Introduction
Anxiousness is a common trait of a human being. It skyrockets with events, especially with news like, Cryptocurrency reaching an all-time high of $11,500! When your parents hear this, they will ask questions regarding this. Make sure that you don’t keep a blank face when you are explaining the concept.
But first of all, you have to raise their confidence in your Crypto investment. Are you not taking the help of software while trading Cryptocurrency? Try the bitcoin loophole; your parents will question you too on Cryptocurrency.
By the time you keep on investing in Cryptocurrency, you could read our article and know how to explain your family on Cryptocurrency. So let’s start our discussion on this.
Explain Your Bitcoin To Your Parents
“If you can’t explain it simply, you don’t understand it well enough.”
-Albert Einstein.
The line is so simple yet so profound in its understanding and realisation. When it comes to explaining it to your parents, you need to make sure that you are doing it in the easiest and simplest of ways.
1. It’s Money, But Digital
Things will stiffen right from the beginning when you start with jaw-breaking jargon. Explaining something unknown with something equally unknown turns out to be a big zero.
So why don’t you explain it like Stocks? Tell them that the behaviour of Cryptocurrency is similar to stocks. Ups and downs (volatility) and features are common to both stocks and Cryptocurrency. Tell them that the money goes straight into the account without touching them.
2. Bitcoin Mining? Relate It To Mining From The Mountain
You might find Bitcoin mining quite challenging. First, you need to try and explain it along the lines of digital currency. This way can be much easier when you are doing it.
When explaining Bitcoin mining, you can use the parallel concept of Gold mining. Gold is extracted in chunks, and they are formed into granules. In the same way, Bitcoins get bought and sold in little pieces in the exchanges.
3. Where To Spend Bitcoins?
When you tell them that one Bitcoin costs around $11,000! This will surely provide some thrill to your parents. They cannot but just wonder how one coin can be so valuable. That means there must be something unethical buried under the soil.
You can explain it to your dad. Tell him that since you are investing hard to earn money in Bitcoin (Cryptocurrency), it’s much more profitable and rewarding. Tell them that a lot of people, millions of them, are using Cryptocurrency and are making fortunes.
Maybe your father springs up from the couch when he hears the jump of Bitcoin from $4,000 to over $11,000. Therefore present it in such a manner that it looks believable to them.
4. Decentralised: How Is It Possible At All?
Wherever you go on to explain the term decentralized to your parents, you might get into some trouble. The concept of decentralization of the entire currency system is indeed alien.
While explaining the decentralized network across distributed ledger, you can tell them a simple story. Suppose a businessman deals in a product manufactured by 20 people. Whenever a transaction takes place with A, the accounts get recorded in the personal ledger of A.
This can happen with B, C, and D simultaneously. If the businessman influences 5 of the 20 for higher Reuters against lower Crypto prices, the other 15 shareholders get cheated.
So why not streamline all ledgers under one thread? Whatever changes happen with one will be observed by all the entities. Any account of corruption will be traced under a common thread platform. This is how you could relate Blockchains transparency.
5. Your Parents Might Ask About The Environment
When they are processing such information in bulk and safeguarding them, they require high power for it. Running high-powered systems definitely requires high energy-consuming hardware. It’s one logic (put by your mom) that you cannot avoid.
Tell her that 90% of Cryptocurrency businesses are operated using renewable energy. Now that cheaper renewable energy is used, it’s good for both the small business as well as the sustainability of the environment.
Conclusion
There is a great generation gap between you and your parents. So explaining something new to them will be difficult. What you need to do is to take the example of things with which they are familiar. This is the only way to explain Cryptocurrency to your parents.
