Hey All,
Please note that these are not my criticism, they are my Relatives' and I need better answers than my own. Well... roll the questions
!
1. Mining AltCoins? Isn't that illegal, like printing counterfeit money?
Please help with this one. My explanation was that mining is just like mining in real life, and BitCoin is just virtual gold. This brings us to the next question.
2. Bitcoin (and altcoins) are just code? What value do they have?
Ofc I have said paper is just paper, and besides it's use in tech, gold really has no value either, it's just shiny, so there really is no difference.
The next one happened when I was talking about new AltCoins, and I was talking about making ones for a niche...
3. OMG! Your trying to counterfeit money!
I explained that a cryptocurrency has no value except what people are willing to pay for it, like a stock. Still they do not understand.
I just want a clear rebuttal to these points. Thank You.
Please note that these are not my criticism, they are my Relatives' and I need better answers than my own. Well... roll the questions
!1. Mining AltCoins? Isn't that illegal, like printing counterfeit money?
Please help with this one. My explanation was that mining is just like mining in real life, and BitCoin is just virtual gold. This brings us to the next question.
2. Bitcoin (and altcoins) are just code? What value do they have?
Ofc I have said paper is just paper, and besides it's use in tech, gold really has no value either, it's just shiny, so there really is no difference.
The next one happened when I was talking about new AltCoins, and I was talking about making ones for a niche...
3. OMG! Your trying to counterfeit money!
I explained that a cryptocurrency has no value except what people are willing to pay for it, like a stock. Still they do not understand.
I just want a clear rebuttal to these points. Thank You.