I believe it predominantly depends on how any given individual chooses to live his life in his / her older years.
If someone appreciates that it's now more likely to live a stronger, healthier, more active life thanks to better technology and understanding of wellness principles, then he can elect to remain energetic and interested in financial / technological actions throughout his life,
and crypto currencies will be relevant for him (and his family) even if he is 100+.
Topic: On Bitcoin and old-timers - page 3. (Read 607 times)
Perhaps in some years, they will use a blockchain without knowing it (because their bank uses it, or insurance, medical app, telecom, smart city, etc). When I talk to people about Bitcoin I get different speeches depending on how old they're. (no matter their lifestyle, economic situation,...)
30-45 years old:
They're only interested to invest in and hear about Bitcoin only for its speculative side. They don't know anything about BTC, not even know what is a BTC client
45-60 years old:
They're not interested to use it (nor to invest)... since it can only be used online (and not a lot of merchands accept it) They see no economic benefit.
+ 60 years old: Crazy buy I usually get a "wow! no bank! full control!" reaction. The problem is the internet barrier, not a lot all people from this generation know how to use a laptop, or they just know how to use a browser, email client,... On a side note, I remember a senior who told me Bitcoin is born 50 years too late
30-45 years old:
They're only interested to invest in and hear about Bitcoin only for its speculative side. They don't know anything about BTC, not even know what is a BTC client
45-60 years old:
They're not interested to use it (nor to invest)... since it can only be used online (and not a lot of merchands accept it) They see no economic benefit.
+ 60 years old: Crazy buy I usually get a "wow! no bank! full control!" reaction. The problem is the internet barrier, not a lot all people from this generation know how to use a laptop, or they just know how to use a browser, email client,... On a side note, I remember a senior who told me Bitcoin is born 50 years too late
Long story short, you don't need to understand the technology behind Bitcoin to invest in it, though you definitely should understand how the market works.
Agree with this 100%. In fact, it's funny you should give the analogy of not having to understand the inner workings of an automobile in order to drive one--I just explained bitcoin to someone a couple of weeks ago using the same analogy. That's always been in my mind because I can relate to it personally. I'm not a mechanic and couldn't fix a car to save my life, but I can certainly drive. And it's the same thing with bitcoin. I wish I had the intellectual oomph to learn more about it, but I understand enough and can use it just fine.I'm pretty sure people are way more familiar with how the market acts than they are with how bitcoin works. Maybe on a college campus that might be different, but out in the real world I've no doubt that there are more people actually using it than actually understanding the math behind it.
Not sure about "old-timers" though. There are plenty of older folks with advanced degrees in mathematics and computer science who either do understand bitcoin or who could if they were interested in it. I do think more of the younger generation will end up pushing crypto forward, though. That's probably true of any new technology.
The issue with old timers as you call them is it's like them with the Internet in general. I've had elderly relatives ask me to repeatedly return their tvs because they keep deleting channels for example.
Really, bitcoin isn't for those who are easy to scam, but a way to stop being easy to scam is to educate yourself a bit more (and not in bitcoin but in general)...
I came to bitcoin from a purely achidemic point, I wanted to know how it ticked but the first couple of transactions I remember making was just having fun back in the start of 2015... I had no care for what it'd one day be worth and was rather happy just fiddling with it (as most should do when they make an investment here, set aside 0.001 or something just to flip on stuff and test the system).
There are 3 main types of investors
1. Savers - the bank is where I keep my money, it earns me enough a year without really doing anything.
2. Dividend investors - while I like the idea that my entire portfolio increases in value, I always like that I can earn it back at the same time over the course of 20-30 years.
3. The storage investor - I get no dividends from my investment, but I'm happy to speculate on it (these are the people who are in bitcoin, precious metals...) They don't care to see that they don't get dividend because these assets don't do too badly on their own...
Really, bitcoin isn't for those who are easy to scam, but a way to stop being easy to scam is to educate yourself a bit more (and not in bitcoin but in general)...
I came to bitcoin from a purely achidemic point, I wanted to know how it ticked but the first couple of transactions I remember making was just having fun back in the start of 2015... I had no care for what it'd one day be worth and was rather happy just fiddling with it (as most should do when they make an investment here, set aside 0.001 or something just to flip on stuff and test the system).
There are 3 main types of investors
1. Savers - the bank is where I keep my money, it earns me enough a year without really doing anything.
2. Dividend investors - while I like the idea that my entire portfolio increases in value, I always like that I can earn it back at the same time over the course of 20-30 years.
3. The storage investor - I get no dividends from my investment, but I'm happy to speculate on it (these are the people who are in bitcoin, precious metals...) They don't care to see that they don't get dividend because these assets don't do too badly on their own...
It is often said and then repeated that Bitcoin is not for the masses and definitely not for old-timers as it is too difficult to understand:
But how many of us actually understand how Bitcoin works internally, even partially?
I don't think that many. The truth is, it is not required to be a certified mechanical engineer (or whatever) to drive a car. In some cases you don't even need a driving license. For example, the British queen drives without one and she is an old-timer without reservations. Long story short, you don't need to understand the technology behind Bitcoin to invest in it, though you definitely should understand how the market works. But once you get the hang of it, you are no longer tied to, or constrained by, Bitcoin specifically (and its technology). In other words, everyone should be able to buy low and sell high (okay, invest profitably) these days, and there should be no exception for old-timers, and still less for those to become them one day (read, us)
Well, I can't blame them for that. Americans had been told for years that Bitcoin is a bubble and that investing in it is insanity. Most of them had listened to the advice of "experts" and never invested in Bitcoin, but those who decided to take risks despite the persistent cautions, have made good money along the way.
And now, when BTC after dropping from almost $20k to almost $3k has started rising again instead of going to zero, as those experts predicted, people have decided to stop believing them. Quite a logical decision, if you ask me.
Except they don’t understand the technology of bitcoin fully because if they do, I am not sure that anyone will be able to talk them out of investing in bitcoin or using it as payment system when they know that the se of bitcoin fully protects the user again anyone knowing about the transaction. So, if they really had interest in it from the onset, then they should have already invested in it long time again when they had the chanceAnd now, when BTC after dropping from almost $20k to almost $3k has started rising again instead of going to zero, as those experts predicted, people have decided to stop believing them. Quite a logical decision, if you ask me.
But how many of us actually understand how Bitcoin works internally, even partially?
I don't think that many. The truth is, it is not required to be a certified mechanical engineer (or whatever) to drive a car. In some cases you don't even need a driving license. For example, the British queen drives without one and she is an old-timer without reservations. Long story short, you don't need to understand the technology behind Bitcoin to invest in it, though you definitely should understand how the market works. But once you get the hang of it, you are no longer tied to, or constrained by, Bitcoin specifically (and its technology). In other words, everyone should be able to buy low and sell high (okay, invest profitably) these days, and there should be no exception for old-timers, and still less for those to become them one day (read, us)
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