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If this is the first time you are going to speak with your family about cryptocurrencies, there is one important thing to remember: they might not take your suggestions seriously because deep down they can remember changing your diapers, they can remember your award teenage years, they can remember the very poor decisions you made going through life so far. And fair enough.
This is why you need to remember to have patience and will most likely end up having many conversations with them about this new technology.
If you have already spoken to your family or loved ones before about this new technology before but you are feeling a sense of urgency to return to those conversations again due to the recent events taking place around the world, I would hope that this time around these conversations would revolve heavily on the real utility of cryptocurrency rather than price speculation which was most likely the case for you in the past.
Because of this I think it’s important that you kick it off with being very clear as to why you feel it is important they familiarize themselves with this new tech. Why it exists, how it is different from the current financial system they have been participating in. You can worry about overwhelming them with the importance of custody and security later, but right now I think these points will continue to ring more and more true for them as we see the effects of governments around the world floundering in their own poor central planning decisions.
If you are doubting your abilities to explain these topics, or if you feel you might need a refresher yourself, please watch the videos I have linked in the video description with your loved ones. A new concept like this is very often difficult for people to absorb the first time around so please don’t be shy to watch them as many times as is needed for you to feel confident in understanding the information. Better yet, watch a video and have a discussion afterward and see what kind of questions are sparked. Chances are you will be having an in-depth discussion with loved ones that you haven’t had in quite some time, perhaps ever. I want to encourage you to be supportive and patient.
With everything that has been happening in the world today I can certainly understand and I hope that you are feeling the urgency to help those around you to wake up to the real picture.
Here are some specific things that I think are worth explaining and exploring with your loved ones.
How the concept of a debt-based society has led to central banks printing trillions of dollars out of thin air.
How this money printing has caused the value of your currency to drop over time
How Big banks are the first to access this newly printed money, they benefit from that access far before any devaluation occurs down the line. They are given this newly printed money to issue loans to businesses and people who usually can’t afford to pay them off. Banks only make money from the interest paid, not from a quickly paid off loan.
This connection of governments and their currency entraps its citizens to being victims of their money making schemes.
Bitcoin and other decentralized, open source cryptocurrencies are a completely voluntary system, no government will force you to use them because they cannot control them.
The emission rate of coins created are completely transparent and available to view in their open source code. In the case of Bitcoin, the emission rate is hard coded, cannot be changed no matter anyone’s political agenda, and decreases over time until one day many years from now there will no longer be newly minted Bitcoin. AKA limited supply.
Not every cryptocurrency reflects these attributes and because of this it is important to learn about the supply of the coins.
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00:00-15:55- Initializing Device/Importance of recovery phrase
15:55-20:39 Navigating through Device
20:39-22:57 Adding Apps
22:57-26:29 Making Transactions
26:29-27:49 Why You Should Read the FAQ (Seriously)
27:49-30:10 Why You should never buy from third party providers
30:10–34:24 My thoughts on Bluetooth connectivity with hardware wallets and Ledger Live Mobile wallets
34:24-41:19 “Secret” ways to step up the security of your Ledger Hardware wallets.
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