How to Explain Bitcoin to your Grandparents

Have you ever thought about explaining Bitcoin to your Grandparents?
It may be a little difficult, but it is doable.

Grandma asks; Dear, what is this Bitcoin you’re talking about?

Your response: Bitcoin is a currency just like $$$ or any other national currency.
But Bitcoin is decentralized, Digital, and its held and spent electronically around the world.

Now Grandmas are smart and wise, so this is your chance to show your skills off.
Take your time to read this there’s no rush, as long as you’re learning.

The Amercian dollar is backed by products, services, and the economy of the country.
Bitcoin is backed by products, services, and its Users.

The American dollar is governed by Central banks.
Bitcoin is governed by Mathematics and distributing computing.

The International transfer takes several days to transfer.
Bitcoin takes just a few minutes to transfer.

Okay, so now we have the basics down. Let’s say you have a bank card of some sort, instead of paying cash, buyers transfer money via a bank. Bitcoin works the exact same way. You can buy products on the internet or cash it on for other coins or currencies!
Whats new besides you cut the middleman out; banks and payment companies. Isn’t that what we all want?

How to get Bitcoin

You can buy it at an online exchange or by direct deposit.

You Bitcoins or other coins that you buy will be stored in your wallet.
For a bank account you have Account numbers.
Bitcoin you will have an address to each coin.
For instant my Bitcoin address is
1F27Jz2ejt3HKjv9yqAUV7gwpUVRW0BjtJ
This is an address I can receive Bitcoin.
I also have a private address and you never want to share that with anyone. That address allows you to send out bitcoins to other wallets.

You can either HODL your Bitcoins for dear life, or you can spend them online at more than 15,000 retailers.
All you have to do to shop online is use your private key to authorize a transfer to the sellers Bitcoin wallet.
At Bitcoin friendly cafes and stores worldwide, if you have a smartphone handy all you have to do is scan the code shown on the bill.|
Then you just approve the transaction. During this time, it could take up to 10 minutes to verify your transaction.
When sending a transaction, it is processed by ‘miners’ Computers that verify your transaction.

The transaction gets encrypted. That means it turns in to alphanumerical code. Then it is included in a ‘Block’ with other transactions of the past 10 minutes.
The transaction block is now processed by thousands of miners for verification. Basically saying A virtual bookkeeper who records every transaction in to a general ledger transaction called a ‘BlockChain’.
Once the block is ‘Mined’ miners reap a reward, and your transaction is complete!

Be prepaird you know theres more questions coming.

Some common questions to be preaid for.

1. Is it real?
– As real as money in a bank.

2. Can I buy Veggies with my bitcoin?
-Just in a matter of time.

3. Is a Bitcoin transaction cheap?
-Not as of right now, but you can convert Bitcoin in to another coin to have cheaper fees. ( Litecoin is quick and fast to send)

4. Is bitcoin safe?
-A bitcoin transaction is safer than a credit card transaction.
Your wallet doesn’t consist of any of your personal data when you send or receive.
Just make sure you computers/ phones are safe, always log out of everything you are signed in too, and do not share any personal information with anyone.

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