This Chart Shows How to Explain Bitcoin to Your Grandparents

By: Allen Taylor - Mar 19, 2014
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.