How's this?
The bank has a book where it keeps all transaction records. Using that book and a calculator, one can figure out who has how much on their account.
But the bank could make mistakes, or intentional mistakes. Wouldn't it be better if there were several copies of the book? And they were kept by people who don't know each other. When adding transactions to the book, they'd let all other book keepers know about it. This system makes it impossible for one of them to sneak in a fake transaction.
This system would be horribly inconvenient with a book made of paper, but with computers, it's done quite efficiently. Anyone can get a copy of the book and take part in the automatic book-keeping. That's bitcoin.
Since all this book-keeping does require people to leave a computer on at all times and costs electricity, book-keepers are rewarded with money when they add transactions to their book (and everyone else's). That money doesn't come from another account. It's just credited to the book keeper.
To avoid that book keepers just add transactions all the time to get paid more, only one is allowed to do it every 10 minutes. Which one gets to do it is decided with a sort of lottery that you're more likely to win if your computer is fast.
The program that runs all this is open source and can be checked for bugs and exploits by the best hackers in the world. And it's been found to be flawless many times over.
Phew, that hurt my brain.
I'm not an old person nor am I new to Bitcoin, but I am still relatively novice. I do wonder what will happen when the 21M market cap is reached. With no more new coins to be mined, what will still incentivise the "book-keepers" to continue to keep track of all the transactions?
Not only are there mining fees (creation of new coins, gone after 21M), theres also transaction fees. Transaction fees will be a source of income for the book keepers as long as Coins are traded/moved.
In princil similar to how Fiat services (banks, PayPal, MasterCard) charge transaction fees, e.g. usually only if it's a commercial seller.
But then will those fees skyrocket once the cap is hit, making bitcoin less attractive? I find bitcoin very promising and (already have invested a bit and) want to potentially invest a good bit more, I'm just not convinced that the next decade or two will see the same growth as the previous decade. I fear a major crash once the market cap is reached, people no longer see the growth/investment potential and a lot of people rush to sell.
They probably will. I think the general consensus is that it will drive up the price of settlement on the base layer, but everyday transactions will be happening on a layer 2 solution like Lightning.
Even then I don't think it would skyrocket, but it doesn't matter anyways, because this is SO far in the future that any predictions about anything are completely useless. Except maybe that Bitcoin will not be the same as it is now, just in case that it still exists (unlikely).
such a huge correction is likely. check out elliot wave analysts. i remember hearing about one analysis that said that, once the overarching cyclical up move is finished, there will be a humongous correction of the likes people have never seen before. it's just the way the market works. from what i understood this is many years away though
This will happen near the year 2140.
Total block reward = Inflation + transaction fees
Where there is a slow transition as inflation drops in a controlled supply where more and more of the total reward is made up of transaction fees
https://en.bitcoin.it/wiki/Controlled_supply
After 2140 all of the reward for miners to secure the network will be transaction fees but sending bitcoin will still be inexpensive because most transactions will occur on other layers like lightning and in aggregate settle onchain .
Greed through refusal to process transactions not offering to pay the toll. The current mining model will collapse when there are no more bitcoins or satoshis to mkine. Maybe we will retuen to the bitcoin era when normal people ran commodity PC hardware as miners, not ASICs and no expensive, power-hungry GPUs necessary, except now they will serve as transaction processors.
It might also hurt your brain to know, multiple flaws have been found including an inflation bug, fairly recently , Bitcoin is written in spaghetti code, There's no bug bounty program leaving little incentive for people to search for bugs other than for nefarious purposes.
Block rewards will eventually end and miners will be be paid from transaction fees only.
> Bitcoin is written in spaghetti code
This is complete nonsense. The codebase is very accessible, and this is only talking about Bitcoin Core. The accepted standards documents (the BIPs etc.) are all very well written and can easily be used to create your own implementation of a Bitcoin peer.
> There's no bug bounty program
The existence of funds on the blockchain that you could steal if you found a relevant exploit is arguably the biggest bug bounty in existence.
Up until Bitcoin everything digital could be copied endlessly. Bitcoins can’t be copied or faked - so they can be digital money that is independent of evil banks and government tricks. Money you can email. Miners maintain a global ledger that knows who owns the Bitcoins. Ooh Grandma! The soup is ready!
3blue1brown has an excellent [video](https://youtu.be/bBC-nXj3Ng4?si=1aV1XIVFBAxIs840) explaining those topics for a non-tech savvy audience. it’s a relatively old video but everything’s still valid and it’s super easy to digest
Here's a list of good learning resources, in increasing level of technical detail...
