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How To Explain Bitcoin To Your Mom

How To Explain Bitcoin To Your Family (and Other Non-technical People)

How To Explain Bitcoin To Your Family (and Other Non-technical People)

Bitcoin has been in the news a lot lately. By now even your mom has probably heard of it. Shes likely going to have a lot of questions. Discussing digital currency with family usually goes one of two ways. Either they dont understand it, or they think its too good to be true. Here are some practical ways to communicate your point effectively to people who arent going to grasp the more technical side of the blockchain. This is one we all hear a lot. But its not real money. Its not backed by anyone. Its probably best to stick to the basics first. Bitcoin has value and can be used to buy and sell goods because people believe in its value, similar to the dollar. If thats not enough you can always add that Bitcoin has divisibility, durability, transferability and is standardized. All these factors are the properties used to define what is or is not a currency . If they still dont understand how money can be digital, you could remind them that debit and credit cards are digital. Lastly, if you need some added credibility, you could tell them that the Central Bank of Canada released a white paper outlining their research into the possibility of creating a central bank digital currency (CBDC). The security of the blockchain is one of its biggest selling points, but can also be one of the hardest concepts to articulate. When explaining blockchain security, its best to stay away from jargon like cryptographic hash functions and instead keep it simple. If you need some money for textbooks, for instance, your parents send you some digital currency. The amount they send is debited from their account and credited to your account, and the transaction is stored Bitcoins ledger. The ledger cannot be altered because many people across the whole network have a copy of the ledger. The fir Continue reading >>

How To Explain Bitcoin To Yourparents

How To Explain Bitcoin To Yourparents

A: Bitcoin is a type of cryptocurrency, a digital currency powered by the combination of various technologies such as cryptography, hashing, and P2P networks. There are no physical coins; only account balances that are stored on a distributed, public ledger. It can be used as a store of value or as a currency for online transactions. Its money that you cant see or touch (kind of like a credit line), but you own it! A: There are various ways to acquire rights-to-use of bitcoins: mining them yourself (which requires a significant amount of computing power), buying them on the Internet through an exchange (such as Coinbase ), buying them with physical cash from a bitcoin ATM or in-person through mobile wallets, or using a service such as Earn.com to earn bitcoin through internet activities. Owning a bitcoin (or portion of a bitcoin: you dont have to own whole coins) does not mean you get a physical coin; it just means you have the right to send that bitcoin to someone else. You can get your rights-to-use (your private key) printed on a little card and store it somewhere safe. The private key represents the ability to initiate transactions, so keep it safe! A: Thin air. Numbers. Math. Code. Bitcoins are created through mining, a process by which transactions are reviewed, validated, and added to the public ledger. Q: How is the value of my bitcoin determined? A: Economics. If something is scarce (limited supply) and useful (utility), it will have a value and demand a specific price, if all other things are equal. Price is determined based on the markets supply and demand. There will and only ever be 21 million bitcoin available to be mined. Assume 45 million of that has been lost/burned/destroyed over the infant years of bitcoin, and now youre left with ~16 million bitcoin Continue reading >>

How Would You Explain Bitcoin To Your Mom?

How Would You Explain Bitcoin To Your Mom?

A humble attempt to interpret BitCoin and Blockchain simple as a story. Before talking about Bitcoins, lets talk about Money. Money is the representation of worth or value that we are holding, using a medium or an instrument provided by any central authority or any trusted third party. In our case these guys are Reserve Bank of India or PayTM or any financial institutions. So when you hold a RS 2000 note, you are holding a piece of representation made by RBI equivalent to worth of RS 2000/- These financial instruments have some common features too, Nobody in the world can have exactly the same note as you are having, and when you transfer or give it to someone , you loose it.You cannot hold it and give it to some one like in the case of a digital media file. You can just copy a file and share to someone. But not money. So what this bitcoin did is they made a network of computers, where anybody from anywhere can join the network,and you can have a unique representation of your value using #Bitcoin in that network. So basically Bitcoin is an instrument provided by the network called Blockchain to represent unique value using internet. That means if you hold a bitcoin, no one in the network can hold the same bitcoin, and you cannot simultaneously share it and have the possession. That is you cannot hold and share the same bitcoin, reproducing the same features of our traditional financial instruments in a digital environment. Why Bitcoin or similar systems are substantial for the existence of a sustainable economical environment ? So in the present day situation we have the only choice to depend third party systems to represent the value that we generate, just assume a situation, where a large community of people who are isolated from the civilised world, they are unaware Continue reading >>

How To Explain Bitcoin To Y Our Mom: The New York Times Thinks Mothers Are Idiots.

How To Explain Bitcoin To Y Our Mom: The New York Times Thinks Mothers Are Idiots.

When I was growing up in the '90s, yo mama jokeswherein amateur comedians competed to call one anothers mothers ugly, fat, and stupidwere the scourge of my middle school. (A mild example: Yo mama so dumb, she thought a quarterback was a refund.) These days, a kindler, gentler mom joke has taken its place. This one doesnt paint moms as outright dumbit just softly implies that theyre woefully nave and totally out of touch. Case in point: When the New York Times published a winkingly simplistic comic strip illustrating how bitcoin compares to traditional dollars and cents, it titled the item How to Explain Bitcoin to Your Mom . Maybe its time for mothers to explain something to the New York Times: Giving birth does not instantly render people ignorant. It may, however, make them more sensitive to the implicit ageism and sexism that is casually broadcasted whenever someone invokes mom to mean traditional, oblivious, or uncool. Consider Mom This Is How Twitter Works , a primer that hopes to demystify the basic facts of the social network for child-bearing women (apparently dad already gets it or just doesnt care). Or Not Your Moms Zumba , which presumes that your mothers cardio routine is embarrassingly retro while yours is cutting edge. Your moms so stupid, she cant even keep up with the latest sandwich trends . (Dadoccasionally gets this, too, though the phrasing can backfire: The Not Your Father's Oldsmobile campaign in the late '80s was the beginning of the end for the brand , as it explicitly alienated the car's core demographic: older dudes.) No amount of knowledge acquisition can prevent your mother from falling into this stereotype. The only thing worse than a mom who doesnt get it is one who tries: Mothers who attempt to stay abreast of youth culture are caricature Continue reading >>

How To Explain Bitcoin To Your Parents

How To Explain Bitcoin To Your Parents

When your parents ask questions, it somehow ends up either they dont agree with your idea or relate it to their younger years. Of course, thats not a problem, except if you talk about new innovation that has a potential to change their perspective. Bitcoin is one of the hottest topics today, but not everyone can grasp its full potential, especially when you talk to the oldies like your parents. So how can you explain it to them without getting a blank stare? Dont go explaining Bitcoin using jargons like cryptocurrency , rather explain it using examples they can relate to. Defining something unknown with something equally unknown is a big no-no. You can relate it to a regular money or stocks. Explain that Bitcoin is regular money that has value and can be used to buy goods and services. It is also similar to stocks because the value fluctuates based on the supply and demand. However, it doesnt give any dividends, unlike Bitcoin. Now here is the part where your parents will ask where do you get Bitcoins and if you have one available in your pocket. We bet your parents will understand the term digital money so you can use it pertaining to Bitcoin. You can also say that its like a debit card or when your boss pays you through direct deposit. The money goes straight into an account without touching a hand. On the question where can you get one, we'll use the example of a mountain called Mount Bitcoin where there are miners. Those who mine Bitcoin do it through their computers with a lot of computational power. It's like mining another scarce resource, gold, which also required specialized and expensive equipment. So, these Bitcoin miners are giving up something in the hopes of getting, maybe, one Bitcoin that can be broken up into many little pieces and distributed in excha Continue reading >>

How To Explain Bitcoin To Your Mom In 3 Minutes : Bitcoin

How To Explain Bitcoin To Your Mom In 3 Minutes : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

How To Explain Bitcoin To Your Grandparents

How To Explain Bitcoin To Your Grandparents

Bitcoins been around since 2009 , and while its no longer the sole province of hard-core Web geeks and fortunate ( if occasionally forgetful ) speculators, its not exactly a household name, either. In a 2014 survey conducted by digital finance and media giant The Street, only two percent of those surveyed said they owned Bitcoins, more than three quarters had never heard of the virtual currency, and less than a fifth said theyd ever consider using Bitcoin (or any alternative to traditional currency). A full 80% said theyd rather own gold compared to any kind of crypto-currency, but given mankinds long love affair with shiny metals, thats hardly a surprise. What is surprising, however, is the breakdown of Bitcoin familiarity among different age groups. While older folks (such as your parents or dear old Gran) might seem unlikely to care about such cutting-edge financial wizardry, the same survey that underscored Bitcoins low profile with the general public also revealed a surprising stat: respondents who fell into the 50-to-64-year-old demographic were the most familiar (at 30%) with Bitcoin, outdistancing younger generations by 10%. That said, a 2013 survey of British Bitcoin users found that the average Bitcoiner is most likely to be a man in his early 30s whos got a full time job, a relationship, and a love of capitalism (or at least the virtual variety). So while your Dad or your Gran might be interested in Bitcoin, if youre a young fellow with a nerdy vibe, its possible they might be looking to you to explain just how they can turn that pension into sparkly cyber-lucre. Fortunately, the basics of bitcoin are fairly easy to master, and line up well with examples from the non-virtual world (including wallets and key codes). So while it remains unlikely youll be calle Continue reading >>

A Blockchain Explanation Your Parents Could Understand

A Blockchain Explanation Your Parents Could Understand

A Blockchain Explanation Your Parents Could Understand The problem with most blockchain "explainers" is that they provide more detail than what matters to most people, using language that is foreign to most people, which winds up leaving people more confused than when they started. Instead, without worrying about being a technically perfect description, here's an explanation of blockchain your parents could understand. Starting with terminology, let's ditch unfamiliar words and talk plainly - I promise you won't read about 'nodes' or 'hashing' in this article. Jumping right in, a blockchain is a distributed database, otherwise known as a distributed ledger. To make things really simple and relatable, let's call that ledger a 'record book' instead. Furthermore, let's talk in terms of it being 'shared' instead of distributed. For even greater context, think about a 'block' as a 'line item' in that shared record book. So, for the purposes of this article, we're going to call blockchain a shared record book. Each addition to this record book is a new line item. 'A shared record book? This doesn't sound very complex' Technology is only as complex as salesmen (and conmen) want it to sound. It's all created by people no smarter than you or I, and it's all quite simple when you break it down. That said, the modern version of this shared record book is indeed a technological triumph, one that is looking to shape our future in profound ways. To be clear, this isn't just one record book stored in a central location that is shared by many. There are thousands of copies of this record book, stored on computers all around the world, both home computers and business servers - hence the term "decentralised". This record book can be used to record many kinds of things, however I'll use Continue reading >>

How To Explain Bitcoin To Your Parents

How To Explain Bitcoin To Your Parents

Explaining Bitcoin and cryptocurrencies to your family may not be that difficult after all. Heres a primer. With Bitcoin recently reaching a high water mark of an all-time high of $11,500 , its inevitable that relatives will start asking questions. tried to convince parents to buy me bitcoin in 2010, they laughed at me and i never got bitcoin because of it. EvolaKid (@EvolaKid) November 29, 2017 When your parents ask questions, it somehow ends up either they dont agree with your idea or relate it to their younger years. Of course, thats not a problem, except if you talk about new innovation that has a potential to change their perspective. Bitcoin is one of the hottest topics today, but not everyone can grasp its full potential, especially when you talk to the oldies like your parents. So how can you explain it to them without getting a blank stare? Dont go explaining Bitcoin using jargons like cryptocurrency , rather explain it using examples they can relate to. Defining something unknown with something equally unknown is a big no-no. You can relate it to a regular money or stocks. Explain that Bitcoin is regular money that has value and can be used to buy goods and services. It is also similar to stocks because the value fluctuates based on the supply and demand. However, it doesnt give any dividends, unlike Bitcoin. Now here is the part where your parents will ask where do you get Bitcoins and if you have one available in your pocket. We bet your parents will understand the term digital money so you can use it pertaining to Bitcoin. You can also say that its like a debit card or when your boss pays you through direct deposit. The money goes straight into an account without touching a hand. On the question where can you get one, we'll use the example of a mountain ca Continue reading >>

