- Often senior citizens and those nearing golden years wonder about the hype around cryptocurrencies.
- Cryptos and their functioning can be explained in a simple manner that though not being a legal tender are very much similar to paper currency as goods can be bought and sold using these.
- Also, these cryptocurrencies offer distinct advantages over traditional currencies, like being cost-effective, fast transaction speed, etc.
Cryptocurrencies’ popularity doesn’t seem to fade in the near future. As young and tech-savvy investors are drawn to these new-age digital currencies, the older generation often wonders what this ballyhoo is all about.
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Senior citizens should be aware of the nitty-gritty of cryptos and they might form a major chunk of the cryptocurrency's user base.
Basic know-how of cryptos
In simpler terms, functioning as a form of virtual or digital currency, cryptocurrencies are quite similar to the traditional paper currency. They can be used to buy and sell things and have the potential to store and grow in value.
How to make senior citizens aware of cryptocurrency
Being decenteralised, these cryptocurrencies are beyond the control of governments and central authorities and are immune to manipulation.
Further, cryptocurrencies are based on blockchain technology, which is nothing but distributed network across a large number of computers that function as a database or ledger for recording digital currency transactions.
Know popular cryptos
At present, thousands of different cryptocurrencies are circulating in the market. But the most prominent and largest of them is Bitcoin, which was launched in 2009. Other popular cryptos are Ethereum, XRP, Bitcoin Cash, Litecoin, Cardano, and Solana.
What are distant advantages of using cryptocurrency?
- Decentralised: Cryptocurrencies exist outside the control of central governments, thereby keeping the currency's monopoly free.
- Cost effective: Cryptos negate the involvement of middlemen or intermediaries in a transaction, thus keeping the transaction fee low and processing faster.
- Confidentiality: Based on the blockchain ledger, which relies on different mathematical puzzles hard to decode, crypto transactions are much safer and more secure than ordinary electronic transactions.
- Ease of fund transferability: Transactions based on cryptocurrencies happen at lightning speed.
- Easier International Trade: Since cryptocurrencies are beyond the realm of governments, they are not subject to exchange rates, interest rates or any other charges levied by a particular country.
Cross-border transactions can be conducted easily and without hassles involving currency exchange fluctuations.
As cryptocurrencies continue to make headlines for the foreseeable future, instead of brushing off questions from the older and the elderly population, let us take this as an opportunity to educate them about these new-age digital currencies, for one never knows that they could be the next crypto enthusiasts!