Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain
Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.
How do i update my Ethereum wallet?
1. Go to our website /]MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.
Please note that you need to manually update your wallet, failure to do so may result in funds being lost.
We are taking these measures to protect both you and our network from phishing and malicious attacks.
Thank you for your cooperation and understanding!
MyEtherWallet Security Team.
If you use other methods, then ignore this message.
Topic: Explain crypto to someone like he's five? (Read 270 times)
tell them that cryopo is just like normal concurrency but you will understand it after few years.
Lol, well I will not assume that you are a 5-year-old nor assume that you want to teach your 5-year-old kid about blockchain as they are too occupied with all those flashy games nowadays.
But I understand your concern. here is an educational video that Andreas made explaining crypto to a non-technical person.
If he couldn't simplify it enough nobody can.
https://www.youtube.com/watch?v=1wDwb36GNxw
But I understand your concern. here is an educational video that Andreas made explaining crypto to a non-technical person.
If he couldn't simplify it enough nobody can.
https://www.youtube.com/watch?v=1wDwb36GNxw
I prefer to play some videos on Youtube directly for them to watch. I think I will save a lot of time, and I think the cryptocurrency market is the investment market. What we need to know is the value of the investment!
I see no problem with Bitcoin. I'm investing in it and everything is going well. Everyone who wants to join should know this electronic currency, it will give you good profit 
Actually that's very hard to explain crypto to average person, to children that might not be possible. I would probably tell it as an new innovative technology you should be heard that's all.
Learning this digital currency is complicated. There are a lot of things one must know before investing in it, especially if you do not want to lose any amount you cannot afford to lose. So how would you explain Cryptocurrency and bitcoin to someone as if he is five years old?
There is a TV show in Germany called "Sendung mit der Maus" (TV-Show with The Mouse).
Everybody in Germany knows it since it first aired in 1971. They gave it a shot and tried to explain it to their audience which is roughly that age (3y+). In their example The Mouse buys a hat from The Lama and uses Bitcoin to pay for it. It's 2:25 min. and in German but you can use subtitles
https://www.youtube.com/watch?v=8zeg_R-PMAw
The explanation is a pretty good attempt. Very basic but, hey, it's intended to be. In general, I'd say that there is no way a 5-year-old can grasp either the implication or the scope of what the use of cryptocurrency means. So it's a moot point. You can explain color to a blind person, but it's not the same as seeing.
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I'm pretty sure OP is talking about the "ELI5" (Explain Like I'm Five), which is basically when you ask for a simplified explanation of anything that can be understood by anyone (even by a 5 years old kid ~that's the joke btw~). There is even a dedicated subreddit for this (/r/explainlikeimfive)."Used when you want someone to explain something in the simplest way possible." - ELI5 on the Urban Dictionary
Thanks, man. This is exactly what I was trying to point out. Like how to explain cryptocurrency in the most basic sense that can be easily understood even by a 5 year old.
Oh i see what you mean. okay how about this then..
I will try to comment on each statement u wrote.
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Learning this digital currency is complicated.
How you define learning then is the question. Do you sit down and explain how a transaction and underlying protocol work with a debit card?
This "digital currency" is same as the numbers in your bank. They are digital as well, you use a visa card to pay and so similarly you can use bitcoins (in cards, mobiles, etc.) with your wallet to pay. I think its the same as learning economics.. $5 minus $3 = $2
No need to make it complicated at the start by saying unneeded jargons.
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There are a lot of things one must know before investing in it, especially if you do not want to lose any amount you cannot afford to lose.
If one intends to use this as currency then as any given point the value is irrelevant, 1 bitcoin = 1 bitcoin.
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So how would you explain Cryptocurrency and bitcoin to someone as if he is five years old?
A faster and cheaper 'way' to buy or sell anything. All you need is a wallet (account) which will have bitcoins (money). You can use this wallet to send this money anywhere in the world.
Finally, it is impossible to explain a five year old about sovereignty and the ideology of decentralization of everything. It can be taught by action.
Learning this digital currency is complicated. There are a lot of things one must know before investing in it, especially if you do not want to lose any amount you cannot afford to lose. So how would you explain Cryptocurrency and bitcoin to someone as if he is five years old?
