i can say it is possible to make it clear to my child that bitcoin is real digital money but non government.
because indeed money is not completely issued from the government and bitcoin is one of them.
besides bitcoin is p2p where we can directly send the money we have to someone or to a group of people without having to have an intermediary.
maybe it will be a bit like imposing when explaining things like this to children but of course they must be able to re-describe what we are saying because indeed when talking about this and being taught about theory they will not understand, they have to go directly and observe and feel then they can understand
Topic: 5 Key words (short sentence) to explain BTC - page 2. (Read 434 times)
Perhaps kids nowadays can understand such things even you don't explain it to them very dip, i mean just a simple words wherein a "decentralized currency or digital currency" , that no physical asset such fiats but it's more profitable when it comes investment and trading because of being so volatile unlike stock reason mostly investors are focused on it. And you can say that it's more useful as well in making transactions because of its speed and etc. Perhaps on that way they can get you what's bitcoin..
Exactly nowadays kids are really technology driven so they can understand easily. But I don't know they can understand within 5 short sentences because definitely they have many doubts even me too but I am trying to answer this question. We can say bitcoin is a currency developed by a new technology. Bitcoin is also called digital currency because we can't touch it or, smell it or see it. It can transfer only through digitally by using computer, phone etc. But in many places we can't use bitcoin to buy anything because it's a new technology, to aprove it government take some time, some law and order issues. But it have huge value than any other currencies like US dollar, Indian rupee etc. So we are buy more bitcoin now then we can convert it into our countries currency like we buy and sell a land, gold etc. So if we invest in bitcoin we will get huge return than we invest in a bank.
Reading on whitepaper would sum it all.
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution
https://bitcoin.org/bitcoin.pdf
A very short sentence but would answer it all.
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution
https://bitcoin.org/bitcoin.pdf
A very short sentence but would answer it all.
I'd beg to differ. This would probably makes sense for some people(albeit a minority), but most people wouldn't even know what peer-to-peer is. I definitely don't think that there's a "one fits all" answer for this.
1. Decentralized
2. Digital currency
3. Encrypted
4. Peer to Peer
5. Blockchain
The keywords listed above best describes Bitcoin. Bitcoin is a decentralized digital currency encrypted on the Blockchain network and can be transferred from one person to another on the p2p bitcoin network.
2. Digital currency
3. Encrypted
4. Peer to Peer
5. Blockchain
The keywords listed above best describes Bitcoin. Bitcoin is a decentralized digital currency encrypted on the Blockchain network and can be transferred from one person to another on the p2p bitcoin network.
5 short words to explain bitcoin to the layman for me
1, bitcoin is virtual money
2. Bitcoin can be called digital gold
3. Its decentralized nature
4. can be used as a long-term investment
5. the advantage of buying bitcoin when the red market can reach 100%
but all of that needs extra explanation and accurate evidence so that it is better understood by people who are blind to what bitcoin is
1, bitcoin is virtual money
2. Bitcoin can be called digital gold
3. Its decentralized nature
4. can be used as a long-term investment
5. the advantage of buying bitcoin when the red market can reach 100%
but all of that needs extra explanation and accurate evidence so that it is better understood by people who are blind to what bitcoin is
I'll have to agree with mk4 here; it isn't easy to put bitcoin into few words. There's just so much to say that it's impossible to cover every main aspect of it in a sentence. However, summarily:
This is the major problem bitcoin solved. The need for a trusted third party to know what's true or not about the transactions. Instead, this task is managed collectively by the network.
Bitcoin is an internet currency with no central authority to confirm transactions and issue new money.
This is the major problem bitcoin solved. The need for a trusted third party to know what's true or not about the transactions. Instead, this task is managed collectively by the network.
Thank you all for your response, this has been really helpful for me. I've written down all the major/key points that were said here, and this helped me clarify once for all what BTC is.
Im pretty sure the info finally sync in my brain now.
If im asked what is BTC, there's now plenty of key point im able to verbalise.
Im pretty sure the info finally sync in my brain now.
If im asked what is BTC, there's now plenty of key point im able to verbalise.
Perhaps kids nowadays can understand such things even you don't explain it to them very dip, i mean just a simple words wherein a "decentralized currency or digital currency" , that no physical asset such fiats but it's more profitable when it comes investment and trading because of being so volatile unlike stock reason mostly investors are focused on it. And you can say that it's more useful as well in making transactions because of its speed and etc. Perhaps on that way they can get you what's bitcoin..
Again, this depends on what type of audience you are explaining things. When we think of "kids", I think this implies a person that has no prior knowledge or anything whatsoever about cryptocurrencies. I guess the simplest way of explaining what "BTC" is: Public spreadsheet where all transactions are listed.
"Electronic Money that Easy to transfer worldwide"
of course aside from countries that has strict rules against bitcoin but still some people can accommodate.
actually Kids cannot really understand this that wide and we must respect their capacity in understanding , why not instead of telling them?
best to let them see the actual transacting by showing then when you pay someone so they might have idea on how it works?
of course aside from countries that has strict rules against bitcoin but still some people can accommodate.
actually Kids cannot really understand this that wide and we must respect their capacity in understanding , why not instead of telling them?
best to let them see the actual transacting by showing then when you pay someone so they might have idea on how it works?
I do agree that this may be the simplest way of explaining BTC to a kid. Though it is more complex and technical as an "electronic money", this is something that can be visualized and easily understood by them. From this point, they can use such definition to supply them with deeper knowledge for better understanding (e.g. blockchain, etc.).
