Topic: I Taught my Octogenarian and Septuagenarian Parents about Bitcoin (Read 523 times)

Well, that is indeed good because you let her to get curious first before you make some move in informing her about the reality and existence of bitcoin. We know that our parents will be much skeptical when they see that we're pouring plenty of time facing the computer/laptop instead of finding some decent job because in their time, maybe they don't even used to see or even had a chance to touch and use computer that's why they don't know what's the advantage of the technology now if you know how to use it right. So it's just normal that they will react that way and what they know that an original job is working from 8 to 5. But you my friend, I congratulate you for sharing the knowledge about bitcoin to your mother.

My Mother use to hate what i am doing in crypto though she is a very business minded person , but eventually over time as She sees I am gaining good? last year She starts learning about bitcoin and also some altcoins , and now? she is holding at least 8 cryptocurrencies and of course majority is Bitcoin.

Old people doesn't always mean that they are weak already but there are old people that are still active and capable of doing almost any things that you can ever imagine. You are lucky that your parents are one of it. But he BTC sticker on your lappy is yellow? Because your parents' said it was yellow but bitcoins default colour is orange or maybe your parents have a problem with their vision? Which is normal for most seniors.

When your about to explain blockchain to them, they then gave a reason and seems they are  trying to avoid you. I think they are starting to get annoyed? Looks like they know that blockchain was a harder topic than bitcoin.

This is an inspiring story. The parents to seem curious, though, as they asked about the yellow "B" and about the charts (many wouldn't care enough to ask). I also love that the mine analogy was relevant to them, and overall your explanation seems very newbie-friendly, which is great (I agree with Zlantann you'd be a good teacher).
My experience with a 75-year-old relative wasn't as successful. But he wasn't curious, he already thought he knew Bitcoin's a scam, so he wanted to talk me out of having anything to do with it. Some other relatives of similar age know roughly that it's something digital online, and that I'm into it, but they also think it's something shady and aren't interested in learning more.

It's not just amazing and this surprised me, congratulations to you and your parents. This is something that I think very few people do because absorbing technology with older people, you know it's not easy. I have always thought bitcoin and blockchain would be more suitable for younger people than previous generations. But maybe I was wrong and many people were as wrong as I was.

It's based on the myth that older folks are not adaptable with technology. I don't really buy it. You don't have to have been someone that grew up in a technologically advanced world to understand crypto. Basic cryptography is not complicated. I'd consider older folks more prone to Bitcoin acceptance opposed to the younger generation that looks towards socialism and government control of every facet of society. It takes the most basic understanding of economics to understand the merit of Bitcoin, and the younger generation is increasingly lacking that basic understanding.

though jetcash lives in a van and is a anti-vaxxer.. i to am surprised he actually likes science/technology/property

..
that said. most elderly people dont fear new technology. my elder relatives have facebook and use tablets and do everything online.. but their main premiss is things that are actually useful to their lives they would bother to get involved in.

my elder relatives understand gold has use and purpose. but they dont care to hear about sluicing and washplants and smelting. this stuff is not useful to their daily lives. they dont need to know it and precious time wasted listening to the processes wont add any value to their lives.

so keep it short and practical. use examples that actually have meaning to them. dont over complex things.

It's not that most older folks can't look at newer concepts with an open attitude, it's the fact that most older folks aren't willing to look at newer concepts in the first place. Also taking note that older folks that are into modern technology are really really rare to start with. I know a good chunk of the older demographic(aged 50+), and only like 1 out of 30 are decently into technology outside of just mindlessly scrolling Facebook.

Seriously though, good for you for being open minded.

There is no denial that old people can understand about Bitcoin but when we talk about majority who doesn't even know the central banks are printing more money every year can't accept the bitcoin because its not from government so they will say it can't be trusted as government printed money. To understand about the importance of bitcoin the people need to acquire the knowledge about finance and economics then to trust the Bitcoin they need to understand about the blockchain and trustless medium of exchange with no Central authority.

