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You’ve all been there before. You’re at family dinner bring up the “C” word and everyone starts rolling their eyes. You try to explain the incredible potential of the technology and how it is going to revolutionise finance, and the world. Radio silence.
Don’t worry, this guide has got you covered. Here are a list of questions and responses to equip you when you are about to have “the talk”.
1. What is a blockchain?
What blockchains do is keep a record of transactions.
There is no central body that governs a blockchain, which is what makes it special. People from all over the world maintain it independently and are financially incentivised to do so with consistency and accuracy. Isn’t that mind blowing?
2. Crypto is not real
It’s hard to grasp tangibly but it is very real.
Similar to Instagram or your email app, it’s software. When you receive a message, the message is a real thing that exists. This is the same with crypto. Just take a look at the record on the blockchain which is publicly available and easy to see.
Crypto is software, like Gmail or Photoshop. When you get an email, there’s no doubt it’s real. Same with crypto, only you have to look on the blockchain to see your crypto (which is publicly available and surprisingly easy to view).
3. Bitcoin isn’t real money.
Bitcoin has real value.
What can you do with bitcoin? You can use it to purchase goods and services. This means that it has value, which is the most important aspect. Does it matter whether or not it is actually money? The answer is no. Gold might not be considered money but you can use it as a store of value.
Bitcoin derives its value in the same way any currency does: by fulfilling the six characteristics of money. Those characteristics are durability, portability, divisibility, fungibility, scarcity, and acceptability. We believe that Bitcoin is superior to any other money that has ever been created.
4. Governments are going to ban it
Many governments are actually crypto-friendly and don’t want to ban it but regulate it to make its usage safer
The benefits of crypto and blockchain are plain to see for all and governments are not except from these. Many governments are working with industry leaders to enact regulations to improve things likeinternational competition and national security.
5. Crypto is bad for the environment
Blockchain technology is pushing leading green energy innovation
To mine crypto, energy is a primary cost. People want to mine to make some money. Therefore miners are motivated to find cheaper and renewable energy sources. It turns out that 3/4 of crypto miners are actively investing in, and using, renewable energy sources.
6. Crypto is a criminal enterprise
No, it is used by regular people like you and me
Most people who use crypto are normal people. Criminals will always find ways to utilise cutting-edge tech to gain an edge but most big crypto institutions are working proactively to stop criminal activity.
7. It’s too expensive.
False. Crypto can be bought for as little as $10
You don’t have to buy one Bitcoin or one Ethereum to start. Cryptocurrency is divisible which means you can buy a fraction of a coin for as little as $10. Think of a dollar. This can be broken down into pennies, nickels, and dimes.
We hope this helped you get through a difficult conversation with your parents or loved ones. Get started buying crypto on the CryptoXpress app today.
