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Topic: Bitcoin Vs Gold, land which better? (Read 1459 times)

HelliumZ (OP)

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Bitcoin Vs Gold, land which better?

October 14, 2023, 11:20:22 PM

Merited by 2Pizza410000BTC (1), roksana.hee (1)

I got into Bitcoin as a college student though I am not involved in earning yet but I have a lot of interest in Bitcoin and I am planning to hold Bitcoin. My father is a Malaysian expatriate. He receives a salary of $500 per month and sends $400 per month to support my family. I collect all the money from my father's salary and spend it for family support. Recently I have made a plan to invest a certain part of my father's salary remittance in Bitcoin but in this case I don't understand whether it should be invested in Bitcoin. I paid attention to invest in bitcoin seeing the popularity and future importance of bitcoin but my father and mother from my family have no knowledge of bitcoin so they keep persuading me to invest in bitcoin.

My parents thought that bitcoins that cannot be seen or touched cannot be an asset. They think that investing in physical assets such as gold, bank deposits, land etc. is more profitable than Bitcoin. But even after I convinced them, they are not ready to invest in Bitcoin. They don't want to believe in virtual currency.

Right now I want your important advice on how to convince them.

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albert0bsd

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 12:32:02 AM

Merited by nutildah (2)

My only idea about this is tell them to watch the videos of Andreas Antonopoulos, youtube channel: https://www.youtube.com/@aantonop

if i can recomend some specific material from it is:

Peer-to-Peer Money in a Historical Context - Andreas M. Antonopoulos- Bitcoin Explained
Bitcoin Explained in the Bitcoin Basics Workshop CBP Prep [Free Workshop Extras - See Description]
Cryptocurrency Explained: Money as a System-of-Control

See the material and select one of those that should be more easy to understand for them.

But at the end you need to understand that this kind of decision should be personal and nothing should be forced.

GreatArkansas

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 12:36:18 AM

All of them are good, but each has pros and cons. Bitcoin for now is extremely volatile compared to gold and land.
The land is also difficult if you have little capital to buy, and the hassle of getting proper documents to be able to own land under your name is difficult.
Bitcoin is still new so we still don't know what will happen in the coming years in Bitcoin especially since some governments are against it.
Gold if you own it physically, you will have a hard time storing it physically but there are already a lot of ways to own gold online now.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 12:38:29 AM

Quote from: HelliumZ on October 14, 2023, 11:20:22 PM

Right now I want your important advice on how to convince them.

And how do you plan on convincing them. Op, if you're truly committed to investing in Bitcoin, it might be best to use some of your own money rather than funds designated for your family's care. Your parents might be hesitant to invest in Bitcoin because they may not be familiar with it or don't fully trust it. It could be a good approach to invest independently, demonstrating its potential by showing your eventual profits and how you've safeguarded the investment.

As for gold and land, as your parents mentioned, these are typically viewed as long-term, stable assets that hold their value. They may not offer the same rapid growth potential as Bitcoin, which is known for its volatility. If your parents are not comfortable with Bitcoin, you might consider investing in land on their behalf.

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JunaidAzizi

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 01:16:42 AM

Quote from: HelliumZ on October 14, 2023, 11:20:22 PM

Right now I want your important advice on how to convince them.

Invest only that you can afford to lose. Your parent are afraid of loss and this is because they have a fixed amount for the necessities of the whole month and as bitcoin is highly volatile they may fear their money. If you are investing in gold or land on the other side I will suggest bitcoin because gold and land both require a large amount of capital and you have only $400 in which you fulfill your family needs. If you buy land it will not give such a profit and the price of gold is going up and down if you are taking the risk to invest in it then why you can't take the risk to invest it in Bitcoin it does not require that much amount you can apply the DCA methods and hold for the next bull run which will be held near after halving. So I recommend you the bitcoin to invest in it as it's a better option you have and if you are involved in it the future will be yours there will be a huge demand for bitcoin in the world but before going for the best DYOR.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 01:37:56 AM

The best way in my opinion, don't force them to continue using just words. Follow them to invest in gold, buy gold as an investment, don't invest in deposits. Talk well to your parents, set aside $20 - $40 for Bitcoin investment and show them the results in the next 1-2 years (we can even invest in Bitcoin with only $5-$10), make purchases every month. Maybe this way they will be amazed by the results of their investment.

