One of the biggest enigmas for your average person is what to make of cryptocurrency. What is it? How does it work? While these questions might span all ages and demographics, a large majority of those flummoxed by the word “Bitcoin” happen to be older retirees like your grandparents. If you still have your elders in your life, here’s how you can explain to grandma what cryptocurrency is all about.
Start With The Basics
These days, everyone’s attention spans are dwindling and your grandma’s is no different. Rather than being wordy and complex, stick to a high level conversation when trying to communicate to her what cryptocurrency is.
Explain to her that just like cash, cryptocurrency is “money” that can be used to purchase goods and services. And, like cash, you can use cryptocurrency in many of the same ways. You can save it, you can invest it, and you can pass it on to your children and grandchildren (hopefully you). If she’s with you so far, you can then explain that crypto is also being used as an investing tool, whereby people are purchasing – and holding onto – certain coins with the expectation that they will rise in value over time.
Show Her Your Phone
Most Grandmas in 2021 love smartphones, so in order to help your grandma better understand cryptocurrency, try showing her some of the popular crypto exchanges on your mobile device. The interactive element will keep your grandma engaged, and the graphs, charts and projections for different currencies will remind her of the stock market, which – if she’s trying to figure out cryptocurrency – she’s probably well-versed in. Provided grams hasn’t checked out by now, kindly inform her that crypto is what “the kids” are into, and that several have amassed strong fortunes through the buying and selling of crypto. Of course, while there are no guarantees, investing and trading in cryptocurrency offers a high-risk high-reward for your money both in the short term and long term future.
Set Up Grandma On Robinhood
While much can be said about Robinhood – both positively and negatively – there’s no denying how simple the company has made it for a layman to become a daytrader. The fact that cryptocurrency is available on the app means that it’s also a great way to introduce your grandma to the actionable steps she can take to begin her crypto currency journey. Getting her set up with a Robinhood account and showing her how to use the app will be instrumental to your grandma’s trading future.
Robinhood is only the starting point though, as many coins and currencies – like EtheremMax – are only available on certain exchanges or through their website directly. As your grandma gets deeper and deeper into the crypto game, help her by introducing her to the different types of wallets and the different exchanges available to her.
Help Grandma Choose The Right Crypto
Once grandma has a basic understanding of the crypto heavyweights like BTC and ETH, you can then start exploring the other crypto options out there and provide grandma with the basics for conducting her own cryptocurrency research. Tell her how a “good” cryptocurrency to invest in has one or more practical uses that position the currency for long term success. Tell her how a “bad” cryptocurrency lacks any tangible application and is therefore a riskier buy when it comes to determining the viability of the company behind it. Ultimately, empowering grandma on the basics of what to look for when contemplating different cryptocurrencies to invest in will be more helpful to her than telling her to purchase a random currency and hoping for the best.
As they say, “You can buy grandma a cryptocurrency, and she’ll understand it for a day. Or, you can teach grandma about cryptocurrency, and she’ll understand it for life.”
Starting Your Portfolio With EthereumMax
EthereumMax is a decentralized cryptocurrency that gives holders control of their digital assets without the need for an intermediary. Its self-sufficient and autonomous DeFi community powers a yield based token that provides a 6% distribution of every transaction to existing eMax wallet holders just for owning it. Check out https://ethereummax.org for more information on why EthereumMax is quickly becoming one of the most robust tokens within the crypto ecosystem and set up your eMax wallet to start your cryptocurrency journey today.