[1 BTC Bounty] What is Bitcoin? *ENDED*

[Stunna]

Hey all,

I get asked often what Bitcoin is and I find it really difficult to give a concise answer . I'd love a great one line reply to get people interested and wanting to know more. Looking for something short and direct that still manages to convey enough information.

I'd look favorably towards any creative answers. This includes any sort of illustration/art, post a short description to go with it.

Will announce the winner in 2 weeks from now. No need to leave your address, I'll just message you if you win and announce it on this thread

Good luck and Thanks!

-Stunna

EDIT: Winner selected!  PM sent,

Winner Paid
 

To a techie:  Bitcoin is Money Over Internet Protocol

To an economist:  Bitcoin is irreversible, ultrasecure, mathematical cowry shells

To an entrepreneur:  Bitcoin is digital money Lego--you can use it to build anything

To grandma:  Bitcoin is money that you can send like email

To a merchant:  Bitcoin is no service fees, no specialised hardware, and no chargebacks

To a first generation immigrant:  Bitcoin is 90% off Western Union fees for everyone

To Joe Everyman:  Bitcoin is a 5% discount on online shopping

To your great-grandchild:  Dollar bills were how people paid for things before we had Bitcoin

Congratulations to our much deserved winner!

[1715217676]

1715217676

[1715217676]

1715217676

[1715217676]

1715217676

[1715217676]

1715217676

[kuriboh]

To everyone who ask me this, I share this video

http://www.youtube.com/watch?v=Um63OQz3bjo

[hasher87]

Bitcoin, this is heavy

[Ares]

Bitcoin is a new technology and digital currency that does to money what email did to regular mail; makes it free, easier, faster, and safer to spend/move and also cannot be subject to government or other corruption and inflation because it is decentralized and deflationary by design.

[Chet]

Bitcoin is the future, of money. What the car was to the horse and buggy.

[The Bitcoin Catalog]

http://thebitcoincatalog.com/what-is-bitcoin/

[ashaw596]

Bitcoin is an decentralized electronic currency. Like all currencies, it is given value because people perceive it to have value and are willing to exchange things for it (like those numbers in the bank's computers or those pieces of paper you have). It is different in that it is all electronic and based on a decentralized peer to peer network that keep track of all transactions on a public ledger called the blockchain and allows people to freely hold, spend, and send money to anyone in the world without need to go through banks or government institutions.

[odolvlobo]

Bitcoin is a payment system. A person can send bitcoins to anyone anywhere and at any time directly without having to go through any company or organization. It is similar to other online payment systems except that it is completely operated and maintained by its users. It also has its own currency.


Most people think that Bitcoin is just a currency because that's all they ever read about. But, the payment system is far more important than the currency.

[TheButterZone]

Bitcoin is yours, 100% of it, no compromise.

[rudrigorc2]

Bitcoin is nature taking over man.

[TippingPoint]

Bitcoin is something that everyone wishes that they thought of first.

[freedomno1]

http://www.bloomberg.com/news/2013-05-30/bitcoin-the-perfect-schmuck-insurance.html
Bitcoin has unique strings that represent money and a mechanism to send these strings securely and safely wherever you want.  -- in an orderly, predictable way.

There is a famous scene in the Matrix where Morpheus asks Neo if he wants to take the blue pill and go back to life as he knows it or take the red pill and see life as it is. Neo takes the red pill and begins a period of exploration about humanity, hierarchy, rules, etc. Bitcoin is a red pill. There will be some bad and awkward moments, but lots of good, useful and powerful things will also ensue. It will reallocate financial strength and power to the people versus keeping it within a few centralized authorities.

[agnostic98]

The catalyst for true globalization

[haveagr8day]

Bitcoin is a math based currency that is not controlled by any central authority, but rather by all of those who use it. It is useful for having no/low fees, having the ability to be anonymous, and to be able to be transacted around the world.

[Jaden]

For some people, I think the stumbling block in understanding Bitcoin is due to their lack of experience with unstable currencies. I'm originally from Argentina where the government has replaced the currency multiple times. You learn very quickly that those pieces of paper you have in your wallet are nothing more than paper if everyone doesn't believe in it.

With that said, how do I handle explaining Bitcoin? I say that "Bitcoin is an electronic currency that is not governed by a central authority. There is no physical form, but you can use it to buy goods and services just like using your credit card." Then I'll get the usual question of what makes it valuable and I'll respond "Well, tell me what makes the US Dollar valuable?" They'll usually make the mistake of saying it's backed by gold or the government, but in the end we land on that it's valuable because we all think it is. Same thing with Bitcoin. They usually get it then.

[jaywaka2713]

Bitcoin is a digital asset that you can use to transfer funds to anybody. With Bitcoin, your money is really yours. Nobody can take it, tax it, or withdraw it without you doing it manually. Only you can send payments. Your transactions are verified by the network, which is a very large group of people contributing to a peer to peer connection system through a process nicknamed "mining". Mining not only keeps the network secure, but allows Bitcoin to be inflated at a stable pace using a factor called difficulty, which is provided through encryption. Bitcoin uses SHA-256 as its encryption medium. Bitcoin is essentially, a model of how banking should work.

[dwdoc]

I explained it to a physician friend like this:

Imagine if everyone agreed that each prime number was worth $100 and that you could buy and sell each known one and/or use a computer to discover new ones and that a jointly owned computer program tracked the location of each one.

[BorderBits]

Imagine 21 million butts juicily farting incessantly in your face -- Bitcoin!

[eMansipater]

To a techie:  Bitcoin is Money Over Internet Protocol

To an economist:  Bitcoin is irreversible, ultrasecure, mathematical cowry shells

To an entrepreneur:  Bitcoin is digital money Lego--you can use it to build anything

To grandma:  Bitcoin is money that you can send like email

To a merchant:  Bitcoin is no service fees, no specialised hardware, and no chargebacks

To a first generation immigrant:  Bitcoin is 90% off Western Union fees for everyone

To Joe Everyman:  Bitcoin is a 5% discount on online shopping

To your great-grandchild:  Dollar bills were how people paid for things before we had Bitcoin

[counter]

A scientifically based and mathematically proven currency system, put in place by atleast one of the worlds greatest minds of today.

