Topic: How to explain BTC to family members？ - page 4. (Read 1142 times)
I think it's impossible. A lot of things should be explained to have some basic understanding of it. Simply put I say that this is a decentralized currency that exists on the Internet. No one controls it, it has fixed amount, and it's issued by computers that solve difficult mathematical algorithms. That's the easiest definition I came up with. But it's very superficial
I like this video also, blockchain researcher Bettina Warburg explains in 5 different people a child, a teen, a college student, a grad student, and an expert.
It can help explaining first what a blockchain is.
https://www.youtube.com/watch?v=hYip_Vuv8J0&t=2s
Hope it helps.
It can help explaining first what a blockchain is.
https://www.youtube.com/watch?v=hYip_Vuv8J0&t=2s
Hope it helps.
I have given up on explaining to the family and have not yet started to explain BTC some of them are having trouble understanding the internet. Let alone I would have to explain the Blockchain of all thing to them
The good thing was that my family friends itself introduced to me about this btc which has helped my family to understand in a better way and it has become easy and convincing for them was less hectic. Else it would have being a tedious work and now I am started to invest some in this cypto currencies for the future in mind.
I explained to my family that BTC is a currency, and my father said, "just like the dollar?" 
I just explain to them that it is an internet money without physical form and you can trade with it like stocks. My family is not really into technology because we are from the province where internet connection is poor and the people living there have simple life. I am living now in the city and has good internet connection that's why I can easily access the sites but it is hard to explain to my family in detail because they are not interested in it. They just told me that as long as it is not scam then it's a good way of earning money.
I have given up on explaining to the family and have not yet started to explain BTC some of them are having trouble understanding the internet. Let alone I would have to explain the Blockchain of all thing to them
At present in China, has been a lot of people can use electronic wallet and mobile phone paid, I think my family will be easier to accept this new currency, first of all, I learned to explain to my family is good. 
start to explain with proof for more manifestation, because it is difficult to prove to our family how its really works with out proof. so before you explain it onto your family, study a lot more things first all about bitcoin, then after you learned a lot of things about bitcoin you can explain it clearly into each member of your family to fully understand what bitcoin is.
Thank you very much for your answer, it is very useful to me, I recently also troubles how to introduce BTC to my family, I think I know how to do it, thank you!
I hope you have better success than I did. It’s now come to a point when I bring the coin up in front of family they all rolled her eyes and looked back down at their phones ha ha. It’s only a matter of Time before they’ll see it on the news then start questioning what it really is
I explained to my family that BTC is a currency, and my father said, "just like the dollar?"
When he understands that this is a conventional electronic currency and not as a dollar he will develop. because they can not attract electronic money, only those that are in the hands and which you can pay off at once.
I will explain in an easy-to-understand manner and this is what I want to do if I want to explain btc to family members.
In a nutshell, Cryptocurrency is considered by most to be property, more then money.
It is obtained either by purchasing it outright with money just like you would buy any other kind of property, or it can be obtained by "work" your computer(s) perform. Much in the same way humans have jobs that they "work" at to earn money, the computers have calculations that they perform (called mining) to earn the cryptocurrency. The harder and faster the computer works, the more crypto it will earn(mine).
Crypto is converted to "real" money by the owner listing it on a website and selling it for a price (much like property).
As time goes on, more computers mine it, more people own it, the value goes up. That is where the speculation comes into play, just like in stocks. There are multiple cryptos out there and the speculation is which one will advance it's value sooner or higher then the next.
It is obtained either by purchasing it outright with money just like you would buy any other kind of property, or it can be obtained by "work" your computer(s) perform. Much in the same way humans have jobs that they "work" at to earn money, the computers have calculations that they perform (called mining) to earn the cryptocurrency. The harder and faster the computer works, the more crypto it will earn(mine).
Crypto is converted to "real" money by the owner listing it on a website and selling it for a price (much like property).
As time goes on, more computers mine it, more people own it, the value goes up. That is where the speculation comes into play, just like in stocks. There are multiple cryptos out there and the speculation is which one will advance it's value sooner or higher then the next.
It's really hard to explain but depends how much open mind they are, You can just say it's a currancy that can change the world we know and right after you can show the value graph from early stage to almost 20k value. After that they will be interest and you can talk about details.
