Perfect cheat sheet to explain Bitcoin (without mentioning Bitcoin!)

[bitpump]

Perfect cheat sheet to explain Bitcoin (without mentioning Bitcoin!)

Created by:
ARIE Y. LEVY COHEN
International Client Advisor & Financial Advisor at Morgan Stanley Wealth Management

Source: http://www.slideshare.net/ARIEYLEVYCOHEN/r3explainer1whatisadistributedledgerdraft

[pisciolatzu]

I think mentioning bitcoin could be easier for newbs, maybe some businessmen with some experience in payment processing and finance could understand, but this is just not for everyday people.

[pitham1]

I think mentioning bitcoin could be easier for newbs, maybe some businessmen with some experience in payment processing and finance could understand, but this is just not for everyday people.

People who have knowledge about payment processing would probably already know about Bitcoin.
I guess if you have to explain Bitcoin to newbies, you must remove complexities about how the underlying transaction works. They can treat it as a black box. As long as they understand how to transact, it is sufficient. Once they are comfortable with Bitcoin, they will explore the mechanics behind it.

[colinistheman]

It uses too big of words that most people don't easily grasp.

Immutable
Bilateral
Governance

etc.

[neoneros]

Your image does not realy help in understanding. In your text you talk about party A and B, maybe a depiction of how those two party communicate their transaction over the distributed ledgers would be nice, there could be several steps included, the first entry in a ledger and then the synchronisation and confirmation of the other ledgers?

[louise123]

It's a nice try.
I understand it, because I know Bitcoin, but I wouldn't call it the perfect cheat sheet.
But do you think showing this to someone that has never heard of Bitcoin before, will help them understand it?

[Shindo1988]

When I read the title "the Perfect cheat sheet", I thought it was going to be something a little kid would understand.
I don't think the majority of people (the average Joe) will understand that.

[MicroGuy]

This is the easy explanation:

Bitcoin is like those tokens you buy at Frankie's Fun Park or Chuck E Cheese except they're virtual and don't exist in the physical plane.

To buy Bitcoin all you have to do is open a coinbase account or circle account, scan your driver's license and a bank statement, and then upload the scanned images for verification. And accounting is not that bad, the volatility makes for fun busy work as your track your capital gains.

Once you buy bitcoins you can use them to go out and buy things at a limited number of places. Their value is highly volatile and it's fun never really knowing how much purchasing power you're going to have day to day. Plus you can buy drugs with your new virtual tokens. Any drug.

So you can continue using your boring old debit card, but if you want to have some extra excitement, a vast online drug selection, and the reward and satisfaction of knowing you figured out something really complicated, you should give Bitcoin™ a try!

[minerpumpkin]

Well as much as this a nice thing that focusses on the main technology behind Bitcoin, as much does it bother me that we - again - seem to try to avoid the word "Bitcoin". I don't think that it's very healthy if we go and try to avoid the name of the very technology we're trying to promote (or at least push forward!)

[Q7]

For the rest I think this is a very interesting approach that we can use to introduce bitcoin without even mentioning bitcoin's name. Especially right now when the reputation is somehow dented because of the scam involving ponzi and exchangers and people start to develop the negative perception upon hearing the bitcoin's name. In a way I would say it's good to introduce the coin.

[minerpumpkin]

For the rest I think this is a very interesting approach that we can use to introduce bitcoin without even mentioning bitcoin's name. Especially right now when the reputation is somehow dented because of the scam involving ponzi and exchangers and people start to develop the negative perception upon hearing the bitcoin's name. In a way I would say it's good to introduce the coin.

I believe using the 'ledger' aspect of Bitcoin as a sales pitch, it's a whole different product, then. Bitcoin as it is is mostly regarded as a currency, an investment, an asset, and a payment system, and maybe a backbone protocol. The latter aspect is much underrated, in my opinion, but we need actual products and services using the protocol. People don't usually care for the technology behind something, keep that in mind!

[cellard]

I think the CNN documentary "living with Bitcoin" did a decent job at trying to introduce Bitcoin to newbies, but as soon as you start getting technical they lose track. This is a decent alternative to explain, I don't think they'll get their heads around it. We need something specific for Bitcoin.

[fryarminer]

Good work. Needs a little refining.

For noobs I would say:

Money with freedom without banks or govenment or limits. You're in charge.

But more detail would come in later, once they start playing with it.