If many can find out such time bit by bit to educate their aged parents about the universal  currency called Bitcoin and it's intricacies then it's going to really increase the interest of older persons in Bitcoin trading.

Yes, people within the Sexagenarian to Octogenarian are mostly open mind and also good listeners but when we talk about innovative technology or concept I think it's not about age but personal interest and understanding. We have people who are Teen to Quadragenarians and never want to get involved with Bitcoin but they can spend half of their 24hours on meaningless social media activities.
I respect the OP for taking teaching to a new level because the belief of most crypto users is that a mature person cant acknowledge cryptocurrency.

I agree with your review, educating parents about bitcoin is a great idea, but what's even better I think personally we give the results we get from bitcoin to our parents, so they can enjoy the rest of their lives happily and he can buy anything he just wants, I think old age is a time to enjoy, not a time to learn about blockchain, because their life is not long, what they need is peace.

I tried to get my father interested in Bitcoin a couple of times, but eventually I gave up. I thought that based on his work experience, he would appreciate the technology and the idea behind it. But he is a stubborn old-school type of person who sees no benefits in changing the way he transacts now and adopting something completely new. I even bought him a book for his birthday explaining Bitcoin for those who have never heard about it, but he wasn't interested. He started reading it and stopped after a few pages. I respect his decision, even though I don't agree with him. 

I also explained Bitcoin to my parents, but all they care about is the profit potential.    I guess it is my own fault, because I showed them that I made a more than 800% profit on my first bitcoins that I bought. 

I actually used the "Gold" mining analogy in my explanation..because it is easier to understand the rarity of Gold ...than trying to convince them that "Coal" is rare. 

Well Done OP, you have a special talent to explain things... now start to use that on the younger generation... because they are the future of Bitcoin. 

With the current state of the economy of various countries and the rising inflation hitting the world's economy , I think any learned old Man or Woman within the age of 70-80 who experienced the 2009 high inflation rate would buy the idea of diving into Bitcoin When they got proper explanation on how the technology works,
therefore the smart ones out of them who are now stay at home Mom and Dad would likely find it very interesting to learn how to leverage from Bitcoin.

I don't see anything wrong with this, on the contrary, today technology has advanced a lot and these great beings have lagged behind a bit, despite the fact that they have heard or at least investigated this subject, they don't fully understand it. Now more than they come from a time when all this was not handled at all... I want to keep in mind that this is not in all cases, surely some understand it and even use it in their economy. So I see very well that we as children, nephews and even grandchildren can explain a little about this world, just by listening they could be interested or draw attention to crypto assets, which is what is currently standing out in the world of the economy.

Partly, my mum ain't online friendly, but my Dad has got an eye for online stuf. I have told him some time before of how various NGO's are funding Ukraine Bitcoin as a result of the war on going.
Not all people are internet aware as this might be too complex to understand the context about bitcoin, you can equally say it's an online money. Birthday Wishes in advance JT!

More than age what happens is that many people are too set on their ways, for them there is a right way to do things and to think, and it is their way, if somehow they are unable to grasp what you are talking about then in their minds it is not worth considering, basically they are people that lack imagination and vision and there are many people like that at all the age brackets, so it does not surprise me at all that as long as someone is willing to listen and learn that they can understand a concept like bitcoin even if they are considered to be old.

You've done a very good job. Aged people wish to keep themselves up-to-date, but very few make it whereas the rest doesn't concentrate on it. I haven't explained in such a way to my parents, but I've given description about its price and the present price. This requires lots of patience, without which it is impossible for aged People's to learn about bitcoin. My mom used to call me whenever some news related to bitcoin gets popped on television.

Congratulations, you have used a very didactic explanation method with your parents! If you aren't a teacher, you could be a skilled one, because your analogies are enlightening and you seem to have patience and a decent vocabulary to transmit your ideas to people in an admirable way.

I've never found a senior citizen with interest for bitcoin yet. Sometimes I try to explain older people about cryptocurrency, but they totally lack focus when talking about it or already have a pre-concept bitcoin is a scam, so they demonstrate fear and even suggest me to stay away from it.

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?