Bitcoin (BTC) has been around for 10 years now and is still widely misunderstood by the vast majority of people, even some who participate in the cryptocurrency space. This is understandable, as it is new, complicated, and confusing to the average person.
However, a man by the name of Peter Van Valkenburgh provided an excellent explanation of what Bitcoin is to the US Congress in October of last year.
Valkenburgh is the director of research at Coin Center, a nonprofit that focuses on public policies affecting cryptocurrency. His explanation, shown in the video below, has been making the rounds on social media and has since gone viral.
When asked what Bitcoin is, even diehard crypto enthusiasts will oftentimes have difficulty explaining it in a clear and concise manner that’s understandable to someone with no prior knowledge of it.
But watching Valkenburgh provides a clear and easy explanation that requires no technical background or prior knowledge of cryptocurrency. Bitcoin, he says:
“Lets you send and receive value to and from anyone in the world using nothing more than a computer and an internet connection… unlike every other tool for sending money over the internet, it works without the need to trust a middleman.”
He further goes on to explain why Bitcoin is revolutionary, and how it is the great financial democratizer, in that it is public, and available to all.
While the creator of Bitcoin, Satoshi Nakamoto gives a clear explanation of what Bitcoin is in his whitepaper, when it comes to the average joe, Valkenburgh’s explanation should probably be the one you share with them first.
Have you ever explained Bitcoin to someone who doesn’t know anything about cryptocurrency? Was it surprisingly difficult to do so? Let us know what you think about Peter Van Valkenburg explanation of Bitcoin.
