Topic: How do I explain Bitcoin in simple terms to someone? (Read 496 times)

To my knowledge Bitcoin is a priceless currency that just an individual can't control it's value  .

it is nothing but virtual money asset. That’s the best way to explain them.

Ask them to google it as it will explain it properly to them.

I am saying in a simple way like,bitcoin is like fiat in digital,but theres no one controling it like what the fiat money has,no banks can control its value as cryptocurrencies are decentralized.I do like explaining how blockchain technology can revolutionize almost everything,but we  cant do anything about those people who wont believe what we are saying.

Tell them that bitcoin is a digital currency that can be used in transanction. It is an electronic cash that can be use un buying stuff, food even for paying bills or buying anything you want. Teach and guide them how to earn for themselves and make money from this technology.

It is nothing but Digital money and that is what bitcoins means in layman’s term.

You can explain Bitcoin in one word. Money.

That's all it takes. If he/she doesn't understand, then they don't know what money is 

You don't have to go into the details when you discuss it. I explained btc to my brother in the way he will understand it. I just say its a digital currency with limited supply up to 21M. Anyone can send it to anyone in the world and its intrinsic value depends to the market. Until he ask something besides the limited information you give, that's the time you can reveal more information. But to me, I just gave him some coins to consume that he can exchange it to fiat because that's the one way he will appreciates what BTC can do.

Bitcoin is a new kind of digital currency that, unlike other forms of payment, is designed for a world in which we are all digitally connected. Other forms of payment, like cash and credit cards, have their place, and probably won’t be going anywhere soon, but they aren’t really suited to the way we are going to be living in five or fifty years.

Bitcoin is a digital currency also known as cryptocurrency or virtual currency, build on top of the blockchain technology. Yes, bitcoin is nothing that you can print, touch, feel, or store in your safe or wallet. Bitcoin is virtual. Technically, bitcoins are bunch of numbers (0s and 1s) stored on a bunch of computers around the world.

How to determine bitcoin (bitcoin, btc, Btk, bitcoin) in simple words? This is a new generation of decentralized digital currency, created and operating only on the Internet. It is not controlled by anybody, the currency issue occurs through the work of millions of computers around the world using a program for calculating mathematical algorithms. This is the essence of bitcoin.

Say that it's just a virtual currency that you can exchange for real money or buy something on the Internet.

It is a cryptocurrency and if they understand crypto world then you don’t have to explain much.

very difficult to explain about bitcoin, I personally have been desperate to invite my friend to join bitcoin.
he still thinks bitcoin is just a scam.

Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

Show him some videos on youtube cause there are many clips where people are trying to explain what is the bitcoin and whole market of coins, i always say that this is the best way to teach somebody about crypto.

Bitcoin is a digital currency that people can send or recieve money using internet anywhere around the world without any central bank.

Simply put Bitcoin is a decentralized virtual currency meaning it does not exist in any physical form. It is based on the principles of mathematics and cryptography. If you understand it well yourself then you shouldn’t have much trouble explaining it to someone else.

My suggestion. Give him a book. I read a book called 'Mastering bitcoin', and it had all the knowledge that I needed, such as blockchain, private key and public key, hashing algorithms, etc.
If that person doesn't read books, give him/ her a decent website to learn about cryptocurrency.

You could just show them this infographic that many find helpful:
https://www.cryptowisser.com/cryptocurrency-explained-in-pictures/

All the best,
Cryptowisser

Digital currency which is decentralized , transactions without middle man ''peer to peer'' . They are all stealth and also written in blockchain from 1st ever until now and then u explain them what is blockchain and how it works .

Bitcoin is so helpful for me just like for the money and while im earning money im learning also.

Money/Asset that has no centralized authority/government that controls it and prints it to create inflation.
A decentralized currency that is owned by no one and yet available to everyone with the internet

Inevitable to resist it.

in simplest form its an electronically payment transfer system with open ledger it means you can see all incoming and outgoing transactions anywhere around the world

Explain the example of the banking system and traditional investment, you can also show a video on Youtube. There are many understandable explanations.

Bitcoin for me is so helpful first for the money we will earn here, while having a money we are learning and to know about crypto. We can invest also here its so safe. This is also a asset. Bitcpin will asure our future and as also our daily needs.

The constant mention of bitcoin on news recently has made a lot more people aware of bitcoin. Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity.

For me bitcoin is a very helpful we can invest here its better to invest here in bitcoin than the banks this is also a asset.

