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Author Topic: How To Explain Bitcoin To Your Grandparents  (Read 3389 times)
BillieGin
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May 11, 2014, 07:56:17 AM
 #21

Apparently other people's grandparents are smarter than mine...
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LesterTheEight
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May 11, 2014, 08:11:09 AM
 #22

Here's how you can explain it to your grandparents and your kids, as well as anybody else who needs it explained like they're five:

"Bitcoin is money that hasn't been widely adopted."

The end.
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May 11, 2014, 12:21:46 PM
 #23

How to talk to your grandparents about Bitcoin kinda depends on your grandparents.

My grandparents are the kind of people that, if I still talked to them, I'd tell them that Bitcoin is a fad and they should put all their money in tbills and MBS derivatives.
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May 11, 2014, 12:59:56 PM
 #24

I will show this to my grandfather and give you a feedback will he take out his savings from bank to invest in bitcoin or not haha
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May 11, 2014, 01:03:03 PM
 #25

Best way is to show them a paper wallet.

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May 11, 2014, 05:14:13 PM
 #26

Most grandparents probably aren't going to get it... but they - along with Warren Buffet - won't be here long anyway.  Target parents and below instead. Grin

If I had to try and explain it, I'd oversimplify: bitcoins are tokens, a bit like money, but they're stored on computers and phones, and people can send them electronically, over the internet, to anyone, anywhere in the world, almost instantly.  Because people send bitcoins directly to one another, they don't need banks or bank accounts.
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May 11, 2014, 09:40:07 PM
 #27

when speaking to your grandparents please do not let this be the first sentance out of your lips
"bitcoin is a decentralized, digital money. that is created, held and spent electronically around the world"

it will raise more questions than answers.

try keeping it simple, you dont need to explain all the details using bigwords

its money on used from the computer that is secured by you and not a bank, so theres less fee's and less deays. its money without limits grandma

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May 11, 2014, 11:39:18 PM
 #28

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



How many times a day do you post that image... rofl

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May 12, 2014, 01:59:56 AM
 #29

Most grandparents probably aren't going to get it... but they - along with Warren Buffet - won't be here long anyway.  Target parents and below instead. Grin

If I had to try and explain it, I'd oversimplify: bitcoins are tokens, a bit like money, but they're stored on computers and phones, and people can send them electronically, over the internet, to anyone, anywhere in the world, almost instantly.  Because people send bitcoins directly to one another, they don't need banks or bank accounts.

For a millennial, when it comes to Bitcoin, your grandparents are a much easier sell than your parents. Keep it simple, like cash you can use on the Internet.

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
isidore
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May 12, 2014, 09:59:09 AM
 #30

Most grandparents probably aren't going to get it... but they - along with Warren Buffet - won't be here long anyway.  Target parents and below instead. Grin

If I had to try and explain it, I'd oversimplify: bitcoins are tokens, a bit like money, but they're stored on computers and phones, and people can send them electronically, over the internet, to anyone, anywhere in the world, almost instantly.  Because people send bitcoins directly to one another, they don't need banks or bank accounts.

For a millennial, when it comes to Bitcoin, your grandparents are a much easier sell than your parents. Keep it simple, like cash you can use on the Internet.

that's what I usually say. If they want to know how it can't be stolen, I explain the distributed ledger as "all computers keeping all transactions because computers are so powerful now".
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May 12, 2014, 03:01:35 PM
 #31

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!

grandparents before the baby boomer generation would

newer grandparents load debt up to pass on to the next generation. The idea that elderly people "save" anymore isn't true.

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May 12, 2014, 03:35:10 PM
 #32

Apparently other people's grandparents are smarter than mine...
Yes, while this image is really great. My grandparents didn't even know how to use a cellphone (not to mention a smartphone).


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Boris-The-Blade
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May 12, 2014, 07:57:58 PM
 #33

I shall be stealing this, Thanks +1
PeterReid
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May 12, 2014, 08:27:16 PM
 #34

Most Grand Parents are scared of things like Bitcoins and technology.
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May 12, 2014, 08:58:20 PM
 #35

Apparently other people's grandparents are smarter than mine...
Yes, while this image is really great. My grandparents didn't even know how to use a cellphone (not to mention a smartphone).

Who cares. One does not need a smartphone or mobile device to use Bitcoin. In fact I used Bitcoin for over 18 months before placing a single satoshi on a smartphone or mobile device. Do not assume that somebody rejecting the technology of their children’s generation means they will not embrace the technology of their grand-children’s generation. They may surprise you. In fact one of the major selling points to a grand-parent of Bitcoin is the shortcomings of the payment technologies of their children’s generation such as for example debit cards or PayPal.

Edit: When introducing Bitcoin to a senior I would start first with desktop clients and using Bitcoin for online purchases. 

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
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May 12, 2014, 09:40:47 PM
 #36

How many times a day do you post that image... rofl
No matter how much I post it, it will never cure all ignorance. Only time has this power.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 12, 2014, 11:27:30 PM
 #37

Have been trying to explain to my Wife for the last year and still no progress.

I wouldn't even begin to know where to start with grandparents.  Grin
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May 13, 2014, 04:53:45 AM
 #38

I tend to believe the only real problem is that there is a fear of what is unknown.  They will be intimidated by the computer then the large numbers used to identify their wallet address etc.  The best way to show them is to show them how to make a transaction or five and then let them try.  This is should be viewed as an intimidating task for anyone especially someone who didn't grow up around computers..
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July 31, 2014, 12:53:43 PM
 #39

Actually I don't know how to explain it to elders, but i think it would be great to share some of my ideas about BTC then they will be aware of what bitcoin is.

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JohnFromWIT
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July 31, 2014, 01:17:23 PM
 #40

when speaking to your grandparents please do not let this be the first sentance out of your lips
"bitcoin is a decentralized, digital money. that is created, held and spent electronically around the world"

it will raise more questions than answers.

try keeping it simple, you dont need to explain all the details using bigwords

its money on used from the computer that is secured by you and not a bank, so theres less fee's and less deays. its money without limits grandma

Second this. That line and similar, have been used to describe bitcoin longer than bitcoins been a thing.
Though it's a nice, tidy summary of what it is, it's not necessary for everyone to know it off heart.

If someone approaches you and asks about bitcoin rather than googling it,
replying with "Bitcoin is a peer-to-peer, decentralised, digital currency"
will give you the pleasure of watching their eyes glaze over and their face display the purest expression of regret.

It's not the hardest thing in the world to understand. We all know how to get to the moon. Very few of us know how to build a rocket.

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