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Author Topic: How To Explain Bitcoin To Your Grandparents  (Read 3422 times)
coindozer7
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May 09, 2014, 10:39:37 PM
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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LostDutchman
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May 09, 2014, 11:43:45 PM
 #2

http://i.imgur.com/ubyBY01.jpg

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There could well be more truth to that than you know.

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May 09, 2014, 11:53:21 PM
 #3

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
LostDutchman
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May 09, 2014, 11:58:33 PM
 #4

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).

That's not the way to win.

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May 10, 2014, 02:00:32 AM
 #5

First I will make an assumption: The OP is a millennial let us say age 20. The grandparents are 56 years older (allowing 28 years per generation). That will make them say age 76, born on say 1938. They are not baby boomers; however what I will say will also apply to the older baby boomers, let us say to those 55 and older. The older the person is the more relevant this is.

The first thing to understand here is that there has been a profound change in payments over the last 40 years from cash and bearer instruments (This was the norm say in 1965 and for millennia earlier and very much the case even into the 1970's) to accounts held by a "trusted" third parties (debit cards, credit cards bank accounts etc.). Many if not most seniors are not comfortable with current mainstream payment methods. Their comfort level is cash, and bearer instruments. If explained correctly Bitcoin will place them back into the comfort level of their youth.

The proper way to introduce Bitcoin to a senior is simply as cash that one can use on the Internet. Emphasize the similarities to cash both good and bad. Privacy, no risk of identity theft, no risk of bank failure, very low risk of asset seizures, non reversibility, no need for a third party etc. Caution them about the risks by using cash analogies.

By the way I am 56 and I will say that I am far more comfortable with Bitcoin than with debit cards, and most mainstream electronic payments for many of the reasons above; however I am at the younger range of the age group where this applies.

Edit: I believe it is far easier to introduce Bticoin to a 70 year old than to a 45 year old for these reasons.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
LostDutchman
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May 10, 2014, 10:34:36 AM
 #6

First I will make an assumption: The OP is a millennial let us say age 20. The grandparents are 56 years older (allowing 28 years per generation). That will make them say age 76, born on say 1938. They are not baby boomers; however what I will say will also apply to the older baby boomers, let us say to those 55 and older. The older the person is the more relevant this is.

The first thing to understand here is that there has been a profound change in payments over the last 40 years from cash and bearer instruments (This was the norm say in 1965 and for millennia earlier and very much the case even into the 1970's) to accounts held by a "trusted" third parties (debit cards, credit cards bank accounts etc.). Many if not most seniors are not comfortable with current mainstream payment methods. Their comfort level is cash, and bearer instruments. If explained correctly Bitcoin will place them back into the comfort level of their youth.

The proper way to introduce Bitcoin to a senior is simply as cash that one can use on the Internet. Emphasize the similarities to cash both good and bad. Privacy, no risk of identity theft, no risk of bank failure, very low risk of asset seizures, non reversibility, no need for a third party etc. Caution them about the risks by using cash analogies.

By the way I am 56 and I will say that I am far more comfortable with Bitcoin than with debit cards, and most mainstream electronic payments for many of the reasons above; however I am at the younger range of the age group where this applies.

Edit: I believe it is far easier to introduce Bticoin to a 70 year old than to a 45 year old for these reasons.

Nice post.

Thank you!

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sana8410
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May 10, 2014, 10:52:41 AM
 #7

I will show this to my grandmother,but i doubt she will take out her savings from bank to invest in bitcoin.

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Abdussamad
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May 10, 2014, 11:09:33 AM
 #8

Can you buy viagra, dentures or adult diapers with bitcoin?

sana8410
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May 10, 2014, 11:47:18 AM
 #9

Can you buy viagra, dentures or adult diapers with bitcoin?
Viagra,yes,you can buy it with bitcoin from this website:
http://www.coinrx.com/generic-viagra/
Dentures or adult diapers,i don't know,but i am sure that in a few months or by next year a lot of pharmacy and stores will accept bitcoin.

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LostDutchman
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May 10, 2014, 01:09:44 PM
 #10

You know, judging by the way my grandparents would keep EVERYTHING, if they were here and knew about Bitcoin, they would be HODLERS de Luxe!

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RUEHL
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May 10, 2014, 02:16:36 PM
 #11

I will show this to my grandmother,but i doubt she will take out her savings from bank to invest in bitcoin.
The pamphlet explains it more as an alternative currency to FIAT.

They need an add-on pamphlet for Wall Street comparing it to gold & silver, and the mathematics of why it will become deflationary as adoption becomes more widespread among an ever growing 7 billion population.

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May 10, 2014, 10:26:16 PM
 #12

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).


That's a pretty disturbing remark for you to make, Beliathon.
You know, one can tell a lot about someone by their sense of humor.

madmadmax
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May 10, 2014, 10:42:52 PM
 #13

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).

That's not the way to win.

The way to win a sore asshole in the prison showers...








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May 10, 2014, 10:51:54 PM
 #14

Everything in the physical world is slowly converting to digital.  Currency is the last piece of paper to change over and its time has come.
LostDutchman
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May 10, 2014, 11:27:06 PM
 #15

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).

That's not the way to win.

The way to win a sore asshole in the prison showers...

For sure!


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PeterReid
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May 11, 2014, 01:16:20 AM
 #16

http://i.imgur.com/ubyBY01.jpg

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Thats very cool, I shall be printing this out for my Parents. (There not very tech savvy)  Roll Eyes
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May 11, 2014, 01:48:40 AM
 #17

Good innitiative but I don't agree that this is the best way.. Wink



You're explaining so much details thus having to explain a ton about normal currencies that they don't know/understand.


I'd just say:

"Hey granny, you know.. before there was mail, but now there is e-mail. You know that right?"

"Well, Yeah but I don't use it. My phone can only send text Message"

"Yeah well, now there is e-currency aswell"

"Yeah? How does THAT work?"

"Like Money, but it's New so not everyone uses it yet"



/Guru

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May 11, 2014, 05:30:35 AM
 #18

Nice post, explain to grandparents can be another way of popularization of btc
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May 11, 2014, 05:46:08 AM
 #19

Guys, you want a headache?  Try helping granny connect her smart phone to the bluetooth in her Lexus.  Holy mother&$#@.......

Happy Mother's Day

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May 11, 2014, 06:38:24 AM
 #20

Explain? No.

Murder your grandparents, and melt your inherited fiat into crypto. Win at life.

This statement may be considered my professional financial advice as a Bitcoin Professional(tm).

That's not the way to win.
Pfftt.. says the old guy!

In all seriousness, just explain to them what stepwise logarithmic growth is


Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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