A Blockchain Explanation Your Parents Could Understand

A Blockchain Explanation Your Parents Could Understand

A blockchain explanation your parents could understand It's happening in an increasingly frequent manner: "Jamie, explain this blockchain stuff to me. I've read a bunch of articles and I'm no wiser." The problem with most blockchain explainers is that they provide more detail than what matters to most people, using language that is foreign to most people, which winds up leaving people more confused than when they started. Instead, without worrying about being a technically perfect description, here's an explanation of blockchain your parents could understand... Starting with terminology, let's ditch unfamiliar words and talk plainly - I promise you won't read about 'nodes' or 'hashing' in this article. Jumping right in, a blockchain is a distributed database, otherwise known as a distributed ledger. To make things really simple and relatable, let's call that ledger a record book instead. Furthermore, let's talk in terms of it being shared instead of distributed. For even greater context, think about a 'block' as a line item in that shared record book. So, for the purposes of this article, we're going to call blockchain a shared record book. Each addition to this record book is a new line item. "A shared record book? This doesn't sound very complex." Technology is only as complex as salesmen (and conmen) want it to sound. It's all created by people no smarter than you or I, and it's all quite simple when you break it down. That said, the modern version of this shared record book is indeed a technological triumph, one that is looking to shape our future in profound ways. To be clear, this isn't just one record book stored in a central location that is shared by many. There are thousands of copies of this record book, stored on computers all around the world, both home co Continue reading >>

How To Explain Bitcoin To Your Mom

How To Explain Bitcoin To Your Mom

Users can buy bitcoin or get bitcoin by using computers to solve puzzles (this process becomes mining). But similar to the Gold Rush of 1849, the more miners, the more difficult it is to dig Bitcoin. If you have the traditional money, put it in your wallet or in a bank, This is a fool knows everything. But you may need to explain $ 10,000 or more to avoid going anti-money-laundering laws. Bitcoin users can also have their own digital wallet or they can save their own bitcoin secret key In physical media, such as a piece of paper or a U disk. More and more merchants are starting to use bitcoin, but regulators are worried about some of the online trading media (similar to the Closed Silk Road mode of operation) will use Bitcoin for illegal transactions, such as drug trafficking. For client-facing banks, the Federal Deposit Insurance Corporation (FDIC) provides checks and savings accounts with at least $ 250,000 insurance. However, bitcoin does not have any central bank or regulators responsible for it. Although some start-ups purchase traditional insurance services to reassure users, there are not many options left to them once the investment fails. Original link: Translator: Wan Fu Reid (microblogging / watercress: @ Wan Furui De) Continue reading >>

Beginners Guide To The Blockchain Infographic / How To Explain Bitcoin To Your Family And Friends

Beginners Guide To The Blockchain Infographic / How To Explain Bitcoin To Your Family And Friends

We are not far away from a future where all the transactions will be free from any tax and also there will no delay or theft of currency. If you use the web then you might have heard of Bitcoin. Bitcoin is a virtual currency that, like any other currency, can be bought and used at places to buy something or perform a transaction. The interesting part about Bitcoin is the technology on which it works, the blockchain. It is one of the reasons why Bitcoin is gaining momentum when it comes to gathering peoples confidence and also assuring some governments of its feasibility. The problem, which Bitcoin partly can solve, lies in the simple fact that today if a person wants to perform a transaction then that person has to go through a 3rd party. This method adds a somewhat unnecessary middleman who also takes some commission for facilitating the transaction. All of this is quite cumbersome. There is a solution, however, it is not entirely foolproof. You can maintain a certain record say a paper, a ledger or a register in which you maintain or keep a record of the transactions that you have performed. This will help you be more organized but chances are that ledger, register or paper can be misplaced or be stolen. To try and prevent that, you could make copies of that ledger, paper or register and even add a seal to it. Now, when you do all of this digitally, you get what we can call the blockchain. Think of the single page as representing a single transaction, a block, and the folder in which all of pages (blocks) will be kept will be a continuous chain of blocks and thus being called the blockchain. When your parents ask questions, it somehow ends up either they dont agree with your idea or relate it to their younger years. Of course, thats not a problem, except if you talk Continue reading >>

