How to explain BTC to family members？ - page 5.

mayo2u

member

Activity: 325

Merit: 26

Quote from: Sall-Mo on December 07, 2017, 09:46:38 AM

I explained to my family that BTC is a currency, and my father said, "just like the dollar?" Shocked

In one sense it is like the dollar; in another it's like gold.

It is like the dollar but there isn't a central reserve bank nor is there a government deciding policy; nor are there banks deciding the validity of transactions. "So how does it work?"

There is a ledger of transactions - a public ledger of all transactions that have ever taken place. Groups of transactions are added to this ledger every 10 minutes.

Math (cryptography) keeps the process safe.

If they're interested in how transactions are added to blocks; how blocks are considered to be valid - well now you're into technical discussions. If you don't have a grasp you can watch youtube videos with your family or side step it by asking how a US dollar is created: how is the paper chosen, the ink added, etc...

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: Sall-Mo on December 07, 2017, 09:46:38 AM

I explained to my family that BTC is a currency, and my father said, "just like the dollar?" Shocked

If you want to explain something u must have elementary knowledge about it.
Then you can create short version to explain it. For example Bitcoin is store of value like gold. Just easier to move and keep.

Dudeperfect

hero member

Activity: 1190

Merit: 534

The best way I know to explain Bitcoin to a new person is to demonstrate the process of a transaction. The links quoted by TryNinja would help your family members to learn about it and when they will read and watch the theoretical part, help them to create a free web wallet and send few satoshis to them and ask them to return on your address. Trying their hands on it with flexible methods like web wallet platforms will attract them towards Bitcoin and to they will start learning about it further. Please do not lie about anything.

TryNinja

legendary

Activity: 2758

Merit: 6830

Make them watch these videos:

The one video every beginner without any technical knowledge MUST watch: https://www.youtube.com/watch?v=Gc2en3nHxA4 and https://www.youtube.com/watch?v=s4g1XFU8Gto
Then, if you want a more technical video: https://www.youtube.com/watch?v=t5JGQXCTe3c

And if they have the time (the video is 37 min long) and are really interested in learning about Bitcoin, this is one of the best "introduction to Bitcoin" videos I have ever seen (made by aantonop): https://www.youtube.com/watch?v=l1si5ZWLgy0

zoata87

legendary

Activity: 1218

Merit: 1004

Tell them it's not like dollar, there's no owner, no company, and the network is made up of millions of people. The network is currently 300 times more powerful than the top 500 most powerful supercomputers in the world combined.
Tell them that Bitcoin is not a stock, it's simply an alternative to a 100-year-old obsolete financial system.
Tell them that Bitcoin is a logical evolution stage for a financial system.
Tell them to do some research for themselves and watch youtube videos

Sall-Mo

newbie

Activity: 155

Merit: 0

I explained to my family that BTC is a currency, and my father said, "just like the dollar?" Shocked

Topic: How to explain BTC to family members？ - page 5. (Read 1142 times)