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

[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.