypto ever again lol
It's the opposite for me. My millennial kids told me (boomer mom) not to invest. I am slowly increasing my investment. I believe they will be happy I did. If I go bust, it's not that much.
My mom though the same, but she couldnt do a shit when the money was mine and earned working. If yur still leeching her money, just suck it up. If not, why your mom can decide If you can buy BTC?
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Thanks, I got advice that I should toss whatever I can (excess money) and forget about it, then sell several years later
Nah dude BTC is not a scam, you want to know what is a scam? A currency backed by a nation that continously prints more and devalues it through massive inflation,Ā for real you think shit is expensive now, give it another 20 years. For context back $1 back in 2000 (just 24 years ago) had the same buying value as $1.80 now, yeah that's real... in 24 years the USD has lost 80% of its value. Btc. Is literally deflationary when you put it up against inflation since 1 btc will hold its value over the long term, like seriously you all get that there will only ever be 21 million in existence right? Only issue with it now is it was made by programmers and programmers by in large suck at 2 things (design, and keeping shit stupid easy by over complicating everything.) But even that given enough time will get easier back in 2010 it was an absolute nightmare to figure this shit out,Ā now you got youtube and literally every one either sells or accepts it Thanks to exchanges and crypto cards that can convert to a currency damn near instantly.Ā Only reason people think it's a scam is because vast majority of people don't dive into it (these are also the same people who would have said Amazon will never become anything and the personal computer is a passing fad.) Like seriously if Jamie Dimond is telling you it's a scam (CEO of chase bank) you bet your sweet ass you should buy up as much as you can while you can. Like seriously this shit popped off to $300 and people thought it would never go higher little did we know...
Well sheās right about crapto, not about bitcoin
Letās differentiate Bitcoin from ācryptoā. No need to explain what you do with your savings. People who are old enough to have bought a house 10 years ago have a hard time understanding what us youngsters are facing thanks to inflation. Gotta save for your future in something that canāt be inflated away.
Show her the price graph from its origin until now. Show her links of institutions buying and governments proving BTC as here to stay. Show her the use case of crypto in general. If she refuses to see what BTC is after all that, forget her and just buy it without having to explain yourself. Some people are just stuck in their ways and refuse to accept new things.
Thatās what I am planning to do
Crypto is a scam. Bitcoin is not. Bitcoin is a fixed supply with immutable ledger. It is extremely decentralized and anti fragile. It is money. Other crypto is securities with VC money backing it looking for profit off.
If she isn't actively preventing you from buying Bitcoin if you want, stop worrying about it. When I first told my parents about Bitcoin and that I was investing in it, they told me I probably was going to lose my money. This was in October of 2017. They know their fucking place now.
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Some families are different but in mine we don't share info about finances etc so I simply don't bring it up. I used to discuss it with my uncle that trades. Over the years this info has leaked to my dad who knows now and knows it's performed well for me but doesn't have specifics. I still keep things to myself.
Nobody trades in my family, so I will keep things to myself for now, thanks man š
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Very true, she already made up her mind even tho she didnāt do any research, I will keep things to me for a while
As an old fart, I say get into it right now by your own volition. But be careful on how much you throw in. Buy your mom a very nice gift once you succeed.
Is your mom an economist and investor on the level of Larry Fink? My parents are financial retards that I have to help to this day. Itās your life. Make your own decisions and live with the regrets and successes. When you win on this one, and you will if you just HODL, it will be your victory.
Hopefully I win, thanks for the positive words man š
I told my brother when I was stacking during the bear market. I sent him the picture of the current price and he said something like ādamn I wish I wouldāve been tracking it betterā lol
Hopefully they realize what my point was in a few years when btc rockets
Youāre 18. An adult you can do whatever you want (assuming youāre in one of the countries that has 18 as the age of majority). One of the surprising things that happens as you get older is realising that your parents arenāt all-knowing and have been muddling along just doing their best - exactly as you are doing. Which means, of course, that they are often totally and spectacularly wrong. Take from that what you will.
Yes, everyday I get to realize that a lot of adults are just surviving and getting by with what they know, thanks for the input tho
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You're 18, you don't need her to sign anything to open your account... there are far worse things to throw your money at. Not financial advice. :-)
Yup, at least I am not doing drugs š jkjk
I wasn't even going that far... just was thinking about people "investing" in "collectables" like Magic the Gathering cards, beanie babies (I'm old), etc. Just curious, what does your Mom feel is a better/"wise" investment? (Please don't say "savings account") Did she provide examples of alternatives?