I think the sentence depends on the type of audience. To me, saying that Bitcoin is a decentralized cryptographic proof-of-work currency that is often considered an investment opportunity is a simple explanation that captures the main features of Bitcoin. But even the word 'decentralized' can be difficult for a child, so I think it's important to take time and explain everything rather than to squeeze a lot of meaning into a small amount of words. A kid could learn about it through a series of games. For instance, the first could be a simple 'find a center' of a structure, and then showing that some of them don't have centers. Plus a financial game to understand how fiat works and what the central bank does. Then a kid could try to decipher some messages (simple ciphers can be used), and then you can say that there are more complicated ciphers, and they are important for security of this currency. Then you can play an online gold-mining game (I'm sure there are some), and explain that powerful machines can mine it digitally by solving mathematical puzzles (I think there's also a simple video that shows mining on a piece of paper as an example of the operations taking place during Bitcoin mining).
Perhaps kids nowadays can understand such things even you don't explain it to them very dip, i mean just a simple words wherein a "decentralized currency or digital currency" , that no physical asset such fiats but it's more profitable when it comes investment and trading because of being so volatile unlike stock reason mostly investors are focused on it. And you can say that it's more useful as well in making transactions because of its speed and etc. Perhaps on that way they can get you what's bitcoin..
"Electronic Money that Easy to transfer worldwide"
of course aside from countries that has strict rules against bitcoin but still some people can accommodate.
actually Kids cannot really understand this that wide and we must respect their capacity in understanding , why not instead of telling them?
best to let them see the actual transacting by showing then when you pay someone so they might have idea on how it works?
of course aside from countries that has strict rules against bitcoin but still some people can accommodate.
actually Kids cannot really understand this that wide and we must respect their capacity in understanding , why not instead of telling them?
best to let them see the actual transacting by showing then when you pay someone so they might have idea on how it works?
If I am to define Bitcoin to a kid or anybody who has not heard of it yet in such a way that they will automatically get the basic idea of it without further explanation, I might define Bitcoin as an independent global decentralized digital money.
I guess these 5 key words are enough to basically capture the most fundamental ideas of Bitcoin. It simply means Bitcoin is money and that it is not under the control of central banks and government authorities, could be used in international transactions, etc.
I guess these 5 key words are enough to basically capture the most fundamental ideas of Bitcoin. It simply means Bitcoin is money and that it is not under the control of central banks and government authorities, could be used in international transactions, etc.
Fluid reliable currency that transcends boundaries and defies limitations.
Reading on whitepaper would sum it all.
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution
https://bitcoin.org/bitcoin.pdf
A very short sentence but would answer it all.
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution
https://bitcoin.org/bitcoin.pdf
A very short sentence but would answer it all.
*In five key words, Decentralized Electronic system for transferring values
This is in my opinion very close to the ideal short description. To a kid, or a person with only a basic level of education, I would however change it slightly to:
An Electronic/Digital system without owner to transfer values.
"Decentralized" is a bit difficult to really understand correctly, many people will perhaps think for example Facebook is also "decentralized", because everybody from every country of the world can create an account there. But "without owner" clarifies that potential misunderstanding. "Electronic", or maybe even better "digital", to today's kids should be easy to grasp. Maybe "values" has some potential to complicate things, but it should be easy to explain as long as the person knows what money does.
If there are some more words permitted, I would add "secure", then maybe "borderless/global".
(1). Bitcoin is popularly known as a digital currency across the nation
(2). Bitcoin is the easiest means of exchanges of anything via transaction
(3). Bitcoin is a decentralized currency that can't be control by any one irrespective of it's market volatility structure
(4). Bitcoin is a money like fiat currency and anything bitcoin does in terms of buying or purchasing values, is applicable to bitcoin
(5). Bitcoin is generally acceptable to people that knows it's function both primarily and secondary functional activities
(6). Bitcoin is an investment key point, and also an asset as people that commented above stipulated, so in all ramifications bitcoin is generally accepted for anything fiat currency can do.
(2). Bitcoin is the easiest means of exchanges of anything via transaction
(3). Bitcoin is a decentralized currency that can't be control by any one irrespective of it's market volatility structure
(4). Bitcoin is a money like fiat currency and anything bitcoin does in terms of buying or purchasing values, is applicable to bitcoin
(5). Bitcoin is generally acceptable to people that knows it's function both primarily and secondary functional activities
(6). Bitcoin is an investment key point, and also an asset as people that commented above stipulated, so in all ramifications bitcoin is generally accepted for anything fiat currency can do.
Bitcoin is decentralized digital currency.
To be honest, a lot of people still don't understand how Bitcoin works or what really Bitcoin is, they thought it's like a scheme or investment where you can get rich.
That's why when someone asks what is Bitcoin, I am comparing it to some fiat currency but in a digital way, and no one country owns it, it's like currency on internet.
To be honest, a lot of people still don't understand how Bitcoin works or what really Bitcoin is, they thought it's like a scheme or investment where you can get rich.
That's why when someone asks what is Bitcoin, I am comparing it to some fiat currency but in a digital way, and no one country owns it, it's like currency on internet.
BTC is #cashless Revaluation
Bitcoin is money that can be sent to anyone anywhere at any time without the need for a trusted third party.
Bitcoin can be many things, so it will be really hard to pick one definition. Personally, my definition of Bitcoin will totally depend on what kind of person I'm talking to.
Talking to an activist? Bitcoin is uncensorable freedom money.
Talking to an investor/finance guy? Bitcoin is an asset that the fed cant fuck with.
Talking to a kid? Bitcoin is "rare" money.
Talking to a lower-class person? Bitcoin is saving money but on steroids.
etc.
Talking to an activist? Bitcoin is uncensorable freedom money.
Talking to an investor/finance guy? Bitcoin is an asset that the fed cant fuck with.
Talking to a kid? Bitcoin is "rare" money.
Talking to a lower-class person? Bitcoin is saving money but on steroids.
etc.
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