How to explain bitcoin in 20 minutes?

[Monnt]

Think of gold, but virtual. People "mine" for gold, by generating random numbers to solve a complex algorithm. By solving this, they are encrypting a block, which takes pending transactions and confirms them. Each block encrypts itself and the ones before it further. The incentive of mining a block is the "coinbase", a prize for mining a block. Currently you recieve 25 BTC. A bitcoin is basically a virtual asset, that has monetary value based on its demand.

[mikehersh2]

There are some great videos online, and if you check out bit99 on youtube, he has a great video doing just that.