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How do I explain Blockchain technology to the common village idiot?

lonpotts07lonpotts07 Member Posts: 63 ✭
edited August 2016 in Mining
When i try explaining to my friends or co workers how Ethereum and Bitcoin works.They get lost in what im saying. How do i explain it in an easy way so they can understand?
Post edited by lonpotts07 on
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  • madsquirrelmadsquirrel Colorado, USAMember Posts: 38 ✭
    Accepted Answer
    Just tell them you will explain it to them when they grow up.
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  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    Accepted Answer
    I've been trying to think of a way to explain this to my family because most of them are totally suspicious of the whole thing.

    I them it's a network of nodes on the internet which facilitates financial transactions (BTC) or financial transactions and contracts related to them (ETH). All the transactions are "proven" to have taken place at whatever time they took place by miners, who produce the data on the ledger - the blockchain, that every node on the network maintains a copy of. The network uses tokens (the coins) to allocate and distribute value in these transactions or contracts, and the miners are rewarded for producing the ledger by being paid these tokens, which are worth whatever the open market decides they are worth.

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