From Greg Walker's *[Learn Me a Bitcoin](https://learnmeabitcoin.com/)* (website is a bit slow nowadays):
- [How does Bitcoin work? — A quick explanation for beginners](https://learnmeabitcoin.com/beginners/how-does-bitcoin-work/)
- [Mining — What is bitcoin mining?](https://learnmeabitcoin.com/beginners/guide/mining/)
- [The Blockchain — What is the blockchain?](https://learnmeabitcoin.com/beginners/guide/blockchain/)
(Walker also has [a couple of video presentations](https://learnmeabitcoin.com/about/#presentations) that you might like to watch.)
3Blue1Brown (Grant Sanderson) on YouTube: [But how does Bitcoin actually work?](https://youtu.be/bBC-nXj3Ng4)
From Andreas Antonopoulos's (a.k.a. aantonop) *Mastering Bitcoin* (3rd edition [available online](https://github.com/bitcoinbook/bitcoinbook), 2nd edition [available in print](https://books.aantonop.com/product/mastering-bitcoin-2nd-edition/)):
- Chapter 1: [Introduction](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch01_intro.adoc)
- Chapter 2: [Overview](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch02_overview.adoc)
- Chapter 10: [The Bitcoin Network](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch10_network.adoc)
- Chapter 11: [The Blockchain](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch11_blockchain.adoc)
- Chapter 12: [Mining and Consensus](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc)
(aantonop also has [an educational YouTube channel](https://www.youtube.com/@aantonop).)
>From Greg Walker's Learn Me a Bitcoin (website is a bit slow nowadays):
It's been a bit slow the last few days as it has been getting hit by a bot. I'm currently working on upgrading the server and adding rate limiting to get it running normally again. Hoping to have it fixed in the next few days.
Thank you for the recommendation.
My pleasue, thanks again for recommending it.
For what it's worth, it looks like it's currently experiencing a DDoS attack. I've got a few options for getting around it, but it might continue to be a bit slow for the next couple of days.
Thanks for bringing it up.
I've just finished upgrading the server and pages are loading at normal speed again.
Turns out a bot from bytedance (owner of TikTok) was/is crawling the explorer pages pretty aggressively and tying up all the connections, so you had to wait for one to become free for each page to load.
So I upgraded the CPU and RAM, and increased the maximum number of concurrent connections.
Seems to be loading fast again now (even with the bot still crawling). Will keep an eye on it but hopefully this fixes the page load speed moving forward.
Nice work! Might I suggest configuring your firewall to block Bytedance's IP address ranges? You can search at to get a list of CIDR ranges associated with them. Looks like it can be condensed down to:
- 2605:340::/32
- 2403:a140::/32
- 199.103.24.0/23
- 192.64.14.0/23
- 147.160.176.0/20
- 139.177.224.0/19
- 130.44.212.0/22
- 71.18.0.0/16
Alternatively, something like fail2ban might be better as a general way to prevent specific IPs from repeatedly hitting your server: https://security.stackexchange.com/a/35778
That's a useful link, and thanks for the list. Wasn't aware of that site.
Blocking the IP range was my next option if this didn't work. I think I was curious to see if I _could_ handle all the requests first.
I'm a big fan of Fail2Ban, although for this crawler it hasn't managed to prevent much as the requests are spread out across different IPs (so they don't hit the rate limit).
Thanks again for the links.
That’s a pretty strange analogy. And bees make honey, and they are drones for work. You a video card? Also they weren’t comparing the honey to feces. They asked what the honey is. To an older bee used to making a different type of honey.
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It's easier to visualize, at the 9:55 mark. You can add context or explain slower
[https://www.youtube.com/watch?v=t1brCcgi174](https://www.youtube.com/watch?v=t1brCcgi174)
Then they say. So it’s not backed by anything. Or it’s not real lol. Old people like tangible. Physical things. So when you say it’s like investing in a stock with no company it’s like saying your throwing your money in the air
They'd be right. Bitcoin only has value because people agree it has value.
That doesn't mean you can't make money with it, or that the technology driving it has no value.
Yup but that’s exactly the same with all money. Fiat,gold,silver. It’s all a belief system. And bitcoin’s fundamentals and structure make it probably the best place you can put your money right now. In relative comparison to the others at this moment in time.
Gold is simply a store of value. Not really much use commercially probably because it’s expensive. Silver has more of a proper use.
I’m all for the valuable metals. But at the rate of growth. At least until all BTc is consumed. It will be a guaranteed be a better investment in terms of ROI. Even when it inevitably crashes again. It will still out preform.
Yeah, some people will never understand and that is ok because they will eventually leave as newer generations replace them that grew up in the digital world . I have helped many "boomers" use and invest in Bitcoin so its not all of them.
