Crypto: How to Explain it to Your Parents

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3 years ago

Over the past few years and since I have started using cryptocurrencies, I have had a lot of friends, family, and acquaintances ask me about them every time they learn that I know more than the average person about them. My own parents were interested at some point and through my guidance, they managed to invest small amounts. Explaining it to older people might be a bit harder than explaining it to someone roughly your own age but it can be more rewarding in the end. Why? Well, older people are the ones with the money, of course. Young people might be more receptive to the idea of crypto but a lot of them can't afford to invest.

However, there are some things you must do (and a lot you must not do) when explaining crypto to your parents and older people in general:

a) Your parents are not dumb.

Some might be technologically challenged because when the 90s and 2000s rolled around, they thought computers were a "trend" and they wouldn't take over their lives. Consequently, they didn't make it point to familiarize themselves with them until it was too late, and now learning about anything technologically related sounds like an insurmountable task. It is not, though. Coming into daily contact with technology is key to helping older people to be more comfortable using it. Do not mock them for their technological ineptitude, help them become more experienced with it instead.

b) Cryptocurrencies are an extension of the technology your parents do not understand.

So, what do you do? Obviously, you DO NOT try to get technical with them. Your parents either want to know why you spend so much time on crypto or talking about crypto (probably making sure crypto is not some secret internet cult) or they want to invest in crypto themselves. Explaining what crypto is doesn't have to get too technical. Use examples, your parents already know what a normal currency is, cryptocurrency is not such a big leap. Your parents know what an investment is. They know about gold, stocks, bonds, probably futures. They possibly have PayPal and an e-banking system. Check out Wikipedia's link on cryptocurrency for a definition if you expect to receive questions about it that you don't know the answers to.

c) Don't lie to your parents (seriously, don't do it).

Do not try to make cryptocurrencies more appealing to them, they are, after all, a possible investment and a risky one at that, especially when you think of how many scam crypto coins there are out there. Do not push them to invest because it is their money after all and if they put all their retirement money and something happens and they lose it, they are not young enough to make it from scratch. Make sure they understand the risks and that crypto is not a bank with a steady investment plan. And, finally, if you are worried about a coin that your parents want to invest in, warn them against it. It is still their decision to make and they are adults but you have to voice your concerns.

d) Don't be offended if your parents are not interested in crypto.

Maybe you spend a lot of time on crypto and you want your parents to like it. But if they don't, it is not a big deal and you cannot force them into being interested in it. It is not worth fighting with your family over it. And you certainly won't create a good impression about crypto if you become an aggressive supporter of it (seriously, I have seen people do this, it is a huge turn off for people who have nothing to do with crypto).

In conclusion, there are ways to inform your parents about what cryptocurrencies are but you have to be patient in explaining it, you have to guide them through it, make sure they understand the risks, and know when to back off if they end up not caring about it.

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7 months ago

It is very hard to explain what is crypto. My parents think that crypto coins are fraud and not real. They used to old paper money and thats it. I dont try any more to talk about btc and bch with them

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3 years ago

I understand, my parents used to be of the same mind and they used to also avoid any electronic transactions. I've been slowly coaxing them into doing more transactions via electronic payments, and I have to say that the pandemic has helped with that because they're afraid of Covid more than they're afraid of scammers. But the talks about crypto being a scam stopped only when they saw me earning money via crypto and pay for actual things with Bitcoins.

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3 years ago

Yea, my mom now can use credit card online and option to pay bill via e-bank. But, crypto is still something she can not get that is real. But, just time and education

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3 years ago

They say ... it's usually an iron shirt. People, especially the elderly, find it difficult to change their habits.

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3 years ago

Indeed, I have witnessed that with my own two eyes. However, it is necessary for old people to learn at least the basics of technology in our days. How to handle a laptop/computer, how to handle a smartphone, these are essential. It's possible that in the future some crypto knowledge could be essential too.

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3 years ago

yes that's true. My mom uses all of this. But on cryptocurrencies it is not known. I taught older people how to use a computer.

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3 years ago

That's great! Old people need guidance in such matters.

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3 years ago

Wonderful article brother.. Thank you

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3 years ago

Thank you for reading!

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3 years ago

Nice article, keep posting❤️

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3 years ago

Thank you so much!

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3 years ago

I suggest you join and tagged your articles in communities, with that you can share your informative articles to numbers of readers.

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3 years ago

Thanks, I don't yet know how to tag them but I'll try to figure it out :)

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3 years ago