Anyone have a simple explanation of Bitcoin even your Grandma would understand?

[gabriella]

has anyone ever been able to come up with a <200 words explanation of what bitcoin is, in simple english, without words like "blockchain" and "hash", that would make even your grandma understand what bitcoin is?

there should be a prize for that, should anyone achieve it.

[Barek]

This does not answer your question, but it somewhat fits.

http://www.reddit.com/r/Bitcoin/comments/1pgwsr/my_94_year_old_grandmother_gave_me_1000_dollars/

[knight22]

Just tell her it's internet cash.

[Mike Christ]

It's a peer-to-peer distributed accounting ledger, invented to remove the trust required in the banking system.

[Herodes]

has anyone ever been able to come up with a <200 words explanation of what bitcoin is, in simple english, without words like "blockchain" and "hash", that would make even your grandma understand what bitcoin is?

there should be a prize for that, should anyone achieve it.

Bitcoin is to banking what the internet was to information exchange. Easier, faster and more convenient than traditional banking. Independent, giving freedom back to the people, and not in the hands of a few powerful institutions. No need to trust a central system, but it's backed by mathematics that is secure.

[caminilegroup]

I had to explain it over thanksgiving, I compared it to stocks as it's value can change daily but no one controls it.

[aynstein]

I had to explain it over thanksgiving, I compared it to stocks as it's value can change daily but no one controls it.

that never ends well, misses the value of the network in the idea of a bitcoin.

[caminilegroup]

I had to explain it over thanksgiving, I compared it to stocks as it's value can change daily but no one controls it.

that never ends well, misses the value of the network in the idea of a bitcoin.

If I try to explain TCP/IP stack to my grandmother I will put her to sleep. A simple understanding without all the techno babble is what I gave them. I did explain that I have these specialized computers that solve math problems really fast and that works toward making a bitcoin.

I have had to teach classes on subnetting to people who only wanted to make games, that was fun. Sometimes you just have to go all Barey style.

 

[QuestionAuthority]

I had to explain it over thanksgiving, I compared it to stocks as it's value can change daily but no one controls it.

that never ends well, misses the value of the network in the idea of a bitcoin.

If I try to explain TCP/IP stack to my grandmother I will put her to sleep. A simple understanding without all the techno babble is what I gave them. I did explain that I have these specialized computers that solve math problems really fast and that works toward making a bitcoin.

I have had to teach classes on subnetting to people who only wanted to make games, that was fun. Sometimes you just have to go all Barey style.

Just tell grandma that it's just like how she and grandpa used to go to free concerts to protest the government and marched in the street. My generation protests with money and we're too lazy to go outside so we use a computer. "Our way is better grandma because we don't have a baby 9 months later and name it Starshine or Moonflower."

[caminilegroup]

I had to explain it over thanksgiving, I compared it to stocks as it's value can change daily but no one controls it.

that never ends well, misses the value of the network in the idea of a bitcoin.

If I try to explain TCP/IP stack to my grandmother I will put her to sleep. A simple understanding without all the techno babble is what I gave them. I did explain that I have these specialized computers that solve math problems really fast and that works toward making a bitcoin.

I have had to teach classes on subnetting to people who only wanted to make games, that was fun. Sometimes you just have to go all Barey style.

Just tell grandma that it's just like how she and grandpa used to go to free concerts to protest the government and marched in the street. My generation protests with money and we're too lazy to go outside so we use a computer. "Our way is better grandma because we don't have a baby 9 months later and name it Starshine or Moonflower."

You sir have made my day.

[remotemass]

Try this one:

Bitcoin is like 21 million Kilograms of digital gold. Each Kg of this digital gold is called a BTC. You can have up to a 100 millionth part of it (eight decimal places). But these BTC actually only exist as balances associated with a bitcoin address. You send BTC between two bitcoin addresses just like sending emails and the network updates the balances of each bitcoin address in a public ledger that everyone has because it is replicated and updated by the network. What you keep is not actually coins but the private key that allows you to spend the BTC of your bitcoin address balance. You cannot choose your bitcoin address. What you can choose, or pick randomly, is the private key. You can know the bitcoin address of any private key but not the other way around.

During the first four years, people that help maintain and secure the network, processing transactions, get at least 50 BTC, every 10 minutes. Every four years this reward halves. Right now it is 25 BTC every 10 minutes or so. Before 2030, 20 milion BTC will already have been mined, that is, given as reward to people that help the network.

[Desensitizer]

https://www.youtube.com/watch?v=Um63OQz3bjo
I really like that explanation. Not only is it straightforward and easy to understand, it is a visual learning tool too. I don't know about others here but I get a lot out of having a video explanation also. If she is truly invested in learning about bitcoins she should be willing to sit through the video.

[coins101]

It's like a ration book, but you can only use it on your computer

[caminilegroup]

https://www.youtube.com/watch?v=Um63OQz3bjo
I really like that explanation. Not only is it straightforward and easy to understand, it is a visual learning tool too. I don't know about others here but I get a lot out of having a video explanation also. If she is truly invested in learning about bitcoins she should be willing to sit through the video.

I showed that to my wife, all she got out of it was she could buy alpaca socks, lol

[beckspace]

- Hey, grandma, since when do you remember the prices of food and things always going up?

- Oh, son, since always.

- And do you remember, besides how hard grandpa worked all his life, it was always very hard to save the money because everything keeps going up, until today?

- Yes, son. The poor bastard worked really hard.

- That's because since one hundred years ago our government keeps printing new money, when it needs, and the prices goes up, stealing from workers and savers, like grandpa.

- I imagine. Those motherfuckers! (My grandma swears a lot!)

- So, there's this new money that tries to fix that, it's a computer money. Controlled by machines, not people. And, in theory, the prices of things goes down or stays the same in the long haul when you use it.

- Computers?!

- I understand computers, you know that!

- Oh, son, you're really smart. I hope god gives you everything in double for everything you do!

- Thanks, grandma. It more than doubled already.

[7Priest7]

Bitcoin is a e-currency, value is created by the technology that processes the transactions.

^ That should sufficiently explain Bitcoins without confusing anybody or delving too deep.
Words like decentralized just confuse individuals with smaller vocabulary's.

[beetcoin]

the problem is that in order for her to understand how bitcoin works, she needs to understand everything other than BTC works, especially fiat.

[maxxoccupancy]

It's like gold or silver, but you can send it or spend it online without any fees.

[7Priest7]

It's like gold or silver, but you can send it or spend it online without any fees.

Comparing it to physical items or investment ventures will just add confusion.

BTC is not physical nor is it intended as a investment vessel.

[caminilegroup]

Just tell her

Grandma, bitcoin is nerd porn and I want to collect them all.

Kidding, and yes I know I botched ^ on purpose.

It is going to be hard to explain this to someone who doesn't understand the underlying concepts of how the network works. Notice I didn't say internet, you need to understand networking if you do truly want to understand bitcoin.

Could print out the source to bitcoind and have her read it.