We had a great day at Bitcoin Racing at Silverstone yesterday. The racing was fantastic and the bitcoin talks were enlightening.

The day helped me to think about how to explain Bitcoin to people.

There are three key features to Bitcoin:

1. Transactions fees are less than 1% with bitcoin. Traditional card transactions are 3%, most of which is to cover fraud costs due to the fact that your expose your payment key whenever you transact.

2. Your Bitcoin can only be moved with a signature created from your private key. As long as you keep your private key private, thieves and governments can't take your Bitcoin from you.

3. There can never be more than 21m as the issuance of new Bitcoin is based on the consensus rules of the millions of computers that make up the network. The network would destroy the value of the work invested in Bitcoin if they colluded to break the rules. Bitcoin is a self-reinforcing incentive system.