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If you are brand stinkin’ new to learning about crypto currencies I’m sure you’ve got a lot of questions. At least I hope you have a lot of questions, it’s good if you do, it means you’re a critical thinker. There’s lots to be weary of in the crypto space and the more questions you ask the easier it will be to come to your own conclusions. After all, if you decide to invest your money, it’s just that, YOUR money. Be smart, educate yourself and if I were to give any investment advice it would be this: invest in coins or projects that you believe in and want to support, invest in projects, that in your opinion, provide real solutions.
Okay, so I’d like to address some commonly asked questions that are aimed at Bitcoin, but really, they apply to most cryptocurrencies. First, what are the benefits to Bitcoin or cryptocurrencies?
* Freedom – This means that bitcoin and alt coins enable you to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. They allows users to be in full control of their money.
* Fewer risks for merchants – Transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks. The net results are lower fees, larger markets, and fewer administrative costs.
* Security and control – Users of crypto are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Not to mention the fact that users can also protect their money with backup and encryption.
* Transparent and neutral – All information concerning the money supply itself is readily available on the blockchain for anybody to verify and use in real-time. No individual or organization can control or manipulate the protocol because it is cryptographically secure. This allows for trust in being completely neutral, transparent and predictable.
Now what are the downsides to Bitcoin or other cryptocurrencies?
* Degree of acceptance – Many people are still unaware of Bitcoin and even less so of other cryptocurrencies. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
* Volatility – The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as the technology matures and Bitcoin interest rates normalize. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
Why do bitcoins have value?
Bitcoins have value because they are useful as a form of money. Bitcoin and altcoins have the characteristics of money like: (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies).
all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin’s value comes only and directly from people willing to accept them as payment.
Additional Reading: https://www.weusecoins.com/en/questions/