How Adopting Bits Can Help Newcomers Better Understand Bitcoin
By changing the way we display denominations of value in bitcoin, we can make it easier to onboard people who may not understand bitcoin’s divisibility.As the price of bitcoin will potentially increase over time, we need to adopt a new strategy to promote the relative affordability of bitcoin. In addition, we need to address and remove some legacy barriers which both confuse and intimidate people new to bitcoin. This article proposes some simple, easily executable ideas to address these issues and is intended to stimulate discussion within the existing Bitcoin community.Although this is....
Related News
Atlanta, Georgia-based BitPay has today introduced a new Facebook application that will allow users interested in bitcoin to get the digital currency from their very own friends over the social network. Dubbed 'Get Bits', the app is one of many solutions available for newcomers to bitcoin to get their paws on the highly talked about digital money. From BitPay: We're always looking to grow the Bitcoin space, and buying bitcoin can be the biggest hurdle to getting started. Get Bits is an easy way for newcomers to get bitcoin through their Facebook friends. As we release the API - and....
Have you ever found yourself explaining cryptocurrency to someone who knows little or nothing about it? When you know a lot about a topic, it can be difficult to describe it to those with much less base knowledge than yourself. Check out these four mistakes you might be making, and how to fix them to achieve a better understanding from those you converse with. 4 Mistakes to Avoid When Explaining Cryptocurrency to Newcomers 1. Don’t Use the Word “Cryptocurrency” — Really. You likely know that “crypto” is short for “cryptographic,” but many or most newcomers will not. And even if they did,....
On July 17, BitPay announced the launch of Get Bits, a simple solution to Get bitcoins anywhere in the world. If "What is a Bitcoin?" is the number one question asked, perhaps "How do I get a Bitcoin?" is the second most asked. Buying bitcoins is one of the biggest hurdles to getting started; that's why BitPay created Get Bits. Get Bits lets you give and receive bitcoins to your friends through your Facebook. BitPay is a payment provider used by both Newegg and TigerDirect amount others. Its strongest competitor is Coinbase, which has just picked up Dell as its newest and largest partner.....
Can you smell they in the air? It smells to me like generosity. Some notable members of the bitcoin community are personally giving away small sums of cryptocurrency to help newcomers better familiarize themselves with the concept. One such person is Bruce Fenton, who posted the following on his Facebook page on Friday: Want to learn about Bitcoin? No better way to learn about Bitcoin than to try it. This will take about 3 minutes. I'll send $1 worth of Bitcoin free to the next 10 or so people who. 1) Download a free wallet app (I recommend Blockchain). 2) Send me or post here the wallet....
Any form of money needs to be easily broken down into sub-units to allow an equal exchange for goods or services. And bitcoin is wonderfully divisible, with its smallest unit being the tiny 0.00000001 of a bitcoin - a unit known as a 'satoshi'. However, such divisibility does come with one disadvantage. The Bitcoin Wiki, a source of BTC-related knowledge, has a lengthy chart spelling out the large number of different bitcoin sub-units: including mBTC, μBTC and cBTC, and many more. But do you know what they stand for? Thankfully, there may be a better solution. Down to bits. A proposal....