How do I explain Bitcoin in simple terms to someone?

[StanleyBagley]

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?

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[sunder54]

I think you must explain tho them that bitcoin is like an asset. But it's virtual.

[coasterridex]

I think you could say to them that Bitcoin (cryptocurrency) is a form of a virtual money or asset

[mortred14344]

Bitcoin is a cryptocurrency that has a huge value and its really good for investment rather than bank.

[mickymax777]

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?

Digital money, to truly explain the concept of blockchain to the man on the street is just about impossible. If they are really interested they must do their own research

[Wirex]

The simplest explanation i can think of bitcoin is to compare it to traditional money and stores of weakelth

Bitcoin unlikes traditional FIAT money like the dollar is completely decentralised where anyone can access the blockchian ledger whereas the ledger used by banks to record such information is kept secret

Also, Bitcoin creation is modelled after the mining of gold (hence the term "mining" for the creation of bitcoins) where at first it is easy to mine bitcoins as it was for the very early pioneers in the american gold rush.
Like gold, after more bitcoins is mined, the harder it will be to mine future bitcoins and therefore better hardware will be required to maintain production. Much like the larger scale gold mining operations we have today just to maintain production and just like gold, there is a FINITE SUPPLY of both.

If you want to learn more about Bitcoin in its most simplest terms. Our Excellent Community Manager and long time Crypto-geek, Raphael Shalaby will be hosting a live webinar explaining bitcoin and blockchain technology.
https://events.genndi.com/register/169105139238466377/1a876a10a7

for more comparisons of bitcoin to gold and the us dollar, feel free to check out this article
https://wirexapp.com/%E2%80%8Busd-gold-bitcoin-best/

[Hexcolyte]

If you want to explain the technology behind Bitcoin, use video to demonstrate is perhaps the best method. If you want to explain why it has value, just let them know it is cryptographically secured and is not editable, which make them a "digital gold", which can be send digitally around the world.

[Dek Aireen]

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?

Just you say, bitcoin is one of the digital currencies. It is a secure digital payment tool of counterfeiting, copying or alteration. Each virtual coin has a special number, with crypto currency transactions done anonymously using a special key.

[Combat393]

Bitcoins are like regular money or even, in a small way, stocks. it’s like money in that it has value and you can use it to buy goods and services. It’s also like stock because the value fluctuates based on supply and demand. Unlike stock, there are no dividends, just whatever the bitcoin is worth on a given day. bitcoins are like the money you have in the bank and credit cards. Or, better yet, you know how your boss pays you through direct deposit and then you go buy something with a debit card. The money goes from one place to the next without ever touching human hands. Bitcoins are perpetually in that state. Here's the great project where you can find tonns of info about it [bitcoinwiki](https://en.bitcoinwiki.org/wiki/Main_Page)

[Crytptohack]

There is a lady named Laura Shin that does a podcast from Forbes. A few weeks ago she uploaded a Bitcoin 101 podcast which was well done IMO. Have your friend listen to it.

http://unchainedpodcast.co/crypto-101-everything-you-need-to-know-about-bitcoin-ethereum-blockchains-icos-and-more

[Ralph1075]

Bitcoin is a crypto currency which is currently the number 1 coin accepted world wide as a medium of payment of goods and services.

[gua86402]

Bitcoin is a ledger. Everyone has this complete ledger, which records every bitcoin transfer in the history of the world. The person responsible for the bookkeeping, called the miner, needs to package the transaction records in order to be successful in the bookkeeping, and it requires a very horrible operation speed to get a qualified package.

[CantIdentify]

I would show them this vid https://youtu.be/MhgunVQr_G4
very simple and fun

[Herdawnia]

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?

I dont usually open the topic to other person,only to those who just ask about bitcoin. So that, I can have all their attention and just discuss it slowly and simple. show them the actual amount I have and convert it to the local money we have in that way They will keep their mind working and thinking about how they can achieve those . That simple

[dospuppet]

Hi,

I would say that bitcoin is a virtual asset, but the most important thing to me is that it's advanced cryptography. It's a secured, personal asset, that you directly own and exchange.
And go further on the technology if asked... It's important for new comers to understand it's not easy money.

[adam205611]

I would show them this vid https://youtu.be/MhgunVQr_G4
very simple and fun

BAHAHAH this video is GOLD JERRY!  It like watching a MTV VJ describe bitcoin.   Hilarious!

[Palider]

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?

If you are explaining to someone with no knowledge in any cryptocurrency, or got no idea at all what cryptocurrency is, you can say that bitcoin is one of many types of cryptocurrwncies and thsese were virtual or digital money. It is like any other investment like the common investment he/she may know like stocks exchange, bitcoin also changes it's value every minute/second.

[litepresence]

Bitcoin is a cryptocurrency, which is invented by Satoshi Nakamoto at 2009. It has been created with SHA256 algorithm,

this algorithm is 10x secured hence bitcoins are not easily hacked by anyone. Once for single pizza they spend 10000btc

but if we have the same amount of bitcoins now, we are the millionaire. If you become a bitcoin expert you can earn

nicely.

[jmpelon18]

I think explaining it to someone what bitcoin is just by saying that this bitcoin will get yourself of an asset because bitcoin will put money in your pocket.

[posthuman]

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 =)