How would you explain cryptocurrency and bitcoin and what is bitcoin? Bitcoin is a digital currency that exists, unlike physical currencies like the dollar or the euro, almost entirely in the virtual space. It is a currency used on the Internet, but not just there. With Bitcoin you can / and also with these most widespread currencies - ethereum and litecoin / pay for the goods as well as payment for the sale of goods. With cryptos you can pay for services, goods or even for meals. It is widespread in many countries of the world, but they are places where it is not used. Bitcoin is not as widespread as physical cash but is on the right track to reach it.
To be honest, I believe that practical knowledge is the best way to explain something to a layman. I would use this method to explain Bitcoin and blockchain technology to anyone having absolutely no knowledge about it. It totally depends on the grasping capacity of the other person to observe the whole process and to know more about it. I appreciate the efforts of sites like 99Bitcoins for allowing new users to try Bitcoin by giving away some part of Bitcoins in their first wallet.
- If you want to boil it down to the core in order to explain digital cash-
You want to buy a toy you like from one of your friends. You could use some dollar bills to pay him, but that would be inconvenient as you would have to ask your parents to take you to the bank to get some money, and then you have to carry it all the way to your friend before you can have the toy. Instead you can send him the same amount of money from your computer with a cryptocurrency. It is like sending an email containing money.
You want to buy a toy you like from one of your friends. You could use some dollar bills to pay him, but that would be inconvenient as you would have to ask your parents to take you to the bank to get some money, and then you have to carry it all the way to your friend before you can have the toy. Instead you can send him the same amount of money from your computer with a cryptocurrency. It is like sending an email containing money.
I think this is a pretty good explanation of what cryptocurrency is all about. You gave a simple yet easily understandable example of what this digital currency is.
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I'm pretty sure OP is talking about the "ELI5" (Explain Like I'm Five), which is basically when you ask for a simplified explanation of anything that can be understood by anyone (even by a 5 years old kid ~that's the joke btw~). There is even a dedicated subreddit for this (/r/explainlikeimfive)."Used when you want someone to explain something in the simplest way possible." - ELI5 on the Urban Dictionary
Thanks, man. This is exactly what I was trying to point out. Like how to explain cryptocurrency in the most basic sense that can be easily understood even by a 5 year old.
A five year old kid should be playing and not teaching them things which is so very hard for them to understand, they should enjoy thier life as a kid.
I'm pretty sure OP is talking about the "ELI5" (Explain Like I'm Five), which is basically when you ask for a simplified explanation of anything that can be understood by anyone (even by a 5 years old kid ~that's the joke btw~). There is even a dedicated subreddit for this (/r/explainlikeimfive).
"Used when you want someone to explain something in the simplest way possible." - ELI5 on the Urban Dictionary
Assuming if that 5 yo know the basics about money, you can explain that a cryptocurrency is like money the only difference is it is some kind of money that cannot be touch unlike the regular fiat money and can only be seen on wallets that exist with your mobile phones and desktop computers. But even explaining it like that to a 5 year old I don't think he will understand what cryptocurrencies still are as their brain is still not fixated to that kind of subject matter. Yes they might repeat what you have said but I don't think they have understood it in any way. "Used when you want someone to explain something in the simplest way possible." - ELI5 on the Urban Dictionary
It is clearly about explaining to someone like he/she is five years old kid and not explaining to a real 5 years old kid. Understanding the question first might help answering someone else's question like this one.
So how would you explain Cryptocurrency and bitcoin to someone as if he is five years old?
Explain the most basic information about crypto first before explaining the rest and that will do the job. If that someone has a question in mind just let him/her ask you one by one until he/she run out of question. 
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I'm pretty sure OP is talking about the "ELI5" (Explain Like I'm Five), which is basically when you ask for a simplified explanation of anything that can be understood by anyone (even by a 5 years old kid ~that's the joke btw~). There is even a dedicated subreddit for this (/r/explainlikeimfive)."Used when you want someone to explain something in the simplest way possible." - ELI5 on the Urban Dictionary
In a simple way...... one currency for the world.
You are right but hear me out.
Does a 5 year old who uses internet right now to play videos, play games, etc. understand how the it works or what is the underlying technology?
This is what i keep saying, at this moment we lack the easy user experience and there are many people working on it.
