The Best Way To Explain Bitcoin To Your Friends, Parents And Relatives

We’ve all been there – desperately trying to explain what Bitcoin is and why are we trading in the first place. However, parents, friends and relatives don’t actually get the idea of a ‘new virtual currency’ which is why things need to be broken down to details

Now, the best way to explain Bitcoin after it’s all-time high of $11,500 is as a new virtual currency that makes transactions between people easier – and not monitored by banks or certain institutions. So, you definitely need to describe it as money – but money that is digital and has virtual value.

Similar to stocks and definitely used to buy goods and services, Bitcoin is a new currency that is growing in value just because of that. When asked about the growth, you can relate Bitcoin to a mountain and when people ask you where do you get Bitcoins – you can tell them that you are using a ‘wallet’ which is something like a debit card which is linked to Bitcoin.

If they want to get one, you can tell parents, friends and relatives that Mount Bitcoin can be best gotten where there are miners solving complex math puzzles. Those who mine Bitcoin use massive computational power – just like mining another scarce resource. So, the easy way is to buy Bitcoin from a trusted dealer and store it inside their wallet until the price rises to a point where you can sell it.

In the end, it is very important to explain Bitcoin as an investment rather than a tool for spending. With the current growth of about 1000% in only one year, Bitcoin showed that its value is rising –
and showed everyone that it can break records even in a couple of months.

Are you trading Bitcoin – or know someone who is? Let us know in the comments!