It is advisable to tell them that Bitcoin can help solve the problem with the total control by banks over money. It is also convenient to relate the use of Bitcoin with the technology that they already know.
Many elderly find it hard to learn about Bitcoin due to the technological generation gap. That causes resistance in them, as they do not understand it or believe it is impossible to use. However, the truth is that everyone can use the pioneering cryptocurrency regardless of age.
Many of them cannot even take screenshots on their cell phones or create an Instagram account. That situation worsens with digital financial services, as they usually manage their money physically. They make bank transactions, withdraw bills from ATMs, and pay for products and services with cards.
Bitcoin Could Benefit their Economy
The best way to approach them is to present them with the problem that Bitcoin can solve. It is good to tell them that central banks issue inorganic money, increasing inflation and reducing purchasing power and saving capacity.
It would also be helpful to talk to them about the total control by banks over their funds. A bank declared bankrupt would be enough for them to realize how little people control their capital.
Among the basic principles, they must understand that each block issues the same amount of Bitcoin every 10 minutes. They must also know that the number of coins reduces by half every 210,000 blocks. In addition, a finite supply of 21 million coins prevents inflationary schemes, double spending, and transaction censorship.
Self-Custody Allows Having Control over Money
Self-custody will allow the elderly to control their money, which implies great responsibility. They need to have a good backup of their seeds, and a key to recover their wallet on other devices. Otherwise, they will never be able to access their funds, as no third party can help them recover them.
At that point emerges the need to take responsibility for something they have delegated for decades. That would not be entirely pleasant, more for fear of making a mistake than for any other reason.
Those who prefer the help of a specialized entity still have options in the market with third-party custody. Of course, that is not the right way to use Bitcoin, even having a balance in their wallet. However, some will prefer the alleged security of having someone to blame for any inconvenience.
Anyone Who Can Use WhatsApp Can Use Bitcoin
The next step would be to take the elderly to the current technology that makes them feel more confident. For example, it is an excellent idea to relate Bitcoin with the uses of WhatsApp or PayPal.
The most advisable is to present them with the things about BTC they can compare with the apps they already know. Once their attention is on that, they need to go into the complex aspects but without overwhelming technical information.
It is also helpful to read these articles alongside them and clarify any arising doubts. The best way to teach them is to see the subject from their perspective.
By Alexander Salazar