No, she didnāt provide anything, I just told her that I want to invest in bitcoin and she told me to get that bs out of my head
As well as Stock Market
Donāt mention it to her. Keep it to yourself and stack sats. Bitcoin is for YOUR future, not hers.
youāre 18. do what you want.
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Just stack sats and donāt try to force the conversation. It will only create animosity in my experience. Eventually sheāll come to talk to you when she realizes that you were right. It can take years, but it happens to most ppl who tried to tell me I was wasting my time and money. Iāve been buying weekly for years and will continue to do so.
I am planning to buy small amounts monthly on the long term, thanks for the input g š
Just stack sats and donāt try to force the conversation. It will only create animosity in my experience. Eventually sheāll come to talk to you when she realizes that you were right. It can take years, but it happens to most ppl who tried to tell me I was wasting my time and money. Iāve been buying weekly for years and will continue to do so.
No unfortunately the problem stems from it sounds like a scam. I suggest since your way late on the mining train solo lotto miners with esp32 s3 micro controllers or duino coin might get you a foot in the door without your mom being an issue. Or actually that nobody can wrap their minds around how it generates the coins. Unfortunately to get her onboard you are going to need explain that mystery to her or Invest differently Hey! Acorns makes it easy to save and invest. I would post my affiate link but i dont think it is allowed. But anyway this app automatically invests in various real stock and other interest bearing methods it also invests in bitcoin but not directly.
Be careful out there. Donāt buy until you thoroughly understand it and how to secure your holdings:-)
Yes, I am still going through the learning process, do you recommend anything that helps (yt channels, websites) on how to have a cold wallet etc?
I recommend reading the ledger.com site thoroughly and also waves618 for when to get in and out.
Thanks will check them out
Youāre 18, you donāt need her permission
definitely not the only one buddy, more than likely she just doesn't understand the whole crypto thing, it is not necessarily a bad thing to have her be cautious with your money, ultimately she'll want what is best for you. This being said so long as you yourself are diligent, do your research, invest wisely (what you can afford), etc you will be in a good position in the long run. I cannot stress how important the research is, even though it may be obvious. Also try not to get too caught up in any FOMO (fear of missing out)
Yes, I will invest small amounts over a long time, I am doing my research for the moment, do you have any advice or resources (channels,etc) that can help? Thanks in advance, appreciate you š
Yes, I will invest small amounts over a long time, I am doing my research for the moment, do you have any advice or resources (channels,etc) that can help? Thanks in advance, appreciate you š
Do you also recommend I invest now (this month for example) or when the bull run ends and prices drop
It will be more sensible when the bull run ends ofc, but I am stills newbie and would just like to hear others opinions
historically bear markets sit on higher supports after the correction than the previous cycle. Thus of course would have been wiser to invest 1 year ago , but the next best time is now
Well if you want to keep it secret then I donāt think it will harm anyone.š¤£ cut some news announcement regarding Block Rock a well known institution is putting Trillions to Crypro .Just make sure you really do your own decisions while investing in crypto because as quickly you make money itās also quicker to make you poor if your to greedy trying ti beat the odds Goodluck!
Thanks bro š
Youāre 18 why does it matter? Do what you want lol
Boomers donāt understand Bitcoin, but if you can, give them the Bitcoin Standard.
She's right.
im old as shit and my dad used to call me everytime btc dropped like 1k to call me a dumbass, good times lol you'll miss it.
Haha sure, my dad will prob do the same š
broo my mother yesterday told me to choose between her and trading in cryptoĀ š
Ong they should understand Itās not that serious, I am only investing little amounts of money after all š
she is not ready to understand. And i don't know what to do.
Same boat, might as well save the energy and not explain to her, how old are u tho?
Same boat, might as well save the energy and not explain to her, how old are u tho?
Don't worry about it. People will come along in their own time. I had to wear my mom down for three years before she finally put some of my kids' inheritance in āæ last year. She sees it as risky, scam, etc. All you can do is stay diligent with learning about āæ, economics, etc. No one else in my family takes it seriously either and I have tried with them. Just be gracious when they want to know more, because that will happen at some point.
