Topic: simple way to understand bitcoin - page 4. (Read 5794 times)
The robot/miner part is just wrong. The piggy bank is not chosen randomly.
I tried this method of explaining to my mom .. It seems that works !!! So not only for kids .. 
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
people just dont like changes. Show them some changes that changed their world on better already.
it wont be that complicated, just the other day my nephew asked me why the transaction cost of fiat currency are so high. He was just doing a report on traditional currency transaction and modern day transaction. And when he heard about Bitcoin, got pretty excited about it.
Situations like this maintain my faith in future of humanity!
it wont be that complicated, just the other day my nephew asked me why the transaction cost of fiat currency are so high. He was just doing a report on traditional currency transaction and modern day transaction. And when he heard about Bitcoin, got pretty excited about it.
A good explaination, but it looks like it was written for kids.
"How to Explain Bitcoin to a 7-Year-Old"
because it was written for kids..
A good explaination, but it looks like it was written for kids.
That's the best way to learn. The core idea sticks better...
A good explaination, but it looks like it was written for kids.
The first thing that should be explained to know is how to use the internet bitcoin, knowledge about the internet is becoming a more familiar basis for bitcoin, because bitcoin transactions require a stable internet connection, if it is already fulfilled it will be easier later to learn more bitcoin ... 
This should be a sticky post.
Most people believe they know what a bitcoin is... specially since people talk about mining... as if mining creates coins.. instead of rewarding mining with coins... which is nothing like mining at all.
Care to explain double spending? Using the same scenario?
While at it, it wouldn't hurt to explain "mining" too.
Thanks OP!
Most people believe they know what a bitcoin is... specially since people talk about mining... as if mining creates coins.. instead of rewarding mining with coins... which is nothing like mining at all.
Care to explain double spending? Using the same scenario?
While at it, it wouldn't hurt to explain "mining" too.
Thanks OP!
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
People dont even need to know. Ask around how the federal reserve works. Exactly, no one even knows. All that matters is people using it and feeling good using it.Good point. But it's a bit different with bitcoins. You need to know the basics to stay secure and know how it works in general (to feel good using it). Otherwise, you'd need to have a popular/trusted 3rd party wallet/service providers, who will take care of security of your coins etc.
That will come with time and popularity.. Easy to use and safe tools - this is the key
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
People dont even need to know. Ask around how the federal reserve works. Exactly, no one even knows. All that matters is people using it and feeling good using it.Good point. But it's a bit different with bitcoins. You need to know the basics to stay secure and know how it works in general (to feel good using it). Otherwise, you'd need to have a popular/trusted 3rd party wallet/service providers, who will take care of security of your coins etc.
A fun read though, and you seem to sum it up lol 
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
People dont even need to know. Ask around how the federal reserve works. Exactly, no one even knows. All that matters is people using it and feeling good using it. 
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
true.the children of today will use BTC like we use credit cards or cash today. boring BTC
If this is the best way to explain bitcoin, we are all screwed.
Hmm its more difficult to explain for old people who dont know or not understand about internet world.
Even some guys in 3rd country do not understand how to use computer.
The only i can explain to them is Bitcoin = Money , the more i explain about bitcoin to them it will only bring more confused.
Even some guys in 3rd country do not understand how to use computer.
The only i can explain to them is Bitcoin = Money , the more i explain about bitcoin to them it will only bring more confused.
Good illustration for children. Children learnt bitcoin then will adopt bitcoin easily when grown up.
Our trouble isn't explaining this to children, they'll be able to learn about it on their own, the trouble is the grown adults who are in total denial about it.
How to Explain Bitcoin to a 7-Year-Old
I’ve been explaining how Bitcoins work since 2010. Here is the simplest analogy I’ve discovered that explains transactions, anonymity, and coin production.
There’s a room that anyone can access. The room has security cameras that anyone can view, and every second of recorded footage is available online forever.
The room is filled with indestructible piggy banks made of transparent plastic. Naturally, these piggy banks have coin slots, and everyone can see which coins are in which piggy bank. These piggy banks can never leave the room.
Each person has a key that can open their piggy bank. Let’s say I want to buy a pair of alpaca socks, and you want to sell them.
First, you tell me which piggy bank is yours. Then, I walk into the room with a ski mask on. Anyone in the world can see me on the security cameras, but not my face.
Next, I unlock my piggy bank, take some coins out, then put them into your locked piggy bank. I leave the room.
Now, everyone in the world knows that your piggy bank has coins that were previously in my piggy bank. This is the case with every transaction, so everyone knows the history of every coin.
“So where do the coins come from? How did it start? Who got the first coins?”
There’s a robot in the room that runs lotteries. Every so often, this robot randomly chooses a piggy bank in the room, and puts 50 coins in it. When it first started, there weren’t many piggy banks in the room since nobody knew about it. Back then, it was easy to win the lottery. Today, there are millions of piggy banks in the room, so your odds aren’t very good.
“Ok, couldn’t someone make their own fake coins?”
No,because everyone has records of every coin in the room, and they know when the robot hands new coins out. If a fraud were to put fake coins into his own piggy bank, everyone would know that those coins were never handed out by the robot, and wouldn’t accept them.
“Who made the robot..?”
Supposedly it was a super genius Japanese man named Satoshi Nakamoto, but nobody knows for certain. Since the security camera footage is available from 2009, we can see that the robot was putting coins into a piggy bank since day 1. We assume it’s Satoshi, but that’s about all we know.
“… Crazy.”
Jump to: