Still Don't Get Bitcoin? Here's an Explanation Even a Five-Year-Old Will Understand
If you still can't figure out what the heck a bitcoin is, this simple explanation for a five-year-old may help you ... We're sitting on a park bench. It's a great day. I have one apple with me, I give it to you. You now have one apple and I have zero. That was simple, right? Let's look closely at what happened: My apple was physically put into your hand. You know it happened. I was there, you were there - you touched it. We didn't need a third person there to help us make the transfer. We didn't need to pull in Uncle Tommy (who's a famous judge) to sit with us on the bench and confirm that....
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Xapo CEO and founder Wences Casares explains the history of money in a Big Think video about Bitcoin. His explanation of the history of money is below. “Bitcoin is a new digital currency that is perhaps the best form of money that we have ever seen. It’s important because most of us don’t understand money very well and perhaps the concept that is harder for us to understand is that money is and has always been a ledger. …the best way to understand money is to understand the history of money.
Bitcoin made it to US TV this week as acomedy skiton late-night show 'Conan'. The skit is very funny. I urge you to watch it. The premise is that Bitcoin has a Chief Operating Officer and he is going to attempt to explain Bitcoin for the layman. As such, it pokes fun at the difficulty in understanding Bitcoin as a concept. The byline reads: "Bitcoin may be too much for our puny minds to comprehend; luckily the training video explains all." Bitcoin can at times seem complicated to the uninitiated. It can be difficult to come across concise and elementary explanations. The ability to explain....
The publication of the long-awaited sidechains whitepaper last week and the Reddit AMA with its authors took the Bitcoin world by storm and generated significant enthusiasm. At the same time, the whitepaper is quite technical and not easy to understand without a careful study, and most of the questions and answers on Reddit were deeply technical as well. Now Richard Brown of IBM UK offers a simple but deep explanation of just what sidechains are, what they can be used for and why they are so awesome. After recalling how transactions on the Bitcoin blockchain work, Brown moves to what....
This year I had the honor of presenting at the BIL conference in Vancouver, BC, a decentralized and open source alternative to TED. My topic, of course, was the blockchain revolution. Everything went very well, but there was one question from the audience that made me think: "Don't you think replacing humans is a bad idea," she said, referring to my explanation of decentralized autonomous organizations. "Wouldn't it be safer to have a person watching over it? What if there's a glitch?" "God, no," I replied, with a short explanation. "People suck." I didn't have enough time on stage to go....
Asset exchange marketplace BitFunder today announced they are ceasing operations in the next month or so due to unmentioned reasons. In a quoted statement posted on Reddit, the following explanation is mostly what we have to work with: "I will be making a detailed post explaining more later on. I know this will be hard for some of you, but please try to hold off on the conspiracy theories until then. Thank You, Ukyo". The shut down may or may not have something to do with the SEC dropping the hammer on BitFunder, but until we get an official explanation, consider our hands in the air - and....