Newbie question: What is a digital commidity?

Discussion in 'VeriTalk' started by Paradigm, May 13, 2017.

  1. Paradigm

    Paradigm Member

    It has occurred to me that one of the problems that vericoin might be having is that it's just too clever for many people to understand. So they move on to something else. I'm not exceedingly dumb, but I do have a lot of trouble wrapping my head around this coin.

    Please explain like I'm 5, and maybe we can help more people understand and accept vericoin. I'm not looking for one person to answer all these questions, but if there is one that you feel you can explain well then please try. Thank you.

    What is a reserve commodity? I promise I searched online for this, but nothing seemed to make sense in this context.

    What exactly is a digital commodity, and why is it valuable?

    Who decides how valuable it is?

    How does it (verium) come into being, how is it produced?

    Why do we mine coins? What purpose does it serve in the community?

    Why do you need to have your wallet open in order to mine, and how does interest work, were does it come from?

    How exactly does verium relate to mining and vericoin?

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