What is Bitcoin? Bitcoin Explained Simply (2020 Updated)

Consistent Quality[citation needed]!

~~If you are anything BUT 5 years old, and you're confused by something, this is the place for you.~~ Now that /eli5 clarified that they want simple explanations, (fake) 5 YEAR OLDS ARE NOW WELCOME TO THE SUBREDDIT. But not in a creepy way.
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Bitcoin for Beginners

Bitcoin for Beginners is a subreddit for new users to ask Bitcoin related questions. **Do not respond to strangers direct messaging you, as over 99% of these people are Scammers.** This subreddit allows open discussion where peer review occurs. /BitcoinBeginners is not for posting new websites, memes, faucets, affiliate links, news, concern trolling, blog articles, or promoting altcoins and ICOs. **Bitcoin related Questions only** No url shorteners (auto spam)
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Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Nipsey Hussle did a better job at explaining Bitcoin than anyone on crypto twitter. R.I.P Nipsey Hussle.

Nipsey Hussle did a better job at explaining Bitcoin than anyone on crypto twitter. R.I.P Nipsey Hussle. submitted by slywalkers to CryptoCurrency [link] [comments]

Akon is explaining Bitcoin in a Simple Way

Akon is explaining Bitcoin in a Simple Way submitted by techworld93 to Bitcoin [link] [comments]

How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations

BTC Friends,
Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started.
To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS.
Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin.
Before we get to that, a few things to remember:
Bitcoin is a fundamental change from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known.
Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.”
Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more.
Now, some tips to consider:
1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’
A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise:
Bitcoin is…:
Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.
An alternative form of money than what you are given by your local government.
That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY.
While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no!
Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.)
When asked to explain Bitcoin, here is the opening line:
“The FED…is out of control with printing money…”
This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there.
Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is.
Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is.
2. Let Them Lead / Gauge Their Interest / Know When To Stop
When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar.
Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest.
Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more.
For example:
Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?”
Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Wait, what do you mean?”
And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD.
Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question:
I’m sorry, did you not understand something I said?”
“Did I answer your question?”
“Is this interesting to you?”
By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?”
Or maybe even make a comment: “…wow…this stuff is pretty complicated…”
In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck.
Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later).
Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own.
3. Know Your Role / A Little at a Time / Don’t Overcorrect
So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not.
The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part!
Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before.
Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once.
While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain.
For example:
Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!”
Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…”
Keep it simple, factual, and non-confrontational.
Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.”
Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character.
Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more.
Oh, and step 4: Stack Sats and HODL!
submitted by Reinmaker to Bitcoin [link] [comments]

How people probably think of me when I explain Bitcoin to them

How people probably think of me when I explain Bitcoin to them submitted by granttes to Bitcoin [link] [comments]

TIL I don’t have to explain Bitcoin to everyone.

TIL I don’t have to explain Bitcoin to everyone. submitted by waltermint to TikTokCringe [link] [comments]

@binance: Ever got stuck when explaining #Bitcoin to family and friends? The best tactic is to modify your description based on the age group you're dealing with. Our latest article shows you how to explain Bitcoin to 4 different age groups👇 https://t.co/rNVMiZpIgm

@binance: Ever got stuck when explaining #Bitcoin to family and friends? The best tactic is to modify your description based on the age group you're dealing with. Our latest article shows you how to explain Bitcoin to 4 different age groups👇 https://t.co/rNVMiZpIgm submitted by rulesforrebels to BinanceTrading [link] [comments]

🤔 How to explain Bitcoin is not a scam to your parents?💡Try Blockchain Demo! - Understand why Blockchain is immutable in 3 mins - Learn about blockchain technology behind Bitcoin in an easy, fun, interactive way 💡 Comprehensive to starters

submitted by dapp_com to BlockchainStartups [link] [comments]

Charles Hoskinson Explains Bitcoin to J.K. Rowling

Charles Hoskinson Explains Bitcoin to J.K. Rowling submitted by ethereumcharles to Bitcoin [link] [comments]

How to explain Bitcoin to teenagers, children and non-technical people?

