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

[TippingPoint]

Bitcoin

Money Done Right

[1713921471]

1713921471

[1713921471]

1713921471

[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?

If you like this post, please donate to breastfeed the homeless: 1ErCqJbDkxXGBKjNgF2Rs2cygAu9MJAcGf

[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.