I know that convincing someone who is the opposite of us is very difficult. One way is to prove it. It's normal for parents to behave like that because they were born in a different era and tend to find it difficult to accept change.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 01:57:09 AM

Educate them about Bitcoin. That's probably the better goal rather than convince them to invest in Bitcoin. Normally, people won't invest their hard-earned money in something they don't even understand. So, try to make them understand. But if their decision is against your wishes, then respect them. After all, it's their money.

When the time comes that you make your own money and will have extra savings, then invest in Bitcoin and show them how it is indeed a better option.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 02:00:37 AM

To be honest, I think that it's high time for us to stop pitting bitcoin and gold or X investment against each other, it's always going to arrive at the same conclusion that they're different and that they each have their own pros and cons. Maybe there are some really attractive advantage to this one compare to other it just so happens that the person comparing or telling you the investment has some degree of personal bias. The best thing you can do when you're in the same dilemma is do a self-assessment and see what really works for you, bitcoin is for people who don't mind the volatile nature of its market and those people do mind losing the value of their investment because they know that bitcoin's return will be high, so if you're not in that category at all then you have to be second-guessing whether you should invest in bitcoin or not.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 02:06:35 AM

It's great to hear that you're interested in investing and have considered Bitcoin as an option. It can be difficult and challenging to convince parents to invest in something new and unfamiliar, especially when it comes to cryptocurrency. But you can consider educating and understanding first yourself and them about Bitcoin, of course, start with the basics, what Bitcoins is. how it works? and why it's considered a potential investment. Highlight the benefits of Bitcoin, you can increase their chances of being open to the idea. With regards to diversification, you can suggest that you're not putting all your eggs in one basket. You can allocate a small portion of your father's salary for Bitcoin to demonstrate its potential, this way you can show your parents the actual results and ease their concerns while keeping the rest in more traditional assets like gold or land.

Be patient with your parents, it's important to respect your parents' opinions and decisions, they may not change their views overnight. Understand that their concerns are valid and it's essential to address them with respect and empathy.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 02:09:00 AM

#10

You have to understand that just like me your parents can be belonging to the traditional group of people who are not yet oriented or educated on cryptocurrency and so they prefer those things that can seen and touch like real estate or land, for that matter. Now, there is nothing wrong with investing on land as its value will surely appreciate since we are not manufacturing lands in the same fashion as we are doing with cars or gadgets hence its value will really be soaring though it can snail-paced. I am then suggesting that you slowly educate them on cryptocurrency especially Bitcoin and then slowly build up your portfolio, in addition to other forms of investments as we should be following the notion that putting one's eggs in one basket can be so risky. Always remember that BTC is a volatile asset one day it can dramatically soar the next week it can dump in value - it is a roller-coaster ride so be prepared to enjoy.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 02:27:22 AM

#11

In my opinion, investing money that isn't mine into something too speculative is a huge no-no. Why not just use your own money instead? That way, you don't receive any crap if ever the investment goes bad. They already aren't convinced in the first place, so why force them?

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 02:36:41 AM

#12

Quote from: mk4 on October 15, 2023, 02:27:22 AM

Imagine you're at a casino with a friend. Your friend is hesitant to gamble, but you convince them to put some money down on a roulette bet. The bet loses, and your friend is angry at you for convincing them to gamble.

Investing other people's money in speculative investments is like convincing your friend to gamble at the casino. It's risky, unethical, and a recipe for disaster.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:02:45 AM

#13

Quote from: HelliumZ on October 14, 2023, 11:20:22 PM

.

Right now I want your important advice on how to convince them.

