We all have one or more older people who we would love to introduce to the world of Bitcoin. Parents, grandparents, uncles, or even friends. The problem is that there is a generation gap in terms of the relationship (and understanding) of technology that prevents us from effectively pulling them. That gap, it must be said, generates resistance on the part of many of them when it comes to approaching technological innovations, because they do not understand them or believe that it is impossible for them to use them. But it’s a lie, everyone can use Bitcoin, regardless of age.
Many of these people find it difficult to understand even some things that, for those of us between 20 and 35 years old, are basic at this point. Taking screenshots on your mobile phone or creating an Instagram account could be on that list, which is made more difficult with digital financial services. After all, For them, the norm has been to manage their money physically: go to banks, withdraw bills, pay with cards. So how do I present to you something as complex and revolutionary as Bitcoin?
Tell him how bitcoin could benefit his economy
There is no single answer to that question. But in my experience, The best way to get closer is by first presenting them with the problem that Bitcoin came to solve.: talk about how central banks issue inorganic money, how that increases inflation and, ultimately, reduces purchasing power and savings capacity in the medium and long term.
If they are in Venezuela, as is my case, that explanation becomes very simple, since the entire population has experience of the shortcomings generated by poor management of the economy. But in other countries, it is an issue that will require further study, because especially in those generations trust in the fiat system remains deeply rooted. That is, the money of governments.
It would also be good to talk about the total control that the banks have over our funds and how, consequently, they are not really ours. A bank declared bankrupt, a “corralito” towards money withdrawals, is enough for us to realize how little we control our own capital.
Of the basic principles that they must understand, I could highlight the following: its controlled emission (a block approximately every 10 minutes always emits the same amount of BTC) and decreasing (every 210,000 blocks that emission is reduced to half the number of coins per block). Also, the finite supply (no more than 21 million bitcoins can be created) which protects against inflationary schemes, the impossibility of double spending and the fact that no one can censor your transactions or block your BTC.
“It’s like a bank but it’s not like a bank»
There will always be resistance to Bitcoin, even if we understand the problem that the traditional financial system creates. And it is not illogical nor should it exasperate us. It is something new both for them and for us, which in addition to reconfiguring our perception of money, is also absolutely technological. Because of that, the key to bringing them closer is to make Bitcoin as less complex as possible for tech non-natives.
Is Bitcoin a payment method that is difficult to understand due to all the technical aspects that it combines? So don’t talk in depth about protocol or miners right off the bat, but compare BTC to something they know, that is familiar and easy to understand. At least, it is time to do it as much as possible, without perverting the nature of Bitcoin and its advantages with respect to the monetary system known to date.
One of the things you can tell him is that using bitcoin is as simple as using a bank account through a mobile phone or computer. You install a self-custodial wallet and you can start using Bitcoin, all you need is to become familiar with the platform of said wallet.
I would add that the ideal is to show them more than to tell them: nothing like a live tutorial, from how to download the wallet to sending and receiving a transaction in BTC. That they are simple wallets is key, as well as if we are going to introduce them to exchange platforms. If sometimes it is difficult for oneself to understand the thousands of options offered by sites like Binance, imagine how difficult it would be for them.
The “problem” of self-custody
The thing with self-custody is that while they are actually in control of that money, that great power comes with great responsibility: self-custody requires the user to have a good backup of their seeds (a kind of key that can be used to recover a wallet on other devices). Otherwise, they will never be able to access their funds again. You do not depend on banks, but you also do not have the possibility to access their support or ask a third party for help to recover your BTC if you lose access to the wallet.
Right at that point we can meet another wave of resistance: taking responsibility for something they have delegated for decades may not be an entirely pleasant idea for them. More for fear of making a mistake than for any other reason.
For those who cannot trust themselves and prefer the help of a specialized entity, there will always be options in the market with third-party custody, such as wallets, exchanges or other types of platforms. If you ask me, that is not really using Bitcoin even if you have BTC balance in your wallet, but there will be those who prefer that “security” of having someone to blame for any inconvenience.
«If you learned to use WhatsApp or even PayPal, you can use Bitcoin«
Spent the previous resources, the next step would be to take them to the current technology that gives more security to our interlocutor. Is it WhatsApp, where they send videos, audios and even make video calls with their family and friends? Is it another app? They may even have already used options related to money, such as PayPal.
If so, part of the way has already been covered: the most advisable thing to do, then, would be first ask them the easiest things to use BTC that you can compare with some of those applications that you already know.
And once you have managed to capture attention, go to the most complex. Of course: the moment you overwhelm them with unknown or very technical information, you will surely have lost it forever. I say this from experience. To make your job easier, CriptoNoticias has guides, tutorials and educational articles in the Criptopedia.
I recommend that reading any of these articles or publications be done accompanied and clarifying any doubts in the process. Because there is no better way to teach than to put yourself in the other’s shoes and try to see the subject from their perspective. In this case, from something that generates fear or insecurity about learning.
Do you think these tips can help? There’s no time to lose, then. It’s time to help them buy their first satoshis and change the way they see money forever.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias.