Bitcoin In Layman’s Terms: How To Explain To Your Grandparents What Bitcoin Actually Is

Bitcoin In Layman’s Terms: How To Explain To Your Grandparents What Bitcoin Actually Is

Bitcoin has reached skyrocketing popularity recently. TV talks about it emphasizing on the cryptocurrency rate, Internet bloggers dedicate articles to this digital currency, and business publications shed light on its nature. However, bitcoin remains a mystery for some of us.

Adults tend to show a skeptic attitude towards the phenomenon which roots are not clear at all. Crypto industry is one of the most complicated topics our parents and grandparents face. What is more, not all young people have a notion of bitcoin notwithstanding the continuous Internet access. So, how to explain the notion of bitcoin in layman’s terms?

Steps to simply and quickly throw light on bitcoin

1. Take physical money for a basic notion

We all understand what physical money is. It can be carried in a wallet and then exchanged for any kind of products and services. Even small children understand it. Everybody knows that money is tangible and can be brought to the shop so it has value.

2. Show similarities with online banking and cards

In fact, the majority of our transactions is conducted by means of e-money. It can be seen on the webpage of your online banking account or on an ATM’ display. Where is e-cash stored? It’s not like a wallet with e-money you can withdraw, give somebody of pay with. As a matter of fact, all our electronic money is stored in IT systems of commercial banks.

3. We already use e-cash

E-cash is only a number on a bank’s computer attached to your account id.

4. Banks are a chain of intermediaries

Banks serve intermediaries that manage an account with e-money. Therefore, by carrying out an e-payment, we in fact allow a bank to conduct it. Then, there appears a record in a bank’s system claiming it does not deal with your id money anymore, and banking accounts of a third party can now be connected to a receiver’s account. To put it simply, we often buy or pay for something not knowing a receiver and in fact send them anything. It’s a bank that is responsible for the whole process charging relevant commission.

5. Bitcoin eliminates intermediaries

Bitcoin is money we know well. The difference lies in the absence of third parties, which merely eliminates commission. Besides, bitcoin can be used as shares. Its price may fluctuate depending on various aspects. Many people even earn on bitcoin by buying it cheaper and then selling for a higher price.

The notion of mining

A logical question may cross the mind: where to find bitcoins? It’s hard to explain that money can be mined, not made. However, try to liken this process to mining of high-valued minerals. The nuance is that here you need a powerful PC, not a shovel or a pickaxe.

Where to park bitcoin

Bitcoin has grown very popular across the globe. Many companies in the countries with legalized bitcoin have already presented an opportunity to pay for their products through digital money, not only physical or electronic. You can exchange bitcoin for a certain product or even purchase real estate. Remember to follow the exchange since it is unstable and fluctuates all the time. It is called volatility.

The online publication Login Casino created a short video describing its phenomenon in layman’s terms for those who have no notion of digital economy.

Blockchain & Bitcoin Conference Kyiv: Login Casino Will Be The Official Media Partner

Login Casino became the official media partner of Blockchain & Bitcoin Conference Kyiv

Login Casino online magazine will be the official media partner of one of the most anticipated events in the crypto industry – Blockchain & Bitcoin Conference Kyiv. The event will take place on 19 September and will be organized by Smile-Expo.

Blockchain & Bitcoin Conference has been held in many countries and cities for years. Today it is one of the best global platforms for discussions on relevant issues in the crypto industry. The speakers of this event will be the leading experts in this field:

Artem Afjan, managing partner of Juscutum;

Sergey Kalinin, managing partner of the agency LegalBlockBit;

Stanislav Podjachev, managing partner of Blockchain Lab, founder of Blockchain Art Hackathon;

Dmitry Budorin, co-founder of Hacken

Topics, which will be discussed during the event

The industry representatives will talk about cryptocurrency and traditional money, regulations, and prospects of the crypto market. They will also address blockchain as a security mechanism.

Besides, the event will cover the following topics:

Blockchain and Innovation Technologies (AI, IoT, Big Data, Web 3.0).

Cross-industry Application of Blockchain.

Tokenization. Secrets and Practices.

Token Sale Market Overview

Business in the Field of Cryptocurrency. Experts’ techniques and recommendations.

New Horizons for Blockchain and Cryptocurrency. Forecasts.

Each unit will contain at least two reports.

Ivan Suhomlyn, Blockchain & Bitcoin Conference coordinator, gave his comments on the upcoming event: "We expect circa 1000 guests to be present at Blockchain & Bitcoin Conference Kyiv in September. The special thing is that with the help of the conference agenda we are seeking to expand the knowledge about the blockchain technology. One of our aims is to create a really unique format of the event in comparison with other similar events. That is the reason why this time we decided to cover a wider range of topics: FinTech, AI, IoT, Big Data; the technology application prospects in the real economy; innovations that can be of use to business, community and state."

This is not the first time the online magazine takes part in the series of these events. This spring Login Casino journalists visited panel discussions at Blockchain & Bitcoin Conference Kyiv. This resulted in a couple of interviews with crypto industry representatives.

Alexander Ryzhenko, the Chairman of the State Agency for E-Governance of Ukraine told the magazine representatives about the blockchain technology implementation in the sphere of land registry: "Currently we are working on the project of using blockchain in the land-titling registry – that is the first point. Concerning problems – it’s the readiness of the state authorities: it takes time to change the mindset of officials and citizens as well. Besides, any pilot project includes certain adjustments."