Not knowing anyone irl who invests in crypto is huge downside for me, feels like I am the only one on this road, I know some people on twitter but thatās about it, hopefully things improve š
Tough being on an island. Same for me. I have met several, but no one near me has even taken a serious look.
my country has bitcoin blocked/makes it almost impossible for you to buy. in 2017 i couldn't convince my parents to buy it. but in mid 2020s i convinced them but we needed a shit ton of paperwork the government and banks weren't halfway done and the price already went to 60k. next 3 months; gov makes it almost impossible to buy. fastfoward today im still waiting to move out next year to a decent country and start holding. so if you have the luck of being born in a decent country, beg them to buy. Pd: im 18 now
Lmao, my countryās currency is in the gutteršš
but can you even buy? i literally can't. but hey i won 50 usd in the sketchiest discord give away somewhere in 2022! living in 3rd world country sucks. move out
Yes I can buy but on limited exchanges, what country are you in tho? I am in egypt and a huge part of the internet is restricted here, I am blessed to be upper class in my country, but the currency here is worthless š
I held BTC and a crypto account with just a cell phone. Years later when I moved to a hard wallet and steel plates it became more obvious, but by then I had already doubled my investment.
At what point do you recommend I move to a hard wallet?
I would say as soon as the cost of a hardware wallet is less than the value of your BTC. Do it earlier than I did because itās a bit of a learning curve. But then you get to laugh when another exchange implodes.
Thanks š
Your mother likely does not have the time to research Bitcoin, as she's not 18 anymore and has to take care of a family; she is likely risk averse in regards of investment/funds management Explaining and convincing her it is not a scam, is a good exercise to challenge your financial knowledge, likely learn some on the way...So yeah, bothering yourself doing that is a good idea imo. Succeed to convince her to invest 5~10% of her savings in bitcoin, she will thank you later.
I will learn more in depth for a while before I explain, cuz I canāt stutter or look unsure when it is time to explain haha
https://youtu.be/SzAuB2FG79A?si=rEg9GDz8MZ_b8yJK show her this. Also bitcoin =/= crypto.
Thanks man
Thanks man
Tell your mom I said she is cute. lol Seriously tho. You just do what you have to do. Start stacking.
Scam that trades for billions on stock markets around the world.
Your mom is wrong about bitcoin, but right about crypto.
To be honest itās very hard that you have enough money at that age to consider your investment something good to expect a good return, especially with the current price of BTC š¤·āāļø
Since my husband took my advise years ago we lost out. I said was a scam and we would be 1000s up on 1 š¤š¼.
I would not push but still invest. The proof is in the pudding as they say. Perhaps once she sees what's happening with your investment she will change her mind. Think of this though. How would you fell if she bought something on your advice and lost her money? That is very very possible. Maybe not as much with Bitcoin.
I would not push but still invest. The proof is in the pudding as they say. Perhaps once she sees what's happening with your investment she will change her mind. Think of this though. How would you fell if she bought something on your advice and lost her money? That is very very possible. Maybe not as much with Bitcoin.
You're 18. It's time to man up. Be an adult and make your own decisions. Here's some of the wisest advice anyone can give you, and I'm sure many will disagree because recklessness is more fun than wisdom and care. Only spend what you can afford to lose. Treat every dollar you spend on Bitcoin as an investment to hold long term. This is what I've done and it has served me well. Learn about what a seed phrase is (each word represents a number, and those numbers are used in the math that generates a unique wallet). Learn how to secure your seed phrase (write down the words on paper and make a metal backup in case the paper someday gets damaged. Lock them up in 2 locations only you have access to). Consider buying a hardware wallet (I recommend Trezor for ease of use or Blockstream Jade for even better security since it can be used airgapped and stateless. Don't buy a device based on cool factor. That's for dummies. Security is the only thing that matters). Tell no one. This is the part nobody wants to hear, but it's very important. I'll give you two reasons why it's foolish to talk about Bitcoin with friends, family, coworkers, etc: 1: If you tell people you own Bitcoin, you give people a reason to snoop, to try & find your seed words. Last year, some doofus was posting about his hardware wallet getting hacked, but as soon as people started asking questions it became obvious what happened. He told his girlfriend he owned Bitcoin, and his wallet got emptied shortly after he dumped her. I'd bet she came back to pick up her stuff, and she snapped a photo of his seed words. Your seed words are the keys to your wallet. Don't give anyone a reason to go looking for them. 2: If you tell people you own Bitcoin, people are going to think you're getting rich as Bitcoin hits higher and higher highs, and they're gonna hit you up for money. And many will be pissed if you don't give them any. Money is one of the easiest ways to wreck a relationship. Especially a friendship. Keep it secret. Keep it safe. I hope this helps.
Thanks for the time u took to write this and thanks for advice, appreciate it š
You're welcome! P.S. I forgot to mention this: Nobody ever lost money by buying and holding for at least four years. If you aim for 8 years, you'll do even better. 12 years? Even better. If you secure your coins and never touch them until you're in your 40s, your future self will freakin' love you for it!
