How do you describe bitcoin to a newbie? - page 3.

Coyster

legendary

Activity: 1946

Merit: 1224

Life's but a walking shadow!

Quote from: moneystery on March 27, 2023, 04:49:11 AM

Usually I will compare it to gold, because it is the simplest thing that can be explained to the layman. But if they want to know more about Bitcoin I'll usually tell them to read an article on Binance or Coindesk and then if they're having trouble digesting it I'll explain the parts they find confusing. Because if I explain thoroughly it will take my time because quite a lot of parts need to be explained, it's better for them to learn it by themselves.

Bitcoin is quite different from gold in numerous ways; i know quite a lot of people call Bitcoin "digital gold", but that's the closest the similarities can get to, there are so many differences between the two assets/currencies, and comparing the two of them is not an ideal way to explain what Bitcoin is to a newbie.

Having said that, there are better places to get information and resources about Bitcoin than Binance articles, do not be deceived that Binance is pro Bitcoin, they care more about their shitcoins and their own pockets. If you know people who want to learn about Bitcoin, then tell them to join this forum, and good articles that would get them started would be made available to them, and if they are tech-savvy they can even start off with the Bitcoin whitepaper.

Jawhead999

legendary

Activity: 1638

Merit: 1156

I think I will start with the simplest comparison between Bitcoin and fiat in price, Bitcoin and banks about how it works. But I doubt if it's enough to make them understand because if they never fuck up because of centralization and know the other side of corrupted government, they will not see Bitcoin is a special thing that's really different from the other asset and the only one.

Patrol69

sr. member

Activity: 546

Merit: 274

Learning never ends. People are learning in every moment of life. There are many things to know about cryptocurrency. We basically cover some basics of cryptocurrency. However, if you are interested in knowing, you can learn about Crypto Currency from various media. Different social media try to teach about Crypto Currency or Bitcoin through different videos, so if someone is interested then he can get a good idea about Bitcoin and Crypto Currency from different social platforms. And many times it is seen that different famous people write different articles about Blockchain if those articles are read regularly then I think it is possible to get enough understanding about Blockchain.

Upgrade00

legendary

Activity: 2030

Merit: 2174

Professional Community manager

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

I've been having challenges trying to understand the concepts of bitcoin.

Can you share the exact challenges you are having? That would help others to put you through.
Bitcoin is a broad concept and it would be difficult to explain with a reply. It is generally a P2P system of transacting without the need for a middle man.
When describing it, terms like decentralized, immutable, transparent, comes up often and define how it operates.

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Can somebody assist me in anyway?

Research.
All the help you need is already available online, you just need to find it.
Search the forum for questions like yours and go through the replies to find useful answers.

Quote from: reagansimms on March 26, 2023, 10:28:50 PM

It's not hard to explain Bitcoin to someone who wants to know the concept of Bitcoin. I'll direct him to the Bitcoin Whitepaper then have him read from A to Z.

The Bitcoin whitepaper is not exactly newbie friendly and contains some complex information.
It's better for a new user to start off with more basic knowledge and read the whitepaper gradually.

348Judah

hero member

Activity: 714

Merit: 521

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Snipped

If i may advise you that you should first take a step to google search what is bitcoin on the internet, you will receive many feeds from different sources and then try to read the ones you can quickly understand just to get an idea of it is, do same to blockchain and then come back to the forum to learn more from bitcointalk which is the bitcoin official discussion forum, we have many boards that relate on bitcoin discussion, read through them, learn and with time you get used to it, even if we are to explain bitcoin to you we can't give you all you needed to know at once except you make your personal findings through learning more over time, just be patient and be active on the forum while learning.

GeorgeJohn

hero member

Activity: 1400

Merit: 655

Bitcoin is achievement

Learning and understanding the concept of Bitcoin is very simple, but the issue is attention, i know that nobody knows Bitcoin all, but as a beginner i think that the major ways you can comprehend the concept of Bitcoin very well is when you are passionate of acquiring the knowledge. For easy understanding the basic principles of Bitcoin, i think that you have to download articles of cryptocurrency and precisely Bitcoin. Secondly you can grab the rudiments of Bitcoin through YouTube video tutorial before practicing manually. And it's obvious with concentration in bitcointalk you can be inform of Bitcoin directly in Bitcoin discussion section.

moneystery

full member

Activity: 644

Merit: 152

★Bitvest.io★ Play Plinko or Invest!

