{Since|Because|Considering that|Given that} I {first|initially} {got|obtained} {involved in|associated with} Bitcoin, I% u2019ve {sought|looked for} {a simple|an easy|a basic|a straightforward} {means|ways|methods} of {explaining|discussing|describing|clarifying} Bitcoin {and|as well as|and also} the {technology|innovation|modern technology} that underpins it, the Blockchain, to my {friends|buddies|pals|good friends|close friends} {and|as well as|and also} {family|household|family members}, {looking for|searching for|trying to find|seeking} {a simple|an easy|a basic|a straightforward} yet true-to-life {analogy|example} that {illustrates|shows|highlights} something so {complex|complicated|intricate}

1. teamsteverhyner.com http://www.teamsteverhyner.com/explaining-bitcoin-to-the-masses-a-glass-box-analogy/
Steven L.
Rhyner
Explaining Bitcoin to the Masses: A Glass Box Analogy
Since I first got involved in Bitcoin, I’ve sought a simple means of explaining Bitcoin and the technology that
underpins it, the Blockchain, to my friends and family, looking for a simple yet true-to-life analogy that illustrates
something so complex. My understanding of the actual technological aspects of them is somewhat limited, so
forgive the fact that this analogy inevitably has its own limitations, but I hereby present it to you – the glass deposit
box analogy.
Addresses,
keys and the
Blockchain
One of the first
things people ask me when I talk to them about Bitcoin is, ‘if it’s on a computer, what’s to stop someone ‘copying
and pasting’ Bitcoin?’An explanation that wallets hold private keys to public addresses often leaves people
confused, so this was the first idea I wanted to confront.
Imagine an enormous 24/7 bank vault. The vault is filled with row upon row of unlabelled deposit boxes. However,
each deposit box has a glass frontage, allowing anyone and everyone to view the contents of the deposit box, but
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2. not access it. When someone opens a new deposit box, they are given a key that is unique to that box. Making a
copy of the key doesn’t double the contents of the box. By the same token, although you own that deposit box, you
don’t technically own it, per se, in that it is not in your possession, you merely possess the ability to access its
contents at any time.
This is fundamentally how Bitcoin and the Blockchain works. Anyone and everyone can see the contents of everyone
else’s Bitcoin addresses. There is no information tying people to their addresses, but everyone is aware of the
existence of every address. When someone opens a Bitcoin wallet, they are creating a new address on the
Blockchain and the private key that ‘unlocks’ that address. In this way, you can’t ‘copy and paste’ Bitcoin because all
you would be doing is making a copy of a key as the wallet on your computer does not actually hold the Bitcoin.
Transactions and beyond
This is where the analogy wavers
slightly – the task of conveying the
fact that transactions are all publicly
accessible and anyone can see that Bitcoin has been transferred from one ‘deposit box’ to another, yet still no one’s
identity is revealed is somewhat tricky. I’d love to see your thoughts in the comments about how this could be
resolved and how the analogy can be developed further, or if you just hate the analogy altogether – that’s fine too.
Re-posted from www.cointelegraph.com by Charlie McCombie May 22, 2016
Knowledge is power. Learn and education yourself about Bitcoin. Then, if you’re interested in joining the
many people who are mining Bitcoin and using the proceeds to purchase gold, silver and other hard assets
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out more.
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