When my newly minted M.B.A. neighbor asks me with a tone of both superiority and skepticism “What is Bitcoin and what is it backed by?” my response usually shuts him down:
“Bitcoin is a payment system designed to lay just beneath the internet that is faster than our current system, fraud proof, immutable, censorship resistant and decentralized. Though it has many of their characteristics, It is not a currency or a commodity or a security. Treat it as any of those things at your own financial peril”.
Anything I should add or improved choice of words?
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