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Convinced my dad to buy 10 BTC (self.Bitcoin)

DmesticG が 投稿

I'm 17 right now and I have around 0.5 in btc right now. I've been asking my dad to invest in bitcoin for so long. Today he finally agreed to loan me $10,000 CAD to buy around 10 Bitcoins with. I have two questions. Firstly, is this a good idea? should I invest in bitcoin (I'll leave the money for around 4-8 years) and secondly, where can I buy 10 BTC online?

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[–]mhonkasalo [スコア非表示]  (0子コメント)

Since all the replies here are completely nonsensical, I'll try to give a sane and rational response.

Getting family members invested is an incredibly risky thing, and losing everything (which definitely could happen in Bitcoin) can destroy relationships.

If 10k is nothing to your family, then that's a different thing. But your father should be aware the price of Bitcoin could plummet.

This is from a guy who is incredibly bullish on Bitcoin long term, but as a new technology the risks are massive.

[–]gonzobon [スコア非表示]  (15子コメント)

Buy 5,000 worth of Index funds and $5,000 worth of Bitcoin. See who performs better.

[–]Skrappyross [スコア非表示]  (3子コメント)

Diversify investments is like rule one. Putting all your money in one investment is just too risky, ignoring the inherent risk of bitcoin.

[–]gonzobon [スコア非表示]  (2子コメント)

Yep.

The more time passes the more it seems BTC is ready to survive the next 100 years.

[–]DmesticG[S] [スコア非表示]  (1子コメント)

I don't know if bitcoin will last that long, but crypto currencies definitely will

[–]GinsuBrainHack [スコア非表示]  (0子コメント)

We'll probably be onto far more interesting problems and solutions regarding value in 100 years.

[–]Herb-Deanredditor for 25 days [スコア非表示]  (8子コメント)

where do you buy index funds?

[–]gonzobon [スコア非表示]  (6子コメント)

Vanguard for the US. Other brokerages too, that's just my preference.

[–]Herb-Deanredditor for 25 days [スコア非表示]  (5子コメント)

and if not US?

[–]gonzobon [スコア非表示]  (4子コメント)

I am sure Canada/UK has something similar.

[–]Locrypto [スコア非表示]  (2子コメント)

And if not in Canada/UK? :)

[–]PoliticalDissidents [スコア非表示]  (0子コメント)

Yeah Vanguard too. Just use a different broker in Canada but buy Vanguard and iShare (ProShare, etc) ETFs. They're available on NYSEARCA and on TSX so it's in both markets.

Don't buy mutual funds in Canada. MERs are way higher on mutual funds than in the US. But ETFs in both countries are good MERs and far lower (much more so in Canada) on ETFs.

[–]Locrypto [スコア非表示]  (0子コメント)

If you don't know what an index fund is or where to buy one. I would caution against taking some random person's advice on the internet. I agree with that "random person on the internet" that investing in an index fund is smart, simple, relatively safe, etc (then again, I'm also just "some random person on the internet").

I don't mean to imply that you were going to just accept some random persons advice without doing your own research. But, It seemed like it was worth mentioning.

Here are a couple links to get you started on that research:

Index Funds - Investopedia

Index vs Mutual Funds

[–]bobbyg603 [スコア非表示]  (0子コメント)

This. Additionally automatic monthly buys of each over time is a better idea than sinking it all in at once

[–]PoliticalDissidents [スコア非表示]  (0子コメント)

Buy $5k of Canadian weed stocks and $5k of Bitcoin.

[–]illuminatiman [スコア非表示]  (3子コメント)

Buy 1 btc per months for 10 months is what i would recommend.

[–]o0splat0o [スコア非表示]  (1子コメント)

If you're in it for the long haul, this advice is the way to go.

[–]hwaite [スコア非表示]  (0子コメント)

On average, a lump sum investment performs better. Unless maybe you're recommending that the sidelined capital be put to work in some other investment prior to converting to bitcoin.

[–]thieflar [スコア非表示]  (0子コメント)

He almost certainly will not be able to do so. He could buy 1000 CAD worth of bitcoin every month for 10 months, though.

[–]holyshitnowaydude [スコア非表示]  (8子コメント)

Very bad decision sorry. Never buy BTC with loaned funds.

[–]shawentqredditor for 7 days [スコア非表示]  (0子コメント)

But loaned funds with no interest and at best a nebulous obligation to repay?

[–]DmesticG[S] [スコア非表示]  (6子コメント)

its not a regular loan. Its my father... There is no interest.

[–]holyshitnowaydude [スコア非表示]  (3子コメント)

Still a loan regardless. What happens if bitcoin drops to $600, $400, $200? You can't pay him back, and you'll make a fool of yourself and harm your relationship with him. Also you'll just convince your dad that bitcoin is something to avoid permanently.

