Will in my first heard about the bitcoin a few months ago i thought it was a fraud, but i tried it out after i had come to know some people making money on it.
Bitcoin is an open source, p2p form of digital currency. A people currency with no government or central figure controlling things like interests rates or inflation. Bitcoin transaction can be reverse, so users can receive payments without having to worry about charge back and the fees associated with them.
You can't get them back. Because bitcoin is peer to peer,fees for transactions are extremely minimal or even free.
Topic: How to explain BTC values to co-worker - page 4. (Read 506 times)
There is no reason why Bitcoin is expensive, unfortunately the supply and demand is not strictly working in Bitcoin. Because the cost of 1 Bitcoin to miners is $ 2,000, we can understand how expensive it is.
I think many people here don't like to hear it, but I would say the currently price is on that number because speculation... People see it's a profitable investment, so they want to try too, so many of them put their money in BTC and push its price up. Store of value feature is very interesting and attractive for everyone.
On long term I believe Bitcoins loses the speculative characteristic as it will have more utility, being accepted as payment for several kinds of businesses and being more present in our daily life. More accessible and easy currency to use, which you are under the control all the time, without the need of third party services (banks and governments).
On long term I believe Bitcoins loses the speculative characteristic as it will have more utility, being accepted as payment for several kinds of businesses and being more present in our daily life. More accessible and easy currency to use, which you are under the control all the time, without the need of third party services (banks and governments).
A bitcoin does not provide income, so it's value is based on its utility. Because Bitcoin basically has no utility right now, the current value of a bitcoin must be the discounted value of the future utility. In other words, if a bitcoin will be worth something in the future, it must be worth some fraction of that now.
To teach it you have to understand it and get across the point about owning the private key really does turn
your phone into a bank unless of course the currency crashes due to outside factors like miners ramping up
fees and the development team doing nothing about it.
Hopefully you will also understand the Lightning Network in case someone points out the mega
slow transaction rate of Bitcoin so please let me help you out here in case you end up pissing your
co-workers off
https://bitcointalksearch.org/topic/m.28395400
Even my misses gets it but i had to use Bob the builder to help
your phone into a bank unless of course the currency crashes due to outside factors like miners ramping up
fees and the development team doing nothing about it.
Hopefully you will also understand the Lightning Network in case someone points out the mega
slow transaction rate of Bitcoin so please let me help you out here in case you end up pissing your
co-workers off
https://bitcointalksearch.org/topic/m.28395400
Even my misses gets it but i had to use Bob the builder to help
I think you meant to say a currency which isn't backed by government or corporation yes? It is going to be quite tough to try and explain this over 5 minutes but the brief points you can make are that centralized authority when it comes to money has failed us time and time again. Knocks down borders and payments can be made to anybody internationally and received in less than a minute (not confirmed but acknowledged). The 4-5 billion people who don't have access to banking services soon via cell phone will have access to banking and any bitcoin wallets. This is the tip of the iceberg but if you explain this it will hopefully be enough to make them look further, which if they are critical thinkers they most definitely should give it a look.
Hey guys I'm pretty new so forgive me if this is the wrong place to ask this; recently in my office my coworkers started talking about crypto and Bitcoin. All of them knew about it but they didn't really understand why it is so expensive, I explained them that it's basically supply and demand and that there is a limited supply but they didn't really understand how someone can put that much value onto a currency which is backed by a corporation or government. Do you have any idea how I can explain them better that Bitcoin is representative for crypto and it's gonna be changing a lot of our daily lives?
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