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Author Topic: simple way to understand bitcoin  (Read 5600 times)
cellard
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September 01, 2015, 12:16:01 AM
 #41

It's a good idea to teach kids on Bitcoin but I would focus on how to use it rather than how it works because I think age 7 is way too early to understand it even if you try to make it as simple as possible.
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September 01, 2015, 01:02:21 AM
 #42

Instead of explaining all that to a 7 year old.

I`ll provide a treat, teach him how to save his treats. After that, take it all away. and say this the reason why mom and dad loves bitcoin.

It`ll be a confusing experience what happened to the 7 year old, and he/she will start asking questions.

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September 01, 2015, 02:43:54 AM
 #43

LOL, that's pretty good. Even teens these days don't know or understand anything about btc. I will show this to them now. Good job

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September 01, 2015, 04:07:48 PM
 #44

the visualization in my head LOL
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September 03, 2015, 02:15:55 AM
 #45

Thanks, I will send this to all my stupid friends (so, everyone who doesn't know how bitcoin works yet Tongue)
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September 03, 2015, 03:00:39 AM
 #46

very easy to understand, even too easy  Cheesy
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September 03, 2015, 04:30:30 PM
 #47

This should be a sticky post.

Most people believe they know what a bitcoin is... specially since people talk about mining... as if mining creates coins.. instead of rewarding mining with coins... which is nothing like mining at all.

Care to explain double spending? Using the same scenario?

While at it, it wouldn't hurt to explain "mining" too.

Thanks OP!

This was me up until this week. My perception of 'mining' was so off it is almost laughable. I'm new to the whole adventure as of this week (despite hearing about bitcoin since it started), and my basic assumptions are undergoing some massive shifts.
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September 03, 2015, 07:19:08 PM
 #48

That's a good explanation, but IMO it won't attract people to BTC. The idea of a robot choosing random people to give money to makes people think of a lottery rather than real money,

 
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September 03, 2015, 10:54:56 PM
 #49

not easy as you said,because many people do not know or dont really care about internet.
bitcoin is need internet connection,and we must explain simply.

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September 04, 2015, 02:22:18 AM
 #50

I'm 24, It was not hard for me to learn Bitcoin, then again, I was writing HTML code when I was 10. My underdeveloped mind thought that learning in-depth about computers was an activity adults do when they go to university. Or at least that's what my foster parents said. I was "too young" to be thinking about that "nerdy" stuff and that I should be playing football. All and all, I still have learned enough about football, and I will say I am athletic (not that it matter)

Back on point, this is a great way to explain to your grandparents how Bitcoin works. My grandmother essentially gave up keeping up to date and consequently will blindly accept anything I say about Bitcoin. This would be a good explanation for her.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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September 04, 2015, 08:24:55 AM
 #51

I was trying to explain it to my son and family, my dad still finds it a bit mind boggling but my son got the drift even though he isn't a basement nerd. I just say it is digital money and that the Bitcoin blockchain is also used to solve problems as well and can help to build more and more applications of it in the future. I don't know if I explained it correctly lol but for a no techy there you have it.. Grin

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September 19, 2015, 08:35:39 AM
 #52

Simple way to understand bitcoin must be using it in real time with very small volume. We need to intensive meet ups and training sessions all over cities world wide. So, we can spread the spirit of bitcoin. That will ensure the growth of bitcoin as well.
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September 22, 2015, 04:15:12 AM
 #53

How to Explain Bitcoin to a 7-Year-Old

I’ve been explaining how Bitcoins work since 2010. Here is the simplest analogy I’ve discovered that explains transactions, anonymity, and coin production.

There’s a room that anyone can access. The room has security cameras that anyone can view, and every second of recorded footage is available online forever.

The room is filled with indestructible piggy banks made of transparent plastic. Naturally, these piggy banks have coin slots, and everyone can see which coins are in which piggy bank. These piggy banks can never leave the room.


