Topic: WHICH CONCEPTS WOULD YOU HIGHLIGHT THE MOST WHILE EXPLAINING BITCOIN? - page 2. (Read 387 times)
November 13, 2018, 11:18:29 AM
Long story short, it gives you the possibility of being your own bank with may more efficiency and it's much cheaper.
November 13, 2018, 08:25:02 AM
I'll highlight these features of bitcoin;
- an alternative to PayPal and other payment processor
- cheaper fees
- fast confirmation
- decentralized
- an investment itself
- you hold your own money
- an alternative to PayPal and other payment processor
- cheaper fees
- fast confirmation
- decentralized
- an investment itself
- you hold your own money
November 13, 2018, 07:10:41 AM
I would have to say that one of the best concepts of btc that it can offer to the people is your capital investment with good marginal profit and a faster payment transaction it can offer. BTC can offer high return of investment in due time if invested in longer period once it could pump high in the market. Btc being a digital currency is the first ever digital currency to make it more useful to people where it can make transaction peer to peer without any third party to work with the transactions.
November 12, 2018, 06:55:03 PM
I would say that "you can be your own bank". I think people will be curious about that one and maybe you can strike few conversations about bitcoin and the rest of cryptoverse. There will be questions no doubt, but you need to explain it at least in layman's term like decentralization, blockchains and of course wallets and privatekey. But its a good ice-breaker and attention worthy. I have tried this once while me and some of my neighbours were just sitting one afternoon and the discussions/debates/arguments went on till the early morning. 
November 12, 2018, 03:04:30 PM
The only thing I highlight the most using this crypto called (btc) is that way back 2013 i can't sent files over the Internet and receive money luckily i found bitcoin, bitcoin was the first peer to peer network that i trust for sending money it saved me lot of waiting line and hours of filming by that i can simply transfer the files and receive the payment via btc.
November 12, 2018, 02:59:05 PM
Fellows, I've been trying to find a good way to explain Bitcoin's functioning logic to people that are not familiarized with this technology, and I'd like to hear from you guys: if you had the task of explaining BTC to someone, what concepts would you highlight the most? 
It is Decentralised implying:
1. that you get the tasks (transactions) done yourself and do not need anyone or agent to approve it before it's been confirmed. Thus making you, your own boss.
2. It cannot be hacked since no central system is available to be attacked.
November 12, 2018, 02:47:28 PM
Bitcoin mining is a gray area to newcomers on the network,and even those who've been on the system for a while,its not so easy to understand how bitcoin mining works
So if I'm to talk to someone about bitcoin's functioning,i suppose the first question I'll be asked is how are bitcoin transactions confirmed,how can I purchase bitcoins..
Which inevitably will lead to explaining bitcoin mining,as this stage were bitcoin transactions are confirmed by miners,and this miners confirm this transaction by solving a cryptographic puzzle,and the first miner to solve this puzzle gets rewarded with bitcoins and/or transactions fees, and the transaction gets moved over to another block,till the block confirmations are complete
But also to take note that once the transaction has been confirmed by one miner(one block confirmation),such transactions cannot be undone
So if I'm to talk to someone about bitcoin's functioning,i suppose the first question I'll be asked is how are bitcoin transactions confirmed,how can I purchase bitcoins..
Which inevitably will lead to explaining bitcoin mining,as this stage were bitcoin transactions are confirmed by miners,and this miners confirm this transaction by solving a cryptographic puzzle,and the first miner to solve this puzzle gets rewarded with bitcoins and/or transactions fees, and the transaction gets moved over to another block,till the block confirmations are complete
But also to take note that once the transaction has been confirmed by one miner(one block confirmation),such transactions cannot be undone
November 12, 2018, 02:30:38 PM
Most people are still confused by the 'decentralized' nature of bitcoin, so in order for them to be more curious, I'll just say that there isn't a central authority issuing bitcoins, unlike the money that they are using today. So, this would be what I'll tell them: Bitcoin is digital money, but unlike your 'real' money, no central authority issues it, just a group of people with the hardware capabilities to 'mint' new bitcoins by solving complex puzzles. They'd be more interested on the "no central authority" phrase rather than "decentralized" trust me.
November 12, 2018, 01:25:38 PM
Probably saying as a virtual money which you can send and receive in a matter of time. This is the best way to explain it to unfamiliar persons and also this concept might be the best way in order to explain it (according to my opinion) since it's the use of the bitcoin isn't?
November 12, 2018, 12:58:02 PM
I think decentralization is the most important factor and to explain that you'd need to analyse the block ledger system.
It's lack of control.
It's immutable data
The function and usefulness and miners.
The speed and cost of transactions.
It's neutrality and open source codes.
It's lack of control.
It's immutable data
The function and usefulness and miners.
The speed and cost of transactions.
It's neutrality and open source codes.
November 12, 2018, 12:21:48 PM
Fellows, I've been trying to find a good way to explain Bitcoin's functioning logic to people that are not familiarized with this technology, and I'd like to hear from you guys: if you had the task of explaining BTC to someone, what concepts would you highlight the most?
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