I got my mother into crypto!

I got my mother into crypto!

As the headline says, I got my mother into crypto. Maybe not as much as I hoped for but she is open minded and after a few discussions about the history and the community, she can not deny that it is a growing industry, that she is now part of herself.

So what did she do? Well not too much, I got her to open a BlockFi account.
Don’t get me wrong here, I do understand the ”not your keys not your crypto” rule, but you have to see this from her point of view. My mother is not very technical and doesn’t know too much about the new industry, so she will not buy a Ledger Nano S (though I want her to, one day). At this moment it’s too complicated for her and so far she basically just wants to earn interest on her crypto.

So how did we do it then? I told her about the banks, Bitcoin, the crypto space and that you can get a good interest every month from your crypto. I was brutally honest when telling her all about the risks that comes with it, and to only invest what you can afford to lose.

I helped her set up an account and I told her that I will handle everything considering converting cash into bitcoin, so she won’t have to worry about that. We came up with a savings plan for 100 to 200 SEK a month “DCA”, that she transfers to me and I transfer it into her BlockFi account. Hopefully in the near future (after some more coaching) she will manage her account and transactions all by herself. But at least she is not a nocoiner :slight_smile:

And I think this can be a good way to make more people interested in crypto. To help them set up different Defi or Cefi accounts and tell them about the banks. Also how to convert cash into bitcoin and that you can get a good interest or a loan that you wouldn’t get from your local bank.

So it’s up to me, you and everyone in the crypto space to teach them!

Thank you for reading!

Thank you @ivan and @filip for all the good work in the crypto community!

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Well done!! First step for her is done. She will thank you one day :wink:

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Great! I think if everyone spreads the word and takes time to explain the pros and cons of crypto, mass adoption will come much quicker.

I also have a BlockFi account. I’m hesitant to put a significant portion of my funds there though, mainly because of their lack of insurance, potential warm-wallet hacks (classic hacks) and overall lack of clarity on what happens if someone defaults on a loan that contained your crypto. Did you look into these points at all? Curious to know what you discovered.

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Hi @FaierPlay I haven’t looked into loans yet it is too risky for me at the moment and I don’t need one it’s the same thing for Celsius wallet and the banks haha :slight_smile: I just want to accumulate more BTC, It is risky to trust any of it though. But I only put in enough i’m willing to lose. Next I’m gonna try the other Defi lending platforms. I like both platforms but Celsius in my opinion is better.

Crypto held in the BIA is custodied by Gemini. The assets held with Gemini’s custody service are insured by Aon. 95% of assets are stored in cold storage and 5% in hot wallets.

I guess you have to take their word for it but never trust anyone to 100%.

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Thanks! yeah i hope so :smiley: haha

you are correct @Timmy

So it’s up to me, you and everyone in the crypto space to teach them!

I think i will get my mam into it also. I need to compound a little more but i have challenges also. mam only just learning how to use the sky remote control so anyway my brother and sister are interested so perhaps i will focus on them. then spend lots of my profit from crypto arbitrage on flowers and cool fluffy nice mammy things and save her the hassle of getting all crypto. she is 73 so i have to be realistic.

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I don’t use any DeFi platform for loans. I also use it for interest. I’m still uncertain about what happens if the funds the platform uses (i.e our funds) lent out are defaulted.

I believe to get a loan, you have to lock-up more than the loan’s worth in crypto. So I’d think they use that as collateral for the loan.

I’ll do more research.

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Congratulations,
On my side, I’m 61 and I’m trying to get my daughter (31) into crypto :slight_smile:

Way to go Timmy!

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Hi Daz3d,
Be optimistic. I’m 61 and my 6 year old grandson knows how to use the roku, tv remote etc better than me. However little by little with the help of Ivan on tech, I got through using binance, coinbase, crypto.com, uniswap and others. I lost a lot of hair but I am so excited about the future of blockchain. Talk to your mom and aunts, uncles, grandparents. You never know, they might surprise you. I got my husband (56) interested in it and now I’m working on my daughter (31). They are both smarter (in math, computers…) than me, but I’m the one who got interested first.
Good luck,

Concetta

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