And if u'd like to add.
  Addressing banking problems that have arose continuously throughout the history of the greatest societies, putting the control in the hands of the individual instead of a central authority.

Edit:

[BitKoot]

Bitcoin is a currency without banks to control, influence or decrease the value of the currency. Instead verifiable mathematical calculations are used to secure the transactions and storage of the currency.

[tarmi]

digital internet gold.

[Quartx]

Bitcoin is the defacto digital currency that has lots of potential and it is the future is finance <3

[acceptance2]

A little video I made.

http://www.youtube.com/watch?v=oXW2YgnkWwk

Doesn't necessarily explain it but does give people a frame of reference for it, helping them comprehend what it can do.

[jackjack]

Bitcoin is the first true and secure money.

[Abdussamad]

Bitcoin is a way to get rich quick!

[crumbcake]

Forget defining Bitcoin, I offer something much more valuable -- correction to your sig.

"♛ "Censorship is telling a man he can't have a steak just because a baby can't chew it." -MT  @PrimeDice"

Don't fret!  Censorship lets you have your stake, eat & even gamble it away.  At worst, it won't let you talk about it, but common etiquette should stop you from talking with your mouth full.
PM me for BTC addy.

[bg002h]

To a techie:  Bitcoin is Money Over Internet Protocol

To an economist:  Bitcoin is irreversible, ultrasecure mathematical cowry shells

To an entrepreneur:  Bitcoin is digital money Lego--you can use it to build anything

To grandma:  Bitcoin is money that you can send like email

To a merchant:  Bitcoin is no service fees, no specialised hardware, and no chargebacks

To a first generation immigrant:  Bitcoin is 90% off Western Union fees for everyone

To Joe Everyman:  Bitcoin is a 5% discount on online shopping

To your great-grandchild:  Dollar bills were how people paid for things before we had Bitcoin

+1. Well played

[ghibly79]

Currencies are simplicity to complicate. Bitcoin is complexity to simplify.

[St.Bit]

Dependes when you bought them and how smart your son is:

To your son: I don't know, but it paid for your PhD at Harvard.

[syn999]

its how you and me make money and move to the future

[dwdoc]

Pull out a $100 bill point to the serial # and tell your friend:

Imagine if you could transfer the value of a currency by sending its serial number to someone and that in addition to buying and selling existing serial numbers you could use a computer costing thousands of dollars to generate some new serial numbers.

[ganabb]

e-Money.

The future for Bitcoin does look as bright as it did last week, that's for sure.

[pheaonix]

bitcoin is a public online safety deposit box and people trade the boxes as currency. the miners keep it secure and clear transactions and are rewarded a bit for it.

[RockyMtnMiners]

Bitcoin is a public accounting ledger maintained online by a distributed network of computers. Computers on the network maintain the ledger's integrity by cross-checking transactions with each other. People who lend computing power to the network are rewarded with new units of currency, which can be thought of as new lines added to the accounting ledger.

[BorderBits]

Dependes when you bought them and how smart your son is:

To your son: I don't know, but it paid for your PhD at Harvard.

Like every other doctoral granting institution, Harvard funds their Ph.D. students. 

[Mcoroklo]

Bitcoin is a new payment system where you can send money like an email at very low fees.

[mt_bird]

Bitcoin is to dollars as Linux is to Windows.

[tom1]

Bitcoin is the future of money.

[Seth Otterstad]

http://www.youtube.com/watch?v=X_hz7TyQ_bs

This video is better than weusecoins

[CurbsideProphet]

The ability for anyone in the world to move money using military-grade cryptography.

(Based on a quote by David Perry, "It feels really surreal to use military-grade cryptography to pay for Schnitzel")

[BlueNote]

If you want an accurate, concise, and boring description of what it actually is:

A shared ledger on which people cryptographically exchange values which act as a money substitute.

[Stunna]

Forget defining Bitcoin, I offer something much more valuable -- correction to your sig.

"♛ "Censorship is telling a man he can't have a steak just because a baby can't chew it." -MT  @PrimeDice"

Don't fret!  Censorship lets you have your stake, eat & even gamble it away.  At worst, it won't let you talk about it, but common etiquette should stop you from talking with your mouth full.
PM me for BTC addy.

Have to admit I definitely got a kick out of that 

[glub0x]

bitcoin is a new technology, it allow money to circulate very fast with low to no fees and no fraud, Bitcoin is to money what internet has been to communication.

[QuestionAuthority]

Bitcoin is a cooperative money network allowing people to exchange value worldwide without business or government interference for almost no cost to the user.

[Este Nuno]

Bitcoin is an online currency backed by the most powerful computer network in the world and is limited, secure, and completely controlled by you.

[johnyj]

Freedom

[Punkonjunk]

these analogies are terrible because they are apples and oranges half the time. It's like X was to Y doesn't solve anything.


Bitcoin is an anonymous, decentralized, unregulated digital currency  and is protected from duplication by proof of it's existence from communal "work" or calculations similar to password cracking (or very simply, complex math that only computers are equipped for); the value is determined entirely by the holders of the coins.

I can't imagine a way to simplify it better than that.

[CtrlAltBernanke420]

Hey all,

I get asked often what Bitcoin is and I find it really difficult to give a concise answer . I'd love a great one line reply to get people interested and wanting to know more. Looking for something short and direct that still manages to convey enough information.

I'd look favorably towards any creative answers. This includes any sort of illustration/art, post a short description to go with it.

Will announce the winner in 2 weeks from now. No need to leave your address, I'll just message you if you win and announce it on this thread

Good luck and Thanks!

-Stunna

Bitcoin is a peer to peer currency, that acts also as an instant payment system, removing the banks, the supply of bitcoins is currently at about 11.5million and will never be more than 21million, this has the potential to revolutionize the world and the economy.. Gov'ts are considering it.

