The crypto trade is just slightly over 10 years previous so clearly, we get requested humorous questions when our family and friends be taught that we work for this digital factor known as bitcoin.
We’ll give 5 examples right here and the way we reply to every of them… ideally.
1. Dad: BITCOIN?! Isn’t that the place folks get scammed?
While there are scams, Dad, you gotta perceive that 99% of transactions are totally legitimate and many individuals are working behind the scenes to verify trades are secure on buying and selling platforms.
For instance, our Compliance staff is tremendous agile in relation to using artificial intelligence to detect bad guys on the platform, and our Legal staff makes positive that what we’re doing and saying complies with the regulation always.
Now, you’ll be able to select to commerce with solely legit folks on Paxful. When we scent scams, we catch them, so don’t you are worried.
2. Friends: Are you going to be a millionaire?
I want. I wouldn’t be scripting this weblog if bitcoin have been some get wealthy quick scheme.
While it could possibly be true that some early traders who purchased bitcoin when it was priced round $1,000 in January 2017 have made it large, bitcoin merchants these days don’t simply use bitcoin for funding.
For instance, for individuals who reside in nations the place excessive inflations can cut back their money to subsequent to nothing in a single day, bitcoin is definitely a a lot better manner for them to preserve their wealth.
If you continue to surprise how buying and selling bitcoin can change folks’s lives, learn the before-and-after stories of three of our proud feminine Peers.
three. Grandpa: Mining bitcoin? Do you want helmets?
If you need to be further secure, why not? But no, grannie, all you want for bitcoin mining is a high-powered pc, a software program program, and plenty of electrical energy.
And after we say “mining,” we actually imply including and verifying transactions on the blockchain – there’s completely no digging or soiled work concerned. And guess what? Miners receives a commission a bunch of bitcoin… although the reward shrinks each a number of years as a consequence of bitcoin halving.
Is it nonetheless worthwhile to mine bitcoin then, you ask? Let me know after you learn this blog.
four. Grandma: Crypto? Isn’t that the place you freeze folks?
No, Grandma. That’s a completely totally different factor. Not a lot else to say right here…
(In case you’re questioning, my Grandma was considering of cryonics.)
5. Boyfriend: Why do all of them spell holding improper?
You don’t get it, do you? (It’s okay, I didn’t both.)
Back in December 2013 on a bitcoin discussion board board, somebody was making an attempt to say that they’re holding onto the crypto they purchased as an alternative of promoting it. But as destiny would have it, this particular person made a typo and spelt maintain as hodl.
Somehow, it nonetheless made sense – ever since that typo, “hodl” turned the primary slang within the bitcoin group and is now recognized to face for Hold Onto Dear Life.
Because holding onto your bitcoin is at all times higher than promoting it at low costs, proper?
… Right? (Tip: Maybe! Not at all times.)
If we haven’t misplaced you but…
Interested in a profession in crypto and don’t thoughts answering questions like those above?
Check out our present openings! We sit up for listening to from you
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