https://www.youtube.com/watch?v=JhdM4_iRHyEThis is a talk by a university professor entitled "The Economics of Bitcoin & Virtual Currency". In it she describes Bitcoin as a spreadsheet, states that Bitcoin is the first virtual asset (hasn't she heard of domain names?), and regards it simply as a means of transferring fiat currencies. It's dated June 2015, so it must reflect current thinking. If her ideas are prevalent, then we have a wonderful future in the world of Bitcoin.
Well she also says "ledger" right after using spreadsheet. Its commonly used to describe the blockchain. I recently learned the word journal[1] might be a more fitting description though. There are many issues with the technical details in her explanations, the intro clearly stated that its not about how bitcoin actually works, but rather what it can be used for.
She gives a fairly high level and rough explanation of how bitcoin works in order to get to the points that are important to her.
# Fast transfer of value across the world without the need of an authority figure
# possibly replace SWIFT with a digital currency system like RIPPLE (shes biased, because involved)
# split checks without using cash by transfering small amounts among friends (e.g. via smartphones)
# remittances with lower fees and without or with very low exchange rate risks
# programmable payments
# escrow for small amounts
I dont think its that horrible if you consider the audience.
[1]
https://en.wikipedia.org/wiki/Journal_entry
