04 May '13, 8pm

How to Explain Bitcoin to a 7 Year Old

How to Explain Bitcoin to a 7 Year Old

I’ve been explaining how Bitcoins work since 2010. Here is the simplest analogy I’ve discovered that explains transactions, anonymity, and coin production. There’s a room that anyone can access. The room has security cameras that anyone can view, and every second of recorded footage is available online forever. The room is filled with indestructible piggy banks made of transparent plastic. Naturally, these piggy banks have coin slots, and everyone can see which coins are in which piggy bank. These piggy banks can never leave the room. Each person has a key that can open their piggy bank. Let’s say I want to a buy a pair of alpaca socks, and you want to sell them. First, you tell me which piggy bank is yours. Then, I walk into the room with a ski mask on. Anyone in the world can see me on the security cameras, but not my face. Next, I unlock my piggy bank, take some coins o...

Full article: https://medium.com/bitcoins-digital-currency/a9a8c094feaf

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