Usually I will compare it to gold, because it is the simplest thing that can be explained to the layman. But if they want to know more about Bitcoin I'll usually tell them to read an article on Binance or Coindesk and then if they're having trouble digesting it I'll explain the parts they find confusing. Because if I explain thoroughly it will take my time because quite a lot of parts need to be explained, it's better for them to learn it by themselves.

Smack That Ace

legendary

Activity: 1750

Merit: 1094

Assalamu Alekum

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

Some people will quickly grasp all the basics after learning it once or twice, but others will take longer. When we learn something new, there are bound to be some initial challenges, but as long as you work hard and don't give up, you will learn everything. Sometimes this method works for others but won't work for you, so you don't have to follow in anyone's footsteps. Use your methods, gradually, you will find out which method works best for you. Don't be hasty.

Coyster

legendary

Activity: 1946

Merit: 1224

Life's but a walking shadow!

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Can somebody assist me in anyway?

The thing is, you basically cannot learn about Bitcoin through the assistance of others per se, you have to look for resources/materials by yourself and read to get an understanding of what Bitcoin is. Some links have been shared on this thread, now it becomes your responsibility to read them and get a hang of things.

Having said that, mind you that there are difficult aspects of Bitcoin that you might never understand, unless you are tech-savvy, you'd be better of focusing on the most basic and important aspects that has to do with sending, receiving and safely storing your Bitcoins. Finally, don't think Bitcoin is a get rich quick scheme, it is not, quite a lot of people erroneously believe that, Bitcoin is just a decentralized currency that serves multiple purposes.

Awaklara

hero member

Activity: 1050

Merit: 657

The beginner I met and began to ask questions about Bitcoin and Crypto, most of them immediately focused on trade in the exchange. Everyone may have a different experience when meeting beginners who ask us. But that's what I encountered a lot, they did not ask about the blockchain and also the developmental technology used and built from Bitcoin. They asked, how to trade bitcoin.
Of course, too risky tells Bitcoin trade beginners. I don't want those who are new to Bitcoin to be negatively oriented when they fail in their first trade. So I tell them that Bitcoin is an investment asset. Some risks must be taken when you want to invest in Bitcoin.

Asuspawer09

sr. member

Activity: 1638

Merit: 425

Cashback 15%

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

I mean if you're going to explain it to someone that had no idea about bitcoin all you need to do is just explain what bitcoin does as a beginner it will be easy to absorb and learn by anyone. You could easily teach them what bitcoin does by explaining the things that you do to bitcoin and how they can use bitcoin to earn, Just the introduction of bitcoin as a digital currency and teaching them about trading. If you are going to teach them how bitcoin works it might get complicated to explain the process and could turn them down, but if you just teach them what can you do on bitcoin they might get interested in it and learn how it works on their selves.

Also, one of the best things to do to easily learn bitcoin is just to try buying one and start investing already, since experience is the best teacher, explaining it to someone could just complicate things just guide them not to invest and risk everything on cryptocurrency.

Fiatless

hero member

Activity: 462

Merit: 472

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

Bitcoin is a currency that is not issued or controlled by any bank or government. Just like you do online fianacial transactions using central bank-controlled fiat, you can also use bitcoin to make payments but the difference is that there are no third parties especially if you are using a decentralized wallet. But if you use exchanges (firms that offer banklike services in the cryptocurrency industry) you have to go through them to do your transaction. It will also be good to inform you that these exchanges will always ask for your details and you will lose your funds if they collapse.

