When I got home last night, my dad and I are eating some chicharon a.k.a. pork rinds while watching basketball on TV. Then suddenly my dad showed to me his iPad about Binance to check if its legit or not. I said that its legit once he installs the correct app and not the fake one.
Please tell him that he should always go to official websites to find download link. Don't search in stores that is risky with fake applications.
I thought he just wanna install it and explore, but he seriously wants to buy some Bitcoin with his extra money that he didnt need for now. He just wants to try buy and hold Bitcoin. He already knew that I am in this industry for a long while, but yeah its never too late for him to buy his first Bitcoin.
Your dad is one of few elderly can change themselves, learn new things and accept new things. Most of elderly hardly to accept new things that they are not familiar with.
I have never convinced or forced him to buy BTC since I started my journey. Hes just being interested in all of a sudden thats all. So I educated him about the basics, managing financial risks, fees, etc., letting him understand and acknowledge that there are no promises or astronomical guaranteed returns. I also sign him up on Binance using my referral link and assisted him in setting up 2FA, KYC, etc.
Please tell him how to backup his account, 2FA setup code and how to install 2FA in another device. Or you can simply guide him to re-adding that 2FA in a same device, by using backup of setup code.
He wanted to buy using his credit card, but I rather have him buy through me instead to save fees since I can transfer USDT to his account immediately on Binance without fees and convert it into Bitcoin. So yeah now my dad has some Bitcoin in his Binance account.
I think it is risky for elderly but if you think it is fine, you can tell your dad about risk of storing coins at centralized exchanges and advantage of using non custodial wallets.
