Hello my fellow bloggers! Today I want to talk about ideas behind crypto. When you meet a person skeptical about crypto, what do you tell them? Let’s dive in and discuss.
Source
Why Bitcoin and crypto matters? We all meet skeptical people. We hear opinions that crypto has nothing to offer to the world. We are told this is just a speculative asset. Even those who understand the power of blockchain technology often claim BTC and all alts will die once central bank issue their own tokens. What do you say in response? I talk about the main idea behind crypto: trust and true ownership.
I like to tell them a short story to show how powerful the idea behind crypto is. Imagine you win 1 million dollars in a lottery. You put some part of your prize to a bank account, spend some to buy some gold to protect yourself from inflation, buy a new house. Then I ask which of the following statements are true:
- A: I own a good some of money
- B: I own some gold
- C: I own my house
Usually I get an answer all three are true. Usually, the answer is give automatically without thinking. Unfortunately, only statement C is the truth. When you put money to the bank, you don’t own money. You own the promise bank will let you spend or take your money. Bank doesn’t even have your money, They immediately lend them to someone else. If something happens with the bank, you can lose everything. Bank will not even allow you to fully use your money. It can limit the amount you spent in a day from your debit card. It can block any of your transaction. Situation with the gold you “own” is not any better. You bought a promise that this gold exists and the bank/exchange will keep it for you. You can’t even check this piece of gold even exist. You can be a 100% sure you will still own it in case of any issues. If you live in a democratic country with a strong law enforcement, you have some guarantees state will protect your ownership, in case you are not that lucky, nothing is certain.
Crypto doesn’t have this legacy issues. As long as you own your private key, you have full ownership of your property. You don’t need to trust any organization known for financial manipulation on the edge of law gray zone. You don’t need to trust people you don’t know, you just need to trust mathematical equations and cryptography. How do you talk with people skeptical about crypto? Let me know in the comments below!
Other articles you might enjoy
Market is driven by existing investors rather than newcomers in 2021
Another DeFi project performed exitscam! Take it as remainder to DYOR!
Mass adoption of cryptocurrencies is inevitable, yet it will take time
MVRV metrics gives some clues at what stage of the bull market we are now
Blockchain patent data shows Asia is now the main source of innovation
Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
If you like this post please vote for it and follow my blog. Feel free to share your thoughts in comment section.