How do you guys explain Bitcoins to a Non-Bitcoin User?

[JimmyTwoTone]

I like talking to Non user about them, I'm just curious what you guys like to say to them.....

[zaxcobra]

kind of emoney...

[Geremia]

I like talking to Non user about them, I'm just curious what you guys like to say to them.....

Emphasize that it's P2P, thus you don't have to trust 3rd parties mediating transactions. That's what a friend did to convince me something's special about Bitcoin. It's not just another e-money.

[Kruncha]

I say they're a bit like coins, and a bit not...

K.

[tmbp]

kind of emoney...

It's not really as much of an emoney as it is a virtual property. The different being is that when you buy emoney you buy a companies debt to you, here we have no debt since there is no "company". It is also defined as virtual property by most organizations in the world (except Paypal of course because people will define it the way it brings the most profit to them)

[Guido]

still learning myself and the different platforms to trade myself etc

one thing I don't understand is how is bitcoin and litecoin etc hosted?

I don't mean the miners I mean the original script
is it hosted on github and there fore safe from going down or on own servers, the original script, or does it work differently
can't find any answers to this

thanks in advance if anyone knows

[uMMcQxCWELNzkt]

I just compare BTC value to FIAT, don't mention mining as that will be a step to far for most people.

[zaxcobra]

kind of emoney...

It's not really as much of an emoney as it is a virtual property. The different being is that when you buy emoney you buy a companies debt to you, here we have no debt since there is no "company". It is also defined as virtual property by most organizations in the world (except Paypal of course because people will define it the way it brings the most profit to them)

yes. this makes sense.

[ripper]

It is a great idea but that mining is too artificial and somewhat crazy really. What a waste of computing resources!
Why not just have some kind of automatic bitcoin printing to inflate the supply, like the Fed does with $$s ?

[Kruncha]

still learning myself and the different platforms to trade myself etc

one thing I don't understand is how is bitcoin and litecoin etc hosted?

I don't mean the miners I mean the original script
is it hosted on github and there fore safe from going down or on own servers, the original script, or does it work differently
can't find any answers to this

thanks in advance if anyone knows

The original script is basically the blockchain ran on your wallet, so it's everywhere and can't be messed with.

K.

[JimmyTwoTone]

It kinda reminds me of talking about religion......  Its either a strong no or a strong yes, never really in between.

[ISAWHIM]

It is a digital-currency that is controlled by the people, for the people...

Easy to obtain, hard to get-rid-of, mostly free to exchange-hands from peer-to-peer, but seems to have a high tax for extraction to a currency... (Or just major complication or sacrafice of value, thus, loss of value.)

Potentially untraceable, mostly anonymous, potentially untaxable (If you earn income, that is legally taxable, if you claim it. EG, not nontaxable.)

Used to purchase a lot of disposable items... Food, digital-media, services...
Used to purchase "questionable" material... Porn, gambling, drugs, weapons...
Used to purchase major things... Furniture, Computers, Clothing...

What makes it unique?
 - No records of transactions. (Thus, also no chargebacks or refunds or legal-proof of purchase.)
 - Peer-assisted-transactions. (Thus, no one central bank to "control it", or "loose it".)
 - Offers online and offline storage. (Like a bank does, using currency. But no e-currancy does.)
 - Natively super secure, on and offline. (As opposed to being an afterthought, and your "dollars" from a bank are not "secured" in your pocket. People can spend those, but not secured bitcoins taken from your computer.)
 - YOU have to FIND trust. (Thus, you do more digging and research before making a purchase, unlike spending e-currency or dollars, where you often "assume" you are protected.)

[slv400]

digital pyramid

[RoryPaskin]

Tell them that it is an e currency

[Guido]

still learning myself and the different platforms to trade myself etc

one thing I don't understand is how is bitcoin and litecoin etc hosted?

I don't mean the miners I mean the original script
is it hosted on github and there fore safe from going down or on own servers, the original script, or does it work differently
can't find any answers to this

thanks in advance if anyone knows

The original script is basically the blockchain ran on your wallet, so it's everywhere and can't be messed with.

K.

thanks a lot, thats a really concise way of putting it
cheers

[Drizzle]

Drug pyramid currency which is based on communist hacker voodoo.

This, more or less. Money laundering pyramid scheme.

[coincrunch]

I always like when people ask me "Well, if I can set up a rig to mine them and create them out of thin air, why would I ever buy them on an exchange?"

To that, I usually reply, "Well, you can go mine gold, melt it down, and make your own bars too.  So why do you go and buy those?"

It usually turns out that they don't want to put in the effort..  for either of them.

[bowen151]

http://www.youtube.com/watch?v=ASw32qKppMw

[Kruncha]

I always like when people ask me "Well, if I can set up a rig to mine them and create them out of thin air, why would I ever buy them on an exchange?"

To that, I usually reply, "Well, you can go mine gold, melt it down, and make your own bars too.  So why do you go and buy those?"

It usually turns out that they don't want to put in the effort..  for either of them.

I agree

Paper money is a bit like virtual money, as its virtually worthless, except for the trust that you can trade it in at your central bank for gold.

Trust = Value; therefore bitcoins have value.

K.

[Kazimir]

Paper money is a bit like virtual money, as its virtually worthless, except for the trust that you can trade it in at your central bank for gold.

I surely hope nobody actually trusts that, as by no means can everyone's dollars ever be traded for gold.

Oh, and what makes gold worth anything in the first place? Right: the same kind of properties that Bitcoin also has by nature (and fiat money doesn't).