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Author Topic: What is a good way to concisely explain Bitcoin?  (Read 1453 times)
kaushiks093
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July 26, 2018, 10:58:06 AM
 #1

Often I'm asked to explain BTC to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess.

What I would like to see is a short and simple explanation of what BTC is that is suitable for someone non-technical to understand.
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July 26, 2018, 11:55:45 AM
 #2

Bitcoin is an alternative digital currency that there's no government who controls it.
You can search in the forum pretty concise explanation on what bitcoin really is.
Sets of pretty simpler explanations are also in google by just doing it within few seconds.

       
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July 26, 2018, 12:00:22 PM
 #3

There's so many ways to say it but you're right, it's often rambling because people focus on the tech, people focus on blockchain, but really, those are the things going on behind the scenes of Bitcoin. You should look at the whitepaper summary for an idea of why Bitcoin was so special but the simplest and biggest way Bitcoin is different to me is:

With Bitcoin, only you control and own your own money, not anybody else. Imagine paying something or sending someone money, and knowing that only the exact amount of money you decide to spend goes exactly to the person you wanted to pay. No one else outside can ever control it, or take it from you, or return it to you. And the receiver will always get your money, in the exact amount you send. This concept is still new today as it was 10 years ago.

People might ask, how is this different from me giving someone $1 or sending paypal money? Then you go into the details, of how banks or other parties are the ones who take your instruction to pay someone and settle the payment elsewhere.

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July 29, 2018, 04:32:26 PM
 #4

Often I'm asked to explain BTC to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess.

What I would like to see is a short and simple explanation of what BTC is that is suitable for someone non-technical to understand.

You should explain bitcoin as it is. The simpler the better because not all people can understand such complicated things. Tell them that it is a currency running digitally and there is no entity that is controlling it. By the time that they ask questions, it means they are interested and that is the time you should be answering them one by one.
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July 29, 2018, 04:36:20 PM
 #5

Simply you can say that Bitcoin is a virtual or digital currency which is not owned by any government or country. It is totally decentralised and only the person who bought it, controls it, no one else.
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July 29, 2018, 04:39:06 PM
 #6

Bitcoin is the best digital currency in the world and bitcoin is also the world's first cryptocurrency currency, bitcoin is a very profitable investment for its users because they can make money easily and quickly in just how many years for bitcoin can return your money and profit for you, bitcoin will also be used by all countries as proof of their transaction because bitcoin is our most valuable asset in this world
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July 29, 2018, 04:46:59 PM
 #7

Bitcoin is a digital currency based on decentralized platform. The technology on which this platform is based is blockchain. Basically Btc removes the need of third party for purpose of transactions. The transactions done through BTC are anonymous and secure and does not reveal any information about sender or receiver. Transactions done via BTC are free from third party interference such as banks, money transfer, financial institutions, etc.

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July 29, 2018, 04:58:41 PM
 #8

the first thing is who I think anonymous is placed a pseudonym satoshi nakamoto he created this virtual currency encrypted in a chain of blocks that can not be duplicated that there are 21 million that you can keep in a wallet at home or on the phone or any device even your paper money you handle your money does not need banks to buy a product or make a payment is from wallet to wallet and totally safe that arrives and useful in all countries of the world that is global you can use it in your country or in any other has no border

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July 29, 2018, 04:59:27 PM
 #9

Bitcoin is the next evolution in a currency.  Grin

We were riding on horses and then the first automobile was manufactured and this is the equivalent to us using paper money

and now taking that paper money and replacing it with a much better, digital upgrade. Bitcoin is Cash version 2.  Grin

The only difference is that Bitcoin is not being issued and controlled by a government.  Grin

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July 29, 2018, 05:25:00 PM
 #10

