What is bitcoin

[abdillahzidan]

   Bitcoin is a virtual or digital currency also known as crypto created by mysterious (and unknown) Satoshi Nakamoto. Bitcoin like any other currency, can be used to buy goods locally and electronically. However, bitcoin differs from conventional money because it is decentralized and completely independent. No institution controls the Bitcoin Network and is not associated with a country like the US Dollar. The entire network is managed by individuals and organizations called Bitcoin Miners. Bitcoin miners process and verify bitcoin transactions through mathematical algorithms based on cryptographic hash algorithms (hence the name cryptocurrency) SHA256
   Bitcoin is decentralized
There is no central authority that controls Bitcoin or its network of transactions. The miner community Bitcoin network, processing transactions. If any changes are made to Bitcoin by developers or developers using GitHub, a majority of 51% of the miners must approve it. This ensures that, in theory, no individual can steal a bitcoin or print (create)

[coindynasty]

Bitcoin is a digital currency based upon blockchain technology. Mining is the process used for bitcoin transaction verification and releasing more of them. Other than that, it has some extraordinary characteristics like high level security, decentralization, volatility, anonymity, fast cheap transactions and high profits.

[Bonenx14]

Bitcoin is the first digital currency throughout the world - meaning, it is created and held electronically (i.e. computers). The good thing in bitcoin is that it is decentralized - meaning, it has no central authority, no banks, and you will not be charge of any transaction fees. You can use it as payment mode, and can be used in any part of the world unlike other currencies. Now, bitcoin's price increases and some says it will continue to rise as years pass by and possibly will be our future money. Also, bitcoin is received, stored, and sent using bitcoin wallet.

bitcoin is indeed an intangible digital money but we get a result that we can use for the economic needs that are currently in my area is always increasing.
so bitcoin we have a better life view.

[bitterguy28]

bitcoin as i heard created by nakamoto satoshi using internet connection in the technology as new digital cryptocurrency its called decentralized peer to peer digital currency its made to use online transaction payment wihtout control of central bank and bitcoin give to the people as of now a decent job and great earning including the knowledge how to get bitcoin income.

[cyberChevan]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

I have been always asked that question when I tried to share knowledge about bitcoin and its future. It turns out that still some people cannot understand what bitcoin is after you explained everything you know. I think there are people that are really not meant to be into bitcoin. Let us just leave it that way.  Maybe if they have at least a little interest in profits of bitcoin, they can learn it themselves by just searching on the internet. You can also provide some proof of what you gain in bitcoin, maybe a screenshot of your wallet containing the equivalent fiat of your bitcoin balance can make them interested.

[barabarian1]

bitcoin is a helper for someone who want to fight on it.
everyone know bitcoin is currency that blablabla, but bitcoin is like something gold, we can earn, sell with high price, we can loss them in short time

[Daniel91]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

I have been always asked that question when I tried to share knowledge about bitcoin and its future. It turns out that still some people cannot understand what bitcoin is after you explained everything you know. I think there are people that are really not meant to be into bitcoin. Let us just leave it that way.  Maybe if they have at least a little interest in profits of bitcoin, they can learn it themselves by just searching on the internet. You can also provide some proof of what you gain in bitcoin, maybe a screenshot of your wallet containing the equivalent fiat of your bitcoin balance can make them interested.

I have the same experience and agree with you, there are people that are really not meant to be into bitcoin.
Some people even told me that bitcoin have no value, that it is not based on anything real and that it is a big fraud.
So, I just give up from explaning bitcoin to them.

[asebaby]

Bitcoin is decentralized and bitcoin can be used as the mode of payment in some business and also bitcoin can be used to send some funds wherever you are whenever you want,. bitcoin is increasing the value itself,

You can also see bitcoin in three different ways
First Bitcoin functions as a payment system,similar to bank transfer or credit cards.
Secondly,Bitcoin is in some way is similar to gold,that is why people call it digital gold or 2.0.
Thirdly,Bitcoin is like an internet in which a single person can control ,and use it anyway they like.

[asebaby]

Bitcoin is decentralized and bitcoin can be used as the mode of payment in some business and also bitcoin can be used to send some funds wherever you are whenever you want,. bitcoin is increasing the value itself,

You can also see bitcoin in three different ways
First Bitcoin functions as a payment system,similar to bank transfer or credit cards.
Secondly,Bitcoin is in some way is similar to gold,that is why people call it digital gold or 2.0.
Thirdly,Bitcoin is like an internet in which a single person can control ,and use it anyway they like.

[Javathon]

I see bitcoin as a digital currency, I share its meaning as an internet money. Bitcoin is a faster way to do transaction compared to the present system. It is more secure and more convenient.

[Crypto_trader87]

Bitcoin is the future of money a decentralize enternet money that more faster and secured than ever you can withdraw it also in fiat money in your local money or enternational or you send it peer to peer transactions

[Faruque312]

Bitcoin is a online currency and its also a popular coin we know. Also bitcoin is my dream cause it can change my life and I will success my dream. Bitcoin can change whole nation.

[Akash55]

Bitcoin is no.1 crypto currency.It is also known as most popular crypto currency.It's so much easy to use and  it's the fastest at trading

[PancherBitCoin]

Bitcoin is a online currency and its also a popular coin we know. Also bitcoin is my dream cause it can change my life and I will success my dream. Bitcoin can change whole nation.

I'm just wondering which way Bitcoin or all the crypto currency can affect the development of your nation? The fact is that for a particular person or group of people Bitcoin Pool I really can, but not on the country or humanity as a whole.

[Cmoh]

Bitcoin is nothing but same value as of your fiat currency but called as digital currency. It has a great feature that it's transactions are done anonymously with peer-to-peer. Today the Bitcoin value has grown a millionth of times.

[Freshmen]

Bitcoin means an electronic or digital currency and which will become a game changer in the future. Bitcoin is not controlled by any government or company, so its complete freedom and bitcoin can easily make money through internet and our computer.

As you said, bitcoin is a digital currency which has no physical form but people have designed logos to represent the concept of digital gold. It is a great source of income and a true blessing for many unemployed people. Nobody owns this digital asset because it is decentralized and miners are people who release new bitcoins while verifying transactions at the same time.

[aeternus]

Bitcoin is an innovative payment network and a new kind of money ( Basically a electronic based currency, not a paper currency).
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Correct bitcoin is the first currency designed to be decentralized and completely digital, look at fiat that in contrast is centralized and at first it needs to be printed and then with the magic of fractional reserve banking we get all those nice numbers on the screen of fake money that only causes more inflation.

[charlemagne_15]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

Bitcoin is one of the greatest change within the currency world wherein it has given so much impact when it comes to the use of money. It is a digital currency which brings greay convinience with its users and it is free to be used by anyone at any age or any race. All you need to be is to be informative about it and make sure that you know all do's and don'ts.

[Krispin47]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

Whenever someone asks me about bitcoin, I simply tell them that it is a cryptocurrency which is said to be the number one and the most proven and tested currency for a long while. I always tell the to try it and search further more about the details about it. I don't make my explanations complicated because I know that they are just new from hearing about bitcoin so it would be better if I will narrow it down so they may know it and understand it more.

[Suguha]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

I think the right way to explain what bitcoin is to someone is by simply telling them that it is the leading cryptocurrency in the whole world. It is a global currency and sets no limitation with the people who may use it as long as they are knowledgeable and willing. It is also an independent cryptocurrency wich means it is free form the grip of the government.