Antisèche: How do you explain Bitcoin to your family over the holidays?
Already afraid of the upcoming discussions about Bitcoin during your family meals?
Don’t panic, we’ve prepared a cheat sheet for you to be glued!
Cheat sheet: How to explain Bitcoin Future to your family during the holidays?
How do you explain Bitcoin to your family?
You are a passionate pro-crypto and have revealed to your family that you bought Bitcoin. Big mistake! Between the turkey and the cheese, your uncle explains to you that cryptomoney is based on wind. And your grandmother worries about what she thinks is a scam. Breathe, and be an educator: it’s a matter of explaining to them what it is!
Your uncle: „Anyway, the price of Bitcoin is not based on anything“.
Look, uncle, you may not be able to feel your Bitcoins the way you feel your bills at the bank, but that doesn’t mean it’s based on wind. And then your euros, they’re also rather digital: in Europe, 86% of the funds don’t exist in a tangible way, but only in the banks‘ networks. So to touch it, we’ll come back.
You know, uncle, the value of the euro is basically only determined by the trust that we give it. And it’s a little bit the same for Bitcoin. It is based on a solid and very secure protocol, and it is this trust that allows it to exist. The proof is that more and more major companies are choosing to buy it. And that’s more proof that Bitcoin is solid, isn’t it?
Your sister: „It’s still more convenient to use PayPal or my bank! »
That’s because the last time you tried to use Bitcoin was when I was still playing Legos! There are now a lot of services that bridge the gap between traditional finance and Bitcoin. If you walk around Paris, you’ll see that there are now several Bitcoin distributors. And there are even Visa payment cards that allow you to spend your Bitcoin with a credit card. Not to mention all the mobile wallets that have really simplified the way we use our cryptomoney.
And then, sister, you forget that Bitcoin is interesting because it works outside of traditional financial systems. Your bank is very convenient, but have you ever tried to withdraw several thousand euros without warning? With Bitcoin, you have total freedom over your funds, and no one can confiscate them from you.
You know grandma, Bitcoin has been around for ten years now. And so far, it’s pretty much proven its strength. In 2013, it was worth around 100 dollars. And this year, it was close to $20,000 again. Granted, there are falls, and they are sometimes massive, but overall the price of Bitcoin has continued to rise. Between December 2019 and December 2020, the price gained +147%. So if I had given you some last Christmas, you would have made a nice profit!
So yes, cryptomoney markets are more volatile than others, but that doesn’t mean we’re doing anything. Above all, you never invest all your money in cryptomoney! Even the billionaire Michael Novogratz advises to invest only 5% of his portfolio in Bitcoin. So you see, I’m not going to lose everything…
Your cousin: „Isn’t it used on the Darknet, your Bitcoin? »
Yes cousin, as the media likes to remind us, Bitcoin and cryptomoney are sometimes used on the Darknet. But still fortunate! This means that they find their place as a reliable currency. The majority of illegal payments in France are made in euros. In your opinion, does that mean that the euro should be banned?
Yes, I know, cryptomoney is difficult to trace. But neither can cash, and we don’t hear you criticizing payments with banknotes, do we? In fact, regulators and governments like to say that cryptomoney is used by criminals, but it’s mostly a way to discredit these alternative payment networks that they are very worried about. So it’s more of a sign that cryptomoney works!