Now, let’s say I have one digital apple. I routinely have been asked to describe it, and struggle a little trying to explain it. It is also important to establish the expected level of technical depth within the conversation. Why Do Senior Developers Face a Higher Interview Rejection Rate? Everyone uses some form of digital money or is aware of how transferring money can be accomplished in a digital world. I encourage you to join the dialog or ask questions so feel free to add a comment on this post. Describe Bitcoin in a sentence Money of the people, by the people, and for the people that it’s value is determined by the people! Bitcoin is a digital payment currency that utilizes cryptocurrency (a digital medium of exchange) and peer-to-peer (P2P) technology to create and manage monetary transactions as opposed to a central authority. A bitcoin is a unit of this currency. On “Elevator Pitch”, contestants have 60 seconds to pitch their startup – in an actual elevator. The block chain is a public record of Bitcoin transactions in chronological order. These three points create a very concise path to understanding everything about Bitcoin using words that anyone can understand. share. Money can be exchanged without being linked to a real identity. What is It? The three points are very precise, accurate and create immediate understanding of the entire concept. Bitcoin and it’s decentralized network of blockchain wonder is the basis for a tamperproof system. Describing Bitcoin quickly becomes challenging because it can have different relevancies to different people. People who are interested in this topic may be less inclined to technical discussion but are more interested in the economic elements related to Bitcoin. Bitcoin is peer-to-peer (P2P) i.e. Monetary Operating System & Sound money, via Digital Scarcity & Digital Immutability. Please hit the ‘like’ button and share it via your preferred social media platforms such as Twitter, LinkedIn, Reddit, Medium and others. This is a unique characteristic of Bitcoin and is where the conversation becomes far more exciting and engaging. There’s one thing that we definitely know is blockchain technology, and that’s Bitcoin. Or my friend Lisa too? Shops in some parts of Berlin now take payments in bitcoins as well as euros. Learn more. save. How do you know that I didn’t send that apple to Uncle Tommy as an email attachment first? Transactions - private keys. Bitcoin is a new generation of decentralized digital currency, created and operating only on the Internet ... "Straight to the point" If I was asked to describe Atlas Forex in one sentence. Bitcoin (₿) is a digital and global money system currency. From these types of transactions and partnerships, the price of a bitcoin started at $0.30, but grew to as much as $31.50 in June of that year. Bitcoin is a currency. If you are looking for additional information about digital currency deployment please feel free to contact me directly or visit incipient.ca. The understanding of Bitcoin is affected by context and because there are so many directions a Bitcoin conversation can take, it is easy to become quickly lost in confusion. For years now the digital money community has been struggling with describing what Bitcoin is and why is it so important. Near term: accumulation & price appreciation. The End of Bitcoin… China Weaponizes Bitcoin…. If you have been struggling with explaining Bitcoin and digital money to people, try the sentence and see how the reactions you get differ from your previous results. Done E: Unable to locate package Bitcoind [email protected] :~# Please point me to solution or tell me where I am making mistake this is the biggest problem I ever saw till now This is where more technical questions and dialog would occur but even in the absence of those questions anyone can understand what it means to be tamperproof. Trust is also a strong word and rare, but I can tell you I … The definition of bitcoin is a publicly-owned, digital form of currency that uses cryptography (information security algorithms) to securely send and receive payments. Why is Bitcoin Valuable? For years now the digital money community has been struggling with describing what Bitcoin is and why is it so important. Bitcoin and blockchain technology are very complex in many ways so this naturally leads to difficulties. We’ve already won the game. It is also important to establish the expected level of technical depth within the conversation. Elaboration on the topics can follow the direction of the inquiries and level of interest. Bitcoin and blockchain technology are very complex in many ways so this naturally leads to difficulties. It’s more complicated, right? If you have been struggling with explaining Bitcoin and digital money to people, try the sentence and see how the reactions you get differ from your previous results. An ingenious technology, how do people explain bitcoin in one word? (That last one may not describe a real company.) Everyone understands what digital money is now. Both the tamperproof and openly-traded aspects also lead into discussion about the benefits of open source software as well as other more broad topics that are related to digital money. Describe Bitcoin in a sentence . These three points create a very concise path to understanding everything about Bitcoin using words that anyone can understand. Overall, 9.9 million bitcoins were employed by them, which amounts to 214 million dollars. Did you enjoy this article? What do you love most about Bitcoin? Segwit usage on the Bitcoin network. Bitcoin means a lot of different things to different people. The ruling did not make bitcoins money in Germany although most probably all reports about bitcoins describe it as virtual money, digital currency or simply currency or money. Blockchain is just like a piggy bank, but instead of having one person to check your piggy bank, you have 100,000 people that check your piggy bank. I would like to know why my edit was reversed. Other commodities and securities are openly traded and many people understand the nature of price fluctuations from this type of activity. 21 comments. Describing concepts such as blockchain, decentralized networks, and permissionless ledgers to beginners is as tough as describing the color orange to a blind person or the taste of an orange to someone who’s never peeled one. These points are intended to generate questions that are directed towards certain topics. Maybe I made a couple of copies of that digital apple on my computer. If you are looking for additional information about digital currency deployment please feel free to contact me directly or visit incipient.ca. Networks fail and data gets corrupted. Although Bitcoin is technically quite different from other forms of familiar digital money, conceptually it is the same. Bitcoin is a digital asset that only exists online. Any questions to follow this sentence will lead to exploration that is tailored to the information needs of the listener. No other technology can claim to be tamperproof and this point leads discussion towards this interest. Now it gets interesting. There are essentially three definitive points that describe Bitcoin in its entirety and they can be delivered  as follows: The three points are very precise, accurate and create immediate understanding of the entire concept. For example, to run Bitcoin SV on the testnet: $ docker run --name Bitcoind-testnet bitcoinsv/bitcoin-sv Bitcoind-testnet 16. 23 things that are normal in the US but other countries find weird, The Heartbreaking Lessons I Learned From Having An Affair, 100 Helpful Python Tips You Can Learn Before Finishing Your Morning Coffee, I am sick and tired of hearing tech companies complain about a developer shortage. This portion of discussion can lead to any or all of the economic aspects of what makes Bitcoin unique and is further strengthened by the previous point about being tamperproof. This is also the least exciting of the topics for discussion so it is the right start. The block chain is shared between all Bitcoin users. You can follow my LinkedIn post page for all my articles or visit me at coineer.com. How do you know thatdigital apple which used to be mine, is now yours, and only yours? Elaboration on the topics can follow the direction of the inquiries and level of interest. The open source Bitcoin P2P network creates the bitcoins and manages all the bitcoin … Bitcoin is a cryptocurrency created in 2009. Bitcoin is a virtual payment unit and the mother of all digital currencies. You can describe Bitcoin as many things: virtual money, virtual investment, speculation business, risk business, alternative means of payment, between others. "I sent ten bitcoins today. Networks fail and data gets corrupted. Both the tamperproof and openly-traded aspects also lead into discussion about the benefits of open source software as well as other more broad topics that are related to digital money. Think about it for a second. In one sentence, bitcoin is a form of digital currency. When describing Bitcoin to anyone it is important to discover where their interest lies and in what context to describe the technology. Leotheleo 08:57, 7 June 2015 (UTC) Bitcoin and blockchain technology are very complex in many ways so this naturally leads to difficulties. — Carter Dougherty … Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Bitcoin is like TCP/IP for money. Kamala Harris ‘Embarrassed Everyone Who Supported Her’ Amanda Seales Said. It can also be stored securely, either digitally or on paper. It’s an open source payment protocol and peer-to-peer network with a distributed, synchronized, immutable database that gives people the ability to send digital money to anyone in the world. In many sentences, bitcoin can be described as follows: A peer-to-peer cryptocurrency. Source: Blockchair Check out our article on Bitcoin Blockchain Performance and Scalability for a full lowdown of scalability issues with Bitcoin and possible solutions to combat them.. Bitcoin Price Predictions. Is bitcoin the gold standard of online currency? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Unlike traditional money, it can’t be easily forged. However, unlike cash or gold, Bitcoin is entirely digital. A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. This portion of discussion can lead to any or all of the economic aspects of what makes Bitcoin unique and is further strengthened by the previous point about being tamperproof. What do you love most about Bitcoin? This makes it comprehendible to anyone. The understanding of Bitcoin is affected by context and because there are so many directions a Bitcoin conversation can take, it is easy to become quickly lost in confusion. A … This makes it comprehendible to anyone. transacted between one party and another, and therefore does not require the intervention of an intermediary such as a bank or clearinghouse. bitcoin definition: 1. a brand name for a type of cryptocurrency (= a digital currency that is produced by a public…. The mathematical field of cryptography is the basis for Bitcoin's security. You can read my articles here if you can’t find the site. Everyone uses some form of digital money or is aware of how transferring money can be accomplished in a digital world. Using non-technical terms is especially challenging for many digital money enthusiasts. Please hit the ‘like’ button and share it via your preferred social media platforms such as Twitter, LinkedIn, Reddit, Medium and others. Bitcoin is a digital currency used as a means of payment on the internet. Although Bitcoin is technically quite different from other forms of familiar digital money, conceptually it is the same. Gox, which started life as a place to trade cards from a fantasy game, was hacked. Two new Bitcoin analogies surfaced this week, however, that should make that task easier. When describing Bitcoin to anyone it is important to discover where their interest lies and in what context to describe the technology. Or your friend Joe? Partner. Mmako Jared. This is the basis for people to understand the nature of how and where Bitcoin gets its value. ‘bitcoins can be used for online transactions between individuals’ This is the foundation