Tips on how to talk about Bitcoin & Crypto with your kids or grandkids

The world of cryptocurrency is fascinating, intriguing, and ever-evolving. But for some novices, this ecosystem can also be intimidating, and misconceptions are legion. Sure, there is a lot of crypto jargon, and the industry has had its fair share of scandals and debacles (Sam Bankman-Fried’s FTX implosion, for instance), but it has also come a long way from its early days of opacity.

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Actually, since President Donald Trump’s inauguration (the self-proclaimed “crypto president”), there has been an accelerated institutionalization of crypto. And since he took office, there has been a notable shift, partly due to a pro-crypto administration, which starkly contrasts the previous administration’s stance on digital assets.

Now, crypto seems everywhere in our everyday lives, and traditional finance is increasingly embracing it. The National Cryptocurrency Association’s 2025 State of the Crypto Holders Report shows that 55 million adults in the U.S. are using crypto.

“While ownership generally skews younger, with 67% of crypto owners under the age of 45, 15% are over the age of 55,” according to the survey.

So while this space can seem difficult to decipher, it’s not as complicated as it looks. And while you might not want to become a crypto bro (or gal) anytime soon, understanding how crypto works can come in handy at the dinner table.

What is crypto?

Crypto is a digital asset that is secured by cryptography. Unlike fiat money, such as the dollar, it is decentralized and not owned by governments.

Cryptos work on blockchain technology, a decentralized and immutable digital public ledger that records transactions in blocks across computers—hence the name.

The crypto market capitalization totals $3.75 trillion (as of October 21). To put this in perspective, Apple has a $3.9 trillion market capitalization, while Microsoft has a $3.85 trillion market cap. (as of October 22)

What is bitcoin?

Think of bitcoin as the OG of crypto. It was the first crypto, and for bitcoin maxis, the only one that matters. Satoshi Nakamoto, the pseudonymous person (or group of people), laid out their vision in a 2008 whitepaper for how “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party,” the whitepaper reads.

Since 2008, bitcoin has exploded and is the largest crypto, with a $2.1 trillion market cap as of October 21.

What also makes bitcoin unique, compared to fiat money and other cryptos, is its scarcity and supply cap. There will never be more than 21 million bitcoin, which is why it’s often referred to as “digital gold.”

“The supply is fixed, and the schedule of new issuance is predictable. That means no government or institution can print more on a whim or quietly change the rules behind the scenes. This transparency teaches a powerful lesson about trust, fairness, and scarcity, principles that have guided money for centuries,” said Doug Carrillo, co-founder and chief strategy officer of Bitstop and GoldATM.

Be aware: as of the morning of November 4, BITCOIN is at $104,229 (17% down from its October 6 all-time high of $126,080); however, you can buy a portion of a Bitcoin, basically as much or as little as you want (like $10, $100, etc.) if you want to dip your toes in.

What is bitcoin mining?

Bitcoin mining is the process of validating crypto transactions on a blockchain.

Where can you buy it and where can you store it?

You can buy crypto on exchanges such as Coinbase, Robinhood, or Kraken. Transaction fees vary, so make sure to read the fine print.

What are altcoins and memecoins?

As their names suggest, altcoins are “alternative coins,” and memecoins are coins based on memes.

Altcoins are, in essence, all the other coins that are not bitcoin. These include ethereum, the second-largest crypto (although some ethereum maxis would not include it in that category due to its importance), as well as XRP and solana.

Meanwhile, memecoins include dogecoin, made famous by Elon Musk, and $Trump, launched on the eve of the presidential inauguration.

Finally, there are also so-called “sh**coins.” No explanation needed there.

ETFs

Bitcoin exchange-traded funds (ETFs) were approved in January 2024, while ethereum ETFs followed suit in July. Since then, they have recorded massive inflows, with BlackRock’s iShares Bitcoin Trust ETF on the brink of totaling $100 billion in assets under management.

These funds bridge the gap between traditional and decentralized finance and might be a good option for crypto-curious people who are not quite ready to dive straight in. They are also traded during market hours, so they can be less volatile than cryptos, which don’t follow markets.

Can you use crypto in everyday life?

Yes, you can. Many stores and brands accept crypto either as a direct form of payment or via third-party apps.

For instance, Microsoft, AMC Theatre, and CRM Jewelers are among the hundreds of brands that accept crypto payments via BitPay. You can also buy a slew of gift cards with crypto, including from Home Depot and IKEA.

Just this month, the 110-year-old retail chain Bealls announced it had partnered with Flexa to accept “99 digital currencies—including bitcoin, ether, and stablecoins like USDC—from more than 300 digital currency wallets,” according to a press release.

One of the most recent entrants in the space is fast food chain Steak N’ Shake, “Home of the Original Steakburger,” which started accepting payments in bitcoin across the U.S. in May.

Did you know?

The U.S. holds 326,373 bitcoin, worth (as of October 22) $36.1 billion, according to Arkham data. This makes the U.S. the largest nation bitcoin holder, followed by China, with 190,000 bitcoin, the U.K., with 61,245 bitcoin, and Ukraine, with 46,351 bitcoin, according to Bitcoin Treasuries.

Since Trump took office, there have been efforts to build a national strategic bitcoin reserve (similar to a gold reserve). While there have been no concrete steps, however, in March, Trump signed an executive order for the “establishment of the bitcoin reserve and United States digital asset stockpile.”

Some jargon

HODL: To hodl and be a hodler means you will not sell your crypto and believe it will continue to increase.

FOMO: Fear of missing out.

Bitcoin maxis: Also known as “bitcoin purists.”

Degen: High-risk and highly speculative crypto traders.

Satoshi: the smallest amount of bitcoin. One satoshi equals 0.00000001 bitcoin.

Shilling: aggressively promoting a specific crypto (and usually a red flag).

Why should you care about crypto?

Ofcourse, it’s up to you, but crypto is not going anywhere. On the contrary, its further integration with traditional finance and daily life will accelerate.

As Bitstop’s Carillo said, just like you might have once taught grandchildren how to save coins in a piggy bank, you can teach them to save small amounts of bitcoin, “not to chase quick profits, but to understand property, patience, and the power of long-term saving.”

Carillo also noted that understanding crypto matters because it’s not just about investing, it’s about how money, ownership, and value are evolving.

“Whether or not you ever buy bitcoin, the systems that power it are being woven into everyday life: from how we send payments and store savings to how we verify identity and transfer property,” he said.

For older generations, there’s another layer of importance: legacy and education, he said.

“Understanding crypto is about staying informed, protecting your wealth, and passing on wisdom in a new financial era. You don’t need to be an expert, just curious enough to see how this technology can empower you and the next generation,” he added.