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Please Explain Bitcoin to My Mother! [A non-technical explanation of bitcoin anyone can understand]
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- Опубликовано: 16 авг 2024
- Could you explain what Bitcoin is in a non-technical way that my mother / father / grandparents could understand? Explaining bitcoin and other cryptocurrencies can be tricky. In 2018 one of Andreas' patrons, OutlierCanada, asked him to record a video to explain bitcoin to their mom. This video is the result. The video quality isn't great but the ideas are. Watch it and learn how to explain bitcoin more clearly to your loved ones!
Note: No offense intended to the all the Bitcoin mums around the world who need no explanation for how this technology works or why it matters!
Chapters
0:00 Could you explain bitcoin to my mum?
0:40 What is bitcoin and what are cryptocurrencies?
1:03 Advantages of having digital currency
3:07 Your first experience in these digital currencies is not going to be as simple as you imagined
4:01 Digital currencies are still in the early stage
5:06 Changing the world with digital currency
"What is this bitcorn -- no wait bitcoin thing that you're so interested in?" We've heard that from friends, family, colleagues, and sometimes even strangers (if we're wearing bitcoin related clothing or hats). So often, when we try to explain why bitcoin is important, they seem to just not get it. Their eyes kind of glaze over and they're sorry they asked. In this video, Andreas attempts to explain, in easy to understand terms, why things like bitcoin and other cryptocurrencies might change the world, why they matter, and what - exactly - they are.
This question is from the April Patreon Q&A session, which took place on May 5th 2018. If you want to ask questions early (before the live event), become a Community Builder on Patreon: / aantonop Patrons get early access to ask questions, view talks, behind-the-scenes content, and much more.
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About aantonop: Andreas isn't promoting a company or an organization; he's paid by the community (people who support this work on Patreon and RUclips) and provides an unbiased look at open blockchain technologies, what they can do for our societies, and how to get involved (if you decide you want to). Learn more at aantonop.com
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Thanks for watching!
Try to explain central banks, fiat, or fractional reserves, and it makes bitcoin seem easy!
I'm planning to teach people around me (city and college) through some kind of free lecture. You're my inspiration man, I'm forever grateful for your sharings
Brilliant as usual. My mom has been trying to send me money and she has been hitting a wall for a handful of reasons using Zelle & others as the payments keep getting bounced back.... I think it’s a good time to talk to her about this
Excellent! I'm a senior never thought of myself as geeky, but maybe I am.
I just submitted a Spanish translation :)
Link please?
Here is one 70 year old grandma who pays all BPay bills with Bitcoin. And quite often the Bitcoin I have purchased goes up in value .... Woohoo I often win and if Bitcoin goes down, I just pay with fiat!! Now I need to buy the grandkids a hard wallet each and get them started.
Very intelligent man, great books from him as well.
GREEK SUBTITLES corrected and running, for anyone interested !!
Great explanation! And I agree with AA that one of the biggest opportunities today in the crypto space is creating end 2 end user experiences that is easy and intuitive to the average user.
Now my mother knows what is bitcoin..and start collecting since last year..bravo btc..from malaysia
just submited a French translation, thx for all the awesome work
Superb... this explanation needs to be translated in all languages!!!
I just submitted a Spanish translation! :)
Can't wait to meet you in Denver on Aug. 6th! Going to bring my dad along to learn about Bitcoin, I don't do a good job explaining it to him. Another excellent vid Andreas. Thank you!
Great introduction to Bitcoin and cryptocurrency. Thanks!
the ending wow)) brilliant
First off, I like this. The following is meant to be constructive. I actually have my own experience with my mother trying to explain blockchain currencies. She looked at me with a glazed look in her eyes and just said "yes". The next week she came to our house and said that a man on the radio (he was obviously smarter than I am) was talking about bitcoin and he explained that it is simply a "Public Ledger". She says she understands that. I said yes, that's part of what I said. However, I have to admit, I never used the word "ledger". So... my 2 cents is... if you are going to have a video of explaining this subject to mothers (or older people in general) you HAVE to use the word "ledger" at least once. My apologies if I missed you saying that but I don't think I heard it in your video. Again, I like your work. This is just a suggestion. Thanks.
Ha ha.. and here this older woman, part of that general group you referenced, wants to know which distributed ledger technology struggles the least to support needed levels of modularity. You young one's forget that we had computers on our desks 36 years ago. :-)
Seeing your mug on an 8K 85 inch screen was awesome. Lol just visiting a friends house and they had you on it. Keep it up @aantonop
I've put a like but I'm not sure actually it's the answer that the person was waiting for: "Explain Bitcoin to my mom" (i.e how it works) is not "give the advantages of Bitcoin to my mom".
Because the true challenge is not to explain the advantages (even if in details it surely can be more complicated) but how it works, what it is.
I have several videos like that linked in the description.
Im the 500th like! Thank you for this video. I am having trouble explaining bitcoin to my parents
thank you sir appreciate it
Its crazy how long i knew of bitcoin but never knew about the vision of it.
You make an awesome work!
please guide people how not be scammed, your precious thinking please
Abdul Qayyum he has a very good video already on that, and that is the only video needed
If it sounds too good to be true it is,
Thank you Andreas.
My mom said mom give me money you got from the sky LoL
Awesome Andreas! you are my HERO! ha :) thank u
Please explain the bitcoin addressess compatibility legacy and default
Dude! with all your respect . You the sh..t bro. I could've came up with that explanation like that. Thank you for all the content you produce.
"money that was covered in germs" #beautiful and #rotflol analysis
Thanks for always producing great content!
Andreas you just kept it still technical for no-tech people. Would be better to explain with the distributed ledger, which principle could be understood by most people. That would not be possible outside of the digital world reliably, and this is the purpose of the entire crypto-space. :)
Smashed the like.......
nion456789 How to explain it to the kids? They need it most!
How to explain it to kids?
Hernando Farey Yes they need to know now for there future
$ = US, £ = UK, Bitcoin = new human currency . Thats the easiest explanation, I can think of.
Xαιρετίσματα από Ελλάδα!
Amazing description! If we get rid of the banks, how do you think people can get loans for something such as a house? The value of interest owed must somehow be accounted for. Assuming interest payments can be supported within a finite Bitcoin supply, does this mean mortgage backed smart contracts can be used on the Bitcoin blockchain or through some other smart contract platform such as Ethereum?
Brilliantly explain, thank you
Thank you so much for explaining
Glad it was helpful!
Nicely put!
Excelente! Mi respetos.
Beautiful! Thank you
Showed this to my 3 year old and you lost him at "chargebacked transactions". :(
Where is the best place to ask you questions
Brilliant explanation!
I actually used the "Dash School" videos and with a bit of extra explanation my mother got it.
I think you should also explain private keys, public keys, bitcoin addresses and mining. I use to explain mining saying that a made up random imaginary transaction is added to the lists of the latest transactions: the nonce. This random imaginary transaction is what makes the compiled list of transactions have a different check sum. The check sum needs to be lower than the target set for the current difficulty set. I believe s simple explanation of all this is possible. At the end of the day there are no token just signed transactions (including mining rewards) entering the block-chain resulting in different balances for each bitcoin address.
What is a private key? - ruclips.net/video/xxfUpIV9wRI/видео.html
How do mnemonic seeds work? - ruclips.net/video/wWCIQFNf_8g/видео.html
Public keys vs. addresses - ruclips.net/video/8es3qQWkEiU/видео.html
Empty blocks, orphan blocks, and valids chains - ruclips.net/video/dizF2S63RXY/видео.html
The mining process - ruclips.net/video/L4Xtau0YMJw/видео.html
Nonces, mining, and quantum computing - ruclips.net/video/d4xXJh677J0/видео.html
Great info - Thanks
I agree that's there is a lot of progress to do with Bitcoin in terms of user experience, I once explained it to my parents (decently I think) but when it came to manipulation it was a nightmare.
On this topic there is a cryptocurrency that has been released called Nimiq that is completely browser based and so completely installation-free (being wallet/mining/nodes) with a really nice UI to be "mom-friendly", you should give a look, you just have to connect on the nimiq website.
Haha.. nice to see a comment on Nimiq right when I was showing this video to my mom while mining nimiq on my computers 😃
+1 for Nimiq, get in!!! YNWA
That closing statement was gold........as in BITCOIN......which is the real gold!
Keep Doing What You Doing!!!
hi aantonop. anyway question you focus alot on the 2 billion people whom dont have bank accounts. so question is how do they buy this bitcoin without a normal bank. are you counting on the bitcoin cash machines that are popping up around the world. alot off the 2 billion must be in africa and there are very few machines there so how are these 2 billion going to join us?
Hey it's Christopher Walken!
Great job 👌
I'm confused. I often hear people say bitcoin is faster but I purchased an online product the other day with bitcoin and had to wait about 20mins for the confirmations before receiving the product. Where as a credit card is pretty much instant?
Appearances are deceiving if you are not comparing these things in terms of settlement. On-chain bitcoin transactions are confirmed after an average of 10 minutes. In just a few confirmations, you can be sure that your transaction is irreversible.
You cannot get this with a credit card transaction. It appears instant to you, but it is not. A credit card transaction could take a couple days before it is settled between your bank and the merchant's bank, and weeks before you can be moderately sure it won't be reversed. There is a whole insurance industry built around what could go wrong (chargeback, fraud, etc.) within that period of time, to allow you to still function day-to-day under such a system.
This is what we mean when we say "pretty much instant." Lightning could change this time dimension of money even more: ruclips.net/video/gF_ZQ_eijPs/видео.html
What if the internet crash???? What happens to Bitcoin and blockchain??
Ask her if she understands the difference between "money" and "the promise of money". Then ask her to give some examples.
Good explanation
Hey @aantonop! PewDiePie is advertising a streaming service with strong crypto-component to his 93 mil subs. Can you please explain, how Lino blockchain is utilizing open sources projects Tendermint and Cosmos. The consensus algorithm is called "PBFT based PoS". There will be a lot of people on this, and this is, most likely, will be their first actual experience with crypto. Should we be worried, or is this legit good old open decentralized not in any way premined coin?
MORE PLUS IN MY BITCOIN UNDERSTANDING .
Well done !
Step One: Distinguish between Bitcoin and all the rest of the so called "Cryptospace"...
Where can we write Andreas new questions for his Q&As? Does anyone know?
All of the questions for my Q&As come from my patrons. I hold one Q&A session with them per month: www.patreon.com/aantonop
Articulate and entertaining, as always.
Thank you for all your services. I habe learned sooo much from you. Sincerely thank you.
Here is how to explain bitcoin: Would you let a player in poker game create their own chips during a tournament?
Is owning Bitcoin the same as saying I own a share of the network? Also, does the value of the network have anything to do with the price of Bitcoin?
For example, if I own google I can expect a cash flow that the company or myself will reinvest. If I own Bitcoin is it like owning a growth company that will never expect to reach profitability? There will never be cash flow?
Bitcoin doesnt generate cash flow.
If you buy bitcoin you buy a certain amount of 21 Million.
There will never be more of it.
You can see it as the better Version of physical Gold.
Bitcoin is digital Gold, it is more scarce, better divisable, can be transfered all over the world in minutes.
It is also the perfect money ever invented.
With time more and more people will realize it.
So you better buy as much as you can, long term bitcoin prize in $ value will rise exponentially.
A company can always issue more shares and getting physical share is really hard. U can issue more bitcoines and u can self custody your own bitcoin.
@@Jura21 someone that gets it
education and learning is important before investing in to anything
But it's apparently very easy to be hacked! Without any insurance back up! If you lose your credit card the next day you get a new one and probably any transaction by the thief is refunded! If you lose or your device is hacked then you just lose!!
Am I right!?
Great !
ezpz
"Bitcoin is a currency with all the benefits of being digital and decentralized, and it's purchasing power cannot be stolen by banks, through inflation."
Where's my prize?
you are the best !
You said 'traditional financial institutions ' and then followed that with "ecommerce". My mother switched off.
Way too difficult to understand, for elderly. WiFi hotspot, commerce, bitcoin...this is chapter 3.
Ugh. He didn’t even explain it in its most fundamental concepts and talks around it. Was going to actually send this to my mom but she’s going to say, “WTH, I still don’t know what it really is and why I should look into it. I’ll stick to my stocks.”
Thank Mori Nagayoshi
house is burning, andrea pointing at the exit. IKUZE
Literally every attribute he gave to Satoshi are things the media embrace every day
everyone make this go viral..........
Grandmum signups in binance immediately
Explaining that digital currency transactions are "instantaneous" is not true, at least for Bitcoin. Transactions are way slower than plastic money transactions, due to the validation process induced by the blockchain. That's not a good way to explain Bitcoin to my mom.
This video really needs to be carefully translated into many languages!
I just submitted a Spanish translation! :D
Good job...
I do think if it was going to be taken up on a broad scale it would have happened by now. The technology is 15 years old now and Amazon still doesn't accept bitcoin as payment.
We don't need amazon to accept bitcoin . Let's let the freemaket decide
Claps!
What the hell we were thinking with these plastic cards. And they will not understand what we are talking about.
Its hard to explain bitcoin, because nobody really understands why fiat is broken.
AndrejCibikDesign it's only uneducated people who don't understand the downside of a debt based fiat currency.
You'd make such a good daddy
Go Andreas!
😂😂 I’m here for my boomer folks .
Start with the story of fiat.
A++
Give us the greek version you told your mum ..😂
I will offer someone 1BTC for the music unbounded background track.
first view 🤟
in spanish now please :)
I just submitted a Spanish translation! :)
You're welcome! It'll probably be up really soon.
He didn't explain anything. He just said "it's digital currency". I'm sure people know it's a digital currency. What they want to know is: what gives it value? is it stable and why? security?
Literally said nothing important in those 6 minutes.