Topic: I Taught my Octogenarian and Septuagenarian Parents about Bitcoin - page 2. (Read 525 times)

Congratulations Jet Cash on your age. Eventhough I suspected you were an older person from a few of your posts I came across a few months ago talking about vaccines and health but i never knew you were this old. 80 years is a long time ago. You have a sound and analytical mind for you to still be catching up with modern technology. You are a fantastic poster too. Teaching my parents about bitcoin is going to be a very difficult thing to do because they do not have interest for anything online.

Wow, that's amazing. It really is really difficult to teach others about bitcoin or this industry as a whole specially the elderly. Heck, even just teaching my mom how to use the most basic social media sites so that we can still connect and update each other is already a hellish nightmare! I can't imagine how it would be even more difficult if I start trying to explain the blockchain technology for starters! I might even get punched by my mum! haha.

But in all seriousness, the thing that may have gotten it a bit easier for you to talk or explain about bitcoin to them is their already curious minds either because of seeing you looking at charts all day or because of hearing about crypto somewhere else(if they are tech savy people). This would make things easier because people that are already interested or curious about something will most likely already have an open mind about the thing they are curious or interested about. This may or may not be the case but yeah, just sharing what I think.

I bet it was easier for OP to talk to his folks and that they gave him premium attention and a chance majorly because they already have a relationship with him and wanted to give him a chance to express himself. If there was no relationship say OP just randomly met some elderly persons and started to talk/educate them about bitcoin, his teaching process would not have gone smoothly as the case was with his parents IMO.

Not disputing this as a fact, but in truth, they are mostly open minded to accept new innovations when presented by someone mature, around their age grade, someone they are already familiar with, a successful individual, someone they deem knowledgeable in a particular field and not just any random individual. The elderly are selective of the information they accept.

Wow. First off happy birthday in advance @Jet Cash. Personally, my parents are very traditional but have always been curious about technologies. As a matter of fact my father started using a smartphone in his late sixties. Although, he doesn't surf the internet for the news, he's an avid reader of the daily newspaper and would glad engage anyone in a polical and policy debate.

While I totally agree with your analogy, my goal of explaining Bitcoin to my 80 and 75year old parents was to keep it simple stupid. I wanted them to have an idea about Bitcoin without throwing in any technical jargon that would get them confused and disinterested. I don't think they would be switching to Bitcoin anytime soon but like they say no knowledge is a waste.

I'm 80 in June. Why are you guys surprised that older people can embrace the concept of Bitcoin? Many of us have enquiring minds, and are prepared to look at new concepts with an open attitude. This is why many older people have a better understanding of the 'rona scam and vaccination mania, and don't just accept government and pharma' propaganda.

Haven't gone through OP, it's interesting to know that, your parents are an observing type and as such, built an interest in the things they see you do quiet often.

And it's also nice the way you did guide there returning child mind on how not to flip the edge and stick to the basics. You know, abstract things like cryptocurrency could be easily understood when your able to merge it with what is more conventional or traditional to the past and present operations. You did such a good job.

This is what I expect of most crypto aware individuals. To educate these minds to be aware even if they might not have or see the need to use it but, it provides some protection of them from scammers who explore the system. An aware and curious parent is more likely not to make mistakes as, they are often the targeted in the scam world. Being aware helps to mitigate.

It's amazing to hear that people at such an advanced age have shown an interest in bitcoin. I think that's great, of course, but I don't think that many of the octogenarians and close to this age will show such an interest in bitcoin. Your case is more like an exception to the general statistics. It seems to me that you can only give information about bitcoin older people if they show a genuine interest in it, and you have enough time to educate them. Otherwise, I tend to think that it is better to concentrate on teaching about bitcoin the younger generation. Young people have more energy, strength and enthusiasm to immerse themselves in the bitcoin world and there is a chance that they will be able to contribute to the world in the future. And what about the old people? I doubt that they will even have time to take advantage of the profit from BTC holding after 5-10 years. At best, they will leave a inheritance in the bitcoin form.

I guess this is case to case basis, if your parents are traditional, but let's say they've been involved in stocks in their life, maybe they would understand the concept of bitcoin. But for those who even have a hard time using a mobile phone, then obviously, this new kind of "internet" money is not for them, in my opinion.

Yeah I did. I tried to explain it to my granddad and he told me to piss off. My mom couldn't made up her mind at first. He listened to me for a while and then changed the subject. It is pretty hard to convince people. It requires a special skill. They act completely different when they heard the same thing from the TV. BTC should give more TV ads.

older generations do not like credit cards or online banking. they prefer paper money and chequebooks.
i found the analogy of chequebooks to be the best comparison to the physical world

after all a cheque contains details of the source of funds(lengthy number at bottom) the destination of funds(to:) the amount fo funds, and a signature.

explaining that there is no central clearing house but random people collectively accounting for the cheques and validating them whereby the agreement of all those on the simple set of rules both enforces the validity of the value and also the validity of the rules because everyone agreeing on the rules means that one idiot cannot change the rules without everyone else agreeing to the same rules

as for the 'creation' of new coin(mining) i simply explain. gold miners use diesel and labour to mine gold. and so that gold when found gets given an initial value of that cost of mining it because no one wants to work for nothing/a loss.
and the same is true with bitcoin. its not just printed or created by adding new numbers to a database. it requires alot of electric computation to solve a complex puzzle to create bitcoin and the rules enforced by all on the network ensure only a steady amount is created via rules that cannot be broken. .. infact the amount of coin created goes down over time meaning the expense per coin goes up. making bitcoin deflationary (more value per coin)

this initial expensive cost gives initial value to the new coin. which helps support the overall value of all coin in circulation

You did a great job by convincing them to listen and learn about something they have never heard nor practice before, I believe right now they are happy and also proud of who you have become, I think I will also talk to my parents about Bitcoin when I visit them again thank you for reminding me once again, everyone deserves to know about bitcoin both young and old.

