explain it to me like I was 5
Bitcoin is a decentralized peer-to-peer digital currency.
There will only ever be 21 million bitcoins mined. A little over half of them have already been mined.
The inflation rate is cut in half every 4 years until it reaches zero.
There are no bitcoin "accounts." Bitcoin is basically just a large transaction ledger that everyone has a copy of. Your total bitcoins are calculated from that transactions ledger.
Bitcoins utilize public key cryptography. Bitcoin uses the same cryptography as banks. If you are concerned about bitcoin security, then you should also be concerned with your banks security.
Bitcoin addresses can be generated with ease. No personal information is required.
Bitcoin value is based on the basic concept of supply and demand.
Bitcoins cannot be seized or frozen by governments.
Bitcoin transactions take place with extreme quickness.
Bitcoin transaction fees are currently zero or near zero. And will likely become fractions of a US penny as time goes on.
Bitcoin transactions can be sent anywhere in the world with extreme ease.
Bitcoin has the potential to be used anonymous if the user chooses.
Ummmmmmmm, that's all I can think of off-hand.
This post was edited on 1/22 at 2:33 pm