Each person has a key that can open their piggy bank. Let’s say I want to buy a pair of alpaca socks, and you want to sell them.

First, you tell me which piggy bank is yours. Then, I walk into the room with a ski mask on. Anyone in the world can see me on the security cameras, but not my face.

Next, I unlock my piggy bank, take some coins out, then put them into your locked piggy bank. I leave the room.

Now, everyone in the world knows that your piggy bank has coins that were previously in my piggy bank. This is the case with every transaction, so everyone knows the history of every coin.

“So where do the coins come from? How did it start? Who got the first coins?”

There’s a robot in the room that runs lotteries. Every so often, this robot randomly chooses a piggy bank in the room, and puts 50 coins in it. When it first started, there weren’t many piggy banks in the room since nobody knew about it. Back then, it was easy to win the lottery. Today, there are millions of piggy banks in the room, so your odds aren’t very good.

“Ok, couldn’t someone make their own fake coins?”

No,because everyone has records of every coin in the room, and they know when the robot hands new coins out. If a fraud were to put fake coins into his own piggy bank, everyone would know that those coins were never handed out by the robot, and wouldn’t accept them.

“Who made the robot..?”

Supposedly it was a super genius Japanese man named Satoshi Nakamoto, but nobody knows for certain. Since the security camera footage is available from 2009, we can see that the robot was putting coins into a piggy bank since day 1. We assume it’s Satoshi, but that’s about all we know.

“… Crazy.”

Explaining what is biticoin to my grandmother is like explaining it to my 5 yr old daughter so what  I told her is that, it is some kind of a digital currency that is not like dollar that is printed, biticoin is like a cash here in the internet.
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September 22, 2015, 01:00:24 PM
Last edit: September 23, 2015, 07:13:49 AM by dollarneed
 #54

yup understood
this analogy like a good story for children, when you tell them 'what is bitcoin' and 'how its works'
but in a different way i still not understand about mining,blocks,fork,chain,difficulty etc
i couldn't explain to people that asked me about mining, i just tell them that mining is one of way to earn bitcoin, all i know is just using and transaction with bitcoin safely
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September 23, 2015, 04:44:37 AM
 #55

this is a nice way to teach kids to learn the bitcoin system
but if they ask whats mining? ill just say its how bitcoins are
produced.. if they ask more ill say just ask our friend google Smiley

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September 24, 2015, 02:35:48 PM
 #56

There is no need to understand bitcoin completely. Because if you're going to create an alternate cryptocurrency only you need to understand bitcoin completely. Otherwise, there is no need of bitcoin knowledge to use it or to invest in bitcoin. You can simply start using it. In time you will get good knowledge of it.

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September 25, 2015, 10:00:39 AM
 #57

LOL, that's pretty good. Even teens these days don't know or understand anything about btc. I will show this to them now. Good job
hahaha, you're right, it is very easy to understand, even my brother who was 11 years old already understand after reading this article
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September 25, 2015, 04:12:37 PM
 #58

First you have to understand the concept of cryptocurrency or virtual money. There are many videos available on youtube which explains from the beginning of Bitcoins, then there are many articles available on internest. You can also refer below links for more knowledge about bitcoins.

https://www.youtube.com/watch?v=22Cr_CD2lJw

https://www.youtube.com/watch?v=wJHk7QzSqn4
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September 25, 2015, 07:53:23 PM
 #59

Haha I like the analogy. Maybe I'll show it to my friends later.

It's useful to describe the basic overview of bitcoins

However, it still takes a bit more explaining to describe to them their value
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September 26, 2015, 06:47:36 AM
 #60

Maybe I will go against the most here but I find very hard to understand what is bitcoin with this example. To mention only one fact that must be without doubt in your example. No sign of word internet in your example when internet is the only environment when bitcoin exist and act. No sign of computer in your words when computer is (was, but is the symbol) the main product which produce this coin. Maybe this a good story which can entertain the kids but, according to me, not the explanation of the simplified meaning of bitcoin.
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