Whats Bitcoin?

[sk.kumar3582]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

[lambomoonmoney]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

TRUST IS BACKING IT UP

[Imfinnabeon]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

Not sure if they will be able to understand but this 2m video should be able to help simplify explaining bitcoin. https://www.youtube.com/watch?v=yTxmR0n6sCc hope it helps you

[Rosscy]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

Completed basic information i got about bitcoin are from here
https://bitcoin.org/en/faq

[Lodipetmalu]

Bitcoin is an alternative for cash, you can use it in purchasing to store accepting bitcoin. Also bitcoin is a good investment, it continue increasing value

[HabBear]

he asks, whats is bitcoin and what is backing it up?

The same thing that backs up the Euro or Dollar or Yen - Trust.

People say, a government backs currency. But most governments are in debt to the point of insolvency, that's not an entity or organization I would be trust in. Banks don't trust people that are deeply in debt. Why should we trust a government that's deeply in debt?

Bitcoin not being back by a government is precisely why it is trust worthy.

Don't try to explain the blockchain technology unless your elder starts to ask, so how does it work?

[BaliScript]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

I want to suggest the book ''Internet of money'' by andreas antonopoulos. It is written in a very simple language and very entertaining to read.

[grifter1870]

Bitcoin for me is a stepping stones in my entire life, and for the future.....
this should be our next currency as well.
Hoping for more success in bitcoins...

[sk.kumar3582]

he asks, whats is bitcoin and what is backing it up?

The same thing that backs up the Euro or Dollar or Yen - Trust.

People say, a government backs currency. But most governments are in debt to the point of insolvency, that's not an entity or organization I would be trust in. Banks don't trust people that are deeply in debt. Why should we trust a government that's deeply in debt?

Bitcoin not being back by a government is precisely why it is trust worthy.

Don't try to explain the blockchain technology unless your elder starts to ask, so how does it work?

actually in real world its gold who talks, not trust. any change in amount of that affects country currency very fast

ppl who are familiar with forex understand it. we have felt it closely on forex

but on crypto, when i say that you can make céypto yourself by solving some questions (blocks), they really get confused and aaaaalllways, i have to change subject for a news or movie or sth else to prevent being shot dead

and replies here shows that im not alone

I want to suggest the book ''Internet of money'' by andreas antonopoulos. It is written in a very simple language and very entertaining to read.

this one looks good, i will try it next week, it may help

[jmiro1]

The elder person might get a simple idea from Language. Took English for example, Internationally the best way to communicate for any two person in the world is English. Let's imagine a world with a single currency in every country. There was a time when gold where measured as currency in the entire world, just like that "Bitcoin" is a currency. Now, this currency does not belong to a pocket, but in an account,, say bank account for example, where transaction can be made without any notes moving around hand to hand. That could give him/her an initial idea. Let's not go to "Mining" here today.

[jekjekman]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

Just tell your elder that Bitcoin is the modern currency in the Internet or digital currency that is now being used worldwide with a price of $6000+ and it almost multiplied by 10 since last year. Bitcoin is backed by dollars if you think it logically as the market capitalization of it has $100+ billion now.

Some people said that dollars is backed by gold even though they are not seeing a single piece of gold in their dollar money but they know that it has a value so just like Bitcoin you can't see it but you can withdraw it if you really want to testify your elder, better show how to use it as a money.

[earl07]

bitcoin is the new currency although its differ from other currencies that we all know but bitcoin has the higher value.its a transparent cash that can be obtain from anonymous person,mining,investing etc.and earning through campaigns.

[sk.kumar3582]

Just tell your elder that Bitcoin is the modern currency in the Internet or digital currency that is now being used worldwide with a price of $6000+ and it almost multiplied by 10 since last year. Bitcoin is backed by dollars if you think it logically as the market capitalization of it has $100+ billion now.

Some people said that dollars is backed by gold even though they are not seeing a single piece of gold in their dollar money but they know that it has a value so just like Bitcoin you can't see it but you can withdraw it if you really want to testify your elder, better show how to use it as a money.

i used sth like this and few words from the book that @baliscript introduced,

it seems it has been working, cuz he asking more and more question daily and had saw he is following btc news too =)))

[anna444]

i have a big question,

if i have to explain Bitcoin to an elder, how can i do it?

he asks, whats is bitcoin and what is backing it up?

Im really helpless here X_X

any help would be appreciated

bitcoin is virtual cryptocurrency

[deadthings]

bitcoin is the new currency although its differ from other currencies that we all know but bitcoin has the higher value.its a transparent cash that can be obtain from anonymous person,mining,investing etc.and earning through campaigns.

This is not new but the oldest one coin which could be a worldwide currency in the nearest future, that's what we hope for.

[sk.kumar3582]

bitcoin is virtual cryptocurrency

very simple answer bu will follow a headache after facing few other question =))