Bitcoin for "dummies" in simple words

[alevlaslo]

Bitcoin is a conventional unit that you can buy and transfer to your balance, consisting of 64 digits known only to You. To storage and transportation do not need to have to carry in addition nothing to this password. Your accounts, apartments and cottages can be taken away by the court or the Communists can seize power, take everything, and in return give a room and drive you to work, but they will not be able to take bitcoin if they do not know that You have a password

[Gi01]

Bitcoin is just a digital representation of money where you can make send or receive funds directly into your wallet without any third party authorization or confirmation. It can be stored or kept in your personal wallet and can be retrieved any point in time at any place you find yourself in the world.

[fiulpro]

Bitcoin is a conventional unit that you can buy and transfer to your balance, consisting of 64 digits known only to You. To storage and transportation do not need to have to carry in addition nothing to this password. Your accounts, apartments and cottages can be taken away by the court or the Communists can seize power, take everything, and in return give a room and drive you to work, but they will not be able to take bitcoin if they do not know that You have a password

Well not always , sometimes people do Invest in some offline wallets and such and the one's who know about this 64 digits , so called private key is those wallet's owner too.
You should understand that there is not one kind of wallet , there are online , offline , hardware and paper wallets mainly .
All of them do their bit to secure your bitcoins.
Bitcoins is more like transferring the money in the form of bitcoins from one party to another using block chain , which is extra secure network being used everywhere in this world.
You need network confirmations before you can actually get those transferred and those confirmations cause this lag between transferring money and receiving.
But we also have lightning network , it is an instant mode of payment being invented which actually takes fee power then ever.
..

[pooya87]

you are trying to simplify while you are making things worse!

Bitcoin is a conventional unit that you can buy and transfer to your balance,

what does "transfer to your balance" mean!

consisting of 64 digits known only to You.

there are no 64 digits in bitcoin. there is private keys that are 32 bytes max and when you encode them, it is usually to base-58 with a checksum which is a lot shorter than "64 alphanumerical characters" used in base-16

To storage and transportation do not need to have to carry in addition nothing to this password.

what you have in mind is called private key and it is NOT password. describing it as password can be misleading even if it seems like doing a similar thing.

Your accounts, apartments and cottages can be taken away by the court or the Communists can seize power, take everything, and in return give a room and drive you to work, but they will not be able to take bitcoin if they do not know that You have a password

in reality they can seize your bitcoins too. search for the story of user on this forum called BurtW...

[alevlaslo]

58 characters can not come up with yourself, but you can 64, so the private key of 64 digits is better

[CryptoBry]

Bitcoin is a conventional unit that you can buy and transfer to your balance, consisting of 64 digits known only to You. To storage and transportation do not need to have to carry in addition nothing to this password. Your accounts, apartments and cottages can be taken away by the court or the Communists can seize power, take everything, and in return give a room and drive you to work, but they will not be able to take bitcoin if they do not know that You have a password

In other words, nothing (people, government or just anybody) can be able to touch your Bitcoin because the owner of it is the only one who has the necessary details (like private keys or passwords) on its use, transfer or spending. However, we should not oversimplify the power of the government on this matter as they still can make things definitely difficult for Bitcoin holders -- for example if there is no approved crypto exchange within your country it can be discouraging to hold some.

[alevlaslo]

lightning makes no sense, it's easier to remove all the wallets with closed keys and leave only with passwords.
in this case, the confirmation will not make sense and freeze yours bitcoins will also be able to at the request of the court https://twitter.com/bmstu777/status/1152805124290621440?s=20

[pooya87]

58 characters can not come up with yourself, but you can 64, so the private key of 64 digits is better

it is not 58 characters, 58 is the base (58 allowed chars used for encoding) the actual length is 51 or 52 char long.
"dummies" don't even see their private key in hexadecimal format, and more importantly you are NOT supposed to come up with it specially if your target is a "dummy", people aren't capable of "coming up" with a truly random entropy.

[alevlaslo]

on the contrary, can not trust the automatic generation, but the phone numbers that are known only to you - this is the ideal entropy 

[pooya87]

on the contrary, can not trust the automatic generation, but the phone numbers that are known only to you - this is the ideal entropy 

for 10 years we have been using computer generated random entropies in bitcoin so yeah, as long as the wallet is a decent one created by competent developers and is reviewed then it can be trusted to be strong and without issues.
but then again this discussion doesn't math the title you chose for this topic!

[alevlaslo]

Yes, but read the story of how one of the wallets to generate used as a hash just someone else's address

even the number of options can be limited intentionally and known to developers and for different passwords to offer the same key, so even to password in bip39 can not be trusted, only 64 digits you must be invented

[YuginKadoya]

Bitcoin is a conventional unit that you can buy and transfer to your balance,

Bitcoin is really is conventional and a helpful way to transfer money fast all over the world, But regarding with balance I guess you mean Wallet, Well Bitcoin really is a currency, asset, or unit as you have said that will be an innovation in our way of life digitally.

To storage and transportation do not need to have to carry in addition nothing to this password.

I don't really catch what you are trying to say here but I guess there are many security features that so many Bitcoin wallet is offering the main thing is a private key, A PassPhrase words that you may remember to access your wallet, Well I don't really care how many it consist of digitally But I guess putting all available security features will help a lot.

but they will not be able to take bitcoin if they do not know that You have a password

I guess this is plain common sense if someone leaves their wallet unprotected without a password, And I can not see anyone brave enough to settle a wallet without one, Well most of the time hackers can sure take your Bitcoin if they can breach your security features,

[alevlaslo]

BitcoinSV $165