Layman understanding of Cryptocurrency

in bitcoin •  8 years ago 

I will be very glad if anyone can help me explain to layman what is digital money or cryptocurrency without using the jargon words or confuse them.
What is cryptocurrency mining? How can a machine generate a currency for you? Everything becoming boom and many people in Africa don't understand anything and when you are talking about the raising up of bitcoin, ether, and other currencies, it's like a new song in their ears.
How can I convince a layman!!!

bitcoin money ether life cryptocurrency
8 years ago by

Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

  • Disagreement on rewards
  • Fraud or plagiarism
  • Hate speech or trolling
  • Miscategorized content or spam

Submit
$1.29
  • Past Payouts $1.29
  • - Author $1.18
  • - Curators $0.11
3 votes
5
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  • Trending
    • [-]
      ·  8 years ago 

    Welcome to the platform, I wish everything work out for you. It’s not easy here but not difficult neither but just ask an extra effort, engagement is the key good luck I’m @goodaytraders Start by following people and they will do the same.

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.00
      [-]
        ·  8 years ago 

      Currency is the reward that miners get for performing the calculations necessary to verify and then add new transactions to the blockchain; without miners, the blockchain wouldn't work. Think of them as the accountants of the blockchain, if that helps.

      Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

      • Disagreement on rewards
      • Fraud or plagiarism
      • Hate speech or trolling
      • Miscategorized content or spam

      Submit
      $0.00
        [-]
          ·  8 years ago 

        Now, what is the blockchain, one might ask - here you go: https://blockgeeks.com/guides/what-is-blockchain-technology/

        Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

        • Disagreement on rewards
        • Fraud or plagiarism
        • Hate speech or trolling
        • Miscategorized content or spam

        Submit
        $0.00
          [-]
            ·  7 years ago 

          Congratulations @phister! You have received a personal award!

          1 Year on Steemit
          Click on the badge to view your Board of Honor.

          Do not miss the last post from @steemitboard!

          Participate in the SteemitBoard World Cup Contest!
          Collect World Cup badges and win free SBD
          Support the Gold Sponsors of the contest: @good-karma and @lukestokes

          Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

          Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

          • Disagreement on rewards
          • Fraud or plagiarism
          • Hate speech or trolling
          • Miscategorized content or spam

          Submit
          $0.00
            [-]
              ·  6 years ago 

            Congratulations @phister! You received a personal award!

            Happy Birthday! - You are on the Steem blockchain for 2 years!

            You can view your badges on your Steem Board and compare to others on the Steem Ranking

            Vote for @Steemitboard as a witness to get one more award and increased upvotes!

            Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

            • Disagreement on rewards
            • Fraud or plagiarism
            • Hate speech or trolling
            • Miscategorized content or spam

            Submit
            $0.00