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Boelens
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June 14, 2013, 04:50:42 PM
Last edit: June 15, 2013, 09:29:21 PM by Boelens |
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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.
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LinuxNut
Member
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Activity: 71
Merit: 10
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June 14, 2013, 07:21:44 PM |
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Bitcoin is a Government free digital currency that can be traded and spent anywhere in the world.
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Stunna (OP)
Legendary
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Activity: 3192
Merit: 1278
Primedice.com, Stake.com
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June 15, 2013, 08:13:49 AM |
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Will be picking a winner in about 12-15 hours. Last chance to get entries in.
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Dougie
Full Member
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Activity: 211
Merit: 100
You are not special.
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June 15, 2013, 10:59:39 AM |
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"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!
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Lurking since 2011...
1J4DhU3q6RxxCTfAAcg5ExVK6FfxkmzkTH
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veteranBtc
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June 15, 2013, 11:16:38 AM |
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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.
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matt_boyd
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June 15, 2013, 04:00:10 PM |
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It is simple, Bitcoin is anything you want it to be.
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JimCGSavings
Newbie
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Activity: 56
Merit: 0
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June 15, 2013, 04:14:22 PM |
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Bitcoin, it's how you buy things online without using your Credit Cards.
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Stunna (OP)
Legendary
Offline
Activity: 3192
Merit: 1278
Primedice.com, Stake.com
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June 15, 2013, 08:35:18 PM |
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Working on reading through these, make take a little bit longer to pick a winner than anticipated. Will be narrowing them down shortly.
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Stunna (OP)
Legendary
Offline
Activity: 3192
Merit: 1278
Primedice.com, Stake.com
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June 15, 2013, 11:56:49 PM
Last edit: June 16, 2013, 12:14:56 AM by Stunna |
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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
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Ares
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June 16, 2013, 12:11:14 AM |
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Winner selected, sent PM!
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counter
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June 16, 2013, 01:49:28 AM |
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Big ups for the contest Stunna and Congrats emancipater!!
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dwdoc
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Activity: 966
Merit: 1000
- - -Caveat Aleo- - -
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June 16, 2013, 02:03:18 AM |
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Well done!
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QuestionAuthority
Legendary
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Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
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June 16, 2013, 02:49:08 AM |
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Good job eMancipater! That was a good choice. I liked yours when I first read it.
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Dougie
Full Member
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Activity: 211
Merit: 100
You are not special.
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June 16, 2013, 07:02:57 AM |
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Yeah, great choice. Thanks for the contest!
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Lurking since 2011...
1J4DhU3q6RxxCTfAAcg5ExVK6FfxkmzkTH
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counter
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June 16, 2013, 08:09:23 AM |
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Winner selected, sent PM!
This will go down in hilarious post history!  |
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Este Nuno
Legendary
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Activity: 826
Merit: 1000
amarha
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June 16, 2013, 08:13:52 AM |
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+1 on the choice of winner. Good pick. Well deserved.
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DaFool
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Activity: 84
Merit: 10
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June 16, 2013, 06:02:04 PM |
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Congratulations! Nice definition and good choice by the creator of the bounty!
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http://btcinvest.net/bitcoin-mining-profit-calculator.php - check it out! ✓ next difficulty + time left ✓ customizable monthly (diff + USD/BTC) increasements ✓ device lead time ✓ update: auto-compares device costs to BTC-buy profit ♥ 1btciBCKb59TbzNj5QzC2EXWDARxtJL1f BTC: 19jQ4w1iNNGzc4qfHtrTfJZjMeqntBAXmg
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eMansipater
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June 16, 2013, 06:10:36 PM |
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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! |
If you found my post helpful, feel free to send a small tip to 1QGukeKbBQbXHtV6LgkQa977LJ3YHXXW8B Visit the BitCoin Q&A Site to ask questions or share knowledge. 0.009 BTC too confusing? Use mBTC instead! Details at www.em-bit.org or visit the project thread to help make Bitcoin prices more human-friendly. |
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