How to explain to the older generation what is a cryptocurrency?
When older people want to understand new technologies they ask questions. So, if they want to know how Blockchain works, the explanations given usually come down to one of two things. The first is how impossibly complex blockchain is. The other is how those who are younger in age tend to have a high level of confidence in such complicated systems.
One of the important technologies impacting our lives today concerns the world of cryptocurrencies. Bitcoin and other cryptocurrencies have become important financial topics. However, not everyone is fully able to understand what these cryptocurrencies are or what they have to offer.
So, how do we explain to our parents, and other older people, what exactly is happening with cryptocurrencies and how Blockchain works?
1. This is the same as other currency but it happens to be digital
We recommend that you do not explain the concept of "Blockchain" by introducing a relatively complex term like "crypto". To explain the very complex by using incomprehensible terms is not going to work. It is better to begin the explanation with simple analogies.
A better method is to basically compare bitcoin with other currencies or shares. You can say that bitcoins are the same as other money and that bitcoins can be used to buy things or services in both the real world and over the internet. The value of a cryptocurrency is similar to the value of shares in the market. Both assets have a value that is based on the real-time demand of the market.
2. Mining can be compared with the development of the gold mines
The most frequent questions are: Where do we get these bitcoins from? Who regulates their quantity?
Since the term "digital currency" could be understood by everyone, consider using that term in the explanation. It is important to state that bitcoins are similar to your credit or debit card money. If your salary is deposited to your debit card then you can use the money linked to your debit card to pay for things at the store. Similarly, digital money enters into circulation without ever being in the form of cash.
The question of "Where do we get these the bitcoin from?" has a fairly simple metaphorical answer. The financial expert, Heinrich Bram, advises you to image a mine in which gold is being mined. In the case of this digital currency, it is not gold that is being minded but bitcoins. When it comes to extracting bitcoins, this is not done with the use of drills or picks, but with the help of computers. Miners invest the power of their expensive computer equipment in the extraction of a single bitcoin. That one bitcoin is later divided into millions of pieces. It is then sold to people, for real money, on the stock exchange. Buyers may be buying bitcoin as a way to invest in it or to simply use it in purchasing goods and services.
3. Where can bitcoins be used as a payment method?
For the older generation, this part of the conversation is the most exciting. Currently, one single bitcoin is worth around 13 thousand US dollars. Money that you may want to spend.
Since commission fees are rather low, online stores are happy to accept this cryptocurrency as a method of payment. However, this digital currency is not yet accepted everywhere.
If your parents want to invest more or wish to earn more than they spend, then tell them about the phenomenal growth of bitcoin. In the last six months, it has almost doubled in value. You can amaze your parents by telling them about the huge profits that bitcoin has garnered over a relatively short period of time. The main point to share with them though is that this cryptocurrency is very, very volatile.
To explain something new is very difficult. But, if you follow these three steps, you can explain to the older generation what bitcoin is. You can do it without any difficulties and this subject can be clearly understood by everybody.
How to explain to the older generation what is a cryptocurrency?
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