What the community is looking for about bitcoin - page 2.

for noobs:
explaining bitcoin without buzzwords like
"decentralized cryptographic keypair secured peer to peer financial ledger"

and instead something like
payment system where your private key, which only you hold is your account

when explaining how:
instead of mentioning SHA, ecdsa, ripemd160, blockchains, PoW, port 8333, etc,etc,etc
explain it like you would explain writing a cheque.

putting in who the funds are going to and the amount. and where the payment already includes details of where the funds are coming from.
your private key is used to mix up the payment data to form a unique signature so that no one needs your private key. and the signature can can be verified by the data of where the funds came from. when its signed its as good as accepted though most merchants prefer to wait for the payment to clear first.
the payment then passes through thousands of random people that doublecheck it. and eventually a pool that batches the payments together into a block of data which is then finalised and locked into a long chain of blocks of payments which anyone can view, store and verify any/every payment/block

go about as deep as that. dont get too technical and dont try showing off use of buzzwords to sound smart.

after all do most people really know how cheque clearing houses work. or what visa does behind the scenes to communicate to banks. and if you started throwing out banking acronyms like RTGS or NEFT, CHAPS, ACH they wont be any the wiser in regards to how cheques/visa/wire transfers work.

Topic: What the community is looking for about bitcoin - page 2. (Read 909 times)