My parents recently visited, we had many interesting conversations during their stay; a few were on the topic of digital currency. During these, which I have to stress the point that my parents are not "comfortable with technology" I had difficultly conveying what cryptocurrencies were and why they matter.
Initially, I felt it a good place to start with defining fiat money; noting that it didn't really represent anything of intrinsic value, other than a decree that defines it as "legal tender. This opened the dialog around "well, you can spend dollars"; considering, My interest in digital currency as a long-term investment I thought it wise to side-step the aspect of day-trading for short term gains and decided to focus my effort on how digital currency may soon be a more reliable medium for exchange.
This snippet, while interesting really only scratches the surface of how to discuss this topic with those not familiar with internet money. I would love to hear from others that have experienced similar conversations.
I think the expression 'the Internet of Money' packs a lot of the things involved in only 4 words and ties it to something people already know.
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During the conversation, I used the "dot.com" bubble as a frame for reference. I figured they were at least aware of it and probably remembered its effect on the stock market. This point probably induced mixed feelings because I remember the conversation going down the line "how would I get my money out"; which isn't really the point of a long-term investment, in my opinion because assurances are like people "you can only trust them as far as you can throw them". I would never invest more than I can afford to lose and definitely wouldn't encourage others.
Our conversation settled with the agreement that they would occasionally slide small amounts into an account for investment.
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post for editing sake
My parents recently visited, we had many interesting conversations during their stay; a few were on the topic of digital currency. [original] change to: My parents recently visited. We had many interesting conversations during their stay. Some were on the topic of digital currency.
During these, which I have to stress the point that my parents are not "comfortable with technology" I had difficultly conveying what cryptocurrencies were and why they matter. [original] change to: During these conversations [insert em dash] which I have to stress the point that my parents are not "comfortable with technology" [insert em dash] I had difficultly conveying what cryptocurrencies were and why they matter.
Initially, I felt it a good place to start with defining fiat money; noting that it didn't really represent anything of intrinsic value, other than a decree that defines it as "legal tender. [original] change to: Initially, I felt it a good place to start with defining fiat money, noting that it didn't really represent anything of intrinsic value other than a decree that defines it as "legal tender".
This opened the dialog around "well, you can spend dollars"; considering, My interest in digital currency as a long-term investment I thought it wise to side-step the aspect of day-trading for short term gains and decided to focus my effort on how digital currency may soon be a more reliable medium for exchange. [original] change to: This opened the dialog around, "well, you can spend dollars." Considering my interest in digital currency as a long-term investment, I thought it wise to side-step discussing the aspect of day-trading for short term gains. I decided instead to focus my effort on how digital currency may soon be a more reliable medium for exchange.
consider this line of thinking to a greater length. what did your parents say? were you able to make a comparison or a contrast of digital currencies with something irl they are familiar with and also lends itself well to be a stand-in analogy for explaining the concept to someone with little exposure to the topic
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