Point is, you asked if this a good idea. I say no and stick with smaller purchases you can afford to lose 100%. To answer your second question QuadrigaCX is a good place to buy BTC for Canadians.

[–]hanmerhand [スコア非表示]  (2子コメント)

This is very subjective. It all depends how much the money means to the father compared to wanting to support his son who appears to be very passionate about something.

Perhaps he's fine with spending $10k to help his son learn a life lesson. I wouldn't consider my son to be a fool if he lost money on his first investment at age 17. And if it pays off then, heck, they can both enjoy the success together.

The truth is that Bitcoin investment could be very time critical and if he waits for a few years (or however long it would take a 17 year old to save up $10k) then it may be too late. I was gutted I missed the dotcom boom because I was just a teenager still doing a paper round.

I say carpe diem - the only live once and it's only money. Just make sure your father isn't relying on this $10k to pay for your mother's hospital bills or whatever.

[–]Strong__Belwas [スコア非表示]  (0子コメント)

wanting to support his son who appears to be very passionate about something.

my dad gave me a pat on the back, not $10,000 to spend on drug currency

[–]Locrypto [スコア非表示]  (0子コメント)

This is very subjective

Yeah, I kind of agree with you. I also partially agree, with the many people who have been cautioning against OP's decision. I think OP and his father both need to go into this with their eyes open, they could lose everything, they could win big, reality will probably fall somewhere in the middle. But Bitcoin is a very risky investment no matter how much you believe in it, if it wasn't, we wouldn't be early adopters, and the potential for growth wouldn't be so great.

But, I do think, many people here have been too quick to judge the situation. OP said "I've been asking my dad to invest in bitcoin for so long." So its entirely possible that Dad started out skeptical to bitcoin, after lots of discussion started to see the potential, and decided "okay, i'll give my kid, and this weird new possibly promising technology, a chance, considering the downside risk and upside potential, I am comfortable loaning/giving him 10k." Or maybe Dad said "well shit, I was planning on giving buying him a car for HS graduation or for college, or I was planning on giving helping him with a downpayment on his house in the future, but he's excited about bitcoin now, and he could be right about its potential, so i'll give him the money now and see what happens.

[–]FlappySocks [スコア非表示]  (0子コメント)

its not a regular loan. Its my father...

That's worse IMO. Unless you can realistically pay it back in a reasonable time, it's not really a loan at all. It's a gamble on his good will.

Unless your father is very wealthy, and it's a drop in the ocean, I'd say your taking a risk with his money. If it were to backfire, you could end up in a horrible situation you will most likely regret. Stress can have adverse health effects, which you might to appreciate at 17.

Don't think it won't happen. It could easily drop to $200 again, or less if China were to pull the plug on the Internet. Let's hope Trump doesn't upset them.

At the very least diversify, in say ETH and FCT.

[–]Falseodolce [スコア非表示]  (0子コメント)

If you find a $100 bill on the street and put it into a stock that is worth $100.01 after 10 years, do you celebrate because you made an 'infinity' return? No because that's not being honest about the real return and your real performance.

Should you be any more careless or more careful with this $100?

Whether you ultimately pay back your dad or not is not important right now. What is important is that you get yourself in the right frame of mind and thinking like a real investor, not a punter.

Doesn't matter the source, you should always be accountable to yourself and take responsibility for understanding your investment decisions.

[–]ismith23 [スコア非表示]  (0子コメント)

No-one knows what bitcoin will do. I would suggest only investing in bitcoin if it will not be a disaster if you loose your investment.

You may have to wait till you are 18 before you can buy the bitcoins from the exchanges.

[–]pdubl [スコア非表示]  (0子コメント)

I'm going to assume that 10K CAD isn't that much to your dad.

If it is, and you have somehow convinced him that this investment will be the best he has ever made, just stop. Return the money.

Back to assuming this is a small investment for him.

I would involve your dad as much as possible in the purchase of the coins. It will help relieve any accusations or guilt if if Bitcoin were to tank. Besides, he is probably very smart in some aspect of life to be able to offer you this opportunity. I'd take his advice when possible.

Purchasing it all at once? You may be able to go to a broker and get a better deal OTC. I'm sure someone here else has experience with this.

At the very minimum, buy the Bitcoin on a trading platform, not an exchange. This alone will save you ~$100 in fees.

Only put a few thousand on the exchange at any time, move your BTC somewhere safe after you buy them. This could be another cool thing to do with your dad. Backup schemes, multisig rules, etc.

[–]btchombre [スコア非表示]  (0子コメント)

Terrible idea. Never ever ever tell people, especially family members, what they should invest in. Your relationship with your father is now tied to the success of Bitcoin. I shouldn't have to tell you that's a bad idea. I think Bitcoin will probably be a long term success, but I would never bet an important relationship on it.

