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Protect your wealth from devaluation by the government.
This will alienate some (most?) people. I'd go for "Protect your wealth from devaluation due to inflation."Quote
Using Bitcoins Increases their Value
If you have some Bitcoin saved, you can make them more valuable by using Bitcoins. Using Bitcoins increases their demand which in turn increases the value of your saved Bitcoins.
I'd remove this. That this is true at all is debatable (buying with bitcoins, where the alternative is to keep your bitcoins and buy the same thing with dollars, increases bitcoins supply and could decrease their value. Buying with bitcoins, with the intention to replenish your bitcoin holdings by accepting Bitcoin payments yourself, does increase their value, though), the magnitude of the effect for an individual is negligible, and it makes Bitcoin sound like some game.If you have some Bitcoin saved, you can make them more valuable by using Bitcoins. Using Bitcoins increases their demand which in turn increases the value of your saved Bitcoins.
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Bitcoin is an International currency
Bitcoin can be spent all over the world.
This is one of Bitcoin's major advantages and should be expanded. Talk about how Bitcoin ubiquity could spare both the hassle and fees of currency conversion for traveling and internet shopping, the conversion fees easily being 3% on top of the transaction fees.Bitcoin can be spent all over the world.
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The same cryptography that powers Internet banking.
I'm not an expert but I think this is wrong. Bitcoin uses some set of cryptographic primitives, which AFAIK are ECDSA for digital signatures and SHA-256 and RIPEMD160 for hashing. Banking and internet banking use their own set of cryptographic primitives, which will differ between banks and may or may not overlap with Bitcoin's.Quote
A weakness in the encryption might be discovered.
This is the same encryption used in online banking. Like banking systems, if a flaw is found in a particular algorithm, the Bitcoin client can be upgraded to use different encryption algorithms.
Until recently you could safely say that no encryption at all is involved with Bitcoin. The newest mainstream client added wallet encryption, but that is a software implementation detail and not core Bitcoin. Wherever possible one should use the term "cryptography", which is more general and includes hashing, signatures etc. Also, see above about "the same as in online banking".This is the same encryption used in online banking. Like banking systems, if a flaw is found in a particular algorithm, the Bitcoin client can be upgraded to use different encryption algorithms.
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Spend your Bitcoins
This section should be expanded.Finally, there is almost no mention of what I think is one of Bitcoin's major selling points, at least from a philosophical level, which is the ability to store your own savings securely without requiring the services of a third party (unlike cash which can be easily stolen). This isn't right for everyone given the very challenging nature of protecting it simultaneously against loss and theft, but having purely digital money allows very flexible access schemes, and it's important that people have this option if they choose to invest in adopting a solid plan (e.g., a 2-out-of-3 password protection scheme protects against loss and theft of up to one source. You could memorize one key, store one key in a safe at home and give one key to a friend). And it's like a piggy bank where the elaborate plan is required for getting money out, getting savings money in is easy.
