How to Explain Bitcoin to Your Grandparents
Bitcoin’s been around since 2009, and while it’s no longer the sole province of hard-core Web geeks and fortunate (if occasionally forgetful) speculators, it’s not exactly a household name, either. In a 2014 survey conducted by digital finance and media giant The Street, only two percent of those surveyed said they owned Bitcoins, more than three quarters had never heard of the virtual currency, and less than a fifth said they’d ever consider using Bitcoin (or any alternative to traditional currency). A full 80% said they’d rather own gold compared to any kind of crypto-currency, but given mankind’s long love affair with shiny metals, that’s hardly a surprise.
What is surprising, however, is the breakdown of Bitcoin familiarity among different age groups. While older folks (such as your parents or dear old Gran) might seem unlikely to care about such cutting-edge financial wizardry, the same survey that underscored Bitcoin’s low profile with the general public also revealed a surprising stat: respondents who fell into the 50-to-64-year-old demographic were the most familiar (at 30%) with Bitcoin, outdistancing younger generations by 10%.
That said, a 2013 survey of British Bitcoin users found that the average “Bitcoiner” is most likely to be a man in his early 30s who’s got a full time job, a relationship, and a love of capitalism (or at least the virtual variety). So while your Dad or your Gran might be interested in Bitcoin, if you’re a young fellow with a nerdy vibe, it’s possible they might be looking to you to explain just how they can turn that pension into sparkly cyber-lucre.
Fortunately, the basics of bitcoin are fairly easy to master, and line up well with examples from the non-virtual world (including wallets and key codes). So while it remains unlikely you’ll be called upon to explain the intricacies of mining and hash rates at the next family dinner, it probably would behoove you to review the basics (just in case Grandad decides he wants to convert your inheritance!)
PS. Be sure to checkout our article on webmaster referral programs that payout in bitcoin!
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