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Author Topic: How do I explain Bitcoin in simple terms to someone?  (Read 278 times)
cryptoman1ac
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January 21, 2018, 03:15:17 AM
 #21

I would suggest you direct him/her (whoever you want to know about bitcoin) to "qoinpro.com" since the site gives clear definition of bitcoin, what its purpose, why it's made, who is the man behind it, etc. Also you can make account there coz they give free coins daily and they even support bitcoin hard fork. That means you get a new coin as a result of fork. I am not promoting qoinpro by the way but I cant see another site or blog that explains bitcoins in a simple manner and can easily be understood Smiley

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MariamSargsan0101
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January 22, 2018, 01:33:42 AM
 #22

A very good explanation from bitcoinwiki:
Bitcoin was invented as a peer-to-peer system for online payments that does not require a trusted central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users. In this guide we hope to explain what Bitcoin is and how it works as well as describe how you can use it to improve your life.

What is Bitcoin?
Since anything digital can be copied over and over again, the hard part about implementing a digital payment system is making sure that nobody spends the same money more than once. Traditionally, this is done by having a trusted central authority (like PayPal) that verifies all of the transactions. The core innovation that makes Bitcoin special is that it uses consensus in a massive peer-to-peer network to verify transactions. This results in a system where payments are non-reversible, accounts cannot be frozen, and transaction fees are much lower.

Where do bitcoins come from?
We go more in-depth about this on the page about mining, but here’s a very simple explanation: Some users put their computers to work verifying transactions in the peer-to-peer network mentioned above. These users are rewarded with new bitcoins proportional to the amount of computing power they donate to the network.

Who controls Bitcoin?
As we mentioned above, there is no central person or central authority in charge of Bitcoin. Various programmers donate their time developing the open source Bitcoin software and can make changes subject to the approval of lead developer Gavin Andresen. The individual miners then choose whether to install the new version of the software or stick to the old one, essentially “voting” with their processing power. It is in the miners’ best interest to only accept changes that are good for the Bitcoin currency in the long run. These checks and balances make it difficult for anyone to manipulate Bitcoin.
rememberme15
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January 22, 2018, 02:15:52 AM
 #23

Yah I asked many quesions at first, too, but I didnt have only one person as source, I did my research too.
If someone is really eager to be informed, just tell him it's an online/digital currency and what it does and how it is acquired, for the more specific details, he'd learn better with his own experience. Wink Grin Roll Eyes
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January 22, 2018, 07:33:01 AM
 #24

To me i could just say bitcoin is a digital currency...
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May 24, 2018, 04:06:46 PM
 #25

In the world of traditional payment systems, I believe that Bitcoin is something that is one step ahead of the time and that's why it is taking some time for the people and even for the governments to digest this technology. For me, Bitcoin is a vehicle having the potential to speed up the financial transactions and ultimately resulting in the optimization of the global economy. I would prefer demonstration of the actual Bitcoin transaction if I want to explain Bitcoin to someone as I believe practical knowledge is attractive and easy to understand as compared to the theoretical knowledge.

romanengel
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May 24, 2018, 04:32:51 PM
 #26

I use the gold to compare:
What do you know about Gold?
Do use Gold?
Bitcoin is a gold of the internet: rare and expensive.
And you use it like gold.

light crypto!

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May 24, 2018, 07:41:48 PM
 #27

If the capital market for the capitalization reaches the gold market (~ 8 trillion dollars), the cue ball and more than 60k will be worth. Now the capitalization of the market is about 500 billion dollars.
Nataly76
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May 24, 2018, 07:48:39 PM
 #28

This is a new generation of decentralized digital currency created and operating only on the Internet. It is not controlled by anyone, currency emission occurs through the work of millions of computers around the world using a program to calculate mathematical algorithms. This is the essence of bitcoin. But I don't know, can ordinary people understand that? Roll Eyes
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June 16, 2018, 07:48:19 AM
 #29

Stanly! I have had this conversation countless times and tried explaining several different ways.
The secret I have found: Words are hard, pictures are easier.

I have 3 links to share that will make this very easy for you.

Simple explanations with awesome illustrations, super fun & easy: https://www.upfolio.com/ultimate-bitcoin-guide

More in-depth explanation with extra details: https://www.coindesk.com/information/what-is-bitcoin/

Nerd status if they level up and want to go deeeeeeper: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it


Good luck! I think explaining bitcoin is a fun challenge! Have fun with it =)


A very intuitive example. I am very interested in it. This knowledge is very useful to me.
thank you for share.
andohyeb
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June 16, 2018, 06:22:38 PM
 #30

To me I use money remitance service like bank swift to explain bitcoins , but rather as a peer to peer transactions. I will further add the investment value of bitcoins if kept for a longer period of time, and also explains the negative side: The risk factor of holding it.
Leoxina
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June 18, 2018, 09:49:23 AM
 #31

Bitcoin is an asset in a digital currency form which can be use to transact
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June 18, 2018, 12:04:04 PM
 #32

Bitcoin is the world's first cryptocurrency, a form of electronic cash sent peer-to-peer without the need for a financial intermediary. It is the first decentralized digital currency: the system works without a central bank or single administrator.
gdcoin273
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July 16, 2018, 01:21:18 AM
 #33

With someone, the definition of Bitcoin is too hard to understand so I wonder whether we have a more simple way to explain to them? Huh

You can show them the benefits of investing in Bitcoin or let them see for yourself how exciting the market is.
It is also an opportunity to invest in reserves to prepare for the future
There are three faithful friends: an old wife, an old dog, and ready money.
wvizmanos
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July 16, 2018, 02:49:42 AM
 #34

To say it like in "elevator pitch"
1. Bitcoin is the very first digital currency ever to surface, followed since then by alternative currencies or "altcoins" as what old timers say. I like it because of its decentralized and hack-free form of payment and can be monitored via its ledger or records.
2. Bitcoin's position right now is among its lowest, so now is a good time to come in if you want to invest, but DYOR before investing.  Grin
3. Good luck to us
janjan03
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July 16, 2018, 01:44:41 PM
 #35

For me bitcoin is a very helpful we can invest here its better to invest here in bitcoin than the banks this is also a asset.
Labonikhatun
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July 16, 2018, 03:51:54 PM
 #36

The constant mention of bitcoin on news recently has made a lot more people aware of bitcoin. Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity.
Inasal03
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July 17, 2018, 12:47:20 AM
 #37

Bitcoin for me is so helpful first for the money we will earn here, while having a money we are learning and to know about crypto. We can invest also here its so safe. This is also a asset. Bitcpin will asure our future and as also our daily needs.
grinyaaa
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July 17, 2018, 07:31:24 AM
 #38

Explain the example of the banking system and traditional investment, you can also show a video on Youtube. There are many understandable explanations.
ahtsham90
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July 18, 2018, 01:10:26 PM
 #39

in simplest form its an electronically payment transfer system with open ledger it means you can see all incoming and outgoing transactions anywhere around the world

pixelvault
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July 18, 2018, 01:31:27 PM
 #40

With someone, the definition of Bitcoin is too hard to understand so I wonder whether we have a more simple way to explain to them? Huh

Money/Asset that has no centralized authority/government that controls it and prints it to create inflation.
A decentralized currency that is owned by no one and yet available to everyone with the internet

Inevitable to resist it.
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