What is Bitcoin? (In 21 words)

[SgtSpike]

"Bitcoin lets you send money to anyone, anywhere in the world, for free, instantly, and without involving a bank or government."

[evoorhees]

In three words...

"Bitcoin is money"

[DannyHamilton]

"Bitcoin lets you send money to anyone who is aware of its existence and has a bitcoin wallet, anywhere in the world as long as internet access is available, for free, instantly, and without involving a bank or government, but with the assistance of transaction processors commonly called bitcoin miners."

FTFY  

Looks like it's 50 words now.

[adamstgBit]

To create some bitcoins, you must prove to the network you computed a CRAZY math problem. its very hard to compute the answer, but very easy for the network to verify your proof. all made possible thanks to encryption.

[BitPay Business Solutions]

Bitcoin is a global peer-to-peer payment network.

[adamstgBit]

To create some bitcoins, you must prove to the network you computed a CRAZY math problem. its very hard to compute the answer, but very easy for the network to verify your proof. all made possible thanks to encryption.

If someone could create bitcoins without this proof of work, bitcoin would be worthless. the fact that we can that the network can securely out-source the creation of the coins, is what makes bitcoin decentralized, and why everyone is so excited.

[joecascio]

Bitcoin is Cash at a distance. It's Money Without Borders.

[DannyHamilton]

To create some bitcoins, you must prove to the network you computed a CRAZY math problem. its very hard to compute the answer, but very easy for the network to verify your proof. all made possible thanks to a cryptographic hash function.

FTFY 

[adamstgBit]

To create some bitcoins, you must prove to the network you computed a CRAZY math problem. its very hard to compute the answer, but very easy for the network to verify your proof. all made possible thanks to a cryptographic hash function.

FTFY 

thanks.
 this reminds me...

"bitcoin is a cryptographic religion" 

[hazek]

Bitcoin is anyone running the Bitcoin software connected into a peer to peer network that is a payment system with a digital currency.
(technical pitch)


Bitcoin is a method of transferring wealth to anyone, anywhere, anytime, at almost no cost and with virtually no chance of fraud.
(business pitch)


Bitcoin is money that is based on freedom, honesty, progress and complete control over your finances.
(general public pitch)

[yogi]

Bitcoin is - "Internet money".

[pyramining]

Bitcoin FTW!

[Stephen Gornick]

"Bitcoin lets you send money to anyone, anywhere in the world, for free, instantly, and without involving a bank or government."

Except for the most part you can't send for free.  Nor is it really instant -- most transactions must confirm with six confirmations before payment is recognized.

This was a post yesterday on Reddit:
 - http://www.reddit.com/r/Bitcoin/comments/157sy8/describe_bitcoin_in_50_words_or_less

Meni had a pretty good one:
 "Bitcoin is the world's first decentralized digital currency. It empowers people everywhere with autonomy over their finances and the ability to transact freely and easily."

But then go to a convenience store and tell that to the person standing behind you in line.  Then ask that person to tell you what Bitcoin is.

I doubt those same words will be returned.

Let's say instead that the person in front of you buys a lottery ticket.  You could explain to that person that bitcoin is a way to buy a lottery tickets where the return is 41% higher than the one they just bought (BitLotto payouts are 99% of wagers, state-run lotteries like MegaMillions are in the 70% range).

Or perhaps at the line at a pharmacy describe how bitcoins can be used to buy generic medications sometimes at half the price or less because they are bought online from a seller who ships from a country where the generics are produced.

Or when you see a sign at a store that says "cash only", describe how bitcoins work like cash and by accepting bitcoins the store can attract customers who have bitcoins to spend yet the store won't have to suffer payment card network costs.

So yes it is difficult to describe bitcoin in a sentence or two that conveys a message that really describes it well and is relevant.

[SgtSpike]

"Bitcoin lets you send money to anyone, anywhere in the world, for free, instantly, and without involving a bank or government."

Except for the most part you can't send for free.  Nor is it really instant -- most transactions must confirm with six confirmations before payment is recognized.

It is mostly free.  The only transactions that I've seen thus far that have required a fee for me to send are those that dip into the realm of the sub-penny.  It can always be free (if the user chooses), so for the purposes of keeping the description simple, I don't see a problem with calling it free.  I agree that instantly is debatable, though for any instance in which both parties trust each other, it is effectively instant.

This was a post yesterday on Reddit:
 - http://www.reddit.com/r/Bitcoin/comments/157sy8/describe_bitcoin_in_50_words_or_less

Meni had a pretty good one:
 "Bitcoin is the world's first decentralized digital currency. It empowers people everywhere with autonomy over their finances and the ability to transact freely and easily."

