Re: My Relatives' "criticism" about BTC, and other AltCoins.
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
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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.
When you mine, you arnt actually printing money, you are being rewarded for confirming network transactions. Unlike counterfiting, everyone is aware that you have confirmed a transaction and is notified via the publicly shared ledger. This is also how currency units are released by the network. The software was released with a finite amount of currency units locked in the network, as you do work you unlockPlease 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.
some of the coins.
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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.
They get value based on the amount of computational power one takes to unlock the coins and what others are willing to pay for them, just like anything else of value.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.
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The next one happened when I was talking about new AltCoins, and I was talking about making ones for a niche...
3. OMG! You're trying to counterfeit money!
Bitcoin is opensource so anyone can make any variation that they want giving people the freedom to choose what they consider money.3. OMG! You're trying to counterfeit money!