Bitcoin Forum

I personally tell them about the decentralized nature and the lack of a middle man in transactions. What would BCT recommend to grab attention?

I personally tell them about the decentralized nature and the lack of a middle man in transactions. What would BCT recommend to grab attention?

The decentralized nature is it's biggest selling point. Sadly, though, many people are not that familiar with economics or how the fiat monetary system works so they're not that bothered by it.

They don't give a fuck. I've tried explaining Bitcoin's supossed selling points to the average folk and they only start paying attention by the time I mention it can increase in value and they can win money.

They don't give a fuck. I've tried explaining Bitcoin's supossed selling points to the average folk and they only start paying attention by the time I mention it can increase in value and they can win money. Other than that, they don't care because they can do everything that is needed in dollar, and 99% of people aren't wealthy enough to care about diversifying it if we are selling Bitcoin as a storage of value. So unless it becomes widely accepted everywhere and becomes a cool thing to do to pay with Bitcoin and so on.. it's doomed.

just one: bitcoin can make you rich.

he would go to check the rest  by himself

I personally tell them about the decentralized nature and the lack of a middle man in transactions. What would BCT recommend to grab attention?

I personally tell them about the decentralized nature and the lack of a middle man in transactions. What would BCT recommend to grab attention?

To understand Bitcoin, you have to understand money: www.youtube.com/watch?v=H2YllvbJo6g

The reason it's so hard for most people to understand Bitcoin is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that bitcoins are "just zeroes and ones." But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs).

To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence. And the "ledger" of gold is distributed because the physical gold itself (the "accounting entries" in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient from a transactional perspective.

Enter Bitcoin.

It is the first currency in the world that is BOTH decentralized AND digital. It is more reliably scarce than gold, more transactionally efficient than "modern" digital banking, and enables greater financial privacy than cash. It could certainly still fail for one reason or another, but if it doesn't, it has the potential to be very, VERY disruptive.

if the price of Bitcoin rises up ,i think more and more people will pay  attention to it .

I personally tell them about the decentralized nature and the lack of a middle man in transactions. What would BCT recommend to grab attention?

1. Fast transactions, but only with fees
2. Secure, but only if you've taken the proper steps
3. Ability to have as many wallet addresses as desired

The Cyprus "Bail in" is worth mentioning. Most people think they still own the money they deposit into a bank. In fact they have loaned the money to the bank.

http://www.telegraph.co.uk/finance/financialcrisis/10024209/Bank-of-Cyprus-executes-depositor-bail-in.html

ARNOLDS PARK, Iowa — For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.

The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes — in fact, she has not been charged with any crime. Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report.

“How can this happen?” Ms. Hinders said in a recent interview. “Who takes your money before they prove that you’ve done anything wrong with it?”

The federal government does.

Awesome explanation of how Bitcoin sidechains work and why they are important for Bitcoin's future.

A simple explanation of Bitcoin “Sidechains”

http://gendal.wordpress.com/2014/10/26/a-simple-explanation-of-bitcoin-sidechains/