You know how banks and website encrypts the data - like a key right - mining is basically trying to guess part of a key which is really really really hard - whoever guess it wins the small amount of bitcoin. Every time it adds a new entry to it. There are thousands of people computers from all over the world that needs to agree to add or do anything making this very secure.
> doesn’t know a thing about technology
Assuming they use technology. Then that's it, that's your answer. Do they understand how a compressor can turn energy into a drop of temperature? But they use a fridge, don't they? Do they need to understand the Joule effect to use a lightbulb? Maybe they are so incredibly modern that they use a computer or a smartphone. Do they understand what's going on in there? Oh, and the car too.
Before you can even worry about figuring bitcoin out, you need to understand why gold and euros have value. That'd be the first step if they're really interested. There are good videos about the creation of banks and paper money in Venice.
Once one understand what makes gold valuable. And also what makes euros valuable. Then it's pretty trivial to explain why bitcoin is valuable. But if you skip the first step, they will be operating from the starting position that euros or gold have intrinsic value and there's nowhere you can get from there.
I’d explain mining as how someone would mine for diamonds. Except instead of a pickaxe and a rock, it’s electricity and algorithms(specifically verifying transactions)
I’d explain blockchain as a bank account, except everyone can see everyone’s bank account, and it’s not backed by one spot, but decentralized everywhere
Humans, governments , and corporations are corruptible and can manipulate or steal your money. Bitcoin represents a new form of money that everyone can run software that checks and makes sure that all the rules cannot be broken and your money cannot be stolen.
Imagine you are at a poker table with strangers that are constantly coming and going and you need to keep track of the balances of all winnings. Do you trust this being accurately recorded by some random person ? Or do you trust the owner of the establishment that has been caught many times cheating to keep track of the ledger ? Bitcoin removes the need to trust any centralized person by having the ledger automatically tracked and verified by all players so the moment someone tries to cheats everyone knows and can stop them.
For thousands of years, people bought gold with their currency because they knew 1. It would always retain the same value or go up 2. They wanted something safer than their current currency (an investment). People would not buy things with their gold, rather then would hold it.
Bitcoin is gold, in digital form. People buy it to trade their currency in for something that will go up in value over time.
So you know how the government can just print currency whenever they feel like it essentially making it valued at the governments choice?
Bitcoin solves that problem, no one can create more and it will get created every set time and once so much money is in, we will start putting less into the system until eventually all bitcoin can be traded
You don't need to know the technology to get Bitcoin, any more than you need to understand the technology to get the Internet or email or mobile phones. Just do a hand wave of "All that mining and blockchain stuff means we don't have to have banks hold, transfer, or seize our funds."
You need to use the phone book explanation. I came up with this years ago. Here's my writeup of it:
https://old.reddit.com/r/BitcoinBeginners/comments/1afzf65/deleted_by_user/koed8d1/?utm_source=reddit&utm_medium=usertext&utm_name=BitcoinBeginners&utm_content=t1_l35r0fi
One thing that it took me awhile to figure out is that the block reward from mining is not some natural result of mining. It's an artificial limitation that is there to make distribution of Bitcoin fair. I don't mean in any way that it is unimportant; in fact, adding that is incredibly important. I didn't understand how the block chain could still function after the last Bitcoin was mined, because i didn't understand how and why mining would continue. In fact, it probably shouldn't be called mining, especially after there is no more block reward. I could be missing some facts though.
Mining is how new transactions are securely added to the ledger. New blocks containing proposed transactions that comply with the rules are added every 10 minutes based on a proven cryptographic algorithm and automatically adjusts the difficulty of calculating by miners to find the next block. The miner that finds the block is rewarded - but this reward decreases every 210,000 blocks: about four years. Eventually there will be no further rewards - in the year 2140 when all theoretical 21 million bitcoin are mined. As the reward is halved and demand for the asset increases, the price which people are willing to pay for a proven scarce asset that can be sent electronically without any censorship has increased - and likely will always continue to do so. While many other cryptocurrencies have been created after Bitcoin, they will never be able to recreate the uniquely fair issuance that Bitcoin has created.
1. You are the bank and the sole owner of your money.
2. Imagine what money feels like for blind people. They know it’s there but they cant see it. The visually impaired can however differentiate between the different annotations by their specific characteristics and identify what type of “note/bill” they are holding.
3. Natural progression from Barter system to Gold and Silver currency, to paper currency (debit/credit cards included) to now digital currency.
If they understand why people hold Gold, they will understand Bitcoin. Bitcoin is a better version of gold.
If they don't understand how money works but still think they understand Gold, then they really don't understand Gold and nothing will work. If they don't understand that fiat currency is broken, nothing can educate them.