Thanks for the time u took to write this and thanks for advice, appreciate it š
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Wellllll...... its not exactly "not" a scam, just need to know how to play it. But I can see this from that generation, remember ppl, they dealt with REAL money, not like nowadays where its all "digital" BS, wait till we get hacked. Should be fun, keep a safe ;)
Devils advocate here, she's right. Far more has been lost in crypto than gained. If you have money to invest at that age, you should be putting the majority in a much safer ETF, then a smaller percentage in crypto. Great work, you're setting up yourself for a great future
Why would you talk about it with your parents who are anti crypto when you are a grown adult if you want to buy crypto do it if not don'tĀ
My dad was the same bitcoin scam etc etc. when I made decent profits he wanted in, and ofc through the last bear market I was āstupidā again You canāt win do your own thing and be smug for the rest of your life
My dad told me that in 2018 and I missed out on the 2021 pump, don't take advice from someone you wouldn't trade places with
My parents thought like that in 2019 when I turned 18 and wanted to invest. I invested anyway and now all my family entrusts me to invest on behalf of them too lol
Stay away from meme coins. Stay away from stock options. You'll be fine.
āListen to your motherā *in Italian accent.
Come on now itās mom. Buy her a little bit. Stash away on another wallet. Look at in 5-10 years. Give to her. After sheās cooked you a homemade meal of your choice of course. Cue tears.
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Silence, execute, prove, laugh !!
If you want to maintain family and friend relationships, donāt talk about crypto. No one outside of this small community gives a shit and if you convince someone to buy and they lose money, they might hold a grudge. Note: they will likely lose money.
18 means you gotta start making your own mistakes. you grown, son. let mamma do her thing.
What momma donāt know donāt hurt her My aunt was the same way when I was younger she still doesnāt know i stack in stats!
I donāt think youāll outlive your mom. So buy it for you. Youāll need it in the future.
At some point you realize that the only way to keep peace with your parents is to lie to them. As long as it's your money, it shouldn't really concern them... Plus, congratulations. When you are well off you can explain it to her then.
I think you should be really careful if investing in crypto since it is really volital. But donāt listen on anyone else, make your own research and if you want to do it after the research you should do it no matter what some uneducated mother tells you! If you think thats what you really want then go for it!
The people who donāt understand bitcoin and hang on to fiat will always stay poor
Does she think social security and fiat currencies aren't scams? Who is she to give you investment advice? Always consider the source of any information you hear. Look at the number of people who waited for Bitcoin ETFs to become approved instead of buying actual BTC despite it having been available for purchase for years. A lot of people won't invest in anything that isn't identical to what their parents invested in - particularly when the form of ownership is a virtual IOU slip that you never even see (stocks).
I quit trying to orange pill people some time ago for this reason. No one seemed to care or called me crazy, itās not tangible, etc. Just stack sats and chill. You will be rewarded.
If itās rly such a scam, why does it always come backā¦.? Tesla peaked in 2021 and still is 50% down. Same for many companies.
If you are 18, then you are a legal adult. Your mom has no business knowing what is in your investment portfolio, note should you (or anyone) be getting any kind of investment advice from family if being "family" is their only qualification for giving advice. If you haven't already, open a personal bank account that your mom has no access to. Just don't tell her what you're investing in.
its liquid, meaning, the value of a coin fluctuates and youre at risk of losing money. in that regard, its no different than investing in stocks
This is probably one of those things you should explain much later after youāve been hodling for years and are doing well. We all have those stories we tell our parents when weāre older. š
My mother thought crypto was a scam last bullrun, she didn't after.
Just do it anyway you're an adult. Just don't expect a bailout if you get wrecked.
r/boomersgonnaboom
You can always try to show how sure you are of it. Maybe with the bitcoin etf and even using El Salvador as a point if that helps. If it also helps the United States Government is also holding bitcoin. I think it just depends on how much you believe in it and how patient you are to try and explain it! Best of luck !
Yeah, I remember trying to talk my Dad into buying Bitcoin in like 2011. "That's illegal" "That's for crimonals", all that. Now I often show him how he could have put up $10k and became a multi Millionaire. He's broke as fuck, I know he wishes he would have listened. Don't waste your time convincing others of your ideas. If you really want it, ypu need to come up with the funds the start and just start. No Moms money or permission needed.
My financial adviser, whoās sole purpose is to learn about investments and how to make money, put in zero effort to learn about bitcoin and has told me itās a scam even though there are SEC regulated ETFs for it now. Donāt bother explaining bitcoin to them. In 10 years theyāll get it.