My Mom Is Too Old To Buy Bitcoin!
Outrage after 3 months of trying to set up everything
So I was telling my mom that it could be a good idea to invest a bit into Crypto = Bitcoin. What I didn't know is how much work it was going to be and that I would ultimately fail at this mission. What a mess!
If you have ever helped older people navigating the interwebs, it soon becomes clear that this can be very challenging. Not even speaking of traversing the cryptospace! My mom is in pretty good shape when it comes to handling this stuff (obviously at a basic level), so I thought we could give it a try. The only chance I had to begin with was finding a remote session application to walk her through and luckily it all worked quite well. But we soon stumbled on unsolvable problems. And no, it wasn't verification. Although arduous, it somehow worked. the real problems started when trying to make a fiat deposit.
Her bank flagged the transaction as a potential phishing attack... It took some calls to get it sorted out, only to find out that the crypto broker would not accept the deposits. We asked customer support. And surprise, surprise, they couldn't tell us what the issue was and recommended starting with small amounts (on hindsight I am guessing they knew, but didn't want to tell us). However, this did not work at all. The problem had to be somewhere else...
We tried a different bank and while the first small deposit went through, the second got immediately flagged as well. I suppose the crypto broker flagged the entire account as high risk at that moment and attempting more wire transfers from another bank got immediately rejected. Too bad... So, next attempt: a different broker.
The broker we chose this time is well known and a top 10 exchange. Verification was a breeze (surprisingly!). And we just had to connect the account with a phone number... Easy, right? No! When we entered it we got a super fast message on the screen telling us that "people over the age of 65 are not allowed to open accounts".
Ups, sorry, you are too old to buy Bitcoin! Better luck next life!
I couldn't believe it, honestly. This would probably explain why the banks and the broker flagged her account as "high risk" on the first try. Old people can't handle their money - or perhaps more accurately: they aren't allowed to do so and this, of course, is also in their best interests. I can only relate how my mother felt, but not being able to (or not being allowed to) use one's own money feels absolutely awful. It is discrimination and age discrimination it turns out is a real thing.
Conclusion
You better get your affairs in order before getting too old (lol). The crazy part for me is that 65 isn't even old. People still work at that age... But what it really shows is that the system got us by the balls. And the grip is getting tighter every day. The system is becoming an abomination and in places with an overreaching government it is only going to get worse. Fight for your freedoms and sovereignty!
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Too old at 65? Cheeky buggers! As you say, it'll only get worse. When they foist this digital euro on us that'll be the end. Total control!
Will we have an option not to participate in it? Many things have failed due to non adoption, but I wonder if people even know what the digital euro is..
I'd say it'll be optional at first but they'll make it so expensive to use cash that it'll end up being the only option. People assume we already have digital money when they pay with their phones and such, but CBDCs are a different beast. They’ll be fully programmable, meaning certain transactions can be blocked entirely.
That's really bad, the very system that is designed by human, discriminates other human. We literally have no freedom from the system and that is the reason crypto adoption does not rise because people fear the consequences that the system can impose.
true, but at least we have an alternative system that people can use. Imagine blockchain hadn't been invented. I also like the way the US is heading in a different direction in terms of setting up a regulatory framework. Maybe others will follow. Although ultimately I wonder if crypto and the legacy system can really coexist in the long term.
I'm glad to see you, and that's good news. I'm also an old lady, and I like to stay active. I'm thankful for having found Hive, a space to create content and earn cryptocurrency. I don't know what would happen to many of us old folks who stay active, working and contributing.
You reminded me of when my son had to help me set something up. I still have to ask him for help sometimes.
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What the heck?!?!
Have you tried Paybis or Shakepay? I buy crypto WITH EASE through both of those services. I'm in Canada, and we have less options to handle crypto. It used to be overwhelming, a pain, and near impossible to deal in C. Those two services have made crypto trade very easy.
I understand why banks are blocking C- especially for vulnerable persons. The corrupt behavior attached has been astounding. On the other hand, you're over there busting your ass trying to reassure the bank that everything is fine.
Goodness!
Good luck. 🥰
with so many attempts I kinda gave up - it's also stressful for her... But pretty shocking that people are just put into boxes like that
I understand the frustration. If you hey bank up on the horse, those services seem to just look like random websites in my bank. Meaning, the bank may not block them.
Actually, shakepay acts more like a bank account. It's akin to paypal, but more hybrid.
The gray thing about shakepay is that if I login and shake my phone I get free bitcoin. Each consecutive day in a row gets a higher percentage of coin. Obviously, it's not a lot, but it adds up quickly.
So- the bank will think nothing of "shakepay" in the account.
I have been able to transfer my Hive to shakepay in seconds. (Which I now regret now that I'm back on Hive)
And it also adds to mobile wallet- so purchasing groceries is a tap.
I highly recommend if you change your mind.