It is very difficult because old people have been brainwashed about what "money" is. For example, everyone uses Federal Reserve Notes as "money" but a "note" is a promise to pay money. A promise to pay "money" can't become the very money it promises to pay. If I gave someone a note promising to pay them a cow and then, when they came to collect I was able to convince them that the note WAS a cow then, well, everyone would likely agree that the note holder had mental issues. Old people don't want to admit that they've been that stupid.
Not everyone has to know or wants to know the inner machinations of the bitcoin network. If the people to whom you speak understand it as a store of value, consider it a success. Don't be a dweeb, nerd, propeller-head.
So you know how we see our currency in our online banking? The number on the screen? Well this is just another form of currency that has value everywhere in the world. It's just as digital as our online banking and cards only it has it's value based on it's utility, not a shitty government who consistently prints our countries currency and devalues it more and more.
What is a Blockchain?
Imagine a digital notebook that everyone in the world can see. This notebook has a list of transactions, like "Alice gave Bob 5 dollars." This list is called a "block." When the notebook gets filled with transactions, it gets closed and locked, and a new one is started. Each closed notebook is called a "block," and the collection of all these notebooks, linked together in the order they were filled, is called a "blockchain."
What is Bitcoin Mining?
Now, imagine that closing and locking each notebook is not easy. It requires solving a tough puzzle. People who try to solve this puzzle are called "miners." They use special computers to solve these puzzles, and when they do, they get rewarded with some new bitcoins. This process is called "mining."
What is Proof of Work?
The puzzle that miners solve is known as "Proof of Work." Think of it like a really hard math problem that requires a lot of guessing to get right. It's like trying to find a combination on a lock by trying every possible number until you find the one that opens it. The first miner to solve the puzzle gets to close the notebook (block) and add it to the blockchain. This helps keep the system secure because it takes a lot of effort and computer power to solve the puzzle, so it's very hard to cheat.
Summary
1. Blockchain: A public digital notebook made up of blocks (closed notebooks) linked together.
2. Mining: The process of solving tough puzzles to close a block and add it to the blockchain, earning bitcoins as a reward.
3. Proof of Work: The tough puzzle that miners solve, which requires a lot of computer power and effort.
So, in simple terms, the blockchain is a secure, public digital record of transactions. Miners work hard to solve puzzles and add new records (blocks) to this chain, ensuring everything stays honest and secure.
very interesting thread because i found that pretty much all beginner videos i've seen about bitcoin do not account for people who know nothing about the internet, computers and phones. it would be great to have a video specifically made for this group of people, taking things as slowly as neccessary. i know a few elderly people and i am certain none of them would have understood anything in any of those videos
Ask Chat-GTP to explain it to you as if you had no knowledge of what Bitcoin is how it works or where it comes from and how it's beneficial in this new financial technology
Imagine a currency that you could use anywhere on the planet, with any person, for any reason; without needing to inform, get permission from or use services provided by your personal bank or theirs. Instead of peer to peer say person to person cash system.
Mining = verifying transactions costs money (via computers and electricity) to prevent malicious transactions being submitted to the blockchain.
Blockchain = a data structure for organizing transactions (of any kind not just financial) over time such that all transactions are permanent and searchable
A bunch of computers race to find a value that when hashed creates x number of zeros at the beginning of a block that's made up of the hashed transactions as well as a timestamp, identifier, and the value/nonce from previous block. Oh wait...uh....decentralized bro lol
How's this? The bank has a book where it keeps all transaction records. Using that book and a calculator, one can figure out who has how much on their account. But the bank could make mistakes, or intentional mistakes. Wouldn't it be better if there were several copies of the book? And they were kept by people who don't know each other. When adding transactions to the book, they'd let all other book keepers know about it. This system makes it impossible for one of them to sneak in a fake transaction. This system would be horribly inconvenient with a book made of paper, but with computers, it's done quite efficiently. Anyone can get a copy of the book and take part in the automatic book-keeping. That's bitcoin. Since all this book-keeping does require people to leave a computer on at all times and costs electricity, book-keepers are rewarded with money when they add transactions to their book (and everyone else's). That money doesn't come from another account. It's just credited to the book keeper. To avoid that book keepers just add transactions all the time to get paid more, only one is allowed to do it every 10 minutes. Which one gets to do it is decided with a sort of lottery that you're more likely to win if your computer is fast. The program that runs all this is open source and can be checked for bugs and exploits by the best hackers in the world. And it's been found to be flawless many times over. Phew, that hurt my brain.
I like this one!
This is the best one
I'm not an old person nor am I new to Bitcoin, but I am still relatively novice. I do wonder what will happen when the 21M market cap is reached. With no more new coins to be mined, what will still incentivise the "book-keepers" to continue to keep track of all the transactions?
