If you’re an enthusiastic advocate for Bitcoin, you’ve no doubt tried to convince at least one person to get involved- probably with limited success. If you’re looking to explain the value of investing in Bitcoin to the crypto-skeptic in your life, here are four useful pointers.
Explain, don’t force
Start by keeping things simple. If you go straight in with cryptocurrency jargon, you’re likely to lose them. Offer a basic explanation, then point them towards some useful resources on Bitcoin. It takes time to understand Bitcoin, so don’t expect them to get it straight away. Never pressure or force anyone to get involved. It’s up to them to do as they wish with their money.
Many people are reluctant to start investing and feel as if their money is only safe in a savings account. Their mental model of an investor might be a Wall Street trader screaming “SELL!!!” into three telephones at once as stock prices plummet on their screens.
While investing always involves risks, it can be relatively low risk if done in a smart way. Money in a savings account stays the same (or even loses value if interest rates don’t keep pace with inflation), whereas invested money has the potential to grow exponentially. Explain that delaying gratification now can lead to dramatic rewards lately. Just be sure to point out that there’s no such thing as a surefire investment, whatever some scammers might say.
It’s likely to keep getting better
Point out how far Bitcoin has come in a few short years. It has gone from an idea to a technology with only a handful of supporters to something which is approaching mainstream. Along the way the value has soared, the technology improved and a community of supporters grown.
More and more companies are accepting Bitcoin as payment, some are paying employees in it, and countries are approving of cryptocurrencies. Some projections for the future price of Bitcoin put it as high as $1 million. Whether the price keeps rising or not, things seem set to keep getting better.
Cover the goals and benefits of Bitcoin
They have probably heard that Bitcoin is a scam, only useful to illegal drug dealers, a bubble or a pyramid scheme. Or maybe they see it as purely a way of making money, and not as a legitimate currency with any practical uses.
It’s time to explain what Bitcoin is really about. Some of the goals of the Bitcoin community you could explain include:
- The separation of money and state.
- Lower or non-existent transactions fees.
- A chance to disrupt the stagnant financial industry.
- Freedom from censorship.
- Improved privacy.
If any of these mesh with their personal opinions, they are far more likely to be interested in Bitcoin.
It’s the future
Many people believe Bitcoin is the future and will eventually replace fiat currency. It certainly has the potential to eliminate some of the unsavory details of the financial industry and to give individuals greater power and freedom. By some accounts, our society was reaching a breaking point at the time Bitcoin was invented. If it is our future, now is the time to get involved.