Explain Bitcoin Like Imfive

Explain Bitcoin Like Imfive

If you still cant figure out what the heck a bitcoinis Were sitting on a park bench. Its a great day. I have one apple with me. I give it to you. My apple was physically put into your hand. You know it happened. I was there. You were there. You touched it. We didnt need a third person there to help us make the transfer. We didnt need to pull in Uncle Tommy (whos a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apples yours! I cant give you another apple because I dont have any left. I cant control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend. And so on. So thats what an in-person exchange looks like. I guess its really the same, whether Im giving you a banana, a book, or say a quarter, or a dollar bill. Now say, I have one digital apple. Here, Ill give you my digital apple. How do you know that that digital apple that used to be mine, is now yours, and only yours? Think about it for a second. Its more complicated, right? How do you know that I didnt send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too? Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it. As you see, this digital exchange is a bit of a problem. Sending digital apples doesnt look like sending physical apples. Some brainy computer scientists actually have a name for this problem: its called the double-spending problem . But dont worry about it. All you need to know is that, its confused them for quite some time and theyve never solved it. But lets try to think of a solution on our ow Continue reading >>

How To Explain Bitcoin To Your Mom!

How To Explain Bitcoin To Your Mom!

DealBook |How to Explain Bitcoin to Your Mom! Users can buy Bitcoins or earn them by using computers to solve math equations, a process called mining. But similar to the Gold Rush of 1849, the more miners there are, the harder it becomes to mine Bitcoins. If you have traditional money, putting it in your wallet or in a bank is a no-brainer. But you may have to explain cash transactions of $10,000 or more to comply with anti-money laundering laws. Bitcoin users can also have digital wallets that exist online, or they can keep their Bitcoin key on something physical, like a piece of paper or a thumb drive. More merchants are taking Bitcoins, but regulators worry that some online marketplaces (like the now-defunct Silk Road operation) aid illegal transactions, like drug deals, using Bitcoins. For client banks, the Federal Deposit Insurance Corporation will insure at least $250,000 on deposit accounts like checking and savings. Bitcoin, however, has no central bank or regulator. Although some start-ups are buying traditional insurance policies to reassure users, if investments go sour, there arent a lot of options. When it comes to ordinary dollars you have to work for your money. Users can buy Bitcoins or earn them by using computers to solve math equations, a process called mining. But similar to the Gold Rush of 1849, the more miners there are, the harder it becomes to mine Bitcoins. If you have traditional money, putting it in your wallet or in a bank is a no-brainer. But you may have to explain cash transactions of $10,000 or more to comply with anti-money laundering laws. Bitcoin users can also have digital wallets that exist online, or they can keep their Bitcoin key on something physical, marketplaces (like the now-defunct Silk Road operation) aid illegal transacti Continue reading >>

How To Mine Bitcoin In Your Mom's Basement

How To Mine Bitcoin In Your Mom's Basement

How to Mine Bitcoin In Your Mom's Basement Here's what you should know before jumping into cryptocurrency mining. PCMag reviews products independently , but we may earn affiliate commissions from buying links on this page. Terms of use . My cousin has always been one for cockamamie get-rich-quick schemes. This time, he's finally on to something: Bitcoin mining. Over the holidays, after a family dinner at his parents' house on Long Island, my cousin invited me downstairs to show me his latest big idea. In the basement, I came face-to-face with whirring machines, Ethernet cables, power adapters, and exhaust tubes snaking around the room. All of this, he explained, comprised one Bitcoin node and two Litecoin nodes. My cousin's new DIY cryptocurrency mining operation was booming. Bitcoin and other cryptocurrencies such as Ether, Litecoin, and Ripple have exploded into the mainstream over the past year. Skyrocketing prices have stoked an ongoing craze to get in on the action. Most casual traders are happy with simply buying and selling coins using exchanges and storing their cryptocurrency using wallet apps. But those looking to dig deeper (sorry) and willing to lay out some capital can invest in the hardware, software, and shared ecosystem to actually mine cryptocurrencies like Bitcoin. I've written a lot about blockchain , so I was fully aware of the compute power needed to mine cryptocurrency (more on that below). That night, though, was my first time seeing an active Bitcoin mining rig up close. "Did you learn how to code?" I asked him. Nope, he replied; he bought the preconfigured mining hardware online and has been learning the rest as he goes along. Cryptocurrency mining is not simple, nor is it cheap to get up and running. But if you're looking for a source of stead Continue reading >>

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