Everything Your Mum Needs to Know About Crypto … But Was Afraid to Ask

Everything Your Mum Needs to Know About Crypto ... But Was Asking 101
Source: Adobe / angyim

A speaker at the Paris Blockchain Week Summit, which started online today, believes crypto is not too complicated for your mother – or your dad, for that matter. And even your grandmother could tackle bitcoin (BTC), blockchain and the rest, as long as she can tackle a few basic concepts.

In a session at the event called “What your mother should know about crypto before getting started,” Ouriel Ohayon, CEO of a crypto-themed mobile app ZenGo, he explained that “crypto is complex – 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’re a mother [who’s just getting started], it is very easy to end up in that state. ”

People like simplicity, ZenGo’s head said, adding “We will make errors when dealing with crypto.”

But Ohayon decided that masters and the elderly can even master crypto, as long as they follow a few words of wisdom.

So check out Ohayon’s guide (below) on staying on the right path with blockchain-powered tokens. And maybe send it on to your mom, grandmother or someone you think could do it with a primer in all things crypto related!

Key principles:

  • Crypto is money that never sleeps. Blockchain networks run 24/7, 365/365. It’s not like banks closing at the weekend. He doesn’t stop even for a moment. That’s not something most of us are used to, but it’s worth remembering this when you’re dealing with tickets.
  • Private keys and public keys are very important. Those weird strings of characters: It’s not important to understand all their implications, but you need to realize how vital they are. A public key is like an email address, but a private key is like a password. There’s no bank to call if you forget your key – unless you’re using a crypto custody service. Keys and how you manage them have consequences for how you behave.
  • Crypto prices are constantly changing. These are based on supply and demand, which fluctuates constantly.

And answered other mother’s questions

  • What does it mean to own crypto? Buy on Revolut and other platforms do not owning crypto per se. It is fine for price exposure. But true crypto ownership is access. You only really own cryptoasset if you own the signature and key on the chain.
  • How private is crypto? Everything is public in crypto, including transactions. Once your address is known, all your information is public. That means you can check data, which can be helpful. But crypto is public by default. There is no way to delete anything from a blockchain network.
  • Why doesn’t my transaction go through after I press “send?” Help! Transactions are only complete when they are confirmed – not when you press “send.” You do not need to understand exactly what that means, but sometimes people do not understand why they have seen many confirmations on a transaction, but they have not yet seen their money go through it.
  • Hang on, what’s a network fee? Why do I need to pay that? Network fees are different from bank fees etc. They are not paid to a wallet or exchange provider. They are mandatory and can vary greatly depending on the status of the network – how busy the network is. That’s how the protocols are designed.
  • Do I need to buy bitcoin? Seems quite expensive … If you invest, you don’t need to buy an entire token like bitcoin. We have been conditioned to think that we need to buy whole numbers by conventional assets such as stocks. You can buy fractions of bitcoin. Don’t think in terms of units.
  • What should I be careful of? Beware of scams. Don’t engage anyone in crypto that you don’t fully trust. Once you give your money to a scammer, you can’t get it back. And be wary of phishing scams with anyone who asks for your private keys. An even greater danger is yourself. You will probably make errors. You may store your password on an app like Evernote, where it could be compromised. Don’t trust yourself. Triple-check everything you do and use a hardware wallet to store your cryptassets.

And the golden rule:

Remember ABC = always be curious. The crypto rabbit hole never ends. The industry is always evolving. There are always new rules, developments, security threats and solutions to them. If you’re not curious, you’ll probably suffer – and you won’t get the best out of crypto!

Learn more:
Over 100 Million People Hold Bitcoin, Altcoins Worldwide – A Report
People Tell Cryptoverse to Fix These Things to Reach Adopting Bitcoin Mass
Global Gold Survey Says 5 Important Things About Adopting Bitcoin
Honesty and Education Will Help Bitcoin Build Trust – A Survey
Next 500m Bitcoin Users ‘Could be a simpler UX away’