Tell them to make $100 will cost the gouvernement $0,06 with no restrictions to full throttle.
To make a bitcoin will cost round $3000, with limits.
No tempering by goverment, no inflation, 100% secure due to largest CPU power in the world, a revolution!
To make a bitcoin will cost round $3000, with limits.
No tempering by goverment, no inflation, 100% secure due to largest CPU power in the world, a revolution!
In my opinion, cryptocurrency is too technical for a lot of people. I have started talking about it to some people and there eyes glaze over or they show that they are not interested or there attention span isn't that great so after a sentence or two there not really listening. I was able to explain it to one person over dinner and they seemed interested in hearing about it, but showed no interest in wanting to get involved or to learn more. In some ways, I almost feel like I shouldn't talk about it, at least not investing discussions. I think you can talk about blockchain in general and the future possibilities and that could be an interesting subject in itself without getting into BTC. Investing in it is risky and some people just kind of give you that "What are you getting yourself into" looks. I don't know if others experience these kinds of reactions.
I explained to my family that BTC is a currency, and my father said, "just like the dollar?"
Contrary to what others are saying, i think you should respond "Yes! Just like the dollar, but better!"
Better because:
- There is no single person, entity or government that reigns control over the currency
- Money supply cannot be inflated, therefore the value of the currency is retained over time, not eroded; E.g., is cheaper today to manufacture a car (with globalization and mass manufacturing and such), why are cars more expensive today than 20 or 50 years ago? Because the spending power of our fiat currency has gone down
- The transaction network (blockchain) is decentralized around the globe, meaning that no country or single attack can bring it down
- Bitcoin is still trying to figure out what it is, it's a currency, but it's also being used as an asset; Ultimately the market will determine what Bitcoin's best use is...but one thing is for sure, it's here to stay!
Let us know how it goes!
Here is a good video that explains everything
https://www.youtube.com/watch?v=Vzjtvt77mgc&t=96s
And here is a funny but good article on how to hold a conversation about bitcoin
https://cointelegraph.com/news/can-you-hold-a-crypto-conversation
Good luck!
https://www.youtube.com/watch?v=Vzjtvt77mgc&t=96s
And here is a funny but good article on how to hold a conversation about bitcoin
https://cointelegraph.com/news/can-you-hold-a-crypto-conversation
Good luck!
Tell them it's not like dollar, there's no owner, no company, and the network is made up of millions of people. The network is currently 300 times more powerful than the top 500 most powerful supercomputers in the world combined.
Tell them that Bitcoin is not a stock, it's simply an alternative to a 100-year-old obsolete financial system.
Tell them that Bitcoin is a logical evolution stage for a financial system.
Tell them to do some research for themselves and watch youtube videos
Tell them that Bitcoin is not a stock, it's simply an alternative to a 100-year-old obsolete financial system.
Tell them that Bitcoin is a logical evolution stage for a financial system.
Tell them to do some research for themselves and watch youtube videos
Now replace "Bitcoin" with "cryptocurrencies" and you'll be explaining the future
I explained in a way that he would not ignore what I was saying by choosing the right time and explaining them properly so that they could easily understand it.
Make them watch these videos:
The one video every beginner without any technical knowledge MUST watch: https://www.youtube.com/watch?v=Gc2en3nHxA4 and https://www.youtube.com/watch?v=s4g1XFU8Gto
Then, if you want a more technical video: https://www.youtube.com/watch?v=t5JGQXCTe3c
And if they have the time (the video is 37 min long) and are really interested in learning about Bitcoin, this is one of the best "introduction to Bitcoin" videos I have ever seen (made by aantonop): https://www.youtube.com/watch?v=l1si5ZWLgy0
The one video every beginner without any technical knowledge MUST watch: https://www.youtube.com/watch?v=Gc2en3nHxA4 and https://www.youtube.com/watch?v=s4g1XFU8Gto
Then, if you want a more technical video: https://www.youtube.com/watch?v=t5JGQXCTe3c
And if they have the time (the video is 37 min long) and are really interested in learning about Bitcoin, this is one of the best "introduction to Bitcoin" videos I have ever seen (made by aantonop): https://www.youtube.com/watch?v=l1si5ZWLgy0
Thank you. I think my family will be interested in BTC after watching video
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