[Bakemono]

Bitcoin is a digital currency in which literally everything , from managing the instant transactions to issuing new money
happens by you and the millions of people already using it.

[ktttn]

Bitcoin is the decentralized means of production providing the redistribution of encrypted wealth.
Bitcoin is what aleins from the future will use to do trading of surreal numbers of quantum particles.
If Bitcoin goes down to $0.01/1BTC, yay; if Bitcoin goes up to $100,000,000/BTC, yay.
Bitcoin is a bunch of 1's and 0's that you can buy stuff with.
Bitcoin is a program that: firstly, keeps track of big numbers, secondly, sends transactions that only work if those numbers are the right numbers, and thirdly, lists your and everyone else's working transactions on a really big number.
Bitcoin is reverse multiplication on forex roids.
Bitcoin=Bittorrent/Wikileaks*Kickstarter^Banking-Taxes.

[BorderBits]

Bitcoins: Buy high, sell low, and still make a profit!

Bitcoin:  A decentralized¹ currency² with low transactions fees³ running on a secured⁴ network that can handle tens of transaction per second⁵.

1.  Decentralized in that one person programs it and 5 mining pool operators decide on changes.
2.  Few people use it as a currency and most only reference it in relation to its USD value.
3.  A regressive transaction fee; and low fees paid on a transaction can make that transaction take hours to process. 
4.  Just watch out for "hackers" and Chinese relic collectors.
5.  Don't even think about having a successful business that generates lots of transactions.

[lch]

Bitcoin is a medium of exchange, native to the internet that can be divided into an infinite amount.

[LogicalUnit]

A Bitcoin is one unit of a digital payment system, generated by computing power, exchanged freely over the internet, with mathematical security.

[willphase]

for those who have zero experience with computers - I go with the 'book' analogy which is something like this:

Imagine a village wants to make payments between villagers easy - so they create a huge book where all the payments from all participants take place.  In order for Farmer Bob to make a payment to Blacksmith Charlie, he writes 'I pay charlie 1 coin' and signs it with his unforgeable signature (imagine a very elaborate stamp that cannot be forged like Chinese emperor's used to use).  These are being written into the book and around every ten minutes the village picks one villager at random (via a lottery) to get to turn the page of the book, and because he has to come all the way to the village hall, he gets to finish the page with a payment to himself granting him some coins.  So, you can't go back and edit the transactions once the page has been turned.  Everyone in the village can go into the town hall and view the book to see who owns which coins.

So it's possible to reconstruct who owns which bitcoins by just looking through the book, but you can't edit them once the page has been turned, and you can't forge people's payments because of the signatures.

Will

[Cyrus]

Bitcoin - money v2.0

[LeChatNoir]

What is bitcoin?
A Ponzi scheme!

[Mabsark]

Bitcoin is the Internet Money.

[cheesylard]

It's like a huge torrent file that is just a .txt file with a list of wallets and their balances. Each wallet has its own hidden password that can be used to rewrite the .txt file and "transfer" funds to another wallet.

If people want to know more, you can go into deeper detail and relate how the miners verify the passwords are legit and actually write to the file, and why it takes time (confirmations) to make sure a transaction is legit, cause all of the other people's .txt files need to sync.

[shawshankinmate37927]

Bitcoin is the cure that will save the global economy from the cancer of central banking.

or another variation:

Bitcoin is the cure that will allow you to survive the cancer of central banking.


Edit:  Since chemotherapy has adverse side effects associated with it, I decided to replace "chemotherapy" with "cure".

[crumbcake]

Bitcoin is the chemotherapy that will save the global economy from the cancer of central banking.

or another variation:

Bitcoin is the chemotherapy that will allow you to survive the cancer of central banking.

or another variation:

Bitcoin is the chemotherapy offered to a terminal patient.  See also: I did it for lulz!  See also: Cruel & pointless.

[JohnsonX]

Digital currency for the information age.

[Branzig]

  Bitcoin is electronic crypto-currency.

1Vkaz6jgQkbLuGT72ewkwhYkf5nsmcSMJ


-Branzig.

[ktttn]

Bitcoin is the decentralized means of production providing the redistribution of encrypted wealth.
Bitcoin is what aleins from the future will use to do trading of surreal numbers of quantum particles.
If Bitcoin goes down to $0.01/1BTC, yay; if Bitcoin goes up to $100,000,000/BTC, yay.
Bitcoin is a bunch of 1's and 0's that you can buy stuff with.
Bitcoin is a program that: firstly, keeps track of big numbers, secondly, sends transactions that only work if those numbers are the right numbers, and thirdly, lists your and everyone else's working transactions on a really big number.
Bitcoin is reverse multiplication on forex roids.
Bitcoin=Bittorrent/Wikileaks*Kickstarter^Banking-Taxes.

Sub bounty:
If Bitcoin=BitTorrent/Wikileaks.... or your version including square roots of banks and fractions and stuff wins, (basically a cleverly written formula clearly based off mine) I'll give you 2/3 of the prize.
Deal?

[yona]

bitcoin is a protocol we share because we believe it will create a better future.

[arcticlava]

Sit down, Virginia.

What if I told you that a digital algorithm for peer-to-peer currency was invented that permanently removed control of transactions from banks and governments, and kept it solely in the hands of private citizens, equally throughout the globe, irrespective of nationality, race, or social status. And what if I further told you that through a historical quirk, this algorithm was adopted by a critical mass of people globally starting 4 years ago and and has been subjected to the most brutal sequence of hacking attempts and market manipulations ever attempted and has only gotten stronger for 4 years, and is in limited supply. Would you like to know more about how it works?

[BorderBits]

Sit down, Virginia.

What if I told you that a digital algorithm for peer-to-peer currency was invented that permanently removed control of transactions from banks and governments, and kept it solely in the hands of private citizens, equally throughout the globe, irrespective of nationality, race, or social status. And what if I further told you that through a historical quirk, this algorithm was adopted by a critical mass of people globally starting 4 years ago and and has been subjected to the most brutal sequence of hacking attempts and market manipulations ever attempted and has only gotten stronger for 4 years, and is in limited supply. Would you like to know more about how it works?