Bitcoin and blockchain are difficult concepts to explain. Even I felt difficulties in understanding Bitcoin for the first time. Any suggestions how to explain this phenomenon to children or teenagers? In my current country I can say 80% of teens don't know the specifics of Bitcoin. If children and teens are not familiar with cryptocurrency or Bitcoin, how can we as a Bitcoin community expect these economic changes to be fully adopted by society in a timely manner?
submitted by dexfinplatform to Bitcoin [link] [comments]

Charles Hoskinson Explains Bitcoin to J.K Rowling

Charles Hoskinson Explains Bitcoin to J.K Rowling submitted by ethereumcharles to CryptoCurrency [link] [comments]

Can you explain Bitcoin in 140 characters or less?

Trying to understand Bitcoin from a single tweet is akin to trying to understand world finance from your paycheck stub.
You must read, listen, and watch all that you can. Only then will you understand it.
submitted by HappyDadOfFourJesus to Bitcoin [link] [comments]

Network effect doesn't explain Bitcoin dominance : technical arguments for Bitcoin Maximalism

I often saw some Bitcoiners counter the altcoin shillers with the following argument: "Bitcoin is the first so it has the network effect, so your altcoin will always worth less"
This is not totally wrong but I think this argument is bad. Using it implies implicitly that you admit that Bitcoin is technically less capable than altcoins with their higher transaction rate, fast blocks, instant confirmation, without fees and smart contract support....

And this is WRONG ! Bitcoin price is higher, because Bitcoin is already TECHNICALLY BETTER than any other altcoin and not because of network effect. In 2017, Bitcoin dominance was lower, some altcoin reaches almost the same level than Bitcoin. So network effect is not what prevents an altcoin to take the lead but it is the fact that almost all altcoin that pretend to be better than Bitcoin are technically flawed.
Why ? They use bigger blocks, DAGs (Directed Acyclic Graphs, like used in IOTA or Nano) or wtf they created to disturbe you and make you believe they are better than the good old Bitcoin blockchain. But they have at least one of these two weak points: validation time oand bandwidth.

If they use biggefaster blocks, validation time of block is higher and so block propagation is slower. Less nodes can operate as they may not be able to validate blocks fast enough to keep up with the tip of the chain. You end up like Ethereum that has less and less full verification nodes leading to centralization of the network.
If they use DAGs, they achieve consensus through a "proof-of-stake" vote and always at the cost of bandwidth (quadratic cost in number of node, linear in transaction rate). DAGs are often presented as "each node has its own ledger" but the reality is that the only global ledger you should trust is the complete DAG of the ledgers of each node. Only servers with a shitload of download bandwidth can maintain it as debunked here and here. To not look (in fact be) centralized, some DAG altcoins doesn't, opening the door to history rewrite by buying account that owned a big stake before and still use a lot of bandwidth to reach consensus. Bitcoin just add 80 bytes of proof-of-work data on a block of 1-2MB to achieve it and protect from history rewrite, almost zero cost for the network (that's why we pay fees to miners who carry the cost).
You only have those problems when it reaches a critical level of usage and only then we can see how much those limits where ignored. Until now, very few altcoins reached the limit (maybe Ethereum, and IOTA shows us it is centralized already by stopping the network)
Bitcoin has the highest price because Bitcoin is technically the only possible decentralized king (and a centralized cryptocurrency worths nothing). Yes maybe 1MB limit was too conservativ, yes fees are higher, yes 10 minutes is slow. But if everyone wants their coffee payment to be settled onchain, 1MB or 8MB or 32MB each 10 minutes, minutes or secondes will never be enough while it is a big difference for the network health. You only need the blockchain for settlement, for payment you have Lightning Network that can already destroy PayPal's transaction rate.
So next time you feel convinced by an altcoin that pretend to be better than Bitcoin while being decentralized by design, evaluate the requirement to be a fully validating node and what the overhead of bandwidth needed to achieve consensus. The chances are high that they didn't take care of one of these two issues and end up centralized or broken. You don't need the network effect argument.
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can someone explain bitcoin mining to me in non-computery terms

submitted by aidanestrada to BitcoinBeginners [link] [comments]

How to effectively explain bitcoin

How to effectively explain bitcoin submitted by Shatt3rr to Bitcoin [link] [comments]

Musk tries to explain Bitcoin to JK Rowling, attacks central banks

Musk tries to explain Bitcoin to JK Rowling, attacks central banks submitted by leidogbei to conspiracy [link] [comments]

ELI5 Bitcoin – Explain Bitcoin Like I’m Five

ELI5 Bitcoin – Explain Bitcoin Like I’m Five submitted by TommyofLeeds to Bitcoin_Maximalist [link] [comments]

YouTube banned this video explaining Bitcoin Scaling.

