Topic: [1 BTC Bounty] What is Bitcoin? *ENDED* (Read 12402 times)
Good luck in project
Congrats to the winner seems I'm too late to participate though! 
Great choice hehe (Reminds me of that creepy panda ad set xd)
http://www.youtube.com/watch?v=4277ZqJEd7Q
Gz easy
Winner selected, sent PM!
Congrats to eMansipater
Congrats to eMansipater
Wow, thanks Stunna! You know I love me a chance to talk about my favourite cryptocurrency
Thanks for offering the bounty and launching this awesome thread!https://blockchain.info/de/tx/ac885825a9b70bfd6099db8b21b3e91be7bf7b37c27602053af4ced7b7f2b44a sent, thanks for the fantastic entry. Well deserved!
Winner selected, sent PM!
Congrats to eMansipater
Congrats to eMansipater
Wow, thanks Stunna! You know I love me a chance to talk about my favourite cryptocurrency
Thanks for offering the bounty and launching this awesome thread! 
Congratulations! Nice definition and good choice by the creator of the bounty!
+1 on the choice of winner. Good pick. Well deserved.
This will go down in hilarious post history!
Yeah, great choice. Thanks for the contest!
Good job eMancipater! That was a good choice. I liked yours when I first read it.
This gif made my day
Well done!
Big ups for the contest Stunna and Congrats emancipater!!
Winner selected, sent PM!
Congrats to eMansipater
Congrats to eMansipater
To a techie: Bitcoin is Money Over Internet Protocol
To an economist: Bitcoin is irreversible, ultrasecure, mathematical cowry shells
To an entrepreneur: Bitcoin is digital money Lego--you can use it to build anything
To grandma: Bitcoin is money that you can send like email
To a merchant: Bitcoin is no service fees, no specialised hardware, and no chargebacks
To a first generation immigrant: Bitcoin is 90% off Western Union fees for everyone
To Joe Everyman: Bitcoin is a 5% discount on online shopping
To your great-grandchild: Dollar bills were how people paid for things before we had Bitcoin
To an economist: Bitcoin is irreversible, ultrasecure, mathematical cowry shells
To an entrepreneur: Bitcoin is digital money Lego--you can use it to build anything
To grandma: Bitcoin is money that you can send like email
To a merchant: Bitcoin is no service fees, no specialised hardware, and no chargebacks
To a first generation immigrant: Bitcoin is 90% off Western Union fees for everyone
To Joe Everyman: Bitcoin is a 5% discount on online shopping
To your great-grandchild: Dollar bills were how people paid for things before we had Bitcoin
Working on reading through these, make take a little bit longer to pick a winner than anticipated. Will be narrowing them down shortly.
Bitcoin, it's how you buy things online without using your Credit Cards.
It is simple, Bitcoin is anything you want it to be.
Bitcoin (BTC) is a cryptocurrency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it a peer-to-peer, electronic cash system. Bitcoin creation and transfer is based on an open source cryptographic protocol and is not managed by any central authority. Each bitcoin is subdivided down to eight decimal places, forming 100 million smaller units called satoshis. Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.
The processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peer filesharing technology. In addition to archiving transactions, each new ledger update creates some newly minted bitcoins. The number of new bitcoins created in each update is halved every 4 years until the year 2140 when this number will round down to zero. At that time no more bitcoins will be added into circulation and the total number of bitcoins will have reached a maximum of 21 million bitcoins.
Bitcoin is accepted in trade by merchants and individuals in many parts of the world. Like other currencies, illicit drug and gambling transactions constitute some of its commercial usage. Although the bitcoin is promoted as a digital currency, many commentators have criticized the bitcoin's volatile exchange rate, relatively inflexible supply, and minimal use in trade.
The processing of Bitcoin transactions is secured by servers called bitcoin miners. These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using peer-to-peer filesharing technology. In addition to archiving transactions, each new ledger update creates some newly minted bitcoins. The number of new bitcoins created in each update is halved every 4 years until the year 2140 when this number will round down to zero. At that time no more bitcoins will be added into circulation and the total number of bitcoins will have reached a maximum of 21 million bitcoins.
Bitcoin is accepted in trade by merchants and individuals in many parts of the world. Like other currencies, illicit drug and gambling transactions constitute some of its commercial usage. Although the bitcoin is promoted as a digital currency, many commentators have criticized the bitcoin's volatile exchange rate, relatively inflexible supply, and minimal use in trade.
"Bitcoin is a decentralised peer to peer cryptocurrency" is how I start.
The interested people will ask about the various parts of the sentence, what does 'crypto' mean or what does 'decentralised' mean and then I will elaborate.
Those not so interested will just hear the end bit, 'currency' and ask how it can have value and then I'll ask them how anything has value. They might not even ask anything but will probably have taken something from that sentence.
I also carry a physical bitcoin and give it to people to look at if they are interested and explain how it works if they ask.
I know some of the answers are much better but I just thought I'd throw my technique in there!
The interested people will ask about the various parts of the sentence, what does 'crypto' mean or what does 'decentralised' mean and then I will elaborate.
Those not so interested will just hear the end bit, 'currency' and ask how it can have value and then I'll ask them how anything has value. They might not even ask anything but will probably have taken something from that sentence.
I also carry a physical bitcoin and give it to people to look at if they are interested and explain how it works if they ask.
I know some of the answers are much better but I just thought I'd throw my technique in there!
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