I think Virginia would kick you in the shins and run.

http://youtu.be/sTPMwqtDHw0

[paraipan]

@Stunna we liked your idea so I made a similar bounty on Rugatu, hope you don't mind.

http://www.rugatu.com/questions/18885/what-is-bitcoin

[Vandroiy]

Bitcoin recipe:

• Make a big file of who owns how many coins and give it to everyone.
• A computation contest is held and won once about every ten minutes. It distributes all the coins in the beginning.
• Winners of the contest can pick changes to be included as long as the payer signed them. They can keep any fees in return.
• Spice with scripting functions.

Voilà

[Kouye]

Bitcoin is a valuable asset.
You can send bitcoins to anyone without anyone knowing you did.
You can receive bitcoins from anyone without anyone knowing you did.
There is no central pool. Everyone owns their coins, compared to a bank account, and exchanges are from one owner to a recepient. No middle man.

Err... Flower! Butterfly!

[jag2k2]

Bitcoin is an open room with many clear piggy-banks.  The coins in these piggy banks have a hard upper limit are impossible to counterfeit.  The room is under constant video surveillance but at any time you can put on a mask, go into the room and move coins from your piggy bank to someone else's piggy bank. 

Credit to:
https://medium.com/bitcoins-digital-currency/a9a8c094feaf

But I'll still take the bounty : )

[acs26]

BitCoin is one of the first digitized currencies, called a 'Cryptocurrceny'. BitCoin is the first currency that can't be 'chargedback'. However, BitCoin is owned by you, taxed by you, managed by you, and mined by you.

[Vandroiy]

Bitcoin is a valuable asset.
You can send bitcoins to anyone without anyone knowing you did.
You can receive bitcoins from anyone without anyone knowing you did.

None of those are necessarily correct.

Simply sending Bitcoins is *not* anonymous. For example, a lot of transaction data was decoded when watching the Pirate Ponzi, linking up users -- and ultimately people -- to payments related to them. We only were able to do so because Bitcoin is the LEAST anonymous system in terms of concealing money flows. Some analyses were detailed enough to figure out contract details that were never made public outside the block chain. Tracking a single payment made to someone may help reveal his entire Bitcoin activity with time if he's not careful.

Also, the coins are valuable only because people believe in them. They weren't always and it's not an intrinsic property.

[graceza]

Bitcoin is digital money that knows no national border, is impossible to forge and completely immune to the inflationary policies of governments and central banks. It is math based, secured with cryptography and does not rely on trust.

The fact that so many people are willing to exchange their own country's currency to own it is Gresham's Law at work.

[Branzig]

http://bitcoinmagazine.com/about-us/

1Vkaz6jgQkbLuGT72ewkwhYkf5nsmcSMJ

[bitbybit2]

Bitcoin is the first veritable global automated banking machine. The Bitcoin address is analogous to your bank account number. The paperless Public Ledger is analogous to your Bank Passbook. And your Private Key is analogous to the specimen signature. It can also be imagined as a 3rd World cockfighting arena wherein you can bet even without a valid ID and you can collect your winnings even without signing a single contract. Ideally  transactions between two people or entity are anonymous to one another or even each other. You can check your balance and transaction details even without enrolling into the so called online banking option because bitcoin by default or even by design is automated and with the help of the block explorers like checkmybitcoin.com it is 100% in your face paperless financial record. And because of all this, the typical banking cost does not affect the system for there are no bank manager, supervisor and teller to deal with in terms of overhead cost and best of all no central bank authority and did I forget to mention that it is encrypted. It is anything but a scam.

[SolidG]

Bitcoin: IN MATH WE TRUST

Bitcoin: GOVERNED BY THE LAWS OF THE UNIVERSE

Bitcoin: FREE AT LAST, FREE AT LAST, F%&K THE CENTRAL BANKERS WE ARE FREE AT LAST!

[ktttn]

BitCoin is one of the first digitized currencies, called a 'Cryptocurrceny'. BitCoin is the first currency that can't be 'chargedback'. However, BitCoin is owned by you, taxed by you, managed by you, and mined by you.

Does the capital C make anyone else cringe their hair out?
Please, Bitcoin or bitcoin... not "BitCoin."

[beckspace]

What is Bitcoin?

Money is Bitcoin.

[viboracecata]

Bitcoin is a whole new e-currency can be governed by no one, opposite to the traditional fiat money. No inflation can be involved to fit the greed of capitalists and governors. And for its anonymity characteristic, no one can get how you use them or how much you have. Finally, bitcoin has every feature like fiat money. This is bitcoin.

[Stunna]

Loving all the responses so far, it will definitely be difficult to choose a winner.

Keep the entries coming 

[Dabs]

Bitcoin is money where you only need proof that you own it to use it. Then you can transfer it to anyone, anywhere, anytime, instantly.

Gimme my 1 BTC and I'll play more PrimeDice. hehe.

[Geocen]

Ok, I'll give it a shot...

It is the digital age version of the essence of money.

 

[odolvlobo]

You are all missing the point. Bitcoin is a payment system that has its own currency. You all dream of getting rich by owning some currency, but the payment system is the better investment.

[The second coming]

Bitcoin is the worlds Savior.

The One True Currency.

[lophie]

What I always tell my peers is the following:

"Bitcoin is a proposal for a different solution on a fundamental level of a very basic problem that we have chosen a complicated answer for so very long ago, because back then we did not have the technology nor the resources to take this route. And now that we do, The future will be brighter and better for all of us"

A bit cryptic I admit. But it always opens up the conversation for the really juicy stuff.

[lophie]

You are all missing the point. Bitcoin is a payment system that has its own currency. You all dream of getting rich by owning some currency, but the payment system is the better investment.

This payment system you are talking about is powered by Bitcoin the currency, I hope you would make the connection one day and understand why owning some of the currency == owning some of the payment system.

