Q. What is the simplest way to explain the Cryptocurrency market and Bitcoin for friends and family?
I like Crypto
What is the simplest way to explain the Cryptocurrency market and Bitcoin for friends and family?
If someone could break it down into 5 to 10 different categories. Something simple yet can differenciate between blockchain tech based companies and bitcoin for people with very little knowledge of it.
First you should explain blockchain technology and then crypto speed of transactions versus bank transfers. Then show him graf of bitcoin and explain what is doing now :-)
answered by michaliocze
In my opinion, Cryptocurrency market is a digital asset market or modern commodity investment. This is the first kind of investment that using blockchain Technology.
I always tell my friends and family that Bitcoin is a digital asset (some kind of store value). Maybe some of them say it as a digital currency. I don’t agree with that because we know that Bitcoin has a fixed supply. The fixed supply make it’s value become deflation when the demands over the supply, in result of price volatility. So Bitcoin can’t be used as a currency. We need a stable cryptocurrency such as USDT, TrueUSD or DAI to used as an adoption, but not Bitcoin.
answered by ae1996
Asked in CategoryCryptocurrency
Cryptocurrency is a secure, trustful and transparent digital currency which can neither be counterfeited nor be reversed arbitrarily by the sender. It eliminates the necessity of a third party involvement for the exchange, as it is encrypted and peer-to-peer virtual currency. For those who prefer non-disclosure and privacy, cryptocurrency is the solution. The use of this kind of virtual currency prevents any kind of identity theft. The concept of cryptocurrency has given birth to reliable e-cash.
- 47 views overall.
- Asked on