How I explain cryptocurrency (mainly bitcoin)

Explaining Bitcoin (and other cryptocurrencies)

So I find that whenever someone hears about Bitcoin for the first time. It is like somehow the digital "gold bug" bites them. You'll see a spark in their eye as if you just answered all of their financial worries. A digital savior has came in the form of cryptocurrency.

I like to always point out these major qualities when explaining cryptocurrency. (Mainly Bitcoin)

• It's like digital gold
• You can hold it in an app (Which is your bitcoin wallet)
• You can send it anywhere in the world instantly
• The value is like a "stock"

It's like digital gold

Bitcoin is mined by companies that own warehouses full of mining equipment.

This is not like game tokens you might buy to use online, but unlike those bitcoin has a set amount of 21 million that are "buried". Over half have been mined already, and more are being mined everyday..

So the point is just like the Gold Rush in California we are in the "Digital Gold Rush" for bitcoin, and other cryptocurrencies as well.

You can hold it in an app (Which is your bitcoin wallet)

We live in a world where it seems like EVERYONE has a phone. Now some of them may not have computers, but most of them have some type of mobile device.

So by being able to download an app that is basically your own personal bank that you don't have to pay for..

People are more likely to use something if it is easily accessible, and is always with them.

You can send it anywhere in the world instantly

This one is one of the best parts to tell people when explaining cryptocurrency!

We live in a world where it is cheap and easy for almost anyone to travel, and with that a growing number of people are wiring money to other people (like their family members), and being charged a lot in fees..

A story I like to tell is the man that sent $6 million in Bitcoin across the world that only cost him .02 cents, and would've cost him over $100k with any other standard method!

So it obviously makes more sense to use something that makes it possible to digitally transfer something of value anywhere in the world almost instantly.

The value is like a "stock"

See I was always interested in the stock market, but I never really had $500 extra to start a trading account.

With cryptocurrency and exchanges like Poloniex and Bittrex we can trade cryptocurrencies like stocks, and it doesn't even take that big of an investment, because a lot of altcoins are worth less than even .01 cent.

So basically it is like having stocks, in an app, that you have access to 24/7, that you can send anywhere in the world instantly, and all is secured by blockchain technology.

I hope this helped give a better explanation, and hopefully once people understand what it is they will all start joining the crypto community with us!

Image Source: http://goo.gl/5dtsgz