How To Explain Bitcoin to Granny
When it comes to cryptocurrency, even my granny wants to learn about Bitcoin. She has been hearing about it on the news and from her friends, and she is curious to learn more.
Difficult For Granny to Understand
In the past, I have tried to explain the basics of Bitcoin to my grandmother, but it has been challenging. She does not understand the technical aspects of cryptocurrency, and I must explain everything in layman’s terms.
Calming Granny’s Nerves with a Cup of Tea
The first thing I do after making granny a cup of tea is to explain what Bitcoin is. I tell her that it is a digital currency that allows users to store, send and receive money without having to rely on a central bank or other financial institution. I explain that it is a decentralized system that is based on a distributed ledger technology known as blockchain.
Another Biscuit Granny?
Finally, I explain how people can buy and sell Bitcoin. I tell her that people can purchase Bitcoin through online exchanges or over the counter from other individuals. I also explain the distinct types of wallets that people can use to store their Bitcoin, such as hardware wallets, software wallets and paper wallets.
Explaining To Granny That She Will Not Be Able to Keep Her Bitcoin in Her Purse
Finally, I explain how people can buy and sell Bitcoin. I tell her that people can purchase Bitcoin through online exchanges or over the counter from other individuals. I also explain the distinct types of wallets that people can use to store their Bitcoin, such as hardware wallets, software wallets and paper wallets.
I Felt It Was Important to Explain to Granny
My grandmother has been fascinated by my explanations of Bitcoin. She has been eager to learn more and is even considering investing in Bitcoin. I am glad that I have been able to help her understand this modern technology and that she is now interested in taking the plunge and investing in this revolutionary system.
How much did you say you want to invest granny: two shillings and six pence?
It is important to take the time to explain and help educate anybody that wishes to learn (anyone can learn with a little patience and education)!
Next in the series: Should I Let Granny Invest in Bitcoin?
Reference: Author: BitcoinBulldog.com 28-10-2023 All rights Reserved – This Article May Not Be Reproduced Without Prior Written Permission from The Author.
