Are you finding it difficult explaining Bitcoin Cash to Granny or Convincing them to HODL Bitcoin Cash? Well! It might not go that easy if you explain it in a more technical way, same way you explain to younger persons. This article is a break down of what Bitcoin Cash is, simple enough for o ur Grandpa and Grandma to understand.
First I'll break down the definition of BlockChain, then Crypto currency and finally what Bitcoin Cash is in simple terms.
What Is BlockChain
In a simple case, Granny's friend wants to send money to Granny, the process of sending the money (Transaction) is represented by a block. This block gets distributed in a network let's say given to a delivery man, he gets to verify the amount given, makes record of it and keeps it alongside other delivery (the chain). Then he finally takes the money to Granny.
In the case of the Crypto currency, 'Bitcoin Cash' the Blockchain is Decentralized meaning that there is no form of governance that may in one way or the other limit the transaction. So Granny's friend gets to Send money to Granny in a sound and safe environment.
Adding a little technicality to the definition, A BlockChain is a record of all transactions in a database, it is actually the most secured way of transacting because Mr A can send money to Mr B and choose to remain anonymous. All records of transaction remain saved without the possibility of erasing them and that makes it decentralized.
What Is Crypto Currency?
Having the idea of what a BlockChain is, we can simply state with understanding what a crypto currency is.
Simply, you can tell Granny that the money transacted on the Blockchain is called a crypto currency, the term crypto is attached because this currency is being transacted virtually.
Unlike the usual currencies (Fiat), our Pounds, Dollars, Euros, Naira which are actually being printed by the Banks, usually prone to Being cloned as counterfeits, the Crypto currency is not being printed as it remains virtual but can be converted to our usual money (Fiat) . The only way one can own a crypto currency is to either buy it, earn it or but it.
In a little bit more advanced way, A crypto currency is a digital or Virtual Currency this makes it nearly impossible to clone, counterfeit or double spend.
What if Granny Asks of Where She Can Store Crypto Currencies?
You might be faced with a question like that because most of our Grannys are already so used to keeping save their money in Banks, Crypto Currencies being digital have a more advanced method of storage or saving unlike the Banks.
Crypto Currencies are stored in Wallets, not our usual kind of leather wallets but a more advanced kind of wallet built for digital currencies such as Bitcoin Cash.
A wallet can be a programmable application, a device or physical medium that stores public or private keys of crypto currency transactions. In addition, it also offers the functionality of encrypting and/or signing information which makes it more secured and a save place to store digital assets.
What Is Bitcoin Cash?
Remember, this article is meant to make a simpler way of explaining Bitcoin Cash to Granny because they are not supposed to be left out on the Adoption Process.
Having been able to break down the explanation of BlockChain, Crypto Currencies, it will be now easier to make an understandable explanation of Bitcoin Cash. You can simply say, Bitcoin Cash is a Decentralized crypto currency on the Blockchain.
There are several other Crypto Currencies on the Blockchain like Bitcoin which Bitcoin Cash was a part of initially.
But unlike other Crypto Currencies that happen to charge more for transacting, Bitcoin Cash can easily be sent within and across borders with maintenance of value. This means that you can send as low as $0.05 from London to a person in Nigeria which is not possible in any other Crypto Currency.
It's better Earning, buying and storing Bitcoin Cash than every other Crypto Currency because with Bitcoin Cash, Granny can fulfill himself/herself and secure a save financial future for the children and grandchildren.
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