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

[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