A speaker at the Paris Blockchain Week Summit, which started online today, believes crypto isn’t all that complicated for your mom – or dad – to do. And even your grandmother could grapple with bitcoin (BTC), blockchain, and the rest, as long as she is able to grasp some basic concepts.
In a session at the event titled “What Your Mom Should Know About Crypto Before You Begin,” Ouriel Ohayon, CEO of Crypto Mobile App ZenGostated that “crypto is complicated – even services that claim to be simple are complex.”
“It is a new language of money. It’s easy to get lost and confused in crypto – when you’re a mom [who’s just getting started]It is very easy to land in this state. “
People like simplicity, the ZenGo boss explained, adding, “We will make mistakes when dealing with crypto.”
But Ohayon opined that middle-aged and elderly people can also master crypto as long as they follow a few words of wisdom.
So read Ohayon’s guide (below) to stay on track with blockchain tokens. And maybe pass it on to your mom, grandma, or someone you think could handle a primer on any crypto-related thing!
- Crypto is money that never sleeps. Blockchain networks run around the clock, 365/365. It’s not like banks close on weekends. It doesn’t even stop for a second. This is not something most of us are used to, but it is worth remembering when working with tokens.
- Private and public keys are very important. Those Strange Looking Strings: It’s not important to understand all of their implications, but you need to realize how important 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’ve forgotten your key – unless you’re using a crypto-custodian service. Keys and how you manage them have consequences for your behavior.
- Crypto prices are constantly changing. These are based on supply and demand that are constantly changing.
And answered other mother’s questions
- What does it mean to own crypto? Buy on Revol and other platforms do not have Crypto per se. It’s okay for the price risk. Really owning crypto, however, means having access. You only really own a cryptoasset if you have the signature and the on-chain key.
- How private is crypto? In crypto, everything is public, including transactions. Once your address is known, all of your information is public. That means you can review data, which can be helpful. However, 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 hit submit? Help! Transactions are only complete when confirmed – not when you click Submit. You don’t have to understand exactly what it is about, but sometimes people don’t understand why they have seen multiple confirmations for a transaction but haven’t gone through their money yet.
- Wait a minute, what is a network fee? Why do I have to pay this? Network charges are different from bank charges, etc. They are not paid to a wallet provider or exchange. They are mandatory and can vary widely depending on the status of the network – how busy the network is. This is how the logs are structured.
- Do I have to buy a bitcoin? It seems pretty expensive … When you invest, you don’t have to buy a whole token like Bitcoin. We were conditioned to believe we had to buy whole numbers using traditional assets like stocks. You can buy fractions of a bitcoin. Don’t think in units.
- What should I watch out for? Beware of fraud. Don’t engage in crypto with someone you don’t fully trust. Once you’ve given your money to a scammer, there is no way of getting it back. And beware of phishing scams when someone asks for your private keys. You are an even greater danger. You will likely make mistakes. Maybe save your password in an app like Evernotewhere it could be compromised. Don’t trust you Check everything you do three times and use a hardware wallet to store your cryptassets.
And the golden rule:
Remember ABC = always be curious. The crypto rabbit hole never stops. The industry is constantly evolving. There are always new rules, developments, security threats and solutions to these. If you’re not curious, you’re likely to suffer – and get the most out of crypto!
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