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Steps to explain bitcoin to your grandparents

BY READERS DIGEST

24th Jan 2022 Technology

Steps to explain bitcoin to your grandparents

Crypto is a digital form of currency, being completely decentralised. It uses blockchain technology to record and perform online transactions.

Whereas blockchain is a public ledger, the transaction mechanism is safe when used with the right format. Crypto is not owned by any government or central authority and is a completely independent form of payment. We are aware of the rise in the http:/yuan-paygroup.com among the young generation. Social media plays a paramount role here, a majority of young peers tend to have more interest in cryptocurrency rather than the old era. Have you wondered how one can explain this amazing technology to the older generation too?

The world of digital assets and currencies are well dominated by the youth, however, this shows the need of creating awareness among the older generation too. Explaining the working of any form of technology is a challenging task and requires a ton of effort, depending upon their lifestyle. Cryptocurrency is gaining more and more value, making more people invest it. The applications allow several firms to perform better in the competitive global market and informing the public of every age group about the advancement becomes a need.

Steps to explain bitcoin to your grandparents

Your grandparents were likely raised in an era where technology was not given the priority it is given today. For a fact, it can be extremely overwhelming for them to utilize present-day technology. In order to make your grandparents understand the concept of bitcoin, it is crucial to make them aware of the very basics. Building a strong foundation when beginning the path of crypto reduces the uncertainty that may arrive in the future while using digital currency.

1. Make them understand the basics

A cryptocurrency is a digital form of currency working completely independently. Unlike Paper money which is controlled by a central authority, cryptocurrency consists of multiple digital assets known as coins. These coins have a fluctuating price value depending on the ups and downs of the worldwide market. Some of the most famous forms of cryptocurrency are Bitcoin, Dogecoin, Ether etc. We will be focusing mainly on Bitcoin. Bitcoin is not a physical asset unlike cash, gold etc. and requires a digital wallet in order to go further.

2. Bitcoin mining

Let's understand this by a simple example, young students solve complex mathematical problems in order to get a solution that ultimately provides them with a good grade in an exam. Just like this, Bitcoins are generated by solving huge complex equations but on an online portal through huge hardware devices. Here the students are known as "miners" and as a result get a certain amount of compensation from the yielded coin.

3. Bitcoin transactions

Just how physical money like cash, debit, credit card etc are stored in a physical wallet, Bitcoins are stored in a digital wallet. This wallet however can be accessed only through a Pin, known as the private key. The concept is similar to that of PayPal, Paytm, Gpay but with a slight difference. Transactions take place by entering a physical key and sending the selected amount to the receiver by their physical key. However, the payment can only be accessed using a private key.

4. Using paypal for Bitcoin transactions

One can also use Paypal to sell, buy and exchange Bitcoins with other cryptocurrencies. While transactions, Paypal converts the currency into dollars or any other form no matter what country you reside in. Making the process easier to understand, One can invest easily through the PayPal application too.

Not only this, there are Bitcoin credit and debit cards that give rewards of Bitcoin rather than cashback. As the Bitcoin era is rising and widening its usage, people of every age group can access the applications sitting at their homes.

Summary

The Crypto era is rising and so is the need for its correct awareness. Digital assets can not always provide a 100% secure rate and discourage people from trading due to rising scams, frauds, and phishing cases. However, with the right knowledge and usage, it can benefit people of every age group. Explaining cryptocurrency to senior citizens can sometimes be challenging. Follow the steps and let them know the power technology holds today.

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