Explaining crypto over dinner might be one of the most challenging tasks you’ll have to go through this holiday season. Bitcoin might be a topic you’ve talked about with your family, but if that isn’t the case, then you might run into some technical difficulties.
But don’t worry! All great new technologies and inventions started somewhere, and educating others will serve the entire society in the end. That’s why we want to give you a hand and talk about the top five do’s and don’ts for explaining crypto over Christmas dinner.
The December relationship
The price of bitcoin over the last years has been speculated to rise higher with each end of the year.
Bitcoin has been on a positive trend since 2010 when it was $0.25 on Christmas Day. Between 2012 and 2013, BTC prices ranged from $13 to $682 on Christmas Day. Between 2013 and 2014, the price of bitcoin dropped almost half to $319.
Although the first bitcoin was mined in January 2009, it only received significant mass-media attention for the first time in December 2017. That’s when BTC rose by over 77% from the start of the month and reached a new all-time high of almost $20,000. Mainstream investors, governments, and economists noticed, and other cryptocurrencies started to emerge.
In 2017, bitcoin also saw its largest Christmas price drop in history, falling from $14,026 down to $3,815 during the famous crypto winter. The price of bitcoin fluctuates sideways over the next two years, with only small spikes.
The COVID-19 pandemic caused the economy to shut down in 2020. However, bitcoin’s price surged again. The price of the cryptocurrency was just below $29,000 in Dec., an increase of 416% since the beginning of the year.
Certainly, Dec. is a good month to try explaining crypto over dinner, considering all the past bitcoin price events. But let’s take it easy and start with the obvious question: What is bitcoin?
What is bitcoin?
Yes, we know you already know what bitcoin is, but how do you explain crypto over dinner to those foreign to the crypto space? Chances are that most people have heard about cryptocurrencies by now, and bitcoin, in particular.
When explaining crypto over dinner, try to keep it as simple as possible, similar to how you would explain something to a five-year-old. Don’t overcomplicate it with pointless examples and old stories that are not irrelevant to the present times. Furthermore, don’t try to read any of the stuff on Wikipedia because it will only guide you into a rabbit hole. Moreover, it might cause your audience to lose interest, and it will be harder to get them back on your side.
If you’re not great at simplifying the answer to what is bitcoin, stick to the basics. You’ve got an entire internet library of explanatory videos to help you with that.
Top 5 do’s and don’ts for explaining crypto over dinner
You should keep a few things in mind when talking to people who don’t know much about crypto. Remember that they will have far less knowledge about it, so keep things simple and don’t get feisty. Here is a list of 5 do’s and don’ts when talking about crypto to those who know little about it.
1. Don’t get too technical
Bitcoin is closely related to blockchain technology and the entire ideology of financial freedom and not needing central authorities to regulate money. When you put it like that, bitcoin is a complex topic and questions will never let you reach your point.
At the same time, you should remember that while many of your family members might show interest in bitcoin’s claims, they may not necessarily want to hear every detail about how it works.
Start by simplifying things. You can explain that Bitcoin, due to the technology behind it, is transparent, verifiable, and a limited resource. You will probably get some questions. The details you provide can be based on their interests and your depth of knowledge. Keep it nice and simple.
If you happen to get a question to which you don’t know the answer, it’s okay to admit the complexity of crypto and that you too have so much more to learn. Don’t try to explain cryptography if you don’t know. This will perpetuate the notion that crypto users are uninformed fanatics looking to get rich quickly.
2. Don’t be smug about cryptocurrencies
Remember to be careful about how you speak and act. If someone doesn’t understand why something is valuable, don’t try to put the blame on them. They’re new to the topic, just as you once were.
The truth is that the crypto space is often referred to as the domain of computer geeks. But, we know that it is much more than that.
If crypto is to ever fulfill its goal of providing fair financial services to all citizens, then we should not act begrudgingly, doing the rest of the world a favor. This is especially true when you consider that many of us aren’t doing anything other than buying and holding.
Be humble and patient. It can make a big difference.
3. Do point out the failings of the current monetary supply
Now, let’s get to the important DO when explaining crypto over Christmas dinner. Be prepared to discuss bitcoin’s necessity and how it can solve the huge problems we have with fiat currencies.
Many people claim that bitcoin has no fiat backing, but it is actually a better argument in favor of bitcoin. For example, U.S. Dollars used to be backed with gold. But that was long ago. There will never be more than 21 million BTC. However, the Federal Reserve’s ongoing tendency to print more money is causing the U.S. Dollar to experience an unfortunate and accelerating inflation.
Do remember that you only want to paint a financial image of bitcoin and not start never-ending discussions about the current financial system. Simply point out the major problems with our current money supply and how bitcoin can aid them.
You may also want to address the often-repeated concern that bitcoin could be used for funding terrorist activity and illicit activities. If that comes up, calmly explain to them that fiat currency has an even longer history of being used in illegal activities, as cash can truly be anonymous and can be used to cover up one’s tracks.
4. Do offer to get more information
A second important thing to do when explaining crypto over dinner is to always offer more information to people (if they show interest). It’s unlikely that you can accurately recall all details about cryptocurrencies from your head, so you will probably need the help of crypto websites, forums, and videos. Remember the resources that helped you understand the true value of cryptocurrencies.
If you’re challenged by a technical piece of information or don’t know where to find it, you can offer to do some research and return to them later. People will need to have good information, not just generic definitions, to really come to understand how crypto works.
Because it can be difficult to get all the info right after dinner (and drinks), you can offer to follow up later with them, and provide relevant links to continue educating them about crypto. And then don’t forget to actually do it. By improving your knowledge, you’ll show your family that accurate information is more important than winning debates.
5. Don’t be argumentative, but state facts clearly
Always try not to let any doubters make you lose your cool or get you upset. Remember that you’re with your family and not your internet nemesis. And no yelling should be involved.
It’s important to appear confident and unconcerned. It doesn’t matter if the older generation isn’t getting the blockchain technology as much as you are. Some might not make an effort to understand what you’re saying, while others might try to make fun of you for joining a Ponzi scheme.
That’s probably what they’ve heard and read on the media channel that they most listen to. Your best shot is to try to keep calm and combat their claims as best you can. Should things get heated, just let it go. There will always be new opportunities in the future to bring up the bitcoin talk. That’s okay.
It’s perfectly okay to explain crypto over dinner
Of course, there are more tips for explaining crypto over Christmas dinner to your family, but these are a good starting point when starting the talk about bitcoin, cryptocurrencies, and inflation.
If you follow these simple but effective guidelines throughout your Christmas dinner chat, you will sound intelligent, educated, confident, humble, and yet, at the same time, thoughtful. In the end, as a true believer in crypto and blockchain, you don’t need to convince anyone. The technology will eventually prove its undeniable utility.
Frequently asked questions
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