I recently read saw a FAQtoid and a post about “how to explain Crypto” to your (presumably dull) Baby Boomer parents. The writer is 37, his parents are 66 and 67. And I quote (anonymously here): “For Baby Boomers, it’s very difficult to understand how Bitcoin works, what is Bitcoin, the why of Bitcoin, and more importantly, what’s in Bitcoin for them.”
What is Bitcoin–for Boomer Parents
When describing bitcoin, the author recommends using paradigms for what your (dull) parents already know. This is a time-tested approach to learning for all ages (see a good, basic explanation here). Using inferences — what you know to make a guess about what you don’t know — is neither new nor generation-specific. Come on!
And, there is a difference between implying and inferring. The author implied that ALL, not just his, boomer-age parents are slow to adopt new technologies and need extracurricular help (a 3-step method) when it comes to understanding bitcoin. Really??
Oh and while we are at it, here’s an easy definition of Bitcoin from the Wealthy Nest 25 Terms List: The most valuable cryptocurrency that was launched on Jan 9, 2009. Its price has seen many crests and troughs ranging from $60,000 to $30,000. Any coin that’s not bitcoin is “altcoin.” (For other important crypto terms, go here.
The Wealth Generation
In all fairness, the author did bring up a very interesting point, and one worth repeating, in my opinion. The Wealth Generation (Baby Boomers) have profited nicely from the current market paradigm, using traditional (fiat) currencies. Profit can be blinding and can make one complacent. Why fix it if it isn’t broken, that kind of thing.
I maintain that Boomers are in a good position to add some sanity to this new way of investing and thinking. A healthy dose of skepticism is not a blanket refusal to learn or a sign of ignorance or slowness. Remember, the Bitcoin motto is: “Don’t Trust, Verify.”
How Complicated Is It Really?
Contrary to popular belief (!), it is NOT complicated to understand how Bitcoin works for most people’s needs. It is similar to understanding our traditional monetary and global financial systems. Bitcoin operation is described completely in 3,219 words in Satoshi Nakamoto’s original paper here.
Explain It ALL in a Nutshell–In 3 Easy Steps
According to In Bitcoin We Trust on Medium, Baby Boomers have at their disposal a great safe haven value, basically like digital gold. It is the scarcest man-made thing that can be used in a totally decentralized way and without any leader. The Bitcoins that the Baby Boomers buy will belong completely to them. No one will be able to stop them from using them as they wish.
1. Bitcoin Is Similar to Gold
2. The Bitcoin System Can Be Compared to the Way Email Works
3. Bitcoin Combines the Properties of Gold and the Workings of Email
What do YOU think? Are most Boomers slow to understand bitcoin, or just appropriately cautious?
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