for the security and resiliency of the network. Unable to form a consensus, there was a fork in the blockchain, with the bitcoin originalists going one way and the group favoring larger blocks going another to start Bitcoin Cash. Here, I’ll give you my digitalapple. It is misleading to quote that reference and trying mistakenly to use it to prove that bitcoin is money in Germany. bitcoin - without capitalization, is used to describe bitcoins as a unit of account. Bitcoin is a digital cash that gives you the possibility of sending money all over the world, instantly and without a fee. These points are intended to generate questions that are directed towards certain topics. My one-sentence description of Bitcoin: Bitcoin is an online currency that can be sent and received by anyone in the world, relying on computers to control the transfer and creation of money without human intervention, which results in low costs, no government corruption, and super-fast transfer. Ah! Did you enjoy this article? The Bitcoin exchange, Mt. Bitcoin is meant to be spendable like cash, but also able to hold a lot of value similar to gold. Everyone understands what digital money is now. You’ll use it with angel investors, accelerator programs, maybe even on a Youtube show. You can follow my LinkedIn post page for all my articles or visit me at coineer.com. It's like an online version of cash. All of these challenges can be overcome with one simple sentence. It’s often described as being like an electronic combination of cash and gold. Almost every other kind of financial instrument is openly traded and anyone understands how the value of stocks fluctuate as a result of open trading. The first sentence describing Bitcoin is misleading. Other commodities and securities are openly traded and many people understand the nature of price fluctuations from this type of activity. The market capitalization of Bitcoin (BTC) is the highest of all cryptocurrencies. What dangers do you see facing Bitcoin? e.g. All of these challenges can be overcome with one simple sentence. I encourage you to join the dialog or ask questions so feel free to add a comment on this post. An example of bitcoin is the digital money that can be allocated using a cell phone to donate to an Internet site such as Wikileaks. No other system is tamperproof, websites and services get hacked all the time. Block Chain. It can be sent digitally. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Bitcoin and it’s decentralized network of blockchain wonder is the basis for a tamperproof system. A charter flight booking service for public officials. No other system is tamperproof, websites and services get hacked all the time. The one-sentence pitch or elevator pitch is alive and well. Using non-technical terms is especially challenging for many digital money enthusiasts. This is the foundation for the security and resiliency of the network. Describing Bitcoin quickly becomes challenging because it can have different relevancies to different people. "; it is also often abbreviated BTC or XBT. Any questions to follow this sentence will lead to exploration that is tailored to the information needs of the listener. Originally devised for the digital currency, Bitcoin blockchain, (Buy Bitcoin) the tech community has now found other potential uses for the technology. This is the basis for people to understand the nature of how and where Bitcoin gets its value. Unlike traditional currency, bitcoin transactions are both public and largely anonymous. How do you describe Bitcoin in one sentence? How to Explain Bitcoin to Anyone Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual. The first sentence describes Bitcoin as a payment system, but this is a misleading term to describe Bitcoin, which is better described as a decentralized ledger. There are essentially three definitive points that describe Bitcoin in its entirety and they can be delivered as follows: “Bitcoin is digital money that is tamperproof and openly traded.”. Contrarian Bet . This is also the least exciting of the topics for discussion so it is the right start. ‘People trading bitcoin on the Tokyo-based exchange saw its price hit US $266 at one point, then fall to as low as $105 with high lag times for trades.’ 1.1 A unit of bitcoin. Bitcoin was the first widely used cryptocurrency, but few people know it is not the only one. Using non-technical terms is especially challenging for many digital money enthusiasts. This is where more technical questions and dialog would occur but even in the absence of those questions anyone can understand what it means to be tamperproof. Maybe I put it up on the internet and one million people downloaded i… People who are interested in this topic may be less inclined to technical discussion but are more interested in the economic elements related to Bitcoin. Definition of Bitcoin : a digital currency created for use in peer-to-peer online transactions Introduced in 2008 by a person or group using the name Satoshi Nakamoto, Bitcoin is the most prominent of a group of virtual currencies—money that exists mainly as computer code—that have no central issuing authority. No other technology can claim to be tamperproof and this point leads discussion towards this interest. We know this for sure because the word was originally invented to name and describe the distributed ledger of bitcoin transactions that is created by the Bitcoin network. 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. Almost every other kind of financial instrument is openly traded and anyone understands how the value of stocks fluctuate as a result of open trading. Later, however, the price of a bitcoin dropped back down to $4.77. How does r/bitcoin describe why they have joined this subreddit in 1 sentence? This is a unique characteristic of Bitcoin and is where the conversation becomes far more exciting and engaging. Industry analysts have varied opinions about where the price of Bitcoin may be in 2025, 2030, or even further into the future. What is your prediction for Bitcoin over the next years? 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