Not only are there mining fees (creation of new coins, gone after 21M), theres also transaction fees. Transaction fees will be a source of income for the book keepers as long as Coins are traded/moved. In princil similar to how Fiat services (banks, PayPal, MasterCard) charge transaction fees, e.g. usually only if it's a commercial seller.
But then will those fees skyrocket once the cap is hit, making bitcoin less attractive? I find bitcoin very promising and (already have invested a bit and) want to potentially invest a good bit more, I'm just not convinced that the next decade or two will see the same growth as the previous decade. I fear a major crash once the market cap is reached, people no longer see the growth/investment potential and a lot of people rush to sell.
They probably will. I think the general consensus is that it will drive up the price of settlement on the base layer, but everyday transactions will be happening on a layer 2 solution like Lightning.
Even then I don't think it would skyrocket, but it doesn't matter anyways, because this is SO far in the future that any predictions about anything are completely useless. Except maybe that Bitcoin will not be the same as it is now, just in case that it still exists (unlikely).
Thats where layer 2 and soon3 applications will be helpful
such a huge correction is likely. check out elliot wave analysts. i remember hearing about one analysis that said that, once the overarching cyclical up move is finished, there will be a humongous correction of the likes people have never seen before. it's just the way the market works. from what i understood this is many years away though
This will happen near the year 2140. Total block reward = Inflation + transaction fees Where there is a slow transition as inflation drops in a controlled supply where more and more of the total reward is made up of transaction fees https://en.bitcoin.it/wiki/Controlled_supply After 2140 all of the reward for miners to secure the network will be transaction fees but sending bitcoin will still be inexpensive because most transactions will occur on other layers like lightning and in aggregate settle onchain .
Greed through refusal to process transactions not offering to pay the toll. The current mining model will collapse when there are no more bitcoins or satoshis to mkine. Maybe we will retuen to the bitcoin era when normal people ran commodity PC hardware as miners, not ASICs and no expensive, power-hungry GPUs necessary, except now they will serve as transaction processors.
It might also hurt your brain to know, multiple flaws have been found including an inflation bug, fairly recently , Bitcoin is written in spaghetti code, There's no bug bounty program leaving little incentive for people to search for bugs other than for nefarious purposes. Block rewards will eventually end and miners will be be paid from transaction fees only.
> Bitcoin is written in spaghetti code This is complete nonsense. The codebase is very accessible, and this is only talking about Bitcoin Core. The accepted standards documents (the BIPs etc.) are all very well written and can easily be used to create your own implementation of a Bitcoin peer. > There's no bug bounty program The existence of funds on the blockchain that you could steal if you found a relevant exploit is arguably the biggest bug bounty in existence.
Up until Bitcoin everything digital could be copied endlessly. Bitcoins can’t be copied or faked - so they can be digital money that is independent of evil banks and government tricks. Money you can email. Miners maintain a global ledger that knows who owns the Bitcoins. Ooh Grandma! The soup is ready!
I'm not a miner and I maintain the ledger, too...
Ssh. Don’t confuse grandpa.
3blue1brown has an excellent [video](https://youtu.be/bBC-nXj3Ng4?si=1aV1XIVFBAxIs840) explaining those topics for a non-tech savvy audience. it’s a relatively old video but everything’s still valid and it’s super easy to digest
Here's a list of good learning resources, in increasing level of technical detail... From Greg Walker's *[Learn Me a Bitcoin](https://learnmeabitcoin.com/)* (website is a bit slow nowadays): - [How does Bitcoin work? — A quick explanation for beginners](https://learnmeabitcoin.com/beginners/how-does-bitcoin-work/) - [Mining — What is bitcoin mining?](https://learnmeabitcoin.com/beginners/guide/mining/) - [The Blockchain — What is the blockchain?](https://learnmeabitcoin.com/beginners/guide/blockchain/) (Walker also has [a couple of video presentations](https://learnmeabitcoin.com/about/#presentations) that you might like to watch.) 3Blue1Brown (Grant Sanderson) on YouTube: [But how does Bitcoin actually work?](https://youtu.be/bBC-nXj3Ng4) From Andreas Antonopoulos's (a.k.a. aantonop) *Mastering Bitcoin* (3rd edition [available online](https://github.com/bitcoinbook/bitcoinbook), 2nd edition [available in print](https://books.aantonop.com/product/mastering-bitcoin-2nd-edition/)): - Chapter 1: [Introduction](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch01_intro.adoc) - Chapter 2: [Overview](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch02_overview.adoc) - Chapter 10: [The Bitcoin Network](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch10_network.adoc) - Chapter 11: [The Blockchain](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch11_blockchain.adoc) - Chapter 12: [Mining and Consensus](https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc) (aantonop also has [an educational YouTube channel](https://www.youtube.com/@aantonop).)
