How To Explain Bitcoin To Anyone
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The concept of cryptocurrency isn’t easily understood. How can one use their computer to “mine” coins? Where does the money come from? Who controls it?

We’ve published a manual on the subject of Bitcoin and even taught you how to mine it 5 Ways You Can Make And Mine Bitcoin Currency 5 Ways You Can Make And Mine Bitcoin Currency The revolutionary and controversial method of payment has been making headlines. There are plenty of reasons why you might want to start performing transactions using Bitcoins. But first, you have to earn some for yourself. Read More . But if you ever need to explain the basics on Bitcoin and other cryptocurrencies, this infographic by WhoIsHostingThis is quite helpful.

How To Explain Bitcoin To Anyone bitcoin grandparents

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  1. Ihavenobitcoins
    March 27, 2014 at 11:05 pm

    It's only scam if you buy them for $1000 or something
    If you bought them for few cents then they aren't scam :p

    Generally my life is ruined because of BTC... I could,have house and car for my family, now I have nothing
    No money, no job, no future

  2. Noah
    March 24, 2014 at 5:56 pm

    Well, you still didn't answer, where does it come from? They say there's only a certain number of bitcoins that will be mined but how do they do this if it is decentralized?

  3. rodzilla
    March 15, 2014 at 10:16 am

    So long as this "currency" can simply disappear, as it did in the MtGok incident, I cannot consider it a valid form of currency. Something which is exchanged online, in a virtual form, for actual government guaranteed cash, veers dangerously close to being a scam. Real money can be held in one's hand, and used anywhere in exchange for goods and services.

  4. ?????? ?
    March 11, 2014 at 11:32 am

    what happens to the persons bitcoin if he expires?

  5. Tamila Jones
    March 11, 2014 at 4:09 am

    So, it's spending virtual money.

    In essence, it sounds a lot like taking the gold I earn in WoW and using it to buy real products on Amazon.

    BTW, I think most people's insecurity comes in the fact that the currency isn't representative of real, hard things...such as gold, silver, and copper...but is based on "Math". Banks aren't the ones who guarantee the worth of a dollar; it's the Federal Reserve System that does that. And there are several, SEVERAL checks and balances to keep things running smoothly.

    While the idea of virtual money is an interesting one, for me personally, it would still need to be backed by something more physically valuable than "Math".

    • Xavier Mendez
      March 29, 2014 at 7:16 pm

      Your version of fiat currencies is a bit too innocent.

      You're right, the Federal Reserve System guarantees the worth of a dollar.
      All Bitcoin users* guarantee the worth of a Bitcoin, through math.
      Bitcoin doesn't need to give power to a central entity to manage its value.

      * not exactly that, but really close.

  6. Spec U Later
    March 10, 2014 at 10:43 pm

    This article falls far short of giving anyone the tools to explain Bitcoin to anyone, let alone a senior who possibly may not have computer knowledge. The supposed explanations are confusing at best and do not even try to speak to the average Joe. That being said, Bitcoin is not perfect nor is it necessarily going to gain universal acceptance. It is an attempt to establish a widely accepted virtual currency. There understandably would be hype over such a thing if it could be established. It would be the next Facebook, Google, or Intel. Getting involved on the ground floor of such a venture can involve life changing riches if it proves to be successful. It has not yet reached that success. However, the speculators are placing their bets.

  7. Maryon Jeane
    March 10, 2014 at 4:51 pm

    Re the title of this article (and others, frequently, plus various mentions throughout articles), I do get rather fed-up with this 'grandparents', 'granny', 'silver surfer' stuff. I am not a grandparent, but I'm definitely of that age and generation and I, like many of us Baby Boomers, were messing around with computers long before most of you article writers were born! On the other hand when I've been teaching computer skills I've often come across people I would expect to have far more knowledge than they do (young journalists and lawyers, for example). Some people have the skills because they encountered computers through work or hobbies, other people don't (I have some actor friends I wouldn't let near my computers without supervision because they've never really had to deal with computing in anger). So please - back off with the 'granny' bit.

    • Shauna
      July 23, 2014 at 4:30 pm

      Well said. I am a granny, and Microsoft Certified in Microsoft Dynamics Great Plains. I also am proficient in HTML and repair everyone's computer in sight. (unfortunately I do this free of charge-children, friends, etc.) I am and accountant and was an owner of one of the first PC's invented. I self trained and know quite a bit more than most millenials, with the exception of true techies. So tired of the granny bit.

  8. Nikolaj Knudsen
    March 10, 2014 at 1:35 pm

    You forgot to mention that Bitcoin is a big scam and a hoax.

    • Jameson Lopp
      March 10, 2014 at 2:44 pm

      Um, no, math is not a hoax.

    • Darren
      March 10, 2014 at 4:42 pm

      well said. I have NO IDEA why people still treat any cryptocurrency as legit and valid.

      All lambs to the slaughter

    • BitcoinMillio
      March 10, 2014 at 9:19 pm

      I made hundreds of thousands dollar off of Magic the Gathering Trading Cards.. People can't deal with twenty-something millionaires so it's better to spark it of as a scam.. Top LeL

    • James Fry
      March 10, 2014 at 9:22 pm

      Bitcoin is NOT a scam, it is NOT a HOAX. Are you people who thin as such really THAT dumb? Really THAT dense? Bitcoin is just a secure online transaction log, that can be used as a form of currency. Sure, the value of a bitcoin isnt guaranteed by anyone (but in reality the value of other currencies isn't really guaranteed by anything other than people's faith in it anyhow.) It's people like you with short sighted and incorrect comments like your that are doing damage to bitcoin's public image. Honestly, I think it's kind of funny that people are so dumb to think bitcoin is a scam or hoax, lol, except that the reality is it is SAD that people this this sort of BS is true. Cryptocurrencies are here to stay, they are not going away, and they are also not going to displace regular fiat currencies either. They have their own place.

    • James Fry
      March 10, 2014 at 9:23 pm

      Damnit, I wish I could fix some typos in there.

    • James Fry
      March 10, 2014 at 9:24 pm

      Fixed:

      Bitcoin is NOT a scam, it is NOT a HOAX. Are you people who think as such really THAT dumb? Really THAT dense? Bitcoin is just a secure online transaction log, that can be used as a form of currency. Sure, the value of a bitcoin isnt guaranteed by anyone (but in reality the value of other currencies isn't really guaranteed by anything other than people's faith in it anyhow.) It's people like you with short sighted and incorrect comments like yours that are doing damage to bitcoin's public image. Honestly, I think it's kind of funny that people are so dumb to think bitcoin is a scam or hoax, lol, except that the reality is it is SAD that people think this sort of BS is true. Cryptocurrencies are here to stay, they are not going away, and they are also not going to displace regular fiat currencies either. They have their own place.

    • Jorj_x_mckie
      April 1, 2014 at 4:07 am

      This troll sure hit the motherload.