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How to Explain Crypto to Your Clueless Friend?

1. Decentralization & no middle man

As in the traditional banking system, fiat currencies GBP, USD, EURO, you name it, are regulated by regulatory agencies like Central Bank and other government agencies. This means that control and decisions are centralised to very few powerful organisations. Centralised control also means that system is exposed to human manipulation and corruption. Cryptocurrencies are completely decentralized. This means that no state can control them. The rules and value of the cryptocurrency is established by the cryptocurrency holders & community. A cryptocurrency has value because users agree it has value. No bank can seize your money or block your account.

2. Anonymity

With digital currencies of Fiat, personal information has always to be disclosed . You do not have to disclose any personal information when you open a crypto wallet to trade and hold cryptocurrency.

3. Transparency

Fiat digital currency structure allows only government organizations to access information about transactions. Cryptocurrency transactions are publicly available. You cannot find out who is behind a specific account, but you can track transactions and monitor the amount of money in the system. Every transaction is permanent and visible in the blockchain forever.

4. Security & Ownership

When you open the crypto wallet, you get a private key (password) , which is impossible to crack. Keep it it in a safe place and do not lose it, because without it you will not be able to enter your wallet, and you will not be able to access your funds.

5.Cryptocurrencies value to society

Cryptocurrencies have the potential to have a positive impact on income inequality by enabling cross-border markets and offering banking and investment services for the unbanked people. It also has the possibility to cut out bureaucracy making high number businesses more efficient at solving real-world problems.

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