For us, true Bitcoin fanatics, explaining Bitcoin to the friends can be challenging and often as effective as talking to a wall. Here are 5 ways that could help you thrive if you are looking to turn your fellows to Bitcoin lovers:
1. It’s money, but on the Internet!
The easiest way to explain it is by referring to Bitcoin as “Internet money” that has no physical state, and every transaction is processed using an Internet connection.
2. You are your own bank.
Bitcoin is a digital currency that does not require keeping your funds in a bank account. Your Bitcoins are kept securely in a wallet stored on your computer, however, there are also online wallets that are more secure that do not require downloading.
3. The future is now!
An average Bitcoin enthusiast would explain Bitcoin with the freedom of transaction and anonymity in a currency. Want to go to a different country without ridiculous travel fees? Bitcoin allows you to do so. Annoyed with having to keep track of endless debit/ credit cards? With Bitcoin all you need to remember is your wallet password.
4. Give your friends paper wallets.
More of an ideal way to introduce friends into Bitcoin is by making them figure it out alone. You could hand out paper wallets containing a simple dollar or two with a few easy to understand instructions on where/ how they can use Bitcoin. Watching them be the person to ask every store if they accept Bitcoin or not would be better for a change.
5. The traditional way that leads to puzzled faces and ultimate confusion.
Bitcoin is a peer to peer decentralized digital currency. The transactions are instant, and there are zero to low processing fees. Transactions are processed by miners. Miners confirm waiting transactions, included in the block chain which then enforces a chronological order. The block chain allows Bitcoin wallets to calculate their spendable balance and new transactions can be confirmed as spendable Bitcoins. Wallets work similar to Internet banking but are much easier to use.
There’s still plenty of room on the ways to give a reason for Bitcoin to common people. Hopefully, the listed ones will help you while cryptocurrency will become a mainstream.
How do you explain Bitcoin to your fellows? Share in the comments!
By Antony Matthews for CEX.IO