Boomers vs bitcoin: Why crypto still baffles the piggy bank generation

Navigating the digital landscape can be quite an adventure for us older adults.

I know of someone – read here my mother – that had typed an entire Facebook post into the search bar, then wondered why her messages weren’t reaching her online friends.

Despite these challenges, many seniors are embracing technology to stay connected with loved ones and access information.

With patience and practice, we’re proving that it’s never too late to join the digital age. It is stressful but we are getting there, step-by-step. And maybe a tear or two.

Another thing that I cannot wrap my older brain around, is crypto currencies. Why? Because when I buy something, I use either cash or a card that I can actually feel, and go home with something that I can actually see.

But … to me, the concept of cryptocurrency is as baffling as teenagers’ slang. The idea of intangible money, existing solely in the digital ether, can be perplexing.

After all, I am from a generation that saved coins in piggy banks and later balanced cheque books by hand.

Now, we’re told that our hard-earned cash can be transformed into something called bitcoin, which sounds more like a video game power-up than a currency.

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Despite the confusion, the tales of overnight crypto millionaires are like holding a carrot in front of an older donkey’s face. However, the volatile nature of the market often leads to a roller-coaster of emotions.

I have seen how initial excitement quickly turned to anxiety as the value of a friend’s investment fluctuated wildly.

Unfortunately, I have read that the crypto realm is rife with scams and older adults are often prime targets.

Fraudsters have devised schemes to convince seniors to transfer assets into fraudulent digital wallets, leading to significant financial loss.

While the digital divide is real, my children tell me that it’s not insurmountable. Cryptocurrency is accessible to individuals of all ages and with the right resources and education, so I’ve heard, older adults can navigate this new financial landscape.

“You just need to engage with knowledgeable individuals and utilising user-friendly platforms that can demystify the process,” they coax.

Easier said than done, children. Even though crypto currency comes with a blend of curiosity and caution, I prefer to approach the whole thing with a healthy dose of scepticism.

I may just get lost in a blockchain.

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