Bitcoin easily explained to Baby Boomers in 3 steps – News 2020

I m 35 years old. My parents are 65 years old. I am a representative of Generation Y, while my parents proudly represent the generation of Baby Boomers. Between them and me, there is a real generation gap at the technological level. When the Internet arrived, my parents found it extremely difficult to embrace the Web revolution. Nevertheless, little by little, they got there. Today, a major technological revolution is happening with Bitcoin. For Baby Boomers, it is very difficult to understand how Bitcoin works, and especially what is its interest.

Beyond the simple fact that the current monetary and financial system seems perfect to them because it allowed them to accumulate a significant wealth, they have a great deal of difficulty to exceed the a priori negatives that have arisen from the constant smear campaigns of politicians and central bankers for several years.

If you are in the same situation as me, you want your parents – and Baby Boomers in general – stop considering Bitcoin is just fun for geeks, I advise you to follow the following 3 steps to explain to them what Bitcoin is.

By relying on things your parents master, you will maximize your chances that they will understand how Bitcoin is revolutionary.

1. Bitcoin is like gold

The generation of Baby boomers represents people born between 1946 and 1964. Aged 65 today, my parents came into the world at a time when the system of Bretton Woods prevailed.

Resulting from the Bretton Woods agreements, this system drew the outline of the international financial system of the world after the Second World War.

From the middle of 1944, the world monetary system was organized around the American dollar, but with a nominal connection to gold.

So your parents grew up at a time when the American dollar was becoming all-powerful, but also where gold was essential. Gold has been a safe haven for many centuries, and Baby Boomers understand the benefits of gold very well.

The baby boomer may not be resistant to Bitcoin, only matters how to go about it

When you want to discuss Bitcoin with your parents, the first thing to do is to make a comparison with gold.

Baby Boomers know that the amount of gold existing on Earth is finished. They also know very well that it is getting harder and harder to find new gold deposits.

Mining gold is becoming more and more costly, as the gold remaining to be mined is increasingly limited.

Bitcoin was designed to simulate the behavior of a commodity such as gold.

So, Bitcoin exists in finite quantity just like gold since there will only be 21 million units that can be put into circulation.

Like gold, it is becoming increasingly difficult to create new Bitcoins. The more time passes, the more the creation of new Bitcoins becomes scarce.

New Bitcoins are created when a block of transactions is validated.

Originally, 50 Bitcoins were created and offered as a reward to minors validating a block of transactions. Every 210,000 blocks of validated transactions, this award is halved during an event known as Halving.

In March 2020, 12.5 new Bitcoins are created for each block of validated transactions. In May 2020, when the 630,000 block is added to the Bitcoin Blockchain, this reward will therefore be halved and will increase to 6.25 Bitcoins.

And so on, until around 2140, when all of the Bitcoins will have been created and put into circulation.

Unlike gold, inflation of the amount of Bitcoins available is predictable.

The advantage of gold over the US dollar is that it is very difficult to counter-make gold. The methods of proving that gold is authentic are very reliable.

These properties of gold allowed it to establish itself as a store of value throughout history. Baby Boomers love gold for that reason.

Bitcoin is based on a cryptographic mechanism which makes counterfeiting impossible. Nobody Can Counterfeit Bitcoin. The Bitcoin you own can be easily authenticated on the Blockchain Bitcoin.

Bitcoin is often qualified digital gold, and it’s clearly no coincidence.

Tell your parents, and the other Baby Boomers that you will try to convince, that they should not be content with the halo of negative noise around Bitcoin, and simply focus on the facts as I have just exposed them.

2. The Bitcoin system can be compared to the functioning of emails

Gold is a great refuge value which has proven itself for many centuries. However, gold is taking up space. In addition, gold has a certain weight in large quantities.

The portability of gold is very poor.

Your parents, who are probably Baby Boomers, know perfectly well that storing gold at home is not secure. If a burglar visits your home, you risk losing everything.

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Many opt for storage in the bank vaultbut by doing this you are taking the risk that what you own confiscated from you by an arbitrary decision.

If you want to move and change countries, you’re going to have a lot of trouble going through customs with your gold stock on you.

Finally, you can highlight the following problem to your parents: how would you go about sending a certain amount of gold to someone in your family, or a friend, located on the other side of the world?

It is possible, but it is very difficult, and above all very expensive. Baby Boomers generally understand this problem very well.

At this very moment, I suggest you talk to your parents about email. Even though it was difficult, most Baby Boomers went online.

Baby Boomers now use emails daily to communicate.

Before emails, they sent letters. It took many days for their mail to reach its destination on the other side of the world. Shipping costs are also extremely high.

With emails, everything is instant. Baby Boomers communicate with their friends on the other side of the world without costing them anything more than an Internet subscription.

Completing a transaction on the Bitcoin system is similar to sending an email.

You can tell your parents that they will be able send Bitcoins in any quantity you want to the other side of the world cheaply. All instantly.

Better still: no one will be able to control their sending. Without control from a third party, anonymity of their transaction is preserved. Likewise, no one can censor their Bitcoin transaction.

The day your parents want to move, they can easily carry all their Bitcoins with them.

Whether you have 0.1 Bitcoin, 1 Bitcoin or 100 Bitcoins, no one will know when you take them with you when you change countries.

3. Bitcoin combines the properties of gold and the functioning of emails

You now come to the 3rd step. A priori, Baby Boomers are still on the same wavelength as you. Gold and emails are things they now master, and whose benefits they know.

The next step is to explain to Baby Boomers that Bitcoin combines the properties of gold while offering an operation similar to that of emails.

With Bitcoin, they have available tremendous refuge value, a digital gold. Bitcoin is the rarest thing created by humans that can be used in a completely decentralized way and without any leader.

The Bitcoins that Baby Boomers buy will be theirs. No one can prevent them from using them as they wish.

While the gold that Baby Boomers own cannot be easily sent to the other side of the world, send Bitcoin to someone on the other side of the world is as simple as sending an email.

Bitcoin is therefore both a safe haven and a source of value in the future due to its rarity, but also a formidable means of exchange almost instantaneously and at low cost.

Bitcoin therefore only has advantages even for Baby Boomers as long as they just stick to the facts.

Conclusion

Big beneficiaries of the different monetary and financial systems that have been in place since their birth, Baby Boomers are not a priori the best candidates to question the current system. From their point of view, Bitcoin is often seen as a risk rather than an opportunity.

They listen to critics against Bitcoin, and think Bitcoin is dangerous because it promotes illicit activity.

This is all wrong, and to make them understand what Bitcoin is, and why they too can benefit from it, you have to rely on things they master.

By using the comparison with gold and emails, and then showing them that Bitcoin represents a great combination of the properties of gold and how emails work, you will maximize your chances of making them aware of what is Bitcoin, and why they can benefit too.

If you succeed, – and I did it with my parents -, you will be surprised to find that there is a good chance that they in turn will consider embracing the Bitcoin revolution.

Bitcoin easily explained to Baby Boomers in 3 steps – News 2020
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