[crumbcake]

Bitcoin:

• Bitcoin:  The coin that made "Spare change, sir?" obsolete.
• Bitcoin:  The "don't ask, don't tell" currency.
• Bitcoin:  Because Thighmaster is so yesteryear.
• Bitcoin:  Your Hermes wallet is now obsolete.
• Bitcoin:  Fiat's not worth the paper it's printed on -- so we skimped on the paper.
• Bitcoin:  Monopoly money for the modern tycoon.
• Bitcoin:  Virtual currency for the Ersatz Elite.
• Bitcoin:  Mining is a white collar job.

[Jgguy]

Bitcoin is a payment system that allows people to pay each other directly without the need of a third party.

[zoriak]

Banks, bankers $, €, = corruption, are the past.        The present you decide what? BTC BTC or $, €,...          The Future is already here the BitCoin, the universal currency.

[Stunna]

A bit over a week left till I decide on a winner, lots of great entries. I'll probably have a friend or two help me pick a winner.

[CLains]

I got introduced with roughly the following explanation.

Imagine a secure room with a great number of piggy banks. In this room there are a great number of cameras keeping watch over everything that is happening in the room. Anyone is free to place a camera in the room and keep watch for themselves, and anyone is free to place a piggy bank in the room to keep their money in.

Each piggy bank has a public name which anyone can see, and a private key which is given to whoever placed that particular piggy bank in the room. If you want someone to put money in your piggy bank, you can just tell them the public name of your piggy bank and they will be able to do so.

Whenever YOU want to take coins out of your piggy bank and put it in one of the other piggy banks (which belong to other people) imagine the following: Walking into the room, using your private key to open your piggy bank, and placing as many coins as you want in one of the other piggy banks.

The cameras in the room will not be able to see your identity or your private key. The cameras only see that things are done in the proper way; that piggy bank X was opened in the right way, and that a certain amount of coins from piggy bank X was put in piggy bank Y.

What are cameras? Cameras are (open source) programs that any computer can run when connected to the internet. Why do people contribute cameras? Each user is rewarded with a small amount of new coins to the extent that they help keep watch of the room. And the more people help by keeping watch, the more secure the room will be.

[ninjaboon]

Bitcoin - The Internet Currency of Hope!

[JuenoMT]

What is BTCitcoin you ask?

Like all forms of Money,

a BTCitcoin is a measure of how much we Value

a single unit of our Lifes Energy,

or at least it is the Value we place

on the Time we have spent doing work,

Time which we shall never see again.

[Kouye]

Bitcoin is wealth.
As $ is wealth.

But you can choose how to store them. On your own computer. Under your bed. In a safe, on a SSD hidden in your trunk. Inside your cute co-worker.
When you need to pay your rent, you don't call your banker to perform a wire. You just do it, from your (under the bed;safe;computer, etc.) treasure. With close to no fee.

You actually own your wealth and distribute it yourself, to whoever you want.
You cannot be seized. Wealth is yours.
You own your wealth.

[lch]

BTC = m^v + i + c

where:
m = money
v = volume
i = internet
c = control

[i3lome]

Bitcoin allows 100% Protection from Identity theft and Complete Control over your money. Bitcoin removed the need to use personal information to make purchases or any online transaction. Just sent a payment and within an instant cant provide proof of payment and almost instant access to funds. No 3-7 day waits like some banks.

Bitcoin- Why wait when you don't have too.

[Branzig]

Bitcoin is like a box of chocolate.
1Vkaz6jgQkbLuGT72ewkwhYkf5nsmcSMJ

How much am I going to get, hmmm...?

Love you all,
-Branzig.

Twitter:@BranzigGracerX FB: http://www.facebook.com/branzig.garcia

[Stunna]

Ending in one week, I appreciate all the thoughtful and intelligent answers.

Thanks

[quantumlooper]

01฿01  Why Bitcoins?   01฿01

A curious newbie walks into a local bank and asks if he can convert his dollars into bitcoins.

His accounts immediately becomes frozen and is reported to the local federal authorities.

Bitcoins. It's 2013. Go binary or go home.


1MCooDAZYhQtqW6wzySJBzCANjGLiHN37d

[TippingPoint]

Bitcoin

Money Done Right

[Stunna]

Just a reminder, people can enter more than once if they'd like

[Kazimir]

Bitcoin is 'free' money (free as in speech) that can finally set us free from banks and governments.

[amincd]

Bitcoin is a digital currency that can be transferred through the internet and that is not controlled by any single company or server. The bitcoin currency exists in a peer to peer network run by thousands of computers, belonging to people who choose to run the Bitcoin software, all over the world.

[nicolazza]

When someone ask you about bitcoin, reply with 3 questions:
1. in this world can you safely transport everywhere ALL your money?
2. in this world can you send money somewhere without being watched by some agencies/banks/govs?
3. in this world can you freely manage your money?

If your friend answers "no" to all your questions, he is ready to understand bitcoin.
If your friend answers yes, he deserves fiat

[r3wt]

Bitcoin is a gamble. You could get rich, you could go bankrupt, or you could be stuck with cents. only one way to find out.

/pay me the money.

[Kazimir]

Bitcoin is a currency that combines the independence and trust of gold, with the ease of use, speed, and convenience of credit cards and online banking - a revolution in worldwide finance whose time has come!

[Fizpok]

I'd like to participate, as I just had an experience of converting a guy from "not interested cause I'm no geek" to "I'll keep that in mind"

The task is, as I see it, to explain what Bitcoin is to a non-libertanian. To a person that is kind of happy with dollar bills. To someone who is, perhaps, looking for advantages for his business, rather than for abstract freedom and privacy.

So... what is a Bitcoin?

Think coupons.

Bitcoin is a universal coupon, that you purchase in exchange for "real" money, and the reason you do it: you can use it online as you would use cash. No banks involved, no comission, no "show us your passport scan please to make the shopping experience more comfortable for you".

No nonsence. Bitcoin is a coupon that is designed to be more convenient than money, that's all.

