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How to explain to parents what Bitcoin is

When Bitcoin has recently reached a record value for the entire time of its existence, 11,500 dollars, it is inevitable that relatives will become interested and will start to be interested in this crypto currency.

Usually, when parents ask questions, this does not end very well: they either disagree, or because of age they can not understand this type of earnings.

Of course, this is not a problem, if not to talk about innovations that can create new prospects in earning money. Bitcoin is one of the hottest topics today, but not everyone will be able to understand their full potential, especially if we are talking about older people, which may include your parents.

So, how do you explain it to them without losing a fiasco?

Firstly, it's money, just digital. Do not use slang words like "crypto currency", it will be better to cover this issue using practical examples. To explain something unknown with incomprehensible words is a bad idea.

You can link your explanation to ordinary money or shares. Explain that bitcoins are ordinary money of value and suitable for use with the purpose of purchasing goods and services. They are also similar to shares, because their value varies depending on demand and supply. However, it does not give dividends, unlike bitcoins.

Secondly, it is worth explaining the absence of a physical variant of this money. Often parents can ask where you get bitcoins and if there is at least one in your pocket. We are sure that parents will understand the term "digital money" so that you can explain to them bitcoin.

You can also say that bitcoin has a similarity to a debit card or when the boss pays money through a direct deposit. At the same time the money goes straight to the account, without touching your hands.

When asked where we can get it, we will use an example of a mountain called Mount Bitcoin, in which miners work. Those who extract bitcoin through their computers with a lot of processing power. It's like mining another scarce resource, gold, which requires specialized and expensive equipment. So, these bitkoin miners refuse something in the hope of getting, perhaps, one bitcoin, which can be broken into many small pieces and distributed in exchange for the usual money.

Third, where to spend bitcoin. This will give your parents a thrill, because bitcoin costs as much as 11,000 dollars!

Who will not go mad with such a sum? Since the commission charged for expenses is only a few cents, you can use it on web sites that accept microtransactions. For example, Litecoin.

To your dad you can tell how many people use bitcoins for investment. For example, they invest in this crypto currency, because the yield is better. We rely on the fact that the values ​​of bitcoins are rather unstable. Last year, bitcoin jumped from $ 4,000 to more than $ 11,000. This will impress him.

You see, it's not easy to explain something new to parents. But provided that you will follow the points listed in this article. Try and we are sure that they will understand how bitcoin works.

Who knows, perhaps they will want to invest in crypto-currencies and earn big sums on this.


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