How to Explain to Your Grandparents in 10 Minutes What is Bitcoin?

The older generation often perceive innovations as something supernatural and incredulous refer about them. But, what should you do, if you need to explain to your grandparents what is bitcoin, despite the fact they are afraid of picking up a mobile phone? :)

Of course we exaggerate! But since, the cryptocurrency little by little captures the world finance market, bursting into the life of those, who aren’t interested in it - your grandparents should be prepared.

For this

had developed a strategy, which will help you to explain what is Bitcoin in 10 minutes. During the experiment, none of the grandparents didn’t refuse to descend the legacy to their grandchildren :)

Stage #1: “Bitcoin - is like a paper money, but not made of paper”

Remember, never try to explain to older generation about the innovations on the developers slang. We recommend you to draw an analogy with the things which are more understandable for them.

It is better to compare Bitcoin with the ordinary money. Explain them, that it has the same value as the paper money, in which they receive the allowance. You can also buy goods and pay for services by using Bitcoin.

Do not forget to specify that the cryptocurrency are not made of paper, but encrypted by computer code. The ordinary money which we receive we can touch but the digital - not. Because they are stored on the computer, while the ordinary money in the wallet.

As far back as you can go that cryptocurrency is based on cryptographic methods, its management is decentralized and it works on the blockchain technology - your grandparents may think that you are possessed by a demon. All this stuff are clear only to our crypto space.

Stage #2: “Miners - are gold miners”

After the first stage is complete, it is logically that your grandparents will ask you - “how to get them?”

The old and proven method of the analogy also works here. We all know that we earn Bitcoin by

mining

. We associate it with a gold mining. And we clarify that while mining the cryptocurrency hoes,picks are not used, but a computer.

If you see understanding in the eyes of your beloved grandparents, than you can add, that Bitcoin can be bought on the internet. Specify, where and how is not necessary.

Stage #3: “Spend Bitcoin in the specialized store”

Before telling to your grandparents, where they can buy products by bitcoin, they need to know, that it has its own rate as well as the dollar. Except the rate depends on demand. Prepare sedative, because once they know the price for one BTC they will be very surprised. Only we are complaining here, that “

Bitcoin is dying

” , and it will be shock for them, that only one coin can cost 4 thousand dollars. I guess you realise that you should keep silence about the rate of 20 thousand dollars.

Now you can tell them : “Since Bitcoin - is unusual money, they are spent only in the special stores”.

Good job, the grandparents are ready! Now they can tell to their friends about Bitcoin. And if they are not afraid of computer, and they were interested in your story, than in the “For Beginners” section, they may

find more

about the cryptocurrency #1.