A speaker at the Paris Blockchain Week Summit thinks that crypto is not complicated for elders. Even the grandparents can get hold of bitcoin, blockchain, and others, as long as they know the basics.
The CEO of the crypto-themed mobile app ZenGo, Ouriel Ohayon elaborated that “crypto is complicated – even services that claim to be simple are complex.”
He added:
“It’s a new language of money. It’s easy to get lost and confused in crypto – if you are a mom [who’s just getting started], it very easy to end up in that state.”
“People like simplicity”, the ZenGo chief continued, adding “We will make errors when dealing with crypto.”
But Ohayon lectured that crypto can be learned even by the middle-aged and elderly, as long as they follow some steps.
Below is Ohayon’s guide to staying on the proper path with blockchain-powered tokens.
Crypto is money that never stops. Blockchain networks run every day of the year. It is not like the banks that close on weekends. It doesn’t stop even for a second. This is the fact about crypto that one must remember in dealing with cryptocurrencies.
Private and public keys are very important. It is important to realize how vital those strings of characters are. A public key could be an email address, but a private key is like a password. There is no bank to call if one forgets their key unless a crypto custody service is used.
Crypto prices change all the time. These are based on supply and demand, whichever varies regularly.
And other elderly questions responded
What does it mean to own crypto? Owning crypto is owning access, only if one owns the signature and the on-chain key then, a crypto asset will only be owned.
How private is crypto? In crypto, everything is transparent, even the transactions. Once an address is known, all info will be in public. It means that data can be verified, which is very helpful. However, crypto is public in general. There is no way to delete everything from a blockchain network.
Why is my transaction not going through after I press ‘send’? Transactions are complete only when they are confirmed, not when ‘send’ is pressed. Most people don’t understand why they have seen many confirmations on a transaction, but have not seen their money go through yet.
What is a network fee? Why do I need to pay for that? Network fees are different from bank fees and others. They are not paid to a wallet provider or exchange. It is mandatory and can vary depending on the status of the network or how busy the network is.****
Do I need to buy a bitcoin? It seems expensive. If one only wants to invest, buying a whole token is not necessary. Fractions of a bitcoin can also be bought.
What should I be careful of? Beware of scams; don’t engage with anyone in crypto that can’t be fully trusted. Once the money is given to a scammer, it can’t be returned. Phishing scams should also be watched out for, with anyone asking about private keys. An even bigger risk is yourself, for you can make errors.
The golden rule:
ABC – Always Be Curious. The crypto black hole is never-ending. The industry is evolving as every day goes by. There are always new rules, developments, security threats, and solutions to it. If one isn’t curious, they will suffer, and won’t get the most out of crypto.
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