You dont need to explain the technology to a kid.
What needs to be done is making adults realize the ideology behind this. the privacy, control, decentralization, etc. The generations which come later should enter this seamlessly.
Does a 5 year old who uses internet right now to play videos, play games, etc. understand how the it works or what is the underlying technology?
This is what i keep saying, at this moment we lack the easy user experience and there are many people working on it.
You dont need to explain the technology to a kid.
What needs to be done is making adults realize the ideology behind this. the privacy, control, decentralization, etc. The generations which come later should enter this seamlessly.
- If you want to boil it down to the core in order to explain digital cash-
You want to buy a toy you like from one of your friends. You could use some dollar bills to pay him, but that would be inconvenient as you would have to ask your parents to take you to the bank to get some money, and then you have to carry it all the way to your friend before you can have the toy. Instead you can send him the same amount of money from your computer with a cryptocurrency. It is like sending an email containing money.
You want to buy a toy you like from one of your friends. You could use some dollar bills to pay him, but that would be inconvenient as you would have to ask your parents to take you to the bank to get some money, and then you have to carry it all the way to your friend before you can have the toy. Instead you can send him the same amount of money from your computer with a cryptocurrency. It is like sending an email containing money.
Well, you could go with showing videos to him first about how block chain technology works in the first place and then slowly learn piece by piece each day of the week! I think this would set them up for a solid foundation about how cryptocurrency works in general. There are so many different factors and caveats that even people who understand cryptocurrency and blockchain still have to learn aspects of it everyday of the week.
This is what you are looking for: https://www.youtube.com/watch?v=cFj72hrUZt4
That's not going to be an easy thing if that 5 year old kid doesn't really know about technology. Not all kids has the chance to use an iPad or android devices that young especially those that has strict parents.
But if a kid who's really interested with it that will be easier to tell that bitcoin is a digital currency and not entirely an investment thing, kids won't understand investments at a young age.
But if a kid who's really interested with it that will be easier to tell that bitcoin is a digital currency and not entirely an investment thing, kids won't understand investments at a young age.
Well I think that is an issue just there: Bitcoin and Cryptocurrency in general is no kid’s game at all, even less for a "five year old". A five year old should have his mind elsewhere really.
Einstein did seem to quote “If you can't explain it to a six year old, you don't understand it yourself.” By Einstein’s standards, give it another year at least then…
Einstein did seem to quote “If you can't explain it to a six year old, you don't understand it yourself.” By Einstein’s standards, give it another year at least then…
Lol, good exercise, I would say that (of course, no mention of technical characteristics, as this is only popularisation of science for a 5 years old):
Bitcoin is an electronic money, which means that you can not touch it, nore can you have it in your pocket. You need a computer to pay with Bitcoin. They are stocked in electronic wallets stored in computers.
There are people, who are called miners, who monitor people paying with BTC, and if they see that people are trying to cheat, they can forbid them to do so (wrote a lot more about it beforehands, but finally deleted as it would have been too difficult to understand).
Btc doesn't have the same price everyday.
If lots of people want to have BTC, BTC price will raise, but if not so many people want to have BTC, BTC price will decrease.
That means maybe price for 1 BTC can be 10$ today, but tomorrow it can be 15$, or only 5$.
Now go to bed and don't forget to have a pee beforehands please !
Bitcoin is an electronic money, which means that you can not touch it, nore can you have it in your pocket. You need a computer to pay with Bitcoin. They are stocked in electronic wallets stored in computers.
There are people, who are called miners, who monitor people paying with BTC, and if they see that people are trying to cheat, they can forbid them to do so (wrote a lot more about it beforehands, but finally deleted as it would have been too difficult to understand).
Btc doesn't have the same price everyday.
If lots of people want to have BTC, BTC price will raise, but if not so many people want to have BTC, BTC price will decrease.
That means maybe price for 1 BTC can be 10$ today, but tomorrow it can be 15$, or only 5$.
Now go to bed and don't forget to have a pee beforehands please !
Learning this digital currency is complicated. There are a lot of things one must know before investing in it, especially if you do not want to lose any amount you cannot afford to lose. So how would you explain Cryptocurrency and bitcoin to someone as if he is five years old?
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