To say it like in "elevator pitch"
1. Bitcoin is the very first digital currency ever to surface, followed since then by alternative currencies or "altcoins" as what old timers say. I like it because of its decentralized and hack-free form of payment and can be monitored via its ledger or records.
2. Bitcoin's position right now is among its lowest, so now is a good time to come in if you want to invest, but DYOR before investing.  
3. Good luck to us

You can show them the benefits of investing in Bitcoin or let them see for yourself how exciting the market is.
It is also an opportunity to invest in reserves to prepare for the future
There are three faithful friends: an old wife, an old dog, and ready money.

To me I use money remitance service like bank swift to explain bitcoins , but rather as a peer to peer transactions. I will further add the investment value of bitcoins if kept for a longer period of time, and also explains the negative side: The risk factor of holding it.

A very intuitive example. I am very interested in it. This knowledge is very useful to me.
thank you for share.

This is a new generation of decentralized digital currency created and operating only on the Internet. It is not controlled by anyone, currency emission occurs through the work of millions of computers around the world using a program to calculate mathematical algorithms. This is the essence of bitcoin. But I don't know, can ordinary people understand that?

If the capital market for the capitalization reaches the gold market (~ 8 trillion dollars), the cue ball and more than 60k will be worth. Now the capitalization of the market is about 500 billion dollars.

I use the gold to compare:
What do you know about Gold?
Do use Gold?
Bitcoin is a gold of the internet: rare and expensive.
And you use it like gold.

light crypto!

In the world of traditional payment systems, I believe that Bitcoin is something that is one step ahead of the time and that's why it is taking some time for the people and even for the governments to digest this technology. For me, Bitcoin is a vehicle having the potential to speed up the financial transactions and ultimately resulting in the optimization of the global economy. I would prefer demonstration of the actual Bitcoin transaction if I want to explain Bitcoin to someone as I believe practical knowledge is attractive and easy to understand as compared to the theoretical knowledge.

To me i could just say bitcoin is a digital currency...

Yah I asked many quesions at first, too, but I didnt have only one person as source, I did my research too.
If someone is really eager to be informed, just tell him it's an online/digital currency and what it does and how it is acquired, for the more specific details, he'd learn better with his own experience.

A very good explanation from bitcoinwiki:
Bitcoin was invented as a peer-to-peer system for online payments that does not require a trusted central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users. In this guide we hope to explain what Bitcoin is and how it works as well as describe how you can use it to improve your life.

What is Bitcoin?
Since anything digital can be copied over and over again, the hard part about implementing a digital payment system is making sure that nobody spends the same money more than once. Traditionally, this is done by having a trusted central authority (like PayPal) that verifies all of the transactions. The core innovation that makes Bitcoin special is that it uses consensus in a massive peer-to-peer network to verify transactions. This results in a system where payments are non-reversible, accounts cannot be frozen, and transaction fees are much lower.

Where do bitcoins come from?
We go more in-depth about this on the page about mining, but here’s a very simple explanation: Some users put their computers to work verifying transactions in the peer-to-peer network mentioned above. These users are rewarded with new bitcoins proportional to the amount of computing power they donate to the network.

Who controls Bitcoin?
As we mentioned above, there is no central person or central authority in charge of Bitcoin. Various programmers donate their time developing the open source Bitcoin software and can make changes subject to the approval of lead developer Gavin Andresen. The individual miners then choose whether to install the new version of the software or stick to the old one, essentially “voting” with their processing power. It is in the miners’ best interest to only accept changes that are good for the Bitcoin currency in the long run. These checks and balances make it difficult for anyone to manipulate Bitcoin.

I would suggest you direct him/her (whoever you want to know about bitcoin) to "qoinpro.com" since the site gives clear definition of bitcoin, what its purpose, why it's made, who is the man behind it, etc. Also you can make account there coz they give free coins daily and they even support bitcoin hard fork. That means you get a new coin as a result of fork. I am not promoting qoinpro by the way but I cant see another site or blog that explains bitcoins in a simple manner and can easily be understood

Stanly! I have had this conversation countless times and tried explaining several different ways.
The secret I have found: Words are hard, pictures are easier.

I have 3 links to share that will make this very easy for you.

Simple explanations with awesome illustrations, super fun & easy: https://www.upfolio.com/ultimate-bitcoin-guide

More in-depth explanation with extra details: https://www.coindesk.com/information/what-is-bitcoin/

Nerd status if they level up and want to go deeeeeeper: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it


Good luck! I think explaining bitcoin is a fun challenge! Have fun with it =)

I think explaining it to someone what bitcoin is just by saying that this bitcoin will get yourself of an asset because bitcoin will put money in your pocket.

