Best way to explain crypto to your grandad?


#1

My Granddad is 93, and he barely has a clue on how to use a computer, let alone a telly remote. Any ideas on how I can explain Bitcoin super easy to him? Cheers!


#2

In the absolute simplest terms i’d tell him: like email that is used to send letters across the internet, Bitcoin was invented to send money across it.


#3

In not so simplest terms I’d tell him:

Crypto currency is electronic cash, that only exists within a computer and not in the physical word. This electronic cash is made up of the same building blocks of any computer software, ones and zeros, and this electronic cash can be sent from one computer to another computer directly, without the need for a bank or government to approve the transaction at all. Crypto currency (or crypto) exists on a network called the ‘block-chain’, which is a digital record keeping system, which acts as the technological infrastructure for this electronic payment system. The reason that this technology is special, is because not only does it not require any permission from anybody to send and receive, but also there are no requirements to set up an account (or a wallet we call them), e.g a Identification or legal status. Because of this reason, anybody in the entire world can join this payment network, essentially providing everyone who uses it with a mutual currency that is not controlled by one central organisation.


#5

I love this!