Quote from: flippyfeet on December 28, 2013, 02:37:39 AM

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 Tongue

!

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.

1) Bitcoin to my knowledge is not "patented" and it certainly isn't regulated by any large body... and even if it were those things, most Altcoins differ from BTC in one or more subtle ways. It's not stealing and it's not printing free money. Mining is how every cryptocurrency is spread. The creators of the currency WANT you to mine it.

2) There is no way to explain it more simply than you already have. People value things for reasons. Derp. BTC just happens to be very fast, free of sales tax, secure and anonymous. People who are fed up with banks like that.

3) If mining BTC is working for dollars, then mining LTC and Doge is working for quarters and pennies.

Some people were not meant to BTC