Q. What is the simplest way to explain the Cryptocurrency market and Bitcoin for friends and family?
crytpohodler

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.


bitcoin blockchain investing cryptocurrency
3

Answers

45

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30

Apr, 2018

  • michaliocze

    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

      1.28 q
  • kiaazad

    I can make it even simpler:
    a crypto currency is a public ledger that everybody has a copy of. because everybody has a copy, it’s nearly impossible to falsify


       

    answered by

      2.78 q
  • ae1996

    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

      49.68 q

Asked in Category

Cryptocurrency

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.

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