And one more thing (don't tell it right away, wait for them to ask): There is no risk of laundering, as you still are under regulations when you buy bitcoins and when you sell them back to get "real" money.

Oh, and  I don't think saying that at some point the table might turn, and DOLLARS will become coupons... Yes, I don't think you need to volunteer THIS information. Not yet. After all, this has nothing to do with Bitcoin usability, does it not?

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[counter]

Payment/currency system allowing individuals to send funds to anyone anywhere securely without a overseer.

[Welsh]

Bitcoin is a currency which can be used as a alternative to FIAT. Bitcoin is becoming more popular throughout the world. It can be used to buy things offline and online as of 2013. Bitcoin can be earned just like fiat money. You can also 'mine' for Bitcoins which is lending you're computer resources in order to earn Bitcoin.

[dwdoc]

Bitcoin is an open public computer community generated global electronic currency which can be sent anywhere just like email.

[Svennisen]

Bitcoin is what the railroad was for industrialism, but for todays crippled finical ecosystem.

[Prattler]

http://www.youtube.com/watch?v=X_hz7TyQ_bs

This video is better than weusecoins

We have a winner. Seth Otterstad beat me to it! He deserves the 1 BTC.

[Fidgets]

Here's my short and sweet answer:

Bitcoin is a groundbreaking experiment in decentralized virtual currency, designed around anonymity and transparency of transactions.

(Of course that's the non-tech version, seeing as most of the people who ask the question rather than looking into it themselves aren't interested in the programming so much as the concept.)

[robertsu]

Bitcoin is currency  from future, today.

[BitcoinMoxy]

Just send them here: www.BitcoinMoxy.com

"It's the new digital money."

[Stunna]

Loving all the answers, having a really hard time narrowing them down to a few people.

Will give away the bitcoin in 4 days (June 15th)

[gettincoin]

Bitcoin is frictionless, near instant, and anonymous payments for any purpose from anyone anywhere to anyone anywhere else through the use of a cryptographically secured and decentralized digital currency that derives its value from its worldwide community of users and not from any government or bank anywhere on Earth.

[Kouye]

Tried this approach today with a friend, and kinda worked, I think, so I'm sharing (also trying to figure out a way to convince non-tech, no-clue-about-market people).

This is taking place in a world where telepathy is a reality.

Your balance is stored in your brain, and can even be organized in there ("for the kids", "for my retirement", "for booze", etc.).
When you want to pay someone, you just think about her (or him), and send the amount you want from any sub-account you desire.

The recipient only knows he received a payment from your sub-account name ("for booze"), and won't be able to know who you are.

Cheating ? No way.

Because whenever you issue a send order, it actually not goes directly from you to the recipient, but has to propagate through a few other people before it reaches her (or him).

Those "relay" people will propagate in turn, using telepathy, their knowledge of this transaction to their neighbour, who would do the same, etc. Soon, everyone knows the account "for booze" spent 3 coins in favor of "xhamster vip" account.

Since any payment you make hops through a few other people before reaching your recipient, they have full knowledge of all transactions that happened on the sub-account you're sending money from - thus knowing your balance. So if you're trying to cheat, they'll just block your payment and make sure it does not reach its recipient.

Of course, if you tried to create a "for booze" sub-account while I'm already using one with the same name, you wouldn't be allowed, because the name is already used. You'd have to go with a "for booze524".

If you never tell anyone you're the one holding "for booze" sub-account, people won't be able to figure out the account is actually yours.

"I can do the same with paypal!"

Yes. You can.
But then your payment, in the world described above, would ALWAYS pass through one single person, and ALWAYS the same one, before reaching the recipient.

When this person decides you can't pay... You can't pay anymore.
When this person decides they won't relay any transaction unless a fee of 50% is payed to him (or her)... You pay the fee or you sit on your money forever.

Using bitcoins, the knowledge is shared. It is collective memory.

You cannot cheat, because everyone's watching.
You cannot be harrassed or abused, because everyone's watching.
You cannot be stolen, because even the FBI cannot access your brain-wallet.


Long post, but it takes less than 10 minutes to voice out...
Sorry about the dodgy english, I'm not a native speaker.

[JuenoMT]

BTCitcoin

is the Pioneering Digital Currency

laying the Worlds First Foundations towards the Future of a Unified,

Worldwide BTCanking and Monetary System

Powered not by Big Business or Nations who Hord Resources

and not even by Governments that Overreach their rightful domains

but by Ordinary People from all over World

just like You and Me.

[jackjack]

BTCitcoin

is the Pioneering Digital Currency

laying the Worlds First Foundations towards the Future of a Unified,

Worldwide BTCanking and Monetary System

Powered not by Big Business or Nations who Hord Resources

and not even by Governments that Overreach their rightful domains

but by Ordinary People from all over World

just like You and Me.

Colors are always the first thing that raises my scam alert

[JuenoMT]

***ALERT*** Irrational Paranoia  ***ALERT***

Colors are always the first thing that raises my scam alert

Exactly WHAT am I scamming??

It's just an attempt at a poetic twist on the BTCitcoin Ideaology (and 1 BTC  ) and besides, I am a primary visual spacial thinker, the colors are for emphasis and my own satisfaction, I think it makes it more interesting and noticable. After all, it inspired you to respond didn't it?

When's the last time you have seen the sun? ==> In real life?

[jackjack]

***ALERT*** Irrational Paranoia  ***ALERT***

Colors are always the first thing that raises my scam alert

Exactly WHAT am I scamming??

It's just an attempt at a poetic twist on the BTCitcoin Ideaology (and 1 BTC  ) and besides, I am a primary visual spacial thinker, the colors are for emphasis and my own satisfaction, I think it makes it more interesting and noticable. After all, it inspired you to respond didn't it?

When's the last time you have seen the sun? ==> In real life?

