There is no doubt that different generations have their own concepts and mindsets towards issues. People with wide age differences are generally not expected to view issues from the same perspectives. This has again been made manifest in the way the older generation view digital currency.
The American Association of Retired Persons recently published an article in which it stated that digital currencies are mainly used by a bunch of criminals.
This may not be unconnected with some of negative news associated with digital tokens such as the Mt Gox hack, the Silk Road of Dark Web and the series of scams that have been in the news, not to mention the seeming volatility of the coin market.
The view of AARP may not sound unlike what have been said and heard of cryptocurrencies in the past by older people such as Jamie Damon. However this does not take away from the fact that these individuals speak from the viewpoint of lack of information or bias.
The recent release by the American Association of Retired Persons (AARP) stated that,
“Bitcoin is A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists and speculators.”
The report aside using the derogatory definition for Bitcoin did not spare blockchain either, it went on to define the technology in two way, the first being,
“A different bunch of computer code containing an unalterable record of a series of transactions. The most famous is a digital ledger recording all bitcoin transfers.”
Its second definition for blockchain was,
“A word often uttered by companies hoping to snare investors’ attention — and dollars.”
The publication obviously wanted to make sure that the older people are kept off digital currencies ostensibly to protect them from possible losses that are the daily hazards associated with cryptocurrencies.
It is however a disservice to the industry that the AARP chose to use such uncomplimentary definitions even as it tries to explain what digital currencies and blockchain means.
For a generation that is underrepresented, it would no doubt keep many away from adoption and the possible benefits and we daresay losses that are possibilities.
It is a lesson for the industry as well. The lesson should be that it is time to clean up and streamline the cryptosphere so that it would become an industry that we all can recommend to the elderly without fear that they would incur losses.