I think you would make a good teacher. Your analogies and simple explanations was outstanding. For people at that age, you used the right teaching technique which is demostration and you used the right examples. I think they would be able to learn the basics but they might not comprehend the technical and more complex aspect of Bitcoin. But you did the right thing and your parents my teach their grandchildren. I am suggesting you start an online or offline Bitcoin class for the elderly. You might end up having many clients because everyone cherish financial freedom.

For a moment, I imagined myself in the place of your parents. Of course, I would be proud of a son who knows so much about modern technologies, but in addition to this, I would certainly have a feeling of some sadness that in my youth there were no such technologies.
I don’t think it’s necessary for older people at such an advanced age to know all the intricacies of the blockchain, but educating people about bitcoin is certainly a good idea.

Did you also tell them about risk and volatility, if you don't tell them they can get overexcited and take wrong steps if they make up their mind to invest. You explained Bitcoin to them in a good way, you told them it is a currency rather than a money making investment, the right step should be learning Bitcoin as a currency first, then other functions can come later. At your parents age it is unlikely that they would want to use Bitcoin, but one must not use it to have knowledge of it.

That is actually an uneasy task you just completed, because most times people of this age bracket (75 to 80yrs) are the toughest to comprehend any new idea or trick, which is natural and you can't blame them for that, and most importantly Bitcoin which most old people around my town see as another scams, all because they got bankrupt from a Ponzi scheme popularly known as "MMM" which took place years back, and till now, most of these elderly men are yet to pay off the loan they took from bank..

So, thats a good move.... an old dog can still learn a new trick, but it just needs time

Davidvictorson, you really did very good job with your parents. 
I have tried to explain crypto and bitcoin even to many young people but many times I have not encountered interest.
It is really unusual when older people better recognize the potential and value of bitcoin compared to younger people.
You really explained everything to your parents in a very simple way.
My parents have always been skeptical of anything I do online so I didn’t even try to explain bitcoin to them.

They say you can't teach an old dog new trick, but I was able to teach my 80-year-old father and 75-year-old mother about Bitcoin. It all started when I visited them a couple of days ago. My parents asked me- why do I spend so much time on the computer looking at charts? What does the big yellow "B" sticker on my laptop computer stands for? These questions provided the perfect opportunity to tell them about Bitcoin.

First, I told them the "B" on the sticker stands for Bitcoin. It is just like our regular local currency but much better. And just like cash, you can spend it. A typical example I gave my parents was that I paid for my laptop with bitcoin. I explained to them that as the value of our local currency fluctuates more against the Dollar, so does the value of bitcoin fluctuates based on supply and demand.

Second, on the state of bitcoin, I gave them a simple analogy. The Central Bank in our country is pushing for a cashless economy, so it was just right to weave it into my analogy. I told them that just as the government pays their pension benefits into their bank account every month. After which they pay for their groceries and other items at the mall with their debit cards without ever seeing or touching the physical cash, that is the bitcoin state of bitcoin. You can't see the physical bitcoin but can make transactions with it.

Third, I explained to my parents that, unlike our local currency that the government prints, bitcoins are created through mining. Since they live in a coal mining town, I used the coal mining analogy. I told them to imagine that there is a bitcoin mine. And that this mine contains only 21 million bitcoins. I explained to my parents that, unlike the conventional coal mining techniques, bitcoin miners utilize sophisticated, expensive, and specialized computers for mining bitcoins. I specifically pointed out that bitcoin doesn't come from the ground but is the reward of solving a complex computational math problem.

Furthermore, I told them that the value of 1 bitcoin is about fourteen million in our local currency. And just like the highest denomination of our local currency can be broken down into smaller denominations, 1(one) bitcoin can also be broken down into smaller units and owned by individuals. I also told them that although I do not own 1(one) bitcoin, I own some units and that occasionally I exchange them for our local currency when I need to pay for stuff at shops where bitcoin is not accepted. I can also convert our local currency to bitcoin so that it doesn't lose its value.

Fourth, I gave them two major advantages bitcoin has over our local currency or any other currency. I told them that bitcoin is a global currency whose value is the same everywhere. For example, 1(one) bitcoin in Germany is equal to 1(one) bitcoin in kazakhstan. In addition, bitcoin is not subject to control by the banks or the government. Instead, individuals are in control of their bitcoins without fear of interference from a third party. I explained to them that just as they have a physical wallet or bank account where they keep their money, I also have a bitcoin wallet where I save my bitcoin. Furthermore, I briefly explained the concept of a private key being akin to the secret pin they use to access their mobile bank app and input when to allow them to send cash from their bank account to another.

I was about to give them a quick overview of blockchain when dad thanked me and reminded me that he and mom had a meeting to attend. The next day, I travelled back to my state. Well, I am glad that they now have an idea of bitcoin.

Have you tried to talk to your parents or any senior citizen about bitcoin?