Harris KhanAs the world of cryptocurrencies continues to expand, it is possible that not only adults can hear about it—but also those from older and younger generations. What if a 9-year-old kid approached you to ask what exactly Bitcoin is, or your grandma suddenly threw you the same question? how would you carefully explain it?
Q: Wait, why is it important to know the different ways of explaining cryptocurrency?
A: Simply because explaining cryptocurrency to curious individuals of all ages, from children to adults, can assist in speeding up its adoption.
This article will explore various talking points when you are in a crypto discussion with someone, maybe younger, older, or at the same age as you.
Talking about cryptocurrencies with kids
When educating our kids about certain topics, of course, we do not want to go with the most complicated details—except that cryptocurrency might be a challenging one to explain. The word “decentralisation” may not be a child-friendly way of “decrypting” cryptocurrencies, so how?
Talking point #1: Cryptocurrency is “computer money” that belongs in a “computer wallet.”
The word “computer” could be one of the techno-related terms they are most familiar with. Help them imagine how digital money can be made with the use of a computer or other devices. The computer wallet may also be accessed via a smartphone. This is referred to as a wallet. This wallet has a lock: a secret code, which prevents someone from taking money from it. And, as we all know, crypto means “secret” or “encrypted.”
Talking point #2: Many like to use cryptocurrencies because you can use them anywhere with the Internet.
Cryptocurrency can be used by anyone as long as they understand how to use it and that they are already at the legal age. You may also introduce that Bitcoin is the first cryptocurrency made—one of the reasons why it is the most heard cryptocurrency.
Talking point #3: “There’s a cryptocurrency with a cute dog on it!”
Kids love fun facts! This talking point is also a good method to make them get more interested in cryptos. Well, we also know about the famous meme coin named Dogecoin (DOGE). You can also start opening a discussion about this coin!
Talking about cryptocurrencies with adults
Maybe this time, it would be easy—or not. Your way of explaining things always depends on how knowledgeable you are about that certain topic! Unlike talking with kids, you can dive deeper when you are discussing crypto with adults. So (again) how?
Talking point #1: Begin with the fundamentals and work your way up to the essential aspects.
Simply explain what cryptocurrency is, and you will go all the way down to introducing the popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and more!
Talking point #2: You can share a list of benefits and risks when venturing with cryptocurrencies.
One’s curiosity does not only seek to see the advantages but also the disadvantages to consider. From here, it can help them to start to evaluate themselves on which level of risk tolerance they would have once they finally decide to invest in cryptocurrencies. Of course, introducing them to the idea of consulting with a financial expert before making investment-related decisions is highly urged.
Talking point #3: Cryptocurrencies are earned in many ways—one is looking out for some crypto trading platforms.
Your family or friend might have heard about some success stories about crypto trading, and you can also start from there if you want to! Just do not forget to remind that everyone enters the cryptocurrency market to make money, but not everyone succeeds. Many people either quit up along the road or lose money because they do not fully grasp how to generate money using Bitcoin or other cryptos. If they start to get more interested, especially in crypto trading, you can introduce them to some beginner-friendly trading platforms like Bitcoin Up.
Talking about cryptocurrencies with grandparents
Mostly, millennials are frequently involved in some Bitcoin discourse, which results in your senior family members hearing them often, too. So, how do we get them to understand cryptos once they start to ask you?
Talking point #1: Cryptocurrencies are simply digital currencies. Bitcoin is a (crypto)currency, and it is like dollar or yen but decentralised and spent electronically.
You can also explain to them that, unlike conventional money, cryptocurrencies do not involve intermediaries like any banks or payment companies.
Talking point #2: Cryptocurrencies are real and can be spent. However, its acceptance is far from universal yet.
When your grandma asks you if you can buy some veggies with Bitcoin—well, not at the local groceries just yet, although several stores have adopted this payment method, its universal adoption will still take a matter of time since the crypto industry is still developing.
Talking point #3: Tell them the safety features cryptocurrencies offer.
Since you might have already told them that intermediaries are not involved in many cryptocurrencies, then that means you are responsible for keeping your private data and online wallet safe. Crypto transfer can be safer than credit card transactions as it does not include personal data.
Risk Disclaimer: The information in this guide is not meant to be, and does not reflect, financial, investing, trading, or other types of advice. Before making an investment choice, it is always a good idea to understand more about cryptocurrencies. In cryptocurrency markets, there is a lot of volatility. Trading is not a smart idea for some people. Anyone thinking about investing should see a certified financial advisor for financial or professional guidance.
If you’re searching for an easy-to-use trading platform to help you invest or trade with Bitcoin, then Bitcoin Up is a wonderful place to start!
