As the holiday season approaches, so do the inevitable gatherings around the Christmas table to enjoy festive feasts and family discussion. For crypto enthusiasts, these gatherings can sometimes feel like a battleground of scepticism and misinformation, as family and friends pose questions that range from the curious to the downright absurd…
From Aunt Maud recounting tales of her Aunt’s cousin’s dog’s breeder losing money in a Bitcoin scam to Uncle Jack scrutinising the merits of traditional gold stocks over crypto, you might find yourself navigating a minefield of queries as explosive as any holiday fireworks.
From addressing concerns about the legitimacy of crypto to predicting the future of Bitcoin in 2024, we’ve got you covered. In this handy guide, we’ll explore five of the most common questions you might encounter during your festivities and equip you with the knowledge and finesse needed to graciously handle each of them.
Is Bitcoin a scam?
The scenario:
Aunt Maud leans across the table, her eyes wide with concern as she recounts the unfortunate tale of her very distant relative allegedly losing their life savings in a Bitcoin scam. The scepticism is palpable, and it’s all eyes on you as the entire room waits for your response.
How to handle It:
Start by acknowledging Aunt Maud’s concern and expressing sympathy for anyone who may have fallen victim to a very unfortunate scam. Next, politely educate her on the vast difference between the technology behind Bitcoin and the scams perpetrated by bad actors in the crypto space. Emphasise the importance of responsible investing, secure platforms and the evolving regulatory landscape designed to protect crypto investors. Highlighting the importance of
reputable exchanges (the same as Aunt Maud would choose a reputable bank) and
secure wallets (which means only as investor has access to their own crypto – no one else) will help dispel myths surrounding the legitimacy of Bitcoin. If she is still with you after all of this, it might also be good to explain that the blockchain can actually enhance the transparency of transactions – unlike traditional finance – hence some brand new and exciting use cases including verified charity giving.
Why not stick to more traditional investments like gold?
The scenario:
Uncle Jack, a firm believer in traditional investments, raises an eyebrow as he questions the viability of crypto compared to his tried-and-true gold stocks. He might even throw in a remark about the tangibility of gold and bricks and mortar, gesturing towards the fireplace where he spends hours contemplating the candlestick charts on his laptop screen.
How to handle it:
Acknowledge Uncle Jack’s perspective and express appreciation for the stability and historical value of gold. Then, gently introduce the concept of a changing landscape of investment opportunities and diversification. Explain how crypto, including Bitcoin, offer a decentralised and borderless alternative to traditional finance assets. Emphasise the potential for growth, the innovative blockchain technology underpinning these digital currencies and their appeal to a younger generation of investors. If you’re feeling cheeky, you might even point out that the value of gold is in its scarcity; which is exactly what some crypto coins like Bitcoin are all about! They’re just more portable than gold!
Isn’t Bitcoin just a bubble waiting to burst?
The scenario:
Your cousin, the finance major, chimes in with concerns about the perceived volatility of Bitcoin and the possibility of it being a mere speculative bubble. The entire room falls silent as your cousin argues loudly that it’s only a matter of time before the bubble bursts.
How to handle it:
Take a moment to express your appreciation for your cousin’s awareness and concerns around financial stability. Calmly discuss the historical context of Bitcoin’s price fluctuations and highlight its resilience over the years. Reference institutional adoption, growing mainstream acceptance and the increasing number of corporations incorporating Bitcoin into their financial strategies. If you really want to impress them, share insights on the decentralised nature of crypto and how they can provide a hedge against traditional market risks. Crypto is still in the early stages of the lifecycle of adoption and regulation is still under development. This does present more risk but also potentially higher reward for the diligent investor.
Will crypto ever replace fiat currency?
The scenario:
Your tech-savvy sibling, always up-to-date with the latest market trends, questions whether crypto will eventually replace traditional fiat currencies. The room is divided, with some nodding in agreement and others expressing concern.
How to handle it:
Start by explaining the concept of coexistence rather than replacement. Highlight that crypto and traditional fiat currencies can complement each other in a diversified financial ecosystem. Discuss the benefits of decentralisation, borderless transactions, and financial inclusion that crypto offers. Emphasise the role of blockchain technology in revolutionising various industries beyond finance, showcasing the broader impact of digital currencies.
How high will Bitcoin go in 2024?
The scenario:
Amidst the debates and inquiries, your cousin’s ‘plus one’ who recently read a news article about Bitcoin’s potential future value poses the quintessential question: “How high will Bitcoin go in 2024?”
How to handle it:
This question allows you to share insights without making concrete predictions. Discuss the various factors influencing crypto prices, such as market demand (also see ‘Bitcoin halving’), macroeconomic trends and institutional adoption. Highlight the inherent uncertainty in predicting short-term price movements while emphasising the long-term potential of Bitcoin as a store of value.
Navigating the Christmas table questions as a crypto enthusiast requires a delicate balance of understanding, education and open dialogue. By addressing concerns, dispelling myths and sharing your knowledge with grace and humility, you can turn the holiday gathering into an opportunity for constructive conversations about the exciting world of crypto. Remember, the key is not just surviving but thriving in the midst of the festive inquiries by spreading awareness and fostering a deeper understanding of the crypto landscape.
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- Source: https://www.finextra.com/blogposting/25376/a-crypto-enthusiasts-guide-to-surviving-the-christmas-table-questions?utm_medium=rssfinextra&utm_source=finextrablogs