But then go to a convenience store and tell that to the person standing behind you in line.  Then ask that person to tell you what Bitcoin is.

I doubt those same words will be returned.

Let's say instead that the person in front of you buys a lottery ticket.  You could explain to that person that bitcoin is a way to buy a lottery tickets where the return is 41% higher than the one they just bought (BitLotto payouts are 99% of wagers, state-run lotteries like MegaMillions are in the 70% range).

Or perhaps at the line at a pharmacy describe how bitcoins can be used to buy generic medications sometimes at half the price or less because they are bought online from a seller who ships from a country where the generics are produced.

Or when you see a sign at a store that says "cash only", describe how bitcoins work like cash and by accepting bitcoins the store can attract customers who have bitcoins to spend yet the store won't have to suffer payment card network costs.

So yes it is difficult to describe bitcoin in a sentence or two that conveys a message that really describes it well and is relevant.

I do not like descriptions that throw words in that are not used in every day language.  "Decentralized", "autonomy", "transact" should all be banished from Meni's description - they aren't words that the average person can immediately relate to.  Instead, phrases like "without involving a government or bank", "to anyone, anywhere in the world", and "send money" should be used.

Like you said about mentioning it to someone at a convenience store, such a cryptic message as Meni's would be difficult for a person to process and easily forgettable.  A description needs to be much more direct, and have much simpler language to be effective.

K.I.S.S.

[wachtwoord]

A store and exchange of value

[nimnul]

Here is my attempt. I tried to avoid complicated words such as inflation and cryptography which nobody actually understands  

Bitcoin is a new system to keep and send money. Many people accept payments in Bitcoins instead of dollars. You can exchange Bitcoins to dollars and back. You can send bitcoins to another person.

Bitcoin has both advantages and disadvantages over conventional finances: cash, bank accounts, credit cards, paper money, Paypal and Western Union.

Bitcoin is very different from what people think of money: it is not backed by anything like gold bullets or government laws, and has no issuing organization. But it has worked so far.

Banks and government backed cash don't work well for everyone. Sending to some countries, or some amounts may be too costly, take too long or prohibited altogether. Bitcoin helps people by lifting the limitations of traditional systems. It imposes its own limitations but many people still find it advantageous. Advanced knowledge of math and economics is required to understand all its advantages. The usage was limited to geeks and enthusiasts but it may change as more people become aware of Bitcoin existence and principles it is based on.

As long as sender and receiver are aware of Bitcoin and have internet connection, they can have bitcoin wallets in their computers and transfer bitcoins between them to pay or to help. Many people did.

[xxjs]

Here is my attempt. I tried to avoid complicated words such as inflation and cryptography which nobody actually understands  

Bitcoin is a new system to keep and send money. Many people accept payments in Bitcoins instead of dollars. You can exchange Bitcoins to dollars and back. You can send bitcoins to another person.

Bitcoin has both advantages and disadvantages over conventional finances: cash, bank accounts, credit cards, paper money, Paypal and Western Union.

Bitcoin is very different from what people think of money: it is not backed by anything like gold bullets or government laws, and has no issuing organization. But it has worked so far.

Banks and government backed cash don't work well for everyone. Sending to some countries, or some amounts may be too costly, take too long or prohibited altogether. Bitcoin helps people by lifting the limitations of traditional systems. It imposes its own limitations but many people still find it advantageous. Advanced knowledge of math and economics is required to understand all its advantages. The usage was limited to geeks and enthusiasts but it may change as more people become aware of Bitcoin existence and principles it is based on.

As long as sender and receiver are aware of Bitcoin and have internet connection, they can have bitcoin wallets in their computers and transfer bitcoins between them to pay or to help. Many people did.

Great description. I like it.

[franky1]

bitcoin is much like paypal for payment transfer but the fee's are ALOT smaller and not regulated/controlled by one company.

21 words i think 

[Largo]

Bitcoin is a global peer-to-peer payment network.

I liked that one best so far.

But i would add:

Bitcoin is a global peer-to-peer currency and payment network.

More than that will definitely be too much for the average joe with an attention span of 2 seconds. 

Keep it short, and if they get interessted let them ask for more info.

[Phinnaeus Gage]

bitcoin is much like paypal for payment transfer but the fee's are ALOT smaller and not regulated/controlled by one company.

21 words i think 

Inspired by this post, I now offer a bounty for the best submission: https://bitcointalk.org/index.php?topic=132012.0

The object is to beat the below.



I didn't want to derail this thread by offering up the contest here. I almost opted to do such, but luckily thought better of the idea.

~Bruno K~