The Top 5 Bitcoin Analogies

1) Bitcoin is the lightbulb, the blockchain is the electrical grid. The lightbulb is the on loading mechanism, but there will be many more applications built on the grid.

2) Explaining Bitcoin to a bank feels like explaining what Amazon.com is to Barnes and Nobles and what Netflix is to Blockbuster.

3) 21 million coins for 5 billion people connected to the internet, this is a relatively scarce amount for a transfer of ownership. Imagine if there were only 21 million paper checks in the world, how much would one check be worth?

4) Is the Internet like e-mail, TV, or communication network; is Bitcoin a like a stock, a currency, a commodity, or a payment network? the answer to both is all of the above.

5) Bitcoin is just the first application and first namespace for a transfer of ownership over the blockchain protocol. The transfer of any digital scarce asset will be possible with this technology. “Bitcoin is many layers of an onion. Peel back one layer, and a new and amazing layer awaits underneath to discover.”

 

3 comments

Leave a Reply