Post
Topic
Board Beginners & Help
Re: How to explain BTC to family members?
by
HabBear
on 08/12/2017, 14:22:59 UTC
I explained to my family that BTC is a currency, and my father said, "just like the dollar?" Shocked

Contrary to what others are saying, i think you should respond "Yes! Just like the dollar, but better!"

Better because:
  • There is no single person, entity or government that reigns control over the currency
  • Money supply cannot be inflated, therefore the value of the currency is retained over time, not eroded; E.g., is cheaper today to manufacture a car (with globalization and mass manufacturing and such), why are cars more expensive today than 20 or 50 years ago? Because the spending power of our fiat currency has gone down
  • The transaction network (blockchain) is decentralized around the globe, meaning that no country or single attack can bring it down
  • Bitcoin is still trying to figure out what it is, it's a currency, but it's also being used as an asset; Ultimately the market will determine what Bitcoin's best use is...but one thing is for sure, it's here to stay!

Let us know how it goes!