Please tell about cryptocurrency , bitcoin in simple language and how to use and invest it @discobot
Digitized currency dependent on mathematical equations. Solving these equations (Blocks) is akin to mining precious metals and the difficulty involved continuously increases as the number of circulating coins approaches a pre-set value of 21 million.
I removed the computing technical jargon, and just focused on the implications. Hope it helps!
- Digital Coin
- Transactions are fully trackable by anyone in the world, but not tied to an identity
- Used by criminals, then companies. Now governments want in too
- Very volatile and speculative investment, not recommended for newbies or retirees
- Plagued by high transaction fees and slow transaction speed, but this will be less of an issue in the future
- High incidence of fraud, with weak legal enforcement, non-existent capital protection, and shoddy accounting audits. Tread carefully.
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