A Full Guide to Help You Explain Bitcoin to Your Parents

Let's suppose you are having dinner with your mom or watching news beside your dad. Get yourself prepared to answer the questions like " What to do with the bitcoins" or "how the bitcoins work," etc. As bitcoins have become one of the trendiest topics nowadays, you may encounter this kind of question anytime, anywhere. Though it may sound a little difficult to discuss bitcoins with your parents, you can easily understand this innovative Blockchain technology if you take the right way.

Commonly, it takes time for your parents to accept your opinions or relate to your viewpoints. But in such cases, being a little tricky will entertain your purpose effectively. Remember, you are talking about something unknown to your parents. So, it is better to make them familiar with these "bitcoin things" at first to avoid their cold look.

Bitcoin is nothing but money

Bringing up bitcoin as the cryptocurrency will potentially put an end to the discussion with your parents. Know that cryptocurrency is also as alien as bitcoin for oldies like your parents. So, you should go for simple examples instead of the jargon that will develop their interests in this topic. You can describe bitcoins as regular money to which they can easily relate. You can tell that bitcoin has value like regular money and you can use them to buy things etc. 

Explaining bitcoin as stock also will be helpful. The value of the bitcoins differs depending on the market demand and supply. But no dividends are here like stock. Another important thing about bitcoins is that they are not centralized like fiat currency such as a US dollar or Japanese yen. So, no one can control or fix the value of the bitcoins.

There you will get an inevitable question from your parents - " Can we keep this in wallets." Explain with patience that bitcoins are more likely plastic money. It is something like a direct deposit that can be used to buy things via your debit card. You can send this money from one place to another without meeting up. Put simply; bitcoins are the digital version of the regular money. Try to avoid using "virtual currency" otherwise; you will have to explain "what is virtual."

Where to get bitcoins?

This is going to be an interesting part of your discussion. Here what you must do is to talk about mounting bitcoins. Use a mountain, for example, that will make it easier to answer - " is this in your pocket."

There are some people who mount bitcoins online, and they are known as bitcoin miners. It is like mining other resources where you will need special skills and equipment. Without having excellent computational skills, it will be difficult for mining.

Tell your parents to imagine a picture of a mountain. Usually, bitcoin miners give up something with the hope of getting. It is like one bitcoin can be divided into many pieces, and they are used for exchanging exactly what we do with the paper money. It is as simple as breaking the dollar into pennies. You can break a bitcoin into many smaller pieces that can be distributed and used as regular currency. 

One bitcoin has a worth of $8,000, so you can easily break them down into little pieces. Though it requires special software and hardware, there are lots of benefits of going with this change. Tell your parents that they will need no bank approval for their transactions. You just need to share your account number to get the bitcoins, and you can receive it in exchange for regular money. By having a private key, which is just like a 4-digit pin code used for debit cards, you can access the bitcoins to buy things or services. You can also use exchanges like Bitcoin Revolution, which make trading bitcoin easier for Beginners. For more details go to the website, and get advice. 

What to buy with bitcoins?

Now comes the most vital part. If your parents are not convinced that they can use bitcoins for buying something, you will receive a blunt look after all these efforts. So, make sure your parents have the idea of how to spend this digital money. You will need a computer where all the transactions will be done in the clouds. The best thing is that the system keeps track of your transaction. Though no one else can see what you receive or spend, the system has that record. Therefore, no user has the room for dishonesty. It is advised not to use ledger or blockchain directly. Instead, you say blockchain, a digital account may help you. You should make it clear that all the unspent transactions are kept on the blockchain. But you will need to use the unique numbers to unlock the bitcoins. Bitcoins have special ids that you cannot change.

You can spend the bitcoins for micro-transactions as many websites allow micro-transactions too. No transaction charge is required. But it will be best to use them for investment. At last, do not forget to add that the value of bitcoins fluctuates a lot. For example, you can say in previous years one bitcoin value increased from $4000 to $11000 and see how it makes your parents grinning.

See how easy it is! So, follow these simple but effective ways to discuss bitcoins with your parents and relatives.