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RE: The 1st Day Of My Steemit Journey!!

in #steemit7 years ago

I can try to answer some of your questions. But first let's start off with a fundamental question.

What is Money?
An abstract representation of time and energy. We the people use our time and energy to work and in turn the govemment give us paper (or increases some numbers in a bank account )

Where does our money come from?
Thin air!!!! Our money is backed by the faith of the government as legal tender for goods and services. It use to be backed by gold but after the great depression and the creation of the Federal Reserve it is in essence a belief system.

Who Creates out money?
The Federal Reserve is a private company the lends out dollars to our government with interest perpetually keeping it in debit. There also is no limit to the amount of money this company can print.

What Makes Bitcoin Different
Well this could be long technical response so I'm going to try and keep it as simple as possible. Bitcoin allows user to transfer value to each other without a central authority. Bitcoins are created through a process called mining which performs complex operations to solve mathematical problems related to encryption.

What make Steem Different
Well instead of producing coins though computations that waste enormous amounts of electricity they have put together a rewards system where though blogging and interacting with the blockchain users can earn crypto.

The people finally took an idea that kept them enslaved and flipped it on it's head.

Sorry for the long comment I just felt that I needed to share 😁

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Thank You!!! @alao For the input and helping me have a better understanding.

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