Many cryptocurrency experts strongly believe that the next bull-run is on its way. You will need to explain the whole concept of cryptocurrency to family and friends once again, when it finally arrives. Many people need
Cryptocurrency For Beginners.
BITCOIN AND CRYPTOCURRENCY FOR BEGINNERS: EXPLAINING CRYPTOCURRENCY AND DeFi COINS DURING THE NEXT BULL-RUN
How exactly does one explain the potential of Blockchain to a newbie the Cryptocurrency For Beginners? What is the perfect elevator pitch to awake a person’s interest enough to get them to invest in Bitcoin? How does one paint a picture of the power of crypto in a few sentences?
On Twitter, these questions about Cryptocurrency For Beginners are answered by Preston Pysh (@PrestonPysh). He published pages of content on how best to explain the limitless possibilities of cryptocurrency to family, friends, or the public in general the Cryptocurrency For Beginners – when they ask during the next bull-run.
Before Bitcoin price crosses the $20,000 mark by late 2020, we’ll help you explain Bitcoin to anyone you want to even the Cryptocurrency For Beginners.
PROBLEMS THAT BITCOIN ATTEMPTS TO SOLVE
For technology to bring change to the world, it must solve the current problems we face. The problem of transporting a thousand songs in your pocket was solved with the iPod. The limitations of global communication were fixed by the internet. The wheel made it possible to move large objects from place to place.
The question is, what problems does Bitcoin tackle? Let's lay it out for the
Cryptocurrency For Beginners.
Bitcoin is the most secure and most stable digital currency. It is designed as a digital peg on fiat currency, on a global scale.
Many had seen fiat currency as a disturbing issue since the 1930s. At that time, the US government seized gold from its citizens and made the hoarding of gold an illegal act. Other people make reference to 1971, when the world’s economies agreed to remove fiat currencies from gold standards. This is the reason currencies are not pegged to pretty much anything.
The non-existence of fiat currency pegs has led to some issues. The governments of the world are excessively using inflationary monetary policies with zero monetary pegs. Basically, any $100 you currently have only buys a fraction of what it could have 50 years ago, due to inflation.
Bitcoin has a fixed supply; it is deflationary. The total number of Bitcoins in existence will never exceed 21 million. Of the 17 million Bitcoins currently in circulation, many experts believe an approximate 4 million have been lost, permanently. If supply remains fixed while its demand rises, then Bitcoin price can only move in one direction – up.
But Bitcoin Price is Volatile!
Many say things like, “Why would I spend $10,000 on Bitcoin now when it could devalue to about $100 at anytime?”, or “The price always fluctuates, so I cannot trust cryptocurrency with significant amounts of money.”
True. The price of Bitcoin is volatile. You could buy a Bitcoin for just a few pennies, ten years ago. Now, one Bitcoin is worth $12,000. It was priced at $20,000 just a few years ago.
As time goes, the level of volatility that consumes Bitcoin should grow flat. Bitcoin is a relatively new asset that investors are still trying to price. Yes, the Cryptocurrency For Beginners. The markets for uncertain assets fluctuate, and Bitcoin is different in no way. The market is still currently trying to figure out the actual worth of Bitcoin.
Surely, hardcore Bitcoin fans will say that Bitcoin price only fluctuates when it is compared to the USD. That is, 1 Bitcoin will always remain 1 Bitcoin. It is only price comparisons like BTC/USD that fluctuate, but lets
explain it for the Cryptocurrency For Beginners.
WHY DOES BITCOIN HAVE A FIXED SUPPLY: WHY CAN NO ONE INCREASE THE SUPPLY?
The supply of Bitcoin is fixed. As stated earlier, there can be no more than 21 million Bitcoins in supply. It cannot be duplicated by anyone. This is one key innovation of Bitcoin – it cannot be spent twice or replicated, unlike many other digital files. Bitcoin’s blockchain finally fixed the “double-spend” bug.
For Cryptocurrency For Beginners although there are only 21 million of them, one Bitcoin can be broken down into lesser units. A unit can be as small as 0.00000001 BTC. This fraction is called a satoshi. In total, there are 2,100,000,000,000 satoshis in supply. This supply will never increase because of the blockchain.
Cryptocurrency for Beginners: There are Tons of Cryptocurrencies – Why Should I Buy Bitcoin?
Bitcoin is not the speediest cryptocurrency, neither is it the most secure nor private. As a matter of fact, Bitcoin has only but a few advantages over its competition, from a technical standpoint. However for Cryptocurrency For Beginners, there is one significant advantage that Bitcoin, and that is the “first-mover advantage.” Bitcoin will always remain the world’s first cryptocurrency, and is the traditional coin that comes to mind when people think of “crypto.”
Preston Pysh actually recommends Cryptocurrency For Beginners thinking of Bitcoin as an open-source project that the public knows about, just like Wikipedia:
Wikipedia is a popular open-source website that anyone can copy and duplicate, legally. The open-source code for Wikipedia can easily be copied and renamed by anybody, and even overtake Wikipedia as the World’s largest repository of knowledge.
Preston explains to Cryptocurrency For Beginners that Bitcoin, by a margin, has the most substantial protocol network for pegged money – Any issue it may have is not based on “network effects.” Surely, Bitcoin has its issues and even though people can copy Bitcoin, nobody does. So far, Bitcoin has held the crown as the largest and most valuable cryptocurrency in the world, since its launch in 2009.
Will Governments not just ban Bitcoin?
Governments have actually banned Bitcoin in years past. For example, the Chinese government banned all cryptocurrency exchanges in September 2017.
In the earlier years of Bitcoin, when it was Cryptocurrency For Beginners Bitcoin was seen as a threat enough to make governments ban it. Today, however, it is seen as much less of a risk. Many countries have passed laws that preach that Bitcoin is completely legal and legit. These laws even go further to protect Bitcoin holders – Countries like South Korea, Germany, Australia, and others have laws that protect holders, just as the laws protect any non-digital property for its citizens.
Governments have the power to ban anything from free guns speech to methods of payment. As long as people back Bitcoin, there is nothing to worry about in the open democracy world we live in today.
Cryptocurrency for BeginnersWhat will be the rice of Bitcoin in Ten Years?
In the end, conversations on Bitcoin turn to the price factor, and how much can be made by investing time and resources into Bitcoin.
It is virtually impossible to predict, without a doubt, what the price of Bitcoin will become. It could fall before it soars. It could jump to $20,000 by 2020 ending – and $100,000 in year 2021.
There are tons of Bitcoin predictions; some more intense than others.
Something to factor in is that fiat currencies like the USD could lose their value as Bitcoin’s value increases. With respective Central Banks of the countries of the world announcing new inflationary prices, and subsequently pumping money into their respective economies, it is not hard to see how fiat currencies will gradually fade away. Digital currencies become more common and trustable as a result of their fixed supply feature.
These can all be seen as conjecture – but remain the kind of speculations to get family, friends, others and even Cryptocurrency For Beginners interested in the world of cryptocurrency.
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