What my 70yr old Parents think of Crypto

[Mr.cryptos]

I casually brought up the subject of crypto currencies, bitcoin etc… with my 70+ year old parents yesterday.

I simply said that “by the time your grandchildren are adults, there will probably be no banks - we will all be just trading our own crypto between each other, and paying for everything with virtual money”.

The first question they asked was - “So if there is no bank, where do we get our loans from, and who pays you interest on your savings?”   

[mimedo]

My grand father told me that it is like a magical event. "How can something so unconventionally simple produce money?".

[Marco Ambrusini]

I casually brought up the subject of crypto currencies, bitcoin etc… with my 70+ year old parents yesterday.

I simply said that “by the time your grandchildren are adults, there will probably be no banks - we will all be just trading our own crypto between each other, and paying for everything with virtual money”.

The first question they asked was - “So if there is no bank, where do we get our loans from, and who pays you interest on your savings?”   

our granny's might not understand this whole crypto industry ,but this is the new order.In the coming centuries we will have institutions like crypto banks where coins can be loaned.

[nick_nick]

I casually brought up the subject of crypto currencies, bitcoin etc… with my 70+ year old parents yesterday.

I simply said that “by the time your grandchildren are adults, there will probably be no banks - we will all be just trading our own crypto between each other, and paying for everything with virtual money”.

The first question they asked was - “So if there is no bank, where do we get our loans from, and who pays you interest on your savings?”   

I think cryptos are for 21st century children. It will be hard for the granny's to understand the crypto world

[anelenaniku]

The upcoming new economic system is not for the old people. Until the new replace the old , old people won't be with us.

[aleksej996]

Well you kind of gave told them the big misconception about cryptos and they got you on it.
Banks do more then transact our money, they do give loans as well. Cryptos won't take their whole business, just a portion. The most unfair one.

However, it is important to note that most banks give such bad rates that it doesn't even cover the inflation. Try saving some swiss francs and you will see that they will give you a negative rate for saving. Their savings are a scam as well, but it doesn't really have to be. Loans are just a smaller part then they manipulate to be, but they are a real part of the economy and will be there with cryptos as well. With cryptos there will be no inflation eventually and a very small one until then, so many many banks will fall.

[Mr.cryptos]

Well you kind of gave told them the big misconception about cryptos and they got you on it.
Banks do more then transact our money, they do give loans as well. Cryptos won't take their whole business, just a portion. The most unfair one.

However, it is important to note that most banks give such bad rates that it doesn't even cover the inflation. Try saving some swiss francs and you will see that they will give you a negative rate for saving. Their savings are a scam as well, but it doesn't really have to be. Loans are just a smaller part then they manipulate to be, but they are a real part of the economy and will be there with cryptos as well. With cryptos there will be no inflation eventually and a very small one until then, so many many banks will fall.

Thanks for the clarification

[VTOS.IO]

My father invest in crypto all days read newspaper of crypto

[Mr.cryptos]

My father invest in crypto all days read newspaper of crypto

How old is he? Is he 70+? If yes then thats really cool

[Byakuya]

When I was talking about bitcoin with my brother my grandma heard bitcoin and she thought I bought a sheep because "coin" and "sheep" have similar pronunciation in my own language  I didn't even try to explain it.

[Mr.cryptos]

When I was talking about bitcoin with my brother my grandma heard bitcoin and she thought I bought a sheep because "coin" and "sheep" have similar pronunciation in my own language  I didn't even try to explain it.

I can understand such a situation. The older generation have a hard time understanding bitcoin and cryptocurrencies in general.

[lilshebeast]

I casually brought up the subject of crypto currencies, bitcoin etc… with my 70+ year old parents yesterday.

I simply said that “by the time your grandchildren are adults, there will probably be no banks - we will all be just trading our own crypto between each other, and paying for everything with virtual money”.

The first question they asked was - “So if there is no bank, where do we get our loans from, and who pays you interest on your savings?”   

Simple. P2P lending.

[Sewarlock]

you're parents can't really comprehend the importance of Blockchain. They didn't grow up with technology and it's difficult for them to grasp the concept. Cryptos are for the new generation

[Aaroenz0r]

I casually brought up the subject of crypto currencies, bitcoin etc… with my 70+ year old parents yesterday.

I simply said that “by the time your grandchildren are adults, there will probably be no banks - we will all be just trading our own crypto between each other, and paying for everything with virtual money”.

The first question they asked was - “So if there is no bank, where do we get our loans from, and who pays you interest on your savings?”   

We will have bitcoin bank. Everything still like today