Follow this link to watch the overview of the spring event Blockchain & Bitcoin Conference Kyiv:

For reference:

Login Casino is an online business magazine about gambling business, which covers a wide variety of events in all spheres of gambling, cooperates with the world leading informational resources and organizers of gambling conferences.

Gaming Software News: RedRake Gaming to Release New Speed Heroes Slot

Earlier this month, RedRake Gaming announced the release of a new video slot called Speed Heroes. The release of the game devoted to the Formula 1 racing is scheduled for 23 August.

The players will go through adrenaline rush and crazy emotions from winnings at full speed. Feel like a real Formula 1 driver, feel the power of engines of a real racing car!

Checkered black-and-white flag signals the end of the race. The symbol of a checkered flag on the reels brings the gambler some breathtaking prizes. Just follow that flag and have fun with your winnings.

Briefly about the slot:

• Grid: 5x3;
• RTP: 95,1%;
• Number of winning lines: 30;
• Platforms: desktop and mobile;
• Technology: HTML5;
• Currency: 100+;
• Languages: 16.

RedRake has provided a variety of bonus features that make the game Speed Heroes even more driving.

GAS BOOST. If 3 to 9 petrol can images land anywhere on the reels, the player automatically wins.

SPEED RUN. Symbols of drivers completely cover both 1 and 5 reels at once, thus becoming WILD.

STICKY PISTONS. Five piston-shaped symbols start the function of Sticky Pistons Roulette. Then 3 or 4 characters of the piston trigger an automatic re-spin so that the fourth or fifth piston land on the reels.

STICKY PISTONS ROULETTE.  It gives the right to spin the wheel 3 times and win each time.

BONUS. The 3, 4 or 5 combinations of bonus symbols give 12, 16, and 24 free spins respectively.

NITRO FREE SPINS. During the free spins session, every winning spin increases the bonus multiplier, BAR.  It, in turn, multiplies the wins 2x, 3x or 5x respectively. Besides, 3, 4 or 5 BONUS symbols in this bonus round provide 6, 8 or 12 free spins.

Speed Heroes is a very dynamic and exciting video slot that can be played on a computer or a mobile device. Moreover, this game adapts to the screen of the smartphone, either you play on it vertically, or horizontally.

Speed Heroes from Red Rake will be available for integration into the online casino right after the release. With our platform, APIgrator, it can be done in just one procedure. Please, contact our managers for more information.

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Gaming Software News: Dive into Ancient World of Aztec Temple Slot from Platipus

We welcome you to join an exciting quest to discover the great mysteries of the ancient Aztecs by playing a new video slot from Platipus, Aztec Temple.

Platipus offers the punters to merge into the old culture full of challenging secrets and riddles.

The Aztec civilization existed in the 15th-17th centuries on the territory of Central America, which is now Mexico. This society, being highly-developed and cruel at once, had a rich mythology and left behind a great cultural heritage.

Become part of this ancient civilization through Aztec Temple slot. The game has standard functions and a variety of bonus features.

Briefly about the slot:

• Grid: 5x3;
• Number of winning lines: 20;
• RTP: 94%;
• Volatility: high;
• Technology: HTML 5;
• Platforms: desktop and mobile;
• Multi-language support: 9 languages.

The game comes with a variety of bonus functions:

• Any winning combination activates the Avalanche Multiplier feature coming as free spins. The multiplier increases with each subsequent spin up to a maximum of x5.
• The winning combo of 3 or more Scatter symbols landing on the 1-3 reels starts the Bonus game.
• As the Bonus game starts, the player gets 10 free spins by default.
• If during Free Spins, 3 or more Scatter symbols land on the 1-3 reels, it restarts Bonus feature and adds the same number of Free Spins and multipliers that were won in the main Bonus game.

Intriguing storyline, interesting bonus features and extra options to win, as well as high-quality graphics will appeal to all the fans of online gambling.

Aztec Temple by Platipus is available for integration into your online casino. With our unique solution, APIgrator from Slotegrator, you can add a whole package of any games in just one integration.

For more information, please contact our managers.

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Gaming Software News: Slotegrator partners with CQ9 Gaming

Slotegrator as a far-famed supplier and developer of iGaiming products has entered into a partnership with Asia's favourite provider – CQ9 Gaming.

From now on, the prominent video slots powered by CQ9 have become available for integration into online casinos through our distinct solution of APIgrator.

Based in Taipei, Taiwan, CQ9 Gaming has a team of over 200 designers, mathematicians, artists and software developers who are committed to developing high-quality games for iGaming industry.

The company provides themed online slots popular across much of Asia. Thanks to using HTML5 technology, they run both on PCs and on mobile devices. Exciting, dynamic scenes, a variety of bonus features and striking design has made CQ9 slots well-known far beyond the borders of Asia, gaining popularity among gamblers from the Western world.

Today CQ9 Gaming offers over 80 games. All accessible through the clear solution of APIgrator developed by Slotegrator.

Most wanted:

• Apollo;
• Wild Magic;
• High Jump;
• Chameleon;
• Lotus;
• Love Night;
• Football Jerseys;
• Magic World;
• Mahjong King.

Slots from CQ9 are certified by Gaming Laboratories International (GLI), support multiple languages and various currencies. All this makes them in demand in many regions across the globe.

Got excited about adding the games by CQ9 provider into your online casino just in one integration? Contact us at Slotegrator, if you please, for details of the APIgrator service.

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