Wow someone needs to relax
All I was saying is that if I were new and someone advertised me something super ultra cool with colors and all, I'd be suspicious

[zekesonxx]

Money today is based on trust in a central authority, such as the United States Treasury (USD) or the European Union (Euro). This keeps all finances private but is highly traceable and can be tracked back to a single person easily. Bitcoin is based on trust in highly-efficient and unbreakable math. All finances are public to everyone, however addresses have no person or organization associated with them (unless that person/org decided to publicly show their address in a official manner). Bitcoin is easy to use, albeit hard to acquire, and all forms of payment with bitcoin are irreversible.

[JuenoMT]

***ALERT*** Irrational Paranoia  ***ALERT***

Colors are always the first thing that raises my scam alert

Exactly WHAT am I scamming??

It's just an attempt at a poetic twist on the BTCitcoin Ideaology (and 1 BTC  ) and besides, I am a primary visual spacial thinker, the colors are for emphasis and my own satisfaction, I think it makes it more interesting and noticable. After all, it inspired you to respond didn't it?

When's the last time you have seen the sun? ==> In real life?

Wow someone needs to relax
All I was saying is that if I were new and someone advertised me something super ultra cool with colors and all, I'd be suspicious

Ha! Amusing, and I thought you were the one who needed to relax.

 No hurt feelings here, I may have misinterpreted your meaning and responded a liiitttlle heavy, but being tagged a scammer (which I am most certainly not) can be quite damaging in this forum. I have barely posted anything on bitcointalk.org and that tag has already been suggested on three occasions... sohh... ieye might bee joost ah weee bt sensahtuv. <==(think Irish accent)

Edit:

Oh.... annnd byyee the waaayy... you wrote

super ultra cool with colors and all.

So ya Deew think its (with eco) "Sooppperr... err... er... Ullltrrraa... traa... aa... aa... Coowwell... ell... ell... ell."

See that OP?? <==(blatant self promotion)

EDIT(again):Besides,  your spagetti god is no match for my infinitely variable, ever elusive, undefinable and unprovable  Supper Dupper  beyond any other dupper deity... so THERE!!

[spiral_mind]

Bitcoin is a revolution in social systems just as much as in currency. It represents hope for a better world. On its face Bitcoin is a private, secure, and efficient form of currency based upon cryptography and distributed p2p networking that can be used anywhere there is access to computers and the internet. What makes Bitcoin different from other currencies is how it prevents foul play.

Rather than using threats of punishment (like government backed currencies) to prevent people from cheating the system (which is inefficient and usually not completely effective) the community has programmed Bitcoin to make behavior which further stabilizes the system the most profitable choice of action. Attempting to guess the private & public key pairs that control access to Bitcoin users' funds would take so many calculations it is practically impossible. That computing power could be far more efficiently used to generate new Bitcoins directly instead. This narrows the ways to get Bitcoins down to either buying them (which increases the value of Bitcoins held by everyone else) or submiting computing power to the network (which makes it more secure).

Both efficiency and user confidence an order of magnitude better than the current centralized banking system is possible using Bitcoin. Beyond just currency Bitcoin represents a new leap forward in human civilization that will be backed by collective voluntary action rather than direct coercion by central authorities. Bitcoin is living proof that humanity can work together to create a better world.

[Fizpok]

Once upon a time, a great Satoshi Satori Master was approached by students.
- Tell us, Teacher, what is the essence of a Bitcoin? They asked.
- Hm... The master said. Imagine the sound of clapping with two hands. Imagined? This is what money are about.
And now, imagine the sound of the clap with one hand. This is what the Bitcoin is about.

Enlightened, students left the Master's meditation place, and only one youngest student hesitated and then asked:
- But Teacher, if there is only one hand moving, what makes the actual noise?
The Teacher smiled and answered, his voice deep and divine:
- The Government does, he said.

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[Stunna]

Picking a winner in two more days! 

[rouf553]

Bitcoin is the most valuable currency in the world.

[BitKoot]

My 2nd entry:

Bitcoin is a currency which can be send anywhere in the world from anywhere in the world. You can send very small amounts as easily, fast and reliable as very large amounts. You don't have to pay high fees. And you can do all this from any computer or your phone.

[DaFool]

From what I understand I would answer that Bitcoin is a cloudbanking solution where the banking accounts and the transactions are stored in a common file, the "Blockchain". This file is known to every client but can't be manipulated because the clients compare the version of their file to the version in the network in realtime, thereby making it impossible to manipulate it without controlling more than 50% of the network.

The new data of transactions is fed into the Blockchain with a very hard to break cryptic algorythm. (That's why people refer to Bitcoin as a CRYPTOcurrency.) Computing power of so called "miners" help to weave this new information into the Blockchain, rewarding them with new "bitcoins" that they recieve for processing that new information.

This system is decentralized and is an alternative to centralized monetary systems that are open to manipulation by the institutions that run it (the banks). Since the common file can't be changed by anyone, the need to trust a central institution becomes obsolete and the integrity of the monetary system could be restored.

Next time someone asks you what Bitcoin is you can quote me on that and send 1 BTC to this adress: 19jQ4w1iNNGzc4qfHtrTfJZjMeqntBAXmg  

[freedomno1]

Thought about it more

Bitcoin is a user participated currency exchange, people have the option to choose to participate or not, unlike Fiat currencies bitcoins are backed by people itself and it is the people who decide its value.

As a system that has nothing to hide it is far more transparent accessible and convertible than all of the worlds fiat currencies. With lower fees for money transfers, for trading and even for providing aid and funding directly to disaster zones virtual currencies have the potential to change the world.

[dwdoc]

Bitcoin is digital money which can be instantly and reliably emailed anywhere.

[jaywaka2713]

Bitcoin is digital money which can be instantly and reliably emailed anywhere.

Just a note, email would be the wrong terminology. Transferred, Sent, or Utilized would be better terms.

[Fizpok]

Think of Fiat as Dinosaurus. They were huge and strong, and there was time they ruled the Earth.
Now think of Bitcoin and Mammals.

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[alberthrocks]

Short and sweet you say? Voila:

BTCitcoin - a little coin that can do great things.

