Bitcoin Forum

Extracredit (https://bitcointalk.org/index.php?topic=2638162) (extracredit.io)  (https://extracredit.io) wants to help people to use cryptocurrencies without necessarily understanding how it works.

Do we need to understand how something works before we can use it?

How can i explain to my 60 years old father to invest part of his pension in cryptocurrencies.

Experienced folks, I need your help in this.

I think their project idea look really good.Their vision  is to empower everyone with the knowledge required to invest and manage their CryptoCurrencies with ease.Most people are envolved in crypto currencies without the requisite knowledge.With the introduction of their project even an elderly person like you stated can easily learn alot of ideas concerning how to invest in cryptocurrencies.This will go a long way to help expand the usage of cryptos in the future

This is very true, i lost a lot of money because of ignorance in the crypto trading. so if there is going to be a platform
that will educate new entrants into the crypto world. then we need to give them our utmost support.

For sure we won't have maistream adoption before there wlll be a way to use cryptocurrencies without understanding amything technical.

This is simply an awesome project and would definitely succeed.It is highly disastrous to always see our hard earned monies go down the drain due to lack of knowledge in cryptocurrencies. People struggle very hard to invest in diverse cryptocurrencies; but at the end of the day they get nothing for their effort just because they lack the technical know-how. If there is a project to educate us on this, i think we should all support it survival.

blavo!! ExtraCredit Ico

yes we need to know something first before jump in. unless you have a lot of money to waste on. i would say the project really good but how the impact this can bring to the community? as not all peoples are willing to learn. peoples these day are lazy. all want fast profit. that why they got slam in the face at last.

I perfectly agree with this assertion. This project aims at empowering potential investors to well manage their investments in cryptocurrencies. It would go a long way to completely eradicate ignorance in dealing with digital currencies

We don't need to understand something to use it...... i'm self-employed, like many people and pay lots of tax to HMRC but the whole system is very complicated so i pay an accountant to look after my tax affairs. i think the same approach will be taken by lots of people in the crypto world.

Very interesting project already has a lot to suggest and for sure will grow more. Tried it and found very nice.

why should your 60 year old father risk his pension for your believes?

Yes and no.  To drive a car I need to know some basics about driving and car operation.  I do not need to know how the internal combustion engine, gear ratios, suspension etc works.  If i want to be a race driver I do need to know these things to talk to engineers.  To be an race car engineer i need to know those those technical details intimately, but dont necessarily need to know how to drive well.  Users, advance users and developers, different understanding required.

Do we need to understand how something works before we can use it? Definitely! who in the right mind to spend his/her money without knowing what it's all about. I already did convince my parents since I started to believe that cryptocurrencies has a potential in the future but they are not believing me, maybe because they are too old as teaching them is too hard for them to learn new things with our modern world. It is better for you to show them how it is working or make a move to yourself that will show them your results with it.

You only have to read through twitter / facebook etc to see and understand that masses of uneducated(in crypto) people are throwing money into cryptocurrency.

I do not think you need to convince your 60-year-old father to invest part of the savings in the crypto currency. You will only frighten him, spend a lot of time in vain and nothing will be achieved. If the welfare of parents is so important to you and you trust this project Extracredit (extracredit.io) enough. Then invest your money. When it makes a profit - give this profit to your father.

So what is the link between this so-called pension and blockchain? I have no idea why the pension and blockchain are still connected.

Dont risk his money for your greediness,work hard to earn money and buy BTC using your own money,its a risk which will give you more fiats!

I think what blockchain is about is a decentralized ledger and this go a long way to bring transparency in the accounting system.
so it will be a good way to have pension schemes on the blockchain. but what we are talking about here is old people investing in cryptocurrencies.

understanding cryptocurrencies is still important because investing is very risky and if you don't understand it you won't know why you lose your money. why do you want to convince your father? is his pension not enough for his daily needs? you don't have to worry about your father you have to worry about yourself.

My opinion (which is pretty unpopular) is that it is not necessary. People are using money  every day but they don't need to be a financial experts for it (tbh about 99% of them don't even know how work the economy of their own country), people consume different products without a solid knowledge what they are made of and how it will influence their health etc.
Imho it sounds like a very bad idea. If people are already investing their pensions into cryptocurrencies then  the cryptomarket is definetely in a bubble.

Perhaps in 10 years it will be really timely to receive a pension in cryptocurrency. But not today. The market is very unstable. There is not even a basis, a core, to be sure that the course will not fall. I would not want to risk a pension fund by playing games. Leave your father alone. Invest self-sacrificially, make a profit and save it for retirement age.

he wont understand what you are saying about crypto and how his money can earn big,i suggest not to use his money because he earned this all his life.

We don't need to know how something works in before we use it. For example, cars or tv's. Not all the people know how this thing are working, but everybody own or use one all the time. The problem with Crypto currencies is that they are not real in the eyes of ordinary people. People cannot see it, cannot touch it and there is no office that can go and ask questions. Crypto currencies are relatively new and have not been time proven. With the time passes people will get more knowledge and the fears will disappear, but will take a while.

I agree with you. so far as you know how to use it, think it's enough for you to make any gains you can from it.

desperate times comes with desperate measures.

It is a interesting concept, what do people think about it?