YouTube banned this video explaining Bitcoin Scaling. submitted by MemoryDealers to btc [link] [comments]

Bert Kreischer Gave His Bitcoin To Redban And Now He Regrets It! Anthony Pompliano Explains Bitcoin Value Proposition!

Bert Kreischer Gave His Bitcoin To Redban And Now He Regrets It! Anthony Pompliano Explains Bitcoin Value Proposition! submitted by BitcoinIsDigitalGold to redban [link] [comments]

🙏(Burr)[1:3c] Bill Burr Goes ALL IN On Bitcoin 2020! Anthony Pompliano Explains Bitcoin Value Proposition!

submitted by DanzaBot to ThoughtsAndPrayers [link] [comments]

Bill Burr Goes ALL IN On Bitcoin 2020! Anthony Pompliano Explains Bitcoin Value Proposition!

submitted by cryptolobe to cryptolobe [link] [comments]

ELI5 Bitcoin - Explain Bitcoin Like I'm Five

ELI5 Bitcoin - Explain Bitcoin Like I'm Five

https://preview.redd.it/2eirnn6udz651.png?width=1587&format=png&auto=webp&s=990feb41f171eabccb860ce59a7d2d94a4c1c9c8
Visit us at - https://bitcoinmaximalist.net/eli5-bitcoin-explain-bitcoin-like-im-five/
Bitcoin is pretty technical, and understanding it isn't easy, but ELI5 Bitcoin is stripped down and explained in such a way that a five year old can understand Bitcoin. If you're interested in Bitcoin but are put off by all the technical jargon, have a listen. It's Bitcoin for beginners simplified.
submitted by conyersmooney to u/conyersmooney [link] [comments]

How to explain Bitcoin to children.

submitted by Actual-Chef to Bitcoin [link] [comments]

What is Bitcoin? Bitcoin explained in layman's terms What is Bitcoin? Explained What is Bitcoin and How to Explain it in 2020! What Is Bitcoin - A Simple Explanation How Does Bitcoin Work?

Bitcoin is a transparent ledger without a central authority. Confused? Don't worry, this post will explain what Bitcoin is in plain English. Transactions - private keys. A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody The best way to explain how Bitcoin works is to go through an example of how things function behind the scenes when a user sends or receives a transaction on the network. Let’s run through both sides of a transaction from the perspective of two hypothetical users: Bob and Alice. Bitcoin, the digital currency, has been all over the news for years. But because it’s entirely digital and doesn’t necessarily correspond to any existing fiat currency, it’s not easy to understand for the newcomer. Let’s break down the basis of exactly what Bitcoin is, how it works, and its possible future in the global economy. Bitcoin transactions cannot be traced back individuals -- they are secured but also obscured through the use of public and private encryption keys. This anonymity can be appealing, especially with

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What is Bitcoin? Bitcoin explained in layman's terms

Means first bitcoin which was created in 2009 to till date all transactions are on record. Eg- property /land paper is between two parties if modified then go to court, but in case of blockchain, What is Bitcoin? Explaining Bitcoin in 2020! We really love how these people explain Bitcoin, if You Agree hit the Thumbs up! Spread the Bitcoin Message and share this video with your friends. This Bitcoin basics video series will explain Bitcoin for beginners. You'll learn how Bitcoin works, and how to make money with Bitcoin. Many people are looking to mine bitcoin or trading bitcoin ... Here is an easy to understand explanation of what is bitcoin and how it works. To learn more about trading Bitcoins and other cryptocurrencies see www.fintra... Thanks to Away for sponsoring this video! Go to https://www.awaytravel.com/techquickie and use promo code techquickie to get $20 off your next order! Bitcoin...

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