How do you explain crypto currency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

How do you explain cryptocurrency to your parents?

How To Have ‘The Talk’ With Your Parents About Crypto

1. It’s not real. Crypto is very real, it’s just not tangible.
2. What is blockchain?
3. Bitcoin isn’t money.
4. It’s bad for the environment.
5. Governments will just ban it.
6. Crypto is used by criminals.
7. It’s too expensive.
8. You can lose it forever.

How do you explain cryptocurrency to a child?

A cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography (the science of hiding information). Digital signatures can be used to keep the transactions secure, and let other people check that the transactions are real.

How do you explain crypto to a child?

How do you convince your parents to buy you a crypto?

Ask them about the difference between money and currency. Explain everything to them, show them that you know your stuff. Then explain about bitcoin and its characteristics and how many people are working and developing for it. Show that big institutions are investing in it (not that this matters to be honest).

How do you explain Blockchain technology to someone who doesn’t know it?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

Can kids crypto currency?

Now you’ll have the occasion to explain it to your kids. New startup “Pigzbe” offers a “family-friendly” cryptocurrency that lets six-year-olds start collecting their own crypto tokens.