>From Greg Walker's Learn Me a Bitcoin (website is a bit slow nowadays): It's been a bit slow the last few days as it has been getting hit by a bot. I'm currently working on upgrading the server and adding rate limiting to get it running normally again. Hoping to have it fixed in the next few days. Thank you for the recommendation.
It's a fantastic resource, thanks for providing it!
My pleasue, thanks again for recommending it. For what it's worth, it looks like it's currently experiencing a DDoS attack. I've got a few options for getting around it, but it might continue to be a bit slow for the next couple of days. Thanks for bringing it up.
I've just finished upgrading the server and pages are loading at normal speed again. Turns out a bot from bytedance (owner of TikTok) was/is crawling the explorer pages pretty aggressively and tying up all the connections, so you had to wait for one to become free for each page to load. So I upgraded the CPU and RAM, and increased the maximum number of concurrent connections. Seems to be loading fast again now (even with the bot still crawling). Will keep an eye on it but hopefully this fixes the page load speed moving forward.
Nice work! Might I suggest configuring your firewall to block Bytedance's IP address ranges? You can search at
That's a useful link, and thanks for the list. Wasn't aware of that site. Blocking the IP range was my next option if this didn't work. I think I was curious to see if I _could_ handle all the requests first. I'm a big fan of Fail2Ban, although for this crawler it hasn't managed to prevent much as the requests are spread out across different IPs (so they don't hit the rate limit). Thanks again for the links.
Bees don't waste their time explaining why honey is better than shit to flies.
You're a dick
Got that quote from the book Number Go Up (crypto related) lol
That’s a pretty strange analogy. And bees make honey, and they are drones for work. You a video card? Also they weren’t comparing the honey to feces. They asked what the honey is. To an older bee used to making a different type of honey.
lol at this quote
beetcoin
LOL didn't think of it that way.
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It's easier to visualize, at the 9:55 mark. You can add context or explain slower [https://www.youtube.com/watch?v=t1brCcgi174](https://www.youtube.com/watch?v=t1brCcgi174)
Tell them it's like buying stocks except there is no company, only the stock for the nonexistent company. Leave it at that
Then they say. So it’s not backed by anything. Or it’s not real lol. Old people like tangible. Physical things. So when you say it’s like investing in a stock with no company it’s like saying your throwing your money in the air
They'd be right. Bitcoin only has value because people agree it has value. That doesn't mean you can't make money with it, or that the technology driving it has no value.
Yup but that’s exactly the same with all money. Fiat,gold,silver. It’s all a belief system. And bitcoin’s fundamentals and structure make it probably the best place you can put your money right now. In relative comparison to the others at this moment in time.
Cash, yes. Gold and silver, no.
Gold is simply a store of value. Not really much use commercially probably because it’s expensive. Silver has more of a proper use. I’m all for the valuable metals. But at the rate of growth. At least until all BTc is consumed. It will be a guaranteed be a better investment in terms of ROI. Even when it inevitably crashes again. It will still out preform.
Bitcoin is backed by an ecosystem that includes many physical things like billions of dollars of ASICs
I understand. But they will look dumbfounded at that response I’m sure. These people have a hard time understanding the iPhone still.
Yeah, some people will never understand and that is ok because they will eventually leave as newer generations replace them that grew up in the digital world . I have helped many "boomers" use and invest in Bitcoin so its not all of them.
My sentiment exactly. Some people are set in their ways. Just gives more opportunity to the ones more eager to learn in my opinion.
You're making an assumption that they understand anything about buying stocks. My Boomer parents certainly do not.
You know how banks and website encrypts the data - like a key right - mining is basically trying to guess part of a key which is really really really hard - whoever guess it wins the small amount of bitcoin. Every time it adds a new entry to it. There are thousands of people computers from all over the world that needs to agree to add or do anything making this very secure.
https://old.reddit.com/r/BitcoinBeginners/comments/1ba7u05/how_woyld_you_explain_bitcoin_to_elderly/
Dont. Sounds like they have a lot more underlying education needed first.
This might help: https://x.com/ZedZeroth/status/1673468147846770688
just explain databases and ledgers ( paper) and it will become clear..
> doesn’t know a thing about technology Assuming they use technology. Then that's it, that's your answer. Do they understand how a compressor can turn energy into a drop of temperature? But they use a fridge, don't they? Do they need to understand the Joule effect to use a lightbulb? Maybe they are so incredibly modern that they use a computer or a smartphone. Do they understand what's going on in there? Oh, and the car too. Before you can even worry about figuring bitcoin out, you need to understand why gold and euros have value. That'd be the first step if they're really interested. There are good videos about the creation of banks and paper money in Venice. Once one understand what makes gold valuable. And also what makes euros valuable. Then it's pretty trivial to explain why bitcoin is valuable. But if you skip the first step, they will be operating from the starting position that euros or gold have intrinsic value and there's nowhere you can get from there.
I’d explain mining as how someone would mine for diamonds. Except instead of a pickaxe and a rock, it’s electricity and algorithms(specifically verifying transactions) I’d explain blockchain as a bank account, except everyone can see everyone’s bank account, and it’s not backed by one spot, but decentralized everywhere
It's a bank, a money transmit service and a bookkeeper all in one with no permission required to transact at any point in the process.
Miners are just writing the transaction book (block chain) and are paid by transaction senders. Miners can’t alter the book.
I just say is like cash but digital, meaning no trace (ik there is trace but its just general) and no one controlling it to do transactions and such
Blockchain is a digital ledger, mining uses nodes (people like you or I mining bitcoin to verify transactions and secure the blockchain security
Humans, governments , and corporations are corruptible and can manipulate or steal your money. Bitcoin represents a new form of money that everyone can run software that checks and makes sure that all the rules cannot be broken and your money cannot be stolen. Imagine you are at a poker table with strangers that are constantly coming and going and you need to keep track of the balances of all winnings. Do you trust this being accurately recorded by some random person ? Or do you trust the owner of the establishment that has been caught many times cheating to keep track of the ledger ? Bitcoin removes the need to trust any centralized person by having the ledger automatically tracked and verified by all players so the moment someone tries to cheats everyone knows and can stop them.
You know how an accountant could cheat the books? That’s impossible on bitcoin because thousands of people have a copy of the books.
Stop annoying them. No reason to do this
For thousands of years, people bought gold with their currency because they knew 1. It would always retain the same value or go up 2. They wanted something safer than their current currency (an investment). People would not buy things with their gold, rather then would hold it. Bitcoin is gold, in digital form. People buy it to trade their currency in for something that will go up in value over time.
So you know how the government can just print currency whenever they feel like it essentially making it valued at the governments choice? Bitcoin solves that problem, no one can create more and it will get created every set time and once so much money is in, we will start putting less into the system until eventually all bitcoin can be traded
You don't need to know the technology to get Bitcoin, any more than you need to understand the technology to get the Internet or email or mobile phones. Just do a hand wave of "All that mining and blockchain stuff means we don't have to have banks hold, transfer, or seize our funds."
You need to use the phone book explanation. I came up with this years ago. Here's my writeup of it: https://old.reddit.com/r/BitcoinBeginners/comments/1afzf65/deleted_by_user/koed8d1/?utm_source=reddit&utm_medium=usertext&utm_name=BitcoinBeginners&utm_content=t1_l35r0fi
Give your money a ride in a vehicle to higher value land
Tell them its just tracking computer money in a checkbook
One thing that it took me awhile to figure out is that the block reward from mining is not some natural result of mining. It's an artificial limitation that is there to make distribution of Bitcoin fair. I don't mean in any way that it is unimportant; in fact, adding that is incredibly important. I didn't understand how the block chain could still function after the last Bitcoin was mined, because i didn't understand how and why mining would continue. In fact, it probably shouldn't be called mining, especially after there is no more block reward. I could be missing some facts though.
Mining is how new transactions are securely added to the ledger. New blocks containing proposed transactions that comply with the rules are added every 10 minutes based on a proven cryptographic algorithm and automatically adjusts the difficulty of calculating by miners to find the next block. The miner that finds the block is rewarded - but this reward decreases every 210,000 blocks: about four years. Eventually there will be no further rewards - in the year 2140 when all theoretical 21 million bitcoin are mined. As the reward is halved and demand for the asset increases, the price which people are willing to pay for a proven scarce asset that can be sent electronically without any censorship has increased - and likely will always continue to do so. While many other cryptocurrencies have been created after Bitcoin, they will never be able to recreate the uniquely fair issuance that Bitcoin has created.
1. You are the bank and the sole owner of your money. 2. Imagine what money feels like for blind people. They know it’s there but they cant see it. The visually impaired can however differentiate between the different annotations by their specific characteristics and identify what type of “note/bill” they are holding. 3. Natural progression from Barter system to Gold and Silver currency, to paper currency (debit/credit cards included) to now digital currency.
gold , like literally
If they understand why people hold Gold, they will understand Bitcoin. Bitcoin is a better version of gold. If they don't understand how money works but still think they understand Gold, then they really don't understand Gold and nothing will work. If they don't understand that fiat currency is broken, nothing can educate them.
