The video was published on April 11th on the Money&Tech, a website dedicated to financial tech and digital currencies news.
New Bitcoin Expert
Jered Kenna took a small interview from Sophie and asked her to explain her attitude to Bitcoin just as if she was a digital currency expert.
She managed to mention both downsides and advantages of using digital currency. For example, anonymity – it could be used by bad guys that would probably want to buy drugs and guns, while, as a positive feature – there are no fees and charges for using bitcoins.
As for the kids, bitcoin is also a great currency for children – “you don’t have to be a certain age to use bitcoin.” So children can buy things they want!
One of the greatest moments in the interview is when a girl hears from Jered Kenna that Mt. Gox exchange has lost about half a billion dollars. Sophie was shocked but gave a perfectly positive comment to this: “Lucky they haven’t lost half a trillion.” Indeed!
Sophie’s explanations bring a smile to most people and although not all of her ideas are original, they mention that she “comprehended it better than most of the general population.”
How You Can Explain What is Bitcoin to a Child
Most probably parents that use digital currency today also would like to explain what it is and how it works to their kids. But let’s be honest – sometimes even adult can’t fully understand “how it works” and explaining bitcoins to can be quite difficult.
The question of how to explain Bitcoin to a five-year-old was given on Quora resource last year. Tony Diepenbrock IV gave his version to this topic and his answer gained most of the votes (1.1 k) from other users, so probably you could use it too. He advises to use a simple analogy:
“There’s a room that anyone can access. The room has security cameras that anyone can view, and every second of recorded footage is available online forever. The room is filled with indestructible piggy banks made of transparent plastic. Naturally, these piggy banks have coin slots, and everyone can see which coins are in which piggy bank. These piggy banks can never leave the room.”
Simple and conveys the idea of security, but it doesn’t explain how Bitcoin is used or why, but if you are stumped for an answer Tony’s advice is probably a good start.
Currency for a New Generation
Bitcoin is getting older and “maturing” just like kids of new generation who are able to adapt new things easily.
Sophie believes that Bitcoin could be replaced by paper money one day. To do so – more companies should accept and adapt bitcoins now.