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Cryptocurrency: Problems and Solutions (Problem with regular money…
Cryptocurrency: Problems and Solutions
Cryptocurrency is digital money
Problem with regular money
Government controls it
If Govt. collapses, you're SOL
Our Govt. is on shaky ground; it shut down last week because they ran out of money in budget
Banks are a "middle man" who always get a cut
typically, credit card debt has 12% interest
Everybody in a contract must keep own ledger
Mistakes can happen
person who writes check might add wrong
Check might "bounce" because no money in account
Solutions cryptocurrency provides
only one contract
everybody agrees and comes to a consensus
More secure
blockchain can't be changed once everyone agrees
each transaction makes chain more secure
No govt. control
everyone in the world can use the same currency