Some bitcoins also use Bitcoin as a trading instrument. This is because the price of bitcoin goes up and sometimes down making people buy at a cheaper rate and sell when the price goes high. Some people keep it as a long-term investment. These holders acquire and keep bitcoin for a long period and sell them based on their financial plan. Bitcoin can be bought, mined, or earned.

reagansimms

hero member

Activity: 952

Merit: 541

It's not hard to explain Bitcoin to someone who wants to know the concept of Bitcoin. I'll direct him to the Bitcoin Whitepaper then have him read from A to Z. Then ask him to see some videos to make him understand more about how to get to know Bitcoin more closely to how to buy and sell it. As long as there is a willingness to understand all that is related to Bitcoin, there are many tips that can be done to acquaint someone with Bitcoin.

Gallar

sr. member

Activity: 616

Merit: 291

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

from my personal experience. I learned about bitcoin, crypto and all things related to both of them. I immediately learned while practicing, so I could be absorbed more quickly.
and don't forget to study slowly, don't be too hasty in learning it, just relax and take it slow.

Don Pedro Dinero

legendary

Activity: 1288

Merit: 1491

The first decentralized crypto betting platform

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

Aside from the answers you have already been given, apart from making him understand bitcoin itself, I would first try to make him understand the shitty banking system we have. When he deposits money in the bank, that money becomes a bookkeeping entry with no real backing, and the money itself is devalued by leaps and bounds (you are able to buy less and less things with the same amount). This is what made some people believe in the need to create an alternative digital currency, which eventually led to the creation and launch of bitcoin in 2009.

BlackBoss_

sr. member

Activity: 602

Merit: 387

Rollbit - the casino for you. Take $RLB token!

I used this Newbie kit to learn and practice using Bitcoin wallet softwares

Education
▶️ Learn me a bitcoin for Beginners
▶️ Lopp's Bitcoin information & resources
▶️ Videos: Introduction to Bitcoin for Beginners

Wallets
▶️ [General] Bitcoin Wallets - Which, what, why?
▶️ Security Checklist
▶️ [GUIDE] How to Create a Strong/Secure Password
▶️ [GUIDE] How to Safely Download and Verify Electrum

Accardo

hero member

Activity: 1078

Merit: 509

Leading Crypto Sports Betting & Casino Platform

Quote from: Bruce4 on March 26, 2023, 05:33:54 PM

Good day everyone
.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.

"In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle." -- Satoshi

bitcoin is a volatile internet money that depends on the number of people who trades, buys or holds the currency. It runs on the blockchain network; a chain of different computers running the bitcoin network. Working interoperable with each other, when one is down others continue confirming the authenticity of transactions. The network can't stop working, even 1 node is enough to keep the Bitcoin network running effectively. Therefore, it's difficult to stifle the network as it'll require the attacker to stifle all the computers running on the network. Blockchain remains a very strong decentralized network with no central body in control of the transactions happening on the network.

BitMaxz

legendary

Activity: 3248

Merit: 2971

Block halving is coming.

Actually, it's very simple to understand what are Bitcoin and the blockchain unless you want a technical side?

Bitcoin is just like a local currency like USD and the Blockchain should be where all transactions are recorded.
The only difference between the local currency and Bitcoin all transactions are private that only governments have access and the currency is much more stable compared to Bitcoin another thing is Bitcoin is decentralized meaning no one can control your own money.

About the technical side if you want to become a developer then check this link below

- https://github.com/openblockchains/awesome-blockchains

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

Watch this video made by Andreas Antonopoulos and there are actually more but it's a nice start.

--> Bitcoin for Beginners: Bitcoin Explained in Simple Terms

Learning bitcoin and blockchain are two different topics and you need to set aside the other one first to learn what you want to go ahead and which is likely bitcoin.

Also, state in which part you're having hard time. What you've learned so far and what are those challenges that you've been met?

There are too many resources that you can search to know on what you're struggling with in learning about both.

Bruce4

newbie

Activity: 28

Merit: 5

Good day everyone

I've been having challenges trying to understand the concepts of bitcoin.
When the terms bitcoin and blockchain are mentioned,a number of terminologies are been
Displayed and can be quite confusing.The blockchain and bitcoin has always been challenging as I'm
Learning for the first time.It will take a long time and effort to understand the notion of cryptocurrency.
Can somebody assist me in anyway?

Topic: How do you describe bitcoin to a newbie? - page 3. (Read 487 times)