Stop comparing bitcoin with gold to see which one is better for you to invest in. My question is, your father worked hard to earn money to support your family and you plan to take a small portion of that money to invest in bitcoin? That means it's money spent on daily needs, is it correct that you use money for daily needs to invest in bitcoin? Why don't you make money yourself to invest in bitcoin? Instead you have to take other people's money and convince others to invest in bitcoin. You are a student, I think you have the ability to earn money to take care of yourself rather than depending on your family and now you want to use their money for your own purposes. If you haven't made money yet, don't try to teach someone how to make money.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:08:07 AM

#14

I think the age gap and the different exposures have made all the difference. Your parents' era is a lot different from our era today. I understand that they prefer the old options like gold, land, and bank deposits. They are the same with my old parents also. They cannot easily wrap their minds around investing over something that isn't tangible or something that doesn't seem to have some kind of security or guarantee like a certificate or a title. Bitcoin is so alien to them.

But continue informing them about the new realities in finance. One day they might be interested or at least grow more curious. I'm doing that little by little myself.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:08:35 AM

#15

All of these options are good investments, but given that you're asking this question in a Bitcointalk forum, the biased answer you're likely to get is "bitcoin." Bitcoin is portable (seed) and can be carried anywhere, while physical gold is less flexible in that regard. However, if you're considering digital gold, it's also a sound investment. It's worth noting that gold has already reached its peak, whereas bitcoin is still on the rise. The significant demand for bitcoin is likely to push its price to new heights, making it the choice for potentially massive profits.

Nevertheless, it's essential to consider that bitcoin falls into the high-risk category of investments. Its price is highly volatile, so there are no guarantees. If you prefer a safer investment, gold is the more established option.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:10:12 AM

#16

Quote from: HelliumZ on October 14, 2023, 11:20:22 PM

People who are not aware of bitcoin will never support bitcoin investment even if I/you understand bitcoin well. Because they are not experienced with Bitcoin and have never heard of Bitcoin before, they will not support Bitcoin. I am sure you are a Bangladeshi and I am also a Bangladeshi these two things in our country your parents said gold land is constantly increasing. Investing in these two things yields huge profits. Here, since your parents are not willing to invest in Bitcoin, it is better not to invest for you. Because if you invest by buying bitcoins in this current market and if this market goes down a little more, your investment will suffer and your parents will suffer even more. But my advice to you is that since you came to bitcoin forum, you should qualify and invest the money you earn.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:16:58 AM

#17

It's your parents money, so you must agree with their choices. If you want to invest in Bitcoin, then only use your own money that you collect or receive from anywhere.

Similar like you don't like a or few things in your parents house, you should leave your parents house and start to rent a house. As long as you're still eat from your parents, you have no right to control anything.

Quote from: Isuru_ on October 15, 2023, 02:36:41 AM

I don't see any reason why you can compare Bitcoin with gambling when Bitcoin price is keep increasing despite there's ups and downs while gambling is definitely 99% you will lose your money.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:20:17 AM

#18

Bitcoin because it doesn't have physical existence, requires relatively less physical security and to buy it also you usually need go through legal means. I understand why they recommend gold as it's worthy asset they are grew up with and understand why it has value and this conditioning has been so ingrained that they refuse to see further.

When we grow older, we will probably do same and dismiss other potentially better assets and stick to Bitcoin, members here on bitcointalk already refute other alts.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:21:31 AM

#19

I don't know which country you live in and what the prices are there but in general with this small amount you cannot buy a lot of gold or land so it would be better if you could convince your parents to invest in Bitcoin instead.

Buying a small amount of $200-300 per month is not a large amount, but it will give you some good profits in the long run. You may get 3-4 times that when Bitcoin rises to a new peak.

It is difficult to convince parents of this new technology, but you have to make your effort and try.

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Re: Bitcoin Vs Gold, land which better?

October 15, 2023, 03:50:03 AM

#20

Quote from: HelliumZ on October 14, 2023, 11:20:22 PM

...

Right now I want your important advice on how to convince them.

Instead of advising your parents to invest in bitcoin, why don't you find a way to invest in bitcoin yourself? You say you have knowledge about bitcoin, but you have never invested in bitcoin, which proves that you know nothing about bitcoin investment, so giving investment advice to your parents is ridiculous.

In my opinion, the best advice for convincing others is to show positive evidence that you have benefited from it. You should do something to prove to your parents that bitcoin is really an investment that can bring superior profits than gold instead of using empty theories to convince them.

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