Bitcoin is a cryptocurrency, which is invented by Satoshi Nakamoto at 2009. It has been created with SHA256 algorithm,

this algorithm is 10x secured hence bitcoins are not easily hacked by anyone. Once for single pizza they spend 10000btc

but if we have the same amount of bitcoins now, we are the millionaire. If you become a bitcoin expert you can earn

nicely.

If you are explaining to someone with no knowledge in any cryptocurrency, or got no idea at all what cryptocurrency is, you can say that bitcoin is one of many types of cryptocurrwncies and thsese were virtual or digital money. It is like any other investment like the common investment he/she may know like stocks exchange, bitcoin also changes it's value every minute/second.

BAHAHAH this video is GOLD JERRY!  It like watching a MTV VJ describe bitcoin.   Hilarious!

Hi,

I would say that bitcoin is a virtual asset, but the most important thing to me is that it's advanced cryptography. It's a secured, personal asset, that you directly own and exchange.
And go further on the technology if asked... It's important for new comers to understand it's not easy money.

I dont usually open the topic to other person,only to those who just ask about bitcoin. So that, I can have all their attention and just discuss it slowly and simple. show them the actual amount I have and convert it to the local money we have in that way They will keep their mind working and thinking about how they can achieve those . That simple

I would show them this vid https://youtu.be/MhgunVQr_G4
very simple and fun

Bitcoin is a ledger. Everyone has this complete ledger, which records every bitcoin transfer in the history of the world. The person responsible for the bookkeeping, called the miner, needs to package the transaction records in order to be successful in the bookkeeping, and it requires a very horrible operation speed to get a qualified package.

Bitcoin is a crypto currency which is currently the number 1 coin accepted world wide as a medium of payment of goods and services.

There is a lady named Laura Shin that does a podcast from Forbes. A few weeks ago she uploaded a Bitcoin 101 podcast which was well done IMO. Have your friend listen to it.

http://unchainedpodcast.co/crypto-101-everything-you-need-to-know-about-bitcoin-ethereum-blockchains-icos-and-more

Bitcoins are like regular money or even, in a small way, stocks. it’s like money in that it has value and you can use it to buy goods and services. It’s also like stock because the value fluctuates based on supply and demand. Unlike stock, there are no dividends, just whatever the bitcoin is worth on a given day. bitcoins are like the money you have in the bank and credit cards. Or, better yet, you know how your boss pays you through direct deposit and then you go buy something with a debit card. The money goes from one place to the next without ever touching human hands. Bitcoins are perpetually in that state. Here's the great project where you can find tonns of info about it [bitcoinwiki](https://en.bitcoinwiki.org/wiki/Main_Page)

Just you say, bitcoin is one of the digital currencies. It is a secure digital payment tool of counterfeiting, copying or alteration. Each virtual coin has a special number, with crypto currency transactions done anonymously using a special key.

If you want to explain the technology behind Bitcoin, use video to demonstrate is perhaps the best method. If you want to explain why it has value, just let them know it is cryptographically secured and is not editable, which make them a "digital gold", which can be send digitally around the world.

The simplest explanation i can think of bitcoin is to compare it to traditional money and stores of weakelth

Bitcoin unlikes traditional FIAT money like the dollar is completely decentralised where anyone can access the blockchian ledger whereas the ledger used by banks to record such information is kept secret

Also, Bitcoin creation is modelled after the mining of gold (hence the term "mining" for the creation of bitcoins) where at first it is easy to mine bitcoins as it was for the very early pioneers in the american gold rush.
Like gold, after more bitcoins is mined, the harder it will be to mine future bitcoins and therefore better hardware will be required to maintain production. Much like the larger scale gold mining operations we have today just to maintain production and just like gold, there is a FINITE SUPPLY of both.

If you want to learn more about Bitcoin in its most simplest terms. Our Excellent Community Manager and long time Crypto-geek, Raphael Shalaby will be hosting a live webinar explaining bitcoin and blockchain technology.
https://events.genndi.com/register/169105139238466377/1a876a10a7

for more comparisons of bitcoin to gold and the us dollar, feel free to check out this article
https://wirexapp.com/%E2%80%8Busd-gold-bitcoin-best/

Digital money, to truly explain the concept of blockchain to the man on the street is just about impossible. If they are really interested they must do their own research

Bitcoin is a cryptocurrency that has a huge value and its really good for investment rather than bank.

I think you could say to them that Bitcoin (cryptocurrency) is a form of a virtual money or asset

I think you must explain tho them that bitcoin is like an asset. But it's virtual.

With someone, the definition of Bitcoin is too hard to understand so I wonder whether we have a more simple way to explain to them?