Bitvalex Academy

Explain blockchain technology to your family this festive season

As the festive season approaches, families gathering for Christmas feasts and New Year's drinks, there is no better time than around the table to discuss blockchain technology.

You may have received the generic "Oh, that crypto stuff is too complex for me" or "But Bitcoin went down", but don't be discouraged from further discussing crypto or blockchain technology. By introducing your family to the benefits of not only crypto but blockchain too, you will be optimizing their lives as well as the crypto economy. Some people may be skeptical of crypto, limiting its ability to 'online' money, and while crypto has revolutionized the world in recent years, blockchain has far more potential to come. It may be beneficial to break down the basics of crypto before you try to explain the technology behind it. Cryptocurrency can be understood as digital assets, offering a variety of advantages in the growing cybernated world. The role of blockchain within crypto is to act as a digital ledger, free from centralized control such as banks, which allows users to truly own their money. The open-source architecture of the technology also promotes peer-to-peer transfers instantly, transparency as well as a lack of censorship. On top of the open-source structure, we find encryption. Encryption enabled by blockchain allows for users to send or spend their money anywhere without it being recognized as a name or object, but rather a balance. Let your relatives know that they can see anyone's wallet, given they have the address, and can see that person's balances as well as how much they spent, but not what on. There are so many perks to hodling crypto instead of fiat, but we're here to explain blockchain technology so let's get on it.

How to explain blockchain technology beyond crypto

As stated above, you do want to get crypto out the way first, maybe better elaborating on some other crypto tokens if you want, but the main course of conversation should be around blockchain.

After covering crypto, mainly focusing on the digital ledger aspect, you'll be able to offer more insight into the use cases offered by blockchain technology. The transparent, secure, fast, and open-source nature of blockchain enables it as an infinite building block for trust and process. Emphasize the fact that governments worldwide, including the EU, are moving forward in adopting blockchain and its ethics. While your parents were golfing and your siblings were studying, many companies have already adopted crypto as payment and are going further in utilizing blockchain. As industry leaders like Walmart apply blockchain to their supply chains to ensure efficiency in reconciliations and track down infected foods faster, and companies like Coca Cola test blockchain-backed delivery systems, the use cases encased in the technology are infinite. And while so many incredible brands are optimizing their businesses, new projects are finding funding to offer your family the niche they need. Whether it is the medical sector handling patient information over encrypted and incorruptible blockchains, or ensuring government votes are true to users' unique information, there are unlimited possibilities when it comes to this technology. It may seem tricky to tackle everything about blockchain technology in one sitting, but find and express motivation through Jeff Garzik's statement:

"When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant."

A future backed by blockchain technology

The best thing you can emphasize to your family this festive season is the facts and facilities for them to learn more. They may be limiting its potential to crypto; although crypto itself is an innovation, blockchain technology can better every industry, sector, service, and product through its automated protocols. From cellphones to soft drinks to stock exchanges, the world is adopting blockchain with good reason. Reiterate the reason you're interested in blockchain, if even through your interest in crypto, and show your family how they can benefit too. You can also simply further explain blockchain technology through Vitalik Buterin's statement, quoted below:

"Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly."

Blockchain technology can, and has, changed the world. Don't leave your family behind, the future started 10 years ago.

Stay updated on everything blockchain-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.

Leave a Comment