With Father’s Day upon us, that can only mean a few things: beers, brats…and blockchain?
Ok, so while that’s not a Father’s Day tradition quite yet, that doesn’t mean there’s not the potential. As many of us are diehard crypto people, we want those around us to be just as into blockchain as we are. However, convincing dad to buy some coin and HODL can be a pretty big hurdle to overcome, which is why we’ve compiled a little guide on the process behind getting him started. Check it out below:
The Basics
If you’re going to convince dad to get into crypto, one of the first things you need to do is explain the basics of not only how it works, but why other people believe in it. No matter if your knowledge base is writing Ethereum Improvement Proposals or just being excited about the potential the Ethereum network holds, here are a few basics to make sure everyone is on the same page:
- Blockchain is a growing list of records that are linked and secured through cryptography. Think of this like a public ledger.
- The first use blockchain was Bitcoin. Bitcoin was also the first cryptocurrency, with the goal of creating a peer-to-peer currency without the need for a central institution.
- The ability to create decentralized currencies like Bitcoin has led to other cryptocurrencies such as Ethereum and Litecoin
- Along with being a decentralized currency, Ethereum is also a network that developers can create decentralized apps on top of.
- The use cases for blockchain have also stemmed applications for a number of different industries, ranging from logistics to art to even gambling.
- Because of these uses, some have predicted this to become an industry worth over $176 billion by 2025 (according to Gartner), which is what we’re in the early stages of.
Why Dad Should Care
Now that we’ve gotten down the basics, it’s time to diving into the current state of blockchain and crypto, as well as why Dad will care. One of the most obvious choices to explain is the money being made right now via investing, where there have been reports ranging from 50,000 percent to 82 percent in returns. Granted, this is usually the point where many people have an “if it’s too good to be true, then it probably is” mentality, and they aren’t wrong. However, that’s not to say you can’t convince them otherwise.
Although no one is certain if they’ll “win big” anytime soon in the crypto world, it is something to consider as a long-term investment. While it’s smart to suggest not putting in more than you’re willing to lose, showcase some of the positive use cases that crypto has seen so far. Focus on what industries are understandable and exciting to him, as well as forward on some helpful materials.
Helpful Tools
While you probably don’t want dad reading whitepapers quite yet, it’s not a bad idea to forward along some content that can be a great teacher. For example, the people at the blockchain logistics startup Fr8 Network produced a Father’s Day video where their parents try to explain blockchain to them. The results are entertaining as you start to gain a grasp on how parents think about blockchain. Plus, it’s pretty funny too.
Aside from that, some other good tools I’d suggest are John Oliver’s story on crypto as well as some of the crypto-centric blogs from major publishers such as Bloomberg or The Next Web’s Hard Fork. And if this all isn’t enough, then it might just be time to pony up and buy him some crypto.
Buying Him Some Crypto
Finally, if all also fails in explaining crypto, buying dad some for Father’s Day isn’t a bad gift. After all, once people have it, they’re more likely to keep it (or, at least learn about the process to it), which is honestly a great way to get someone on board. However, knowing what to buy for dad can be somewhat of a challenge, especially in how you view blockchain versus what you should do to get your dad into it.
Of course, taking on the classic strategy of buying Bitcoin, Litecoin, or Ethereum isn’t a bad idea, but only if you’re buying at a low. The goal should be to buy your dad something that’s on an upswing, so they see the potential in its speculation. If you’re trying to explain just the concept and use of blockchain, then buying him a CryptoKitty to explain proof of ownership can be a tangible concept; just make sure to explain how as noted in the New York Times some have sold for $140,000, and why people are willing to pay that price. Overall, this should be a gift that gets your dad excited about the future of tech, so embrace the excitement you’ve felt for crypto as something to share.
What do you think would get your dad excited to the most about crypto? Comment with your answers below!
