For explaining Bitcoin to others in a presentation setting, that it is multiple things, I have the following components:
- Currency
- Consensus rules (protocol)
- Public ledger (timechain)
- Bitcoin network
- Money platform
What are your thoughts on this?
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Durable Portable Divisible Fungible Scarcity
Limited supply is key, in my opinion
Yes definitely, but those are the monetary rules. This is a high level overview of what Bitcoin is.
It's flaws. Long confirmation times with no actual guarantee your tx will ever be confirmed, volatile fees that are very high compared to other free or nearly free payment methods, ect.