There are so much you can say about bitcoin but giving you all details will sure put your brain not taking it all, I really think it is good to just say what you really know, And don't claim anything that you truly not know, It is alright in the first day because you are teaching a newbie that are not really familiar with the technology of bitcoin, So I really think the right think to push forward towards it is to put the basic first, The wallet he can use, How he can earn bitcoin, And I think experience will really take over and he will know about it from time to time and by just guiding him through his way.
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July 29, 2018, 06:14:08 PM
 #11

Bitcoin is a virtual currency that is not backed by any country's government regulations. It can be accepted if both parties are willing to accept and pay in means of Bitcoins.It deals with inflation, and monetary value, but is a digital coin and stored in a digital wallet itself, for the ease of its users, with special pins to access and use it.
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July 29, 2018, 06:18:19 PM
 #12

I think that btc can be easily explained if you know at least something about the crypto world. to my mind, it is possible to explain it in several simple terms as it is not as easy as ABC for children only
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July 29, 2018, 06:26:48 PM
 #13

the author asked a very interesting question. Since I also find it difficult, how to more clearly and in detail tell my friends about bitcoin. They do not understand me. It is very interesting to read what will be written in this thread
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July 29, 2018, 06:32:22 PM
 #14

bitcoin is a digital currency. No bills to print or coins to mint. It's decentralized -- there's no government, institution (like a bank) or other authority that controls it. Owners are anonymous; instead of using names, tax IDs, or social security numbers, bitcoin connects buyers and sellers through encryption keys. And it isn't issued from the top down like traditional currency; rather, bitcoin is "mined" by powerful computers connected to the internet.
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July 29, 2018, 06:36:09 PM
 #15

Bitcoin is the suitable to invest all the time if you feel this is your time. Just close your eyes and invest your money completely on it buddy.

Explaining about the bitcoin to others will make you more stronger in holding since the price increasing in the market.

All the way to explain the bitcoin with the mastering bitcoin will be work better than anything.

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July 29, 2018, 06:36:42 PM
 #16

Often I'm asked to explain BTC to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess.

What I would like to see is a short and simple explanation of what BTC is that is suitable for someone non-technical to understand.

To me, Bitcoin is the only asset that helps me to be rich. Although Bitcoin is volatile, I think this is a good opportunity to make a lot of profit in the short term. Some people call Bitcoin a bubble, but I never care about what they say about Bitcoin
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July 29, 2018, 06:39:43 PM
 #17

To explain in a short and easy way, Bitcoin is electronic gold. You buy gold at low prices then sell gold when gold prices rise. Bitcoin has some similarities to gold. Everyone is investing in Bitcoin with the expectation that Bitcoin prices will rise

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July 29, 2018, 06:43:37 PM
 #18

Often I'm asked to explain BTC to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess.

What I would like to see is a short and simple explanation of what BTC is that is suitable for someone non-technical to understand.

To me, Bitcoin is the only asset that helps me to be rich. Although Bitcoin is volatile, I think this is a good opportunity to make a lot of profit in the short term. Some people call Bitcoin a bubble, but I never care about what they say about Bitcoin

Your comments are absolutely correct. I also think Bitcoin's price fluctuations are a good thing. If Bitcoin prices are stable like other currencies, then Bitcoin can not become a global player. That's why I chose to invest in Bitcoin

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July 29, 2018, 06:45:29 PM
 #19

Often I'm asked to explain BTC to someone and occasionally I come up with something stellar that really nails it, but most times it's a rambling incoherent mess.

What I would like to see is a short and simple explanation of what BTC is that is suitable for someone non-technical to understand.

Bitcoin is a representation of blockchain technology and Bitcoin was created for the purpose of paying for internet services. In addition to using for billing purposes, Bitcoin is currently being used as an asset, and everyone wants to buy Bitcoin and hold in their wallet.

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July 29, 2018, 07:40:11 PM
 #20

Bitcoin is a virtual currency that is not backed by any country's central bank or government. It can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoins are stored in a digital wallet, which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user. The network is designed to generate approximately 21 million Bitcoins and the network is set up in a way to deal with inflation
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