Help Your Old Man Understand CRYPTOCURRENCY
Today is Father’s Day. Sit down with your old man for a drink, talk about what’s going with your life, and your obsession with cryptocurrency.
😮💨 However, this is not gonna be easy for you to explain to your pop.
👨“What exactly is blockchain? What is a cryptocurrency?”
Let me show you how did I give 101 training for my dad.
What is a blockchain?
In your daily life, how much money you spend, who you transfer to, and how many stocks you buy, etc, all need to be bookkept.
Under normal circumstances, “bookkeeping” is done by financial institutions such as banks, who also control the right to make basic rules.
This has inevitably led to several problems. The first one is, that rule makers are responsible for keeping accounts at the same time, which unavoidably leads to mistrust among some people. Second of all, as the only rule-makers in the market, it might cause a series of inefficiencies, incompetence, and improper supervision. The third one is, those rules might be biased, and it is difficult for working-classes to crack the wealth code.
Well, blockchain has just solved the above problems perfectly:
1. Trust issues. The basic feature of blockchain is to allow multiple computers to keep accounts at the same time. If the account book needs to be modified, it must be agreed upon by everybody on the chain.
2. Inefficiency and incompetence. Also because of the same reason, the work that could only be done by financial institutions previously now can be allocated to the available computer in the shortest time, which effectively improves efficiency and reduces costs.
3. Threshold for participation. In the past, you had to go to a bank or institutions to open an account, fill in all kinds of forms, certifications, and even interviews. However, with the development of blockchain, as long as you own a laptop, you can participate in numerous types of investments without leaving your house.
The Crypto world is compatible with various transaction methods in the traditional financial market. At the same time, due to the openness of the blockchain system, crypto market transactions have become full of unlimited imaginations.
Financial derivatives in the crypto market have infinite possibilities, giving everyone more investment opportunities.
As for Bitcoin, which might sound familiar to you, is the most representative type of crypto asset.
The production of cryptocurrency can not be controlled by any country, company, or organization, nor will it be devalued due to excessive issuance like banknotes.
The rarity of Bitcoin guarantees its value.
With a platform like Lever, you can easily teach your Dad to buy Bitcoin and earn a stable interest.