How to explain bitcoin to your grandparents
Ron Paul is now selling your grandparents Bitcoin on Fox News. This is how you can talk to Mom and Dad about the monetary revolution that lives at the intersection of technology and finance. Defining something unknown with something equally unknown is a big no-no. Unlike stock, there are no dividends, just whatever the bitcoin is worth on a given day. Mom and Dad may smile knowingly at this, pleased that they can show you how well they grasp monetary fundamentals and, maybe by extension, bitcoins.
At this moment, a rueful head shake is in order. This will also give you time to take a bite of stuffing before responding. Or, better yet, you know how your boss pays you through direct deposit and then you go buy something with a debit card.
The money goes from one place to the next without ever touching human hands. Bitcoins are perpetually in that state.
Where does bitcoin come from? Just like the dollar can be broken into pennies and dimes, each bitcoin can be broken down into many smaller, distributable and usable pieces of currency. Those who mine bitcoin do it through their computers with a lot of computational power. It's like mining another scarce resource, gold, which also required specialized and expensive equipment. An overstatement, sure, but do not pause, just launch into the good stuff. No bank has to approve the transaction. No bank can be hacked or invest and lose your money.
If you want to receive bitcoin, you give someone your account number and they send it to you usually in exchange for traditional money. If you want to access your bitcoin to spend you just need your own private key.
I do not need another key. This how to explain bitcoin to your grandparents to mollify your parents for a moment. They both have debit cards and have managed to memorize that code. A bitcoin is usable everywhere and worth the same everywhere. No one country can over-inflate the value or devalue it, for instance, by making more. There is only so much bitcoin available in the world.
Remember, Mount Bitcoin is still there and will be until No one can see what you have or spent or get, but the system keeps track of it all. Mom and Dad have stopped eating how to explain bitcoin to your grandparents and are just staring at you, their mouths agape. You can see little bits of stuffing and cranberry sauce on their how to explain bitcoin to your grandparents. Dad suddenly looks excited, like he really gets it. Unspent transactions are on the blockchain, but unique numbers to unlock those bitcoins are in your wallet.
Mom jumps up from her seat, spilling apple cider across the white linen. Why do I need a wallet?! Like the one you know have in your iPhone. Bitcoins have their own IDs that cannot be changed. In this case, your wallet full of bitcoins IDs is stored on your computer or online. Mom and Dad are now nodding slowly.
Finally, Mom speaks up. However, a lot of people are using them for investments. At this, How to explain bitcoin to your grandparents takes out his phone and starts punching in some numbers.
You grab your fork and prepare to start eating again. Do you finally understand bitcoin? Dad and mom nod their head enthusiastically. We're using cookies to improve your experience. Click Here to find out more. Tech Like Follow Follow. Tesla unveils their latest roadster and it's beautiful.
I feel bad. It was founded in July 2011 and as of February 2015 handled around 3 of all Bitcoin exchange volume.
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