How do you explain to someone that Bitcoin and crypto-currencies have value? My father is a successful businessman and entrepreneur, but he believes Bitcoin is a ponzi scheme which has no real value.
He has asked me to explain how Bitcoin has value, and it's difficult to explain how it has value other than by people putting their confidence in it, and by major companies like Microsoft and Dell accepting it as payment.
He says if you can't explain something simply, you don't understand it completely.
My mother, on the other hand, is more of a risk taker. She has given me some money to invest in Bitcoin for her. She has told me not to tell my father though lol.
I've told my father that he should invest in Bitcoin, I've also suggested that his businesses should accept Bitcoin as payment.
Can anyone help me out with this conundrum? :)
If he has a business that can accept Bitcoin it may bring him more business. Once he sees he's getting more business and money from Bitcoin that should peak his interest more than you trying to sell him on the idea.
Maybe you can help him set up an account with Coinbase and accept payments that automatically cash out to USD that way he's not out anything if the price goes down.
That sounds great. Thanks for the idea! :)
You must explain to him how it works, there is not workaround IMO. To someone who understands it, it's a protocol or a standard. To someone who doesn't understant it, its a seedy logo and a name.
Thanks :)
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Thanks for the kind words. I'll check your posts out now :)
You could show him the interest in the blockchain technology and the potential, applications in use.
As soon as wider adoption takes place bitcoin will not only hold value but be crazy high prices because it has the 1st in the game advantage.
Excellent comment, thanks :)
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