[–]BitcoinOdyssey [スコア非表示]  (0子コメント)

Is this a good idea? - BTC is obviously volatile and could potentially sit at $500 in value for years to come. Is this a problem?

[–]glastATredditor for 1 month [スコア非表示]  (0子コメント)

Accepting money from family members, loan or not, is never a good idea imo

[–]NimbleBodhi [スコア非表示]  (0子コメント)

I don't think it's ever a good idea to either give a loan or take a loan from a family member, it usually doesn't end well, especially when the loan is for speculative investments...

That said, whether bitcoin is a good investment is really for you to decide and do some research on. A lot of people here think it'll be a lot higher in the future but consider that most of us are invested in it and probably biased in that regard.

One thing I'd say you should consider is that it doesn't work out, are you willing and able to pay the loan back if your bitcoin investment tanks?

One of our sayings around here is don't invest more than you can afford to lose, and I think losing your dad's money would fit in there.

[–]vroomDotClub [スコア非表示]  (0子コメント)

My guess is yes.. 4 to 8 years? 95% it will be worth 10X probably more. 5% it will be worth $100.

[–]NachoKong [スコア非表示]  (1子コメント)

Tell your dad to go big or go home. If he has 10k to throw you to buy bitcoins tell him to do 20 or 30k instead.

[–]hunter1212 [スコア非表示]  (1子コメント)

try coinbase

[–]m0ngal0idredditor for 14 days [スコア非表示]  (1子コメント)

good time to buy for the long term is right now. china helping to curb volitility atm will help build a foundation in the high $700 low $800s for the next move up. higher lows is the name of the game

[–]FlappySocks [スコア非表示]  (0子コメント)

You may will be right. Are you betting your relatives money on this prediction?

[–]JosephBlow [スコア非表示]  (0子コメント)

Get yourselves a hardware wallet or 2 if you are going to sit on it for a few years.

[–]h1d [スコア非表示]  (0子コメント)

  • Ask him if he's ready to lose it all in the worst case. If yes, go next. (I got goxxed)

  • Set when to exit, for both low and high if this is a short term investment (like within a year. You said long term but writing it anyway, it would semi apply to long term.) Because otherwise the only time you'll exit will be when things go crap beyond your recognition. (Like when it becomes quarter the value of today's and I've had it happen to myself before but it did recover in the long run.) If this is a long term (like 3+ years hoping Bitcoin gets more mainstream adoption and aims for larger return, go next.

  • HODL (like I do and don't panic when you see a red waterfall on the chart. Noob trading is the easiest way to lose balance.) But do remember Bitcoin is experimental and as such if it fails at some point or the exchange you keep Bitcoin on gets corrupted or you lose key to your own wallet etc, it could become worthless but your dad knows that by the time you read here.)

  • And finally, make sure you set him up a reliable wallet, so you don't lose it. (Whether some online service or in your own wallet, make sure to take time and learn what's best for you.)

[–]anneschoolz [スコア非表示]  (0子コメント)

I have Bitcoin and so does my 17 year old. I have a bit more than them. I think that is a whole lot of money to put anywhere. Remember what FUD stands for. Fear, Uncertainty, Doubt. You should spend some time reading alot about Bitcoin and understanding even say the "blockchain". It was not easy for me to get started on this. Some many places to go to ie Blockchain .info to find out what was on my private addresses, how to get a paper wallet for storage because of the risk involved. Remember there is always risk,"online". How to deal with the .00007099 minus .00000005437 to give the miners some gratitude for their work. Always came up with the wrong #'s. Also, many tabs (on my computer) to work with when finding the conversion rate between Bitcoin and dollars.It was really confusing for me. If I wear a computer programmer I have so many ideas to make the process much easier. Anyway Good Luck and yes I do like Bitcoin.

[–]I-am-the-noob [スコア非表示]  (0子コメント)

Just be sure not to put money in that can be worth 50% over night. I belief in btc, but be careful. Make sure you store btc on a hardwarewallet not on an exchange.

[–]bitsteiner [スコア非表示]  (0子コメント)

Never speculate with borrowed money. Better save small amounts and buy some BTC each month.

[–]andynyc [スコア非表示]  (0子コメント)

Seems like all of this "people who don't get bitcoin buying bitcoin" can only lead to an eventual downturn...

[–]nyjets239 [スコア非表示]  (0子コメント)

Is it a good idea? No. The chances that you will lose a good amount of money are definitely there since Bitcoin is one of the most volatile currencies in the world. If you have no income and can't pay your dad back $2-$3k that you might potentially lose it's a bad idea. If you have a job and are willing to work to just have it paid back then it's probably a good idea. I don't think he really expects you to pay him back though so good move.

