Topic: Shower thought. Why is Bitcoin hard to define? - page 4. (Read 605 times)
I have been related scenario of what has OP said, but this is what I told to my friend that "digital money which can use peer to peer transactions on the internet and we can also make a profit in buying low and sell high price". In that way of explaining the might get tempted if they are interested. Majority of them who asked was now a crypto enthusiast and doing trading as well. There are too many ways you to answer them and depends upon on how you approach and must explain to them the possible risk to avoid for you to blame if they get failed on investing, but so far none of them.
Decentralised digital currency would be more than enough for a starter if he/she is interested they themselves will explore.
It's really hard to define one thing if the complex things come rushing into your mind first and completely forgetting about the simpler terms which are easier to comprehend by laymen. This has been discussed for plenty of times in this forum and there doesn't seem to be one universal definition in which bitcoin would fit. Anyways, here's my take:
Bitcoin is a peer-to-peer digital currency that can either be an investment (for profits) or be used as a form of payment if someone would be willing to accept it.
Bitcoin is a peer-to-peer digital currency that can either be an investment (for profits) or be used as a form of payment if someone would be willing to accept it.
i think you may be too hard on yourself. i would easily tell them that it is a new form of money and if they needed more explanation then i would go into more details as what it is and how it works, what decentralization means,... and things like that. but generally it depends on the person asking, sometimes to explain more means making it harder for some people to grasp it.
To define what bitcoin is may be some time difficult most especially when you are trying to define it to a newbie, but in simplest form you can say bitcoin is a digital currency that is not controlled by any individual or institution and decentralized which is send in a peer to peer method of transactions without third party involvement, and the blockchain is the digital bitcoin bank because it runs on it.
Whatever that's seem new in term of technology, to me seem very difficult to define because of the technology developing phase. Believe me that some terms are still coming in even though the technology has spent 10 years. In few years fro now, this technology (Bitcoin) will not be difficult to define even to the illiterates around us.
Have tried explained Bitcoin to my wife, but the harder i tried the difficult she find it to comprehend. Since she has be doing some personal research on her own, its pretty good to know that she is doing well at the moment.
Have tried explained Bitcoin to my wife, but the harder i tried the difficult she find it to comprehend. Since she has be doing some personal research on her own, its pretty good to know that she is doing well at the moment.
The problem is that the average person has no real-life experience with blockchain technology, so the words used to describe it make no sense. I might say, "Bitcoin is a decentralized cryptocurrency based on blockchain technology or a distributed ledger," but that would probably lead to confusion over the terms used. This is where it might take some patience and simple analogies to get the message across.
A non-Bitcoiner friend asked me, "What is Bitcoin?", I was unable to answer directly as my mind was racing to find an answer. My first instinct was to tell him that it was a "peer to peer digital ecash for the internet", but should something global, trustless, provably scarce, independent, open, and censorship-resistant be described as something so shallow?
Bitcoin is much more, but it's very hard to find the words to describe it.
Bitcoin is much more, but it's very hard to find the words to describe it.
I have been asked the same thing several times before and what is my answer? I just tell them that bitcoin is a way to earn money in the internet. I answer like that because I believe that most people will be interested to learn more about something which is related to "earning money". Once they are interested then I will tell them more about it, my main idea is to attract them to learn about bitcoin. So we should have an attractive answer to make them curious about it.
A non-Bitcoiner friend asked me, "What is Bitcoin?", I was unable to answer directly as my mind was racing to find an answer. My first instinct was to tell him that it was a "peer to peer digital ecash for the internet", but should something global, trustless, provably scarce, independent, open, and censorship-resistant be described as something so shallow?
Bitcoin is much more, but it's very hard to find the words to describe it.
Bitcoin is much more, but it's very hard to find the words to describe it.
Lack of education is making it harder to define mate, and if a person got an adequate idea from bitcoin on how it changes lives from scratch to wealth; I guess describing it would be easy. When there's a friend that would like to ask me about what's with bitcoin, then I simply can tell him/her to just try to view my facebook posts and take a review last two years ago.
Definitely after that, they'll do me some private messages saying how did you do that? The answer behind it was because of bitcoin. Money can define how bitcoin is, and it was just like a kind of number can be appreciated through internet. Without the power of Internet connection, we can't make money through bitcoin and everything goes smooth because of it. Bitcoin brought me up from proverty towards having property as well, and changes the way of life I had.
A non-Bitcoiner friend asked me, "What is Bitcoin?", I was unable to answer directly as my mind was racing to find an answer. My first instinct was to tell him that it was a "peer to peer digital ecash for the internet", but should something global, trustless, provably scarce, independent, open, and censorship-resistant be described as something so shallow?
Bitcoin is much more, but it's very hard to find the words to describe it.
Bitcoin is much more, but it's very hard to find the words to describe it.
If you are actually intending to explain it to a newbie, it is better to just give them a simple and short definition of bitcoin which is a digital currency. Then explain it's convenience. Do not explain the whole scope of bitcoin, trust me I have been into crypto for 5 years and I still find it boring to hear technical and deep conversations about crypto. LOL!
A non-Bitcoiner friend asked me, "What is Bitcoin?", I was unable to answer directly as my mind was racing to find an answer. My first instinct was to tell him that it was a "peer to peer digital ecash for the internet", but should something global, trustless, provably scarce, independent, open, and censorship-resistant be described as something so shallow?
Bitcoin is much more, but it's very hard to find the words to describe it.
Bitcoin is much more, but it's very hard to find the words to describe it.
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