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That’s a great analogy. I find that general audiences tend to have a better time understanding these types of real-world comparisons. It makes bitcoin feel more accessible to them.
The PIN comparison is a great bridge because it highlights that the order of the words is the key, and that secrecy is absolutely vital so no one else can access your money. The main distinction is that a bank PIN is isn’t actually secret, it’s shared with the bank, who is the gatekeeper of your funds.
Looking forward to the Rai Stone podcast episode!
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Thanks you. I appreciate it and I totally agree with you.
The next article/podcast I'm working on is designed to teach people what a bitcoin private key is. I expand upon the Rai Stone Analogy Saif used in The Bitcoin Standard.
I compared the digital signature part of Bitcoin to an electronic fiat debit card that stores the time-stamped transaction records on a peer-to-peer, distributed network instead of a Trust Me Bro financial institution.
Each word represents a 4 digit PIN for your "debit card."
So if you have 12 words, you have 12 4:digit PINs that will only allow you to spend if you can enter each one of these PINs in the correct order.
If you have 24 words...etc.
I decided it would be easier to make a video than try to write this for a general audience. Stacker News is obviously not a general audience.😉