It’s that time again: time to sit around the Thanksgiving table and catch up with loved ones while keeping Bitcoin in mind thanks to the recent price action.
Some see this time as an opportunity to convince said loved ones that they should board the Bitcoin rocket because it is headed to the moon.
My humble advice: don’t be that person.
As you’ve probably learned if you’ve been in the Bitcoin world for a while, Bitcoin’s volatility can be quite unsettling, which is why it’s not the case for everyone. In other words, convincing dear Aunt Jane to dabble in Bitcoin probably won’t end well.
While you may have personally benefited from holding bitcoin for a period of time, that doesn’t mean others will have the same experience. Without any understanding of bitcoin’s cycles, most will panic when the price of bitcoin inevitably drops again.
That said, if Uncle Bob asks you about Bitcoin because he heard its price rose recently and he knows you’re familiar with it, you can still point him in the right direction in terms of onboarding resources ( a much better strategy than becoming his personal Bitcoin advisor).
Below are some examples of such resources:
- Simple Bitcoin – This Bitcoin education app provides you with information about Bitcoin through easy-to-understand learning modules, and rewards you with sats if you pass the post-module quizzes. Uncle Bob will thank you for making learning Bitcoin so easy for him.
- Yzer – Yzer, another Bitcoin education app, goes much deeper into the technology and economic philosophy underlying Bitcoin. The curriculum is more comprehensive than Simple Bitcoin’s, but it also rewards you with sats for completing quizzes with passing scores in the same way that Simple Bitcoin does. Nerdy Cousin Linda will be excited to discover who Friedrich Hayek and Ludwig Von Mises were thanks to this app.
- THNDR games — With THNDR you can earn bitcoin just for playing games. Whether it’s Solitaire, Snake, or Tetro Tiles (a game on Sodoku), THNDR can help Aunt Katrina stack sats because she does little more than play video games on her phone. Additionally, THNDR teaches her how to use a Lightning wallet.
- Gemini credit card — If you have a family member who loves credit card rewards, tell him or her that the Gemini Rewards Card can earn bitcoin for everyday purchases, including 4% off electric vehicle charging and gas at the pump, 3% off on eating out and 2% back on groceries. The nice thing here is that no membership is free. This is great for cheap Uncle Bruce who showed up empty-handed to Thanksgiving dinner again this year.
- Fold — Fold offers you one checking account which allows you to make your monthly payments and earn bitcoin rewards in the process. Imagine doing nothing but paying your electric bill and earning some bitcoin in the process. Fold’s annual membership fee is $100, or users can pay $10 per month to use the service. Sign up now and get three months free. Great for Aunt Crystal looking for deals on Black Friday.
So good luck tomorrow, and remember to think twice before launching into a philosophical rant about how Bitcoin is going to change the world or offering inappropriate Bitcoin-related financial advice based on little more than bits of information you picked up. while scrolling through X.
Your family and loved ones probably don’t care about your magical internet money. If they ask, they probably just want to use bitcoin to speculate to get more US dollars.
If your intention is to help them understand Bitcoin better and slowly accumulate some without having to spend their hard-earned money on it, suggest the resources above and trust that some will find their way down the rabbit hole on their own will find.
Happy Thanksgiving!
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.