According to a study by Bing Ventures and Alchemy Pay, cryptocurrency payments might increase by up to 2,000%, potentially reaching a whopping $326 billion by 2023. Moreover, the Cryptocurrency Legal Framework, signed in December 2022, came into effect in June this year, promising increased security for investors and further dissemination of the market.

With this in mind, I've put together some content to make it easier to explain the crypto universe to your grandparents—remember that Grandparents' Day is celebrated every July 26th, which falls on the upcoming Wednesday. The goal here isn't to turn them into market-ready investors, but rather to clarify some basic points and demystify cryptocurrencies, helping include all potential enthusiasts.

Cryptocurrency is a kind of money, similar to the way we have the Dollar or the Euro. However, unlike these traditional currencies, known as fiat money, cryptocurrencies are decentralized and not controlled by any central authority. They're digital and use cryptography to ensure secure transactions. There are many cryptocurrencies available today, each with its unique features and purposes. Some prominent ones include Bitcoin and Ethereum.

Bitcoin is the first and most famous cryptocurrency of them all. Its history is closely tied to the development and popularization of cryptocurrencies in general. Created in 2009, Bitcoin serves as a reference for the entire market and has become a favorite among investors due to its potential for stable long-term returns. It's estimated that Bitcoin makes up nearly 50% of the current crypto market.

Do They Really Exist?

Yes, just like the money in our bank accounts. However, they aren't in the form of physical notes or coins. In recent years, cryptocurrencies have gained increasing acceptance in various areas, but they're still not as widely accepted as payment compared to traditional fiat currencies like the Dollar.

Depending on the place, yes. With the growing popularity of the crypto market, there are already companies offering prepaid cards that allow users to make purchases anywhere credit cards are accepted, using their cryptocurrencies.

Transactions come with fees that can vary significantly based on factors like the cryptocurrency, network demand, transaction size, urgency, and consensus mechanism. The latter refers to the algorithms blockchain networks use to ensure secure and smooth operations.

Taking Bitcoin as an example, where fees are paid to miners as an incentive to process transactions, the cost can be relatively low compared to certain traditional money transfer methods, such as credit card fees. At the time of writing, the average fee is around $1.03 per transaction.

A cryptocurrency transfer can be more secure than a credit card transaction. Your wallet and personal data are stored on your computer or online wallet, and it's your responsibility to keep them safe.

It's worth noting that most cryptocurrency scams are not related to the lack of security in the cryptocurrencies themselves but rather with using cryptocurrencies as a premise to deceive individuals. Additionally, common online scams like phishing and scams are also risks to be aware of.

I hope these tips make it easier for you to explain what cryptocurrencies are and how their world operates to your grandparents. Who knows, maybe they'll get excited and start exploring this intriguing and transformative world that's revolutionizing how money is moved and earned worldwide.