How To Explain Bitcoin To Your Family Over Thanksgiving Dinner?

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    By Partner EditorialDec 7, 2020, 1:13 pm2.1k ptsInteresting

    We hope that you were with your whole family this Thanksgiving day. We really appreciate your support for becoming one of our regular readers. We thank you for sharing your precious thoughts and our content with your friends & family and sharing good words about Bitcoin.

    As you already know, Bitcoin has recovered from the pandemic flu and proves its worth as a top digital asset. Over the last eight-month, Bitcoin has grown in price by 500%. Because of its success, we are assuming that this will be one of the talking topics at the dining table.

    With that being in mind, we have created a guide that will help you explain all the crypto trade market's ins and outs to your family.

    Please note that, even if you are with your family, keep a safe distance to stop the COVID 19 virus spread. This practice will not help you with keeping yourself safe, but it will also ensure safety of the people around you.

    Navigating Bitcoin Conversation With Your Family

    Let's imagine what could be the scenario. Everybody is sitting at the dining table. Your relatives are wondering what you are upto these days. And the moment you say Bitcoin. They will most probably try to change the topic.

    Hence, it is better you start with the traditional talk that connects the modern-day problems. When they are convinced of modern-day problems, introduce them with the new solution, Bitcoin and Blockchain.

    Back Bitcoin Works

    The Bitcoin concept is fairly new. So very few people know how it performs. Then there is this: people get nervous around new technology. Well, everything is new at first, until and unless you try doing that, you will remain at the same place.

    If you are willing to put this conversation on the table and want to break your skeptical uncle's belief, then here are some of the well-prepared responses to the Critiques.

    Bitcoin Is Not Backed With Anything

    If we consider how money printing is taking place in America, can we really say dollars are backed by anything? In fact, 6% of the total American dollar was printed last year. All the extra money was printed because the government felt that they needed money. There were no elements like gold or oil that were baking this printed money.

    In fact, you can say that US dollars have stopped backing their currency since 50 years ago. If there are any older relatives, they might agree on this. On the contrary, being decentralized and not being backed by any assets give Bitcoin several advantages over dollars.

    You Can't Spend It Anywhere

    Well, if somebody says, then that means they are living under the rock and have no idea what's going on in the world. There are several retailers who have started to accept Bitcoin as payment. You have to understand that Bitcoin is only 11 years old and is very young compared to the fiat currency.

    However, you have also taken into account that to use fiat currencies means paying double-digit fees for credit card processing and have to keep inflation in check. But in the case of Cryptocurrencies, you can relax that you will have total ownership of your Bitcoin.

    Bitcoin Is Too Volatile To Be Called Currency

    Bitcoin volatility is the natural feature of Bitcoin. This is what makes Bitcoin more interesting and profitable compared to other digital assets. On the plus side, the volatility has been decreasing day by day. However, as time passes and more people get to know about Bitcoin, fluctuation will continue with the prices. Just like we see in Gold, Dollars, and Stocks.

    Introduce Your Relative With Bitcoin Trading

    Now that you know the Bitcoin conversation's way ins, the only thing left is to let them try investing once. For Bitcoin security use a well-known Bitcoin trading platform that allows users to trade in Bitcoin and other Cryptocurrencies. You can ask them to use this platform as their forest step towards Bitcoin Trades.

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