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Author Topic: Explain Like I'm 5 - Bitcoin Explanation  (Read 67 times)
rg1515
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February 12, 2021, 05:49:29 PM
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Looking for suggestions and feedback for how to improve this site. Getting incredibly high click-through-rate with older generations, they seem to be looking for a simple understanding of what exactly bitcoin is. Let me know what you think could be added to help people understand its potential. Thanks!

https://www.eli5-bitcoin.com

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Oshosondy
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February 12, 2021, 06:30:26 PM
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I think using only Coinbase and Gemini as the exchanges to buy bitcoin is not enough, there are hundered of exchanges out there. Also, you need to let people to know about privacy, how kyc can be required if using custodial exchanges and how this can be used to track their whole transaction using the blockchain explorer. There are many p2p exchanges that can also be used in buying bitcoin. Also are some exchanges that will not demand for kyc and alsosome like hodlhodl and bsiq remain decentralized exchange. Also, another means is the se of mycelium local trades.

Know that Coinbase is not supported in some countries, I will still prefer binance, but it will be good to make use of mixers or coinjoin before sending to your hardware wallet for privacy reasons.

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February 12, 2021, 07:25:35 PM
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Quote
Yep, that’s it. It’s a list of people’s names. But it’s not just their names, their bank account balance is on there too.

Not quite the technological revolution you were expecting? Let’s take a second to figure out what makes this list so special.
But first, realize that our current banking system is just a list of names and balances too!

WRONG
it not
Alice: $5
Bob:$10

its actually
1xyz: $5  -> 1abc: $4
               -> 1zyz: $1
1efg: $10 -> 1tuv: $10

or in ELI-5
alice pays bob $4
dave pays gary $10

there is no database of names or 'balance'

bitcoin is a list of transfers. not account balances

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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February 12, 2021, 08:39:53 PM
 #4

How can the site be improved, I cannot say anything to it, but I think the domain name should change. The domain is not catchy at all and it is very long. People do not want to enter sites with such domains. Even if they want to enter, they can forget it after a while. For your information.

STUDENTCOIN


















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Evilish
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February 12, 2021, 08:48:57 PM
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How can the site be improved, I cannot say anything to it, but I think the domain name should change. The domain is not catchy at all and it is very long. People do not want to enter sites with such domains. Even if they want to enter, they can forget it after a while. For your information.

+1. I think something like explainbitcoin or whatisbitcoin would work better and would also help with SEO.

I didn't read through the entire content, but the design looks really neat. Good work on the website design.
rg1515
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February 12, 2021, 09:21:09 PM
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WRONG
it not
Alice: $5
Bob:$10

its actually
1xyz: $5  -> 1abc: $4
               -> 1zyz: $1
1efg: $10 -> 1tuv: $10

or in ELI-5
alice pays bob $4
dave pays gary $10

there is no database of names or 'balance'

bitcoin is a list of transfers. not account balances

I don't think talking about UTOs is the best way to help people understand. Working on a more "accurate" and technical version for those ready to learn more.. but for now a shared "Google Doc" of balances and names has helped people understand how money can move around without a bank
rg1515
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February 12, 2021, 09:28:49 PM
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How can the site be improved, I cannot say anything to it, but I think the domain name should change. The domain is not catchy at all and it is very long. People do not want to enter sites with such domains. Even if they want to enter, they can forget it after a while. For your information.

+1. I think something like explainbitcoin or whatisbitcoin would work better and would also help with SEO.

I didn't read through the entire content, but the design looks really neat. Good work on the website design.

Very fair. Had a hard time finding an affordable domain like that but I'll keep working on it.

Thoughts on other domain endings besides ".com"

explainbitcoin.me is available....


And thanks for the kind words!
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February 12, 2021, 10:24:30 PM
 #8

Firstly what do you class someone from the older generations as and what's the overall goal of the website?

rg1515
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February 12, 2021, 10:39:07 PM
 #9

Firstly what do you class someone from the older generations as and what's the overall goal of the website?



High CTR is with all age groups over 45.

The goal is to help demystify bitcoin and move it away from magic internet money. Trying to show how banking systems already work on ledgers and IOUs and there's nothing necessarily behind every dollar in your bank account. Again, we already work on ledgers and want people to understand bitcoin is just a decentralized version of that.

Bitcoin could change the world. Want to help those who are afraid to go near it due to a lack of understanding be able to approach it and possibly start moving some fiat into it if they so decide. Would like to bridge the gap between a rudimentary understanding and a technical one.
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