Research showed that many peoples around the world is yet to understand how cryptocurrency works.To be candid,my humble self is yet to fully understand what cryptocurrency is.But to my understanding,It is a virtual money that needs not to be printed unlike the popular fiat currency that dominate the world today.It is the money that give me freedom to spend any amount i have in my possession anytime,anywhere,any-day,anyhow without been questioning .It is control by me and you.
To the few who has heard it,Some still hold the thought that it is a ponsi scheme. The question a man in my area who had heard about bitcoin but did not believe in it asked me is that,if cryptocurrency is not a ponsi scheme,then how did the price of various coins increases ?
Then the following conversation emerged :
What will happen to a bank that have a good number of customers than others ?
He answered,they will generate more revenue.
If they generate more revenue, what will happen ?
They may open more branches.
If they open more branches,what will happen ?
They may generate more revenue.
If they generate more revenue, will the customers benefit ?
He answered,no but those who bought their shares will benefit.
Then i told him to take any cryptocurrency as a bank. In any coin he has, the more the people believe in it and use it ,the more the values changes.Assuming 500 peoples started using bitcoin today and i have bought it four days before that date,my value will increase and that of every holder will also increases. Unlike our banks, where those who benefit alone are the management of the bank.
In crypto world, every customers benefit in the increases of the market cap of each coin they have.If the coin flourish,we flourish together.No one will charge him for saving his money for years. Unlike our banks that charge us for not spending our hard earn money save with them.
He asked me not to continue and asked me to direct him on how to buy coin and safe it. Because he sees it as an investment opportunity not a business.
Your thumb will be highly appreciated either you like this story or not.
Congratulations @bodmas! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP