This Chart Shows How to Explain Bitcoin to Your Grandparents
Allen Taylor — March 19, 2014 — Tech
References: whoishostingthis & tiputopia
This infographic titled 'How to explain Bitcoin to your Grandparents' is just that -- a guide to explaining Bitcoin to anyone.
What is Bitcoin you might ask? It's a currency just like a dollar, euro or yen. The difference is that Bitcoin is a decentralized, digital money that is created and spent electronically. Unlike conventional money, Bitcoin isn't backed by the economy of its issuing country, instead it is backed by products, services and a sound consensus of users.
One benefit of Bitcoin is that it's much safer than credit card transactions. Bitcoins transactions don't involve personal data as credit cards do. Bitcoin transactions are cheap too; the average miners' fee is typically under 1 US cent; much cheaper than major credit cards.
The infographic goes much more into detail; read up and be at the head of the next conversation pertaining to Bitcoin.
What is Bitcoin you might ask? It's a currency just like a dollar, euro or yen. The difference is that Bitcoin is a decentralized, digital money that is created and spent electronically. Unlike conventional money, Bitcoin isn't backed by the economy of its issuing country, instead it is backed by products, services and a sound consensus of users.
One benefit of Bitcoin is that it's much safer than credit card transactions. Bitcoins transactions don't involve personal data as credit cards do. Bitcoin transactions are cheap too; the average miners' fee is typically under 1 US cent; much cheaper than major credit cards.
The infographic goes much more into detail; read up and be at the head of the next conversation pertaining to Bitcoin.
Trend Themes
1. Decentralized Digital Currency - The trend of decentralized digital currencies like Bitcoin presents disruptive opportunities for the finance industry to create more secure and cost-effective financial systems.
2. Secure and Private Transactions - The trend of using cryptocurrencies like Bitcoin for transactions offers disruptive opportunities for industries such as e-commerce and fintech to provide safer and more private transaction options.
3. Educational Infographics - The trend of creating educational infographics, like the one explaining Bitcoin, provides an opportunity for the marketing and design industries to create engaging and informative content.
Industry Implications
1. Finance - The finance industry can leverage the disruptive innovation of decentralized digital currencies like Bitcoin to develop new financial products and services.
2. E-commerce - The e-commerce industry has the opportunity to embrace the trend of secure and private transactions through the integration of cryptocurrencies like Bitcoin, offering customers safer and more private payment options.
3. Marketing and Design - The marketing and design industries can take advantage of the trend of educational infographics to create visually appealing and informative content that engages and educates consumers.
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