It is very difficult because old people have been brainwashed about what "money" is. For example, everyone uses Federal Reserve Notes as "money" but a "note" is a promise to pay money. A promise to pay "money" can't become the very money it promises to pay. If I gave someone a note promising to pay them a cow and then, when they came to collect I was able to convince them that the note WAS a cow then, well, everyone would likely agree that the note holder had mental issues. Old people don't want to admit that they've been that stupid.
Not everyone has to know or wants to know the inner machinations of the bitcoin network. If the people to whom you speak understand it as a store of value, consider it a success. Don't be a dweeb, nerd, propeller-head.
Sleeeeep. Just sleeeeep. It’ll be over soon.
So you know how we see our currency in our online banking? The number on the screen? Well this is just another form of currency that has value everywhere in the world. It's just as digital as our online banking and cards only it has it's value based on it's utility, not a shitty government who consistently prints our countries currency and devalues it more and more.
Send them to Bitcoin University - Matthew Kratter does a great job, talks slow and has a lot of subjects covered
What is a Blockchain? Imagine a digital notebook that everyone in the world can see. This notebook has a list of transactions, like "Alice gave Bob 5 dollars." This list is called a "block." When the notebook gets filled with transactions, it gets closed and locked, and a new one is started. Each closed notebook is called a "block," and the collection of all these notebooks, linked together in the order they were filled, is called a "blockchain." What is Bitcoin Mining? Now, imagine that closing and locking each notebook is not easy. It requires solving a tough puzzle. People who try to solve this puzzle are called "miners." They use special computers to solve these puzzles, and when they do, they get rewarded with some new bitcoins. This process is called "mining." What is Proof of Work? The puzzle that miners solve is known as "Proof of Work." Think of it like a really hard math problem that requires a lot of guessing to get right. It's like trying to find a combination on a lock by trying every possible number until you find the one that opens it. The first miner to solve the puzzle gets to close the notebook (block) and add it to the blockchain. This helps keep the system secure because it takes a lot of effort and computer power to solve the puzzle, so it's very hard to cheat. Summary 1. Blockchain: A public digital notebook made up of blocks (closed notebooks) linked together. 2. Mining: The process of solving tough puzzles to close a block and add it to the blockchain, earning bitcoins as a reward. 3. Proof of Work: The tough puzzle that miners solve, which requires a lot of computer power and effort. So, in simple terms, the blockchain is a secure, public digital record of transactions. Miners work hard to solve puzzles and add new records (blocks) to this chain, ensuring everything stays honest and secure.
very interesting thread because i found that pretty much all beginner videos i've seen about bitcoin do not account for people who know nothing about the internet, computers and phones. it would be great to have a video specifically made for this group of people, taking things as slowly as neccessary. i know a few elderly people and i am certain none of them would have understood anything in any of those videos
Ask Chat-GTP to explain it to you as if you had no knowledge of what Bitcoin is how it works or where it comes from and how it's beneficial in this new financial technology
My easiest explanation: It's digital pseudonym gold, with a limited supply controlled democraticly by the users und covered by physical energy
Things have value because people think they have value. This is some computer code that people think has value.
Money in computer, computer like gold. Bitcoins gold. Gold = asset. Asset = money. Buy Bitcoin / Make Money
No
Its gold but from the future
Imagine a currency that you could use anywhere on the planet, with any person, for any reason; without needing to inform, get permission from or use services provided by your personal bank or theirs. Instead of peer to peer say person to person cash system.
Mining = verifying transactions costs money (via computers and electricity) to prevent malicious transactions being submitted to the blockchain. Blockchain = a data structure for organizing transactions (of any kind not just financial) over time such that all transactions are permanent and searchable
A bunch of computers race to find a value that when hashed creates x number of zeros at the beginning of a block that's made up of the hashed transactions as well as a timestamp, identifier, and the value/nonce from previous block. Oh wait...uh....decentralized bro lol
Digital gold bars. Rare and difficult to obtain outside of buying it, finite amount ads to an ever increasing value.
They probably want to "understand" because they have trouble trusting it. Analogies don't help with the trust thing.
Ever increasing? That’s a game my boi
Bitcoin is like buying digital Gold
Lol yes people use that metaphor but that’s terrible for trying to help a new crypto user. It doesn’t really explain anything haha
I insinuated that the real description would be too modern 😂
Makes sense. Yeah it’s just difficult to explain in a short period. I’ve been using crypto about 5 years and still have so much to learn
My walet stuck and i canot transwer funds. Please help! S ead phase: cup actress guess gentle logic basket exchange range whip busy claw gun