1KsySqfN4tmbLBznowjam8qvbsQ5twKVZP

[dwdoc]

Bitcoin is digital money which can be instantly and reliably emailed anywhere.

Just a note, email would be the wrong terminology. Transferred, Sent, or Utilized would be better terms.

Email as in:
To email: To electronically mail: To electronically send.

Also, the end user experience off sending and receiving bitcoin from and to a wallet address is very much like sending and receiving email.

[jaywaka2713]

Bitcoin is digital money which can be instantly and reliably emailed anywhere.

Just a note, email would be the wrong terminology. Transferred, Sent, or Utilized would be better terms.

Email as in:
To email: To electronically mail: To electronically send.

Also, the end user experience off sending and receiving bitcoin from and to a wallet address is very much like sending and receiving email.

True, but in terms of mass adoption with the majority of people, the term email is directly related to sending emails. It's true definition isn't actually understood by most.

[BitcoinBarrel]

Bitcoin is a Decentralized Peer-2-Peer Digital Cryptocurrency

Bitcoin is an Open-source Financial Network

[dwdoc]

Bitcoin is digital money which can be instantly and reliably emailed anywhere.

Just a note, email would be the wrong terminology. Transferred, Sent, or Utilized would be better terms.

Email as in:
To email: To electronically mail: To electronically send.

Also, the end user experience off sending and receiving bitcoin from and to a wallet address is very much like sending and receiving email.

True, but in terms of mass adoption with the majority of people, the term email is directly related to sending emails. It's true definition isn't actually understood by most.

Bitcoin is digital money which can be instantly and reliably sent or received anywhere just like email.

[Boelens]

A peer 2 peer decentralized digital currency for anonymous,quick,secure and easy transactions.

EDIT:
If I am allowed to submit multiples :

An easy to use digital currency, where you can send secure and quick transactions over the entire world for nearly no fees.

[LinuxNut]

Bitcoin is a Government free digital currency that can be traded and spent anywhere in the world. 

[Stunna]

Will be picking a winner in about 12-15 hours. Last chance to get entries in.

[Dougie]

"Bitcoin is a decentralised peer to peer cryptocurrency" is how I start.

The interested people will ask about the various parts of the sentence, what does 'crypto' mean or what does 'decentralised' mean and then I will elaborate.

Those not so interested will just hear the end bit, 'currency' and ask how it can have value and then I'll ask them how anything has value. They might not even ask anything but will probably have taken something from that sentence.

I also carry a physical bitcoin and give it to people to look at if they are interested and explain how it works if they ask.

I know some of the answers are much better but I just thought I'd throw my technique in there!

[veteranBtc]

Bitcoin (BTC) is a cryptocurrency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it a peer-to-peer, electronic cash system. Bitcoin creation and transfer is based on an open source cryptographic protocol and is not managed by any central authority. Each bitcoin is subdivided down to eight decimal places, forming 100 million smaller units called satoshis. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.

The processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peer filesharing technology. In addition to archiving transactions, each new ledger update creates some newly minted bitcoins. The number of new bitcoins created in each update is halved every 4 years until the year 2140 when this number will round down to zero. At that time no more bitcoins will be added into circulation and the total number of bitcoins will have reached a maximum of 21 million bitcoins.

Bitcoin is accepted in trade by merchants and individuals in many parts of the world. Like other currencies, illicit drug and gambling transactions constitute some of its commercial usage. Although the bitcoin is promoted as a digital currency, many commentators have criticized the bitcoin's volatile exchange rate, relatively inflexible supply, and minimal use in trade.

[matt_boyd]

It is simple, Bitcoin is anything you want it to be.

[JimCGSavings]

Bitcoin, it's how you buy things online without using your Credit Cards.

[Stunna]

Working on reading through these, make take a little bit longer to pick a winner than anticipated. Will be narrowing them down shortly.

[Stunna]

Winner selected, sent PM!

Congrats to eMansipater   

To a techie:  Bitcoin is Money Over Internet Protocol

To an economist:  Bitcoin is irreversible, ultrasecure, mathematical cowry shells

To an entrepreneur:  Bitcoin is digital money Lego--you can use it to build anything

To grandma:  Bitcoin is money that you can send like email

To a merchant:  Bitcoin is no service fees, no specialised hardware, and no chargebacks

To a first generation immigrant:  Bitcoin is 90% off Western Union fees for everyone

To Joe Everyman:  Bitcoin is a 5% discount on online shopping

To your great-grandchild:  Dollar bills were how people paid for things before we had Bitcoin

[Ares]

Winner selected, sent PM!

[counter]

Big ups for the contest Stunna and Congrats emancipater!!

[dwdoc]

Well done!

[veteranBtc]

Winner selected, sent PM!

This gif made my day 

[QuestionAuthority]

Good job eMancipater! That was a good choice. I liked yours when I first read it.

[Dougie]

Yeah, great choice. Thanks for the contest!

[counter]

Winner selected, sent PM!

This will go down in hilarious post history! 

[Este Nuno]

+1 on the choice of winner. Good pick. Well deserved.

[DaFool]

Congratulations! Nice definition and good choice by the creator of the bounty!

[eMansipater]

Winner selected, sent PM!

Congrats to eMansipater   

Wow, thanks Stunna!  You know I love me a chance to talk about my favourite cryptocurrency   Thanks for offering the bounty and launching this awesome thread!

[Stunna]

Winner selected, sent PM!

Congrats to eMansipater   

Wow, thanks Stunna!  You know I love me a chance to talk about my favourite cryptocurrency   Thanks for offering the bounty and launching this awesome thread!

https://blockchain.info/de/tx/ac885825a9b70bfd6099db8b21b3e91be7bf7b37c27602053af4ced7b7f2b44a  sent, thanks for the fantastic entry. Well deserved!

[freedomno1]

Winner selected, sent PM!

Great choice hehe (Reminds me of that creepy panda ad set xd)
http://www.youtube.com/watch?v=4277ZqJEd7Q
Gz easy

[gangz]

Congrats to the winner seems I'm too late to participate though!