How To Explain Bitcoin to Your Grandparents
Many of you in social media have asked me “What is Bitcoin” or “Please Explain bitcoin”
At face value bitcoin can be a little daunting and confusing.
Courtesy of Cointelegraph, I have a nice image you can use to explain Bitcoin to even your grandparents.
Does that Explain Bitcoin for you?
A more technical version is:
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people and businesses running computers all around the world. They use software that solves mathematical problems. We call the software, mining software.
It’s the first example of a growing category of money known as cryptocurrency.
There is a great FAQ over at Bitcoin.org
It may be a little technical in some places but it is chock filled with information
for someone trying to learn about bitcoin.
I hope so. If not, ping me and I’ll further break it down for you.
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