Bitcoin in 15 Words for Laymen

[Bitquux]

We are philatelists, only that we collect signatures :-)

Just learned a new word. Thanks.

[dduane]

Using new P2P technology and heavy duty cryptograpy, Bitcoin distributes the accounting of value across a network allowing for instant transfers.


Imagine if every time you spent or received money, it had to be confirmed (albeit anonymously) by everyone around you that the transaction had occurred.

Now imagine you had freely available open source software that connected to a network that facilitated this validation, enabling rapid transfer of measures of value all over the globe via the Internet.  That, is bitcoin. 


The Bitcoin system is a reputation engine of value where everyone who joins the network vouches for the amount of bitcoins in your wallet.

[eMansipater]

I think you guys all overestimate Joe Sixpack's level of familiarity with economic/technical/anarcho-capitalist/crypto lingo.  Here's my shot:

Bitcoins are cash that you store on your computer instead of in your wallet.

Or, breaking the 15 word limit but a little more detailed:

Bitcoins are cash that you store on your computer instead of in your wallet.  They're impossible to counterfeit, not controlled by any one person, and can be sent like email to anyone in large amounts or tiny fractions, for free.

sincerely,
eMansipater

[abstraction]

Bitcoin is a debit card. USD is a credit card with an interest rate.

[jwalck]

Bitcoin is a crypto-currency, cash controlled by mathematics instead of greedy bankers.

[ribuck]

Bitcoin is a crypto-currency, cash controlled by mathematics instead of greedy bankers.

I get what you're saying, but I don't think the layman wants their cash controlled by mathematicians either. Nor does the layman want the burden of learning what a crypto-currency might be. How about:

Bitcoin is a currency controlled by you instead of by a greedy wunch of bankers.

[jwalck]

Bitcoin is a crypto-currency, cash controlled by mathematics instead of greedy bankers.

I get what you're saying, but I don't think the layman wants their cash controlled by mathematicians either. Nor does the layman want the burden of learning what a crypto-currency might be. How about:

Bitcoin is a currency controlled by you instead of by a greedy wunch of bankers.

Not mathematicians! Mathematics. I would especially like to think most would want their currency controlled by mathematics. It's well proved and trustworthy when it comes to numbers. ;)

More and more people (even not computer savy) are learning about cipherspace. Why not crypto-currencies? Didn't say it would work this week, but people learn new terms all the time.:) For now it could be skipped though, for one tagline.

Bitcoin is a Internet-based currency, controlled by the rules of mathematics instead of greedy bankers.

[ribuck]

Not mathematicians! Mathematics.

Sure, I did read your description correctly. But for the layperson, the interpretation is likely to be "if something is controlled by mathematics, it's controlled by mathematicians".

Not mathematicians! Mathematics.
Bitcoin is a Internet-based currency, controlled by the rules of mathematics instead of greedy bankers.

I still think the layperson is only interested in currency that is controlled by themselves.

[jwalck]

I still think the layperson is only interested in currency that is controlled by themselves.

I dont think any currency ever will be. Direct trade, two pigs for your cow is the only form of exchange controlled by one person. Just my thoughts.

[molecular]

Online Gold

[S3052]

Online Gold

This is one of the best and foremost simplest expressions.

The only question to that is how to avoid confusing people with e-Gold and alikes?

perhaps:
ONLINE WEALTH

[chaord]

Bitcoin has the economic security of sound money, like gold and silver, yet in a convenient digital form.

[S3052]

+1

[Stephen Gornick]

You guys are awesome. I think the next step is to offer a prize of some kind for the best bitcoin phrase that accomplish the goal of this thread.

There's an app for that!
  http://witticisms.witcoin.com/witticism/24/Bitcoin-in-15-Words-for-Laymen

Or, at least there will be, when the compensation for upvoting is in place on Witcoin:

Both posts and replies can be upvoted.  The cost of upvoting is distributed as well.
Upon the first upvote, the cost of upvoting is distributed equally: 33.333% to site, 33.333% to category owner, 33.333% to poster|replier
Upon the second upvote, the cost of upvoting is distributed equally: 25% to site, 25% to category owner, 25% to poster|replier, 25% to first upvoter
Upon the third upvote, the cost of upvoting is distributed equally: 20% to site, 20% to category owner, 20% to poster|replier, 20% to first upvoter, 20% to second upvoter
etc.

  http://bitcointalk.org/index.php?topic=2516.msg42124#msg42124

[em3rgentOrdr]

Bitcoin is a crypto-currency, cash controlled by mathematics instead of greedy bankers.

I get what you're saying, but I don't think the layman wants their cash controlled by mathematicians either. Nor does the layman want the burden of learning what a crypto-currency might be. How about:

Bitcoin is a currency controlled by you instead of by a greedy wunch of bankers.

but now that just sounds like an advertising slogan, that even your average joe sixpack will identify as propaganda.

[grondilu]

I get what you're saying, but I don't think the layman wants their cash controlled by mathematicians either. Nor does the layman want the burden of learning what a crypto-currency might be. How about:

Mathematicians don't control mathematics.  They only study it.

[barbarousrelic]

Bitcoins are possibly illegal tender you can use to evade taxes and fund criminal activities.

There is no such thing as "illegal tender" because bartering is legal.

[ribuck]

There is no such thing as "illegal tender" because bartering is legal.

Bartering isn't legal if you're paying with prohibited vegetation.

[Anonymous]

It is perfectly legal to create a private currency.

[Anonymous]

Bitcoin - don't ask don't tell.