The crypto industry is only a little over 10 years old so obviously, we get asked funny questions when our friends and family learn that we work for this virtual thing called bitcoin.
We’ll give 5 examples here and how we respond to each of them… ideally.
1. Dad: BITCOIN?! Isn’t that where people get scammed?
While there are scams, Dad, you gotta understand that 99% of transactions are totally legitimate and many people are working behind the scenes to make sure trades are safe on trading platforms.
For example, our Compliance team is super agile when it comes to using artificial intelligence to detect bad guys on the platform, and our Legal team makes sure that what we’re doing and saying complies with the law at all times.
Now, you can choose to trade with only legit people on Paxful. When we smell scams, we catch them, so don’t you worry. 👌
2. Friends: Are you going to be a millionaire?
I wish. I wouldn’t be writing this blog if bitcoin were some get rich fast scheme. 😌
While it could be true that some early investors who bought bitcoin when it was priced around $1,000 in January 2017 have made it big, bitcoin traders nowadays don’t just use bitcoin for investment.
For example, for people who live in countries where extreme inflations can reduce their money to next to nothing overnight, bitcoin is actually a much better way for them to preserve their wealth.
If you still wonder how trading bitcoin can change people’s lives, read the before-and-after stories of three of our proud female Peers. 💁♀️
3. Grandpa: Mining bitcoin? Do you need helmets?
If you want to be extra safe, why not? But no, grannie, all you need for bitcoin mining is a high-powered computer, a software program, and lots of electricity. 🤭
And when we say “mining,” we really mean adding and verifying transactions on the blockchain – there’s absolutely no digging or dirty work involved. And guess what? Miners get paid a bunch of bitcoin… though the reward shrinks every several years due to bitcoin halving.
Is it still profitable to mine bitcoin then, you ask? Let me know after you read this blog.
4. Grandma: Crypto? Isn’t that where you freeze people?
No, Grandma. That’s a totally different thing. Not much else to say here… 🥶
(In case you’re wondering, my Grandma was thinking of cryonics.)
5. Boyfriend: Why do they all spell holding wrong?
You don’t get it, do you? (It’s okay, I didn’t either.)
Back in December 2013 on a bitcoin forum board, someone was trying to say that they’re holding onto the crypto they bought instead of selling it. But as fate would have it, this person made a typo and spelt hold as hodl.
Somehow, it still made sense – ever since that typo, “hodl” became the number one slang in the bitcoin community and is now known to stand for Hold Onto Dear Life.
Because holding onto your bitcoin is always better than selling it at low prices, right?
… Right? (Tip: Maybe! Not always.)
If we haven’t lost you yet…
Interested in a career in crypto and don’t mind answering questions like the ones above?
Check out our current openings! We look forward to hearing from you👇