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.
3 Answers
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