[–]housemobile [スコア非表示]  (0子コメント)

Kraken is good for Canadians

[–]mrtest001 [スコア非表示]  (0子コメント)

1) Invest what you can afford to lose. BTC going to $100 should not bother you.

2) Never discuss numbers online - no one should know how much money you have invested, or how many bitcoins you have.

3) If you pay for BTC does not mean you OWN BTC - you don't own anything until you control the private keys. So say you use Coinbase to buy and just leave it there - well, they might get hacked or close shop and you will be completely out of luck.

4) Since you seem to be new to this, controlling your own private keys is almost guaranteed disaster - get a hardware wallet (I recommend Trezor or KeepKey).

5) I also recommend starting slow - buy 1 BTC every couple of weeks until you get comfortable with it.

I have been learning about BTC myself intensely for the last few months. I am also a computer guy and KNOW what its like to lose passwords, have hardware break on you. And what I have learned is that NEVER trust your memory or your ability to randomize or your ability not to make a mistake. Count on EVERYTHING that can possibly go wrong eventually going wrong...

Sorry did not want to rant...but I have learned a lot so feel free to ask any questions or review my history for the questions I have asked of others in this subreddit.

[–]ethMonkey [スコア非表示]  (0子コメント)

odds are he will make more returns on bitcoin than anything else so unless that cash was already generating crazy interest rates ,go for it .........

certaintly fiat money is becoming more worthless so he would make more buying just about anything "real" than sitting on a cash pile (by real i mean btc ,gold ,silver,land etc )

[–]calaber24p [スコア非表示]  (0子コメント)

I have two questions. Firstly, is this a good idea? should I invest in bitcoin (I'll leave the money for around 4-8 years) and secondly, where can I buy 10 BTC online?

if you dont know this, you dont have the technical ability to store the coins. No dont do it, you will be joining buttcoin in a few months when you have them stolen. Wait for a mainstream financial product if one ever comes out.

[–]Fiach_Dubh [スコア非表示]  (0子コメント)

Hi DmesticG

QuadrigaCX is good Canadian exchange to use for purchasing bitcoins. however you or your father may need to verify your identity to deposit funds. I've gone through the verification process with them, so I know they will need three things.

a digital copy of your drivers license/photo ID.

a picture of you holding that license/photo ID.

and a banking statement/Monthly Bill Statement with your name on it.

all of these things can be uploaded to their site. Once you have your account verified you can deposit funds through a variety of methods such as wire transfer or interac online.

Once you purchase the Bitcoins I suggest you transfer them off the exchange to a secure bitcoin hardware wallet such as a keepykey, ledger nano blue or Trezor.

If you have further questions I would be happy to talk to you further, feel free to message me.

[–]Jonnyb42 [スコア非表示]  (0子コメント)

its just not a good idea to announce actual bitcoin amounts!

[–]Strong__Belwas [スコア非表示]  (0子コメント)

give daddy his money back or save it for your education. jesus don't spend 5 figures of not-your-money on an intermediary between USD and drugs. that's all bitcoin is, don't delude yourself.

[–]Falseodolce [スコア非表示]  (0子コメント)

Did you just ask Reddit if it was a good idea AFTER convincing your father it was a good idea?

I am guessing you're the one wearing silk slippers descending the stairs.

[–]Mordan [スコア非表示]  (0子コメント)

never store BTC on an exchange. the biggest risk with Bitcoin is the risk of custody. This risk is HUUUGEEEE. Exchanges get hacked, you can lose your keys or the keys can be stolen or lost.

[–]PoliticalDissidents [スコア非表示]  (0子コメント)

Get an account with QuadrigaCX and buy Bitcoin there. Don't place a market order!!!! Place a limit, name you're price and wait for how ever long it takes to fill (adjust if needed). $10k is a lot Canadian market is small so doing $10k order in an instant could easily eat up Quadriga's order book.

Also really $10k? Convince your dad to invest $10k of his money okay sure. But a loan. That's a bad idea. If you're going to borrow from him only do a smaller amount so that if you loose the money and need to pay it back it's at least viable.

[–]cuate1bit [スコア非表示]  (0子コメント)

It was a great idea. You will have a great returtin your investment in a couple years. Hodl !!!

[–]SemicolonWhispers [スコア非表示]  (1子コメント)

Buy bitcoin if you are going to use them

[–]burstup [スコア非表示]  (0子コメント)

Good decision. Buy them on coinbase or kraken.com.

[–]vvarri0r [スコア非表示]  (0子コメント)

Fuck yeah buy it. If he's going to loan or give you the money, why not? If you lose it, not your money anyway. I hope he expects to never see that money again.