Bitcoin: How Cryptocurrencies Work
Whether or not it’s worth investing in, the math behind Bitcoin is an elegant solution to some complex problems.
Hosted by: Michael Aranda
Special Thanks: Dalton Hubble
Learn more about Cryptography:
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Please donate me some,I need money for college… adress: 1CKc5hB7gnc4jKyGCYz6tDyXaA8PUQyxdb
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fraude
to the moooonnn
If they stop producing bitcoins by 2140 how will miners from that year onwards get paid?
Great video and explanation. Nice!
Friends try binance which offers an excellent user security . Also they had quite an option of altcoins which simply makes them the most suitable option currently available in market…
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Check out this free app from Coinbase that lets you conveniently and securely store, and trade digital currencies like bitcoin and ethereum. You can get it from
It’s a shape of thing to come to a financial world but I still hardly understand it. Only me?
Why did I get a add about cryptocurrencies when I clicked on this video…
So this is completely legal ??
hi theres this game called rotmg and theres this potion called mana and it was only uptanuble by doing one dungeon and only 1 of the 10 people can get it so now mana is getibal by 8 people in 1 dungeon so is mana going down in price like ebt cion
Brilliant! The best explanation I’ve heard of Bitcoin so far. Maybe only because Bitcoin is getting more familiar by the day, but that makes it more and more important to understand.
Binance is located in HK and is known for its crypto-to-crypto trading. It is a new exchange and has already become popular among traders who are looking to trade in different coins and ICOs. The growth has been tremendous and is best known for its low transaction fees.
Best of luck on your Crypto Endeavors!
What if you get hold of someone else’s public and private key? Then one can do a fraud.
Excellent explanation. Thank you.
Scam. The earth is flat btw.
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WANT TO GET STARTED IN BITCOIN?
Binance is one of the most popular crypto exchanges sign up here to buy bitcoin and other crypto currency’s
well explained!!
Best leverage plartform
The best cryptocurrency exchange: join today…
best facebook group for making money in crypto!!!
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Easily the best BTC video out. thanks
Please do a video on the environmental impact of Bitcoin.
Or just cryptocurrencies in general
I got a bit coin ad in this video.
*How ironic.*
this CryptoCurrency is going to explode…Its price is rising so fast last few days! And You’ll get 10-100 free of them ( I got only 10), but every is worth around $0,5291 right now… you need only mail and password…it’s worth a try…
What is the signature?
Discord crypto pump group, over 50k members! 2-3 pumps a week, last pump had potential 50-100% profit
this vid provides simplest explanation compared to other ones
The easiest and fastest (not to mention cheapest) way to purchase these coins is to follow these simple steps:
1.Sign up to Coinbase via this link:
(we will also both receive $10 of free bitcoin if you go via the above link – you may need to copy & paste into your browser)
2. Purchase Ethereum to transfer to Binance (Bitcoin costs a LOT more to transfer and takes longer)
3. If you don’t already have a Binance account – sign up here:
(you may need to copy and paste into your browser)
4. Once signed up to Binance, click on ‘Funds’ at the top of the page and look for ‘Ethereum’ – then click ‘Deposit’
5. Copy the long deposit address
6. Go back to Coinbase and click on ‘Accounts’ – you should see your deposit sat in your Ethereum wallet
7. Click ‘send’ and paste in the wallet address that you copied from Binance – I find it easier to click ‘send max’ rather than work the amounts out.
8. It will usually take around 10-20 Mins to appear in your Binance Wallet (longer during busy periods)
9. Once it shows in your Ethereum wallet on Binance you can purchase coins!
10. Remember to click on the ETH tab and not the BTC tab as you will only be able to purchase with the combination that you have transferred – ETH
(Only invest what you an afford to lose as the crypto world can be very volatile)
Binance –
Coinbase –
Love this episode!
hundreds of dollars…that’s cute
how to make 30,000 dollars in the stock market in 2018
This video is created to explain in details about the potential of making money in the stock market and the plans
that are being developed within the platform to give our community as much resources as we possibly can to help
you on your journey to money making success. Also to download my ThinkorSwim platform setup copy this click into
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This video talks about the creation of bitcoin and how to go about buying them as an investment.
bitcoin mining is the next best thing when it comes to crypto currency
I have a bitcoin miner friend
Bitcoin ad b4 this
Superb work bro
The last day of 2017 has Bitcoin at over 13k USD
no one explains things like you guys do. awesome!
wth was the add i just watched?? (was a swissborg add btw)
if you want to make some real money from bitcoin, and dont own any miners. an dont know how to trade join usi tech! ive been making a killing!!
Great introduction to bitcoin, awesome!
Bitcoin is creepy..
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You are my favorite guy here in sci show. This is also my favorite video as I already spent $6000 on BTC.
As of 12/31/17, bitcoins price is 13388.85
I just don’t understand how this is legal. At least in the us you can only use the dollar. Technically if anyone starts accepting these they could be shut down. I know it’s difficult to shut down online but eventually this seems it will collapse. Digital or not if something is”created out of thin air” then inflation will eventually catch up
so 2140 bitcoin will be dead. To be honest, that’s a damn good lifespan for a global economic system ._. And we will have other ways of exchangement to simply pay out the bills and wipe the ledgers to start anew. The only problem I see will be that banks still want to raise some coin by other means with interest, basically creating more money like they always do.
But i’m a optimist, so comment section, did i get something wrong? 😀
davor coin:
I’m more confused than before ?
@4m30s “Michael sends $36,000 to Olivia” When I was in college, Bitcoins were worth pennies at best. Now I could live off of just one of those for a year. Sure it’ll crash just like ‘tulip mania’, but after that it’s basically a mutual fund.
I wonder whether all this mining computation power can’t be put to some practical use – I dunno, maybe protein folding prediction, or finding a winning strategy for checkers, or weather forecast, or hacking Putin’s email account…?
BEFORE WATCHING GOT A BITCOIN ADVERT
As of right now, bitcoins have gone up from $708(at the time of this video) to about $12954.
In 2017 6 bitcoins are worth over 100,000k or whatever you prefer.
can you do a video on altcoins?
Short, concise and informative overview of Cryptocurrencies!
Investing in Bitcoin is weird though it’s complicated because you never know if the worth of one Bitcoin is going to grow more than what it is now or if it’s going to deplete less than it is now people that invested in it a long time ago or striking it rich right now they have millions of dollars or more depending on how much they invested into Bitcoin either way anyone who invested a while ago is really rich right now or even anyone who invested within like year like 2016 one Bitcoin is worth over $7,000
Yo boys trying to help out here. Just a guy trying to help. I finally found an actual good crypto discord server. No joke ive gained 75% profit the past 3 days because of it. Check it out if you want good luck!
The fact that they’re all bidding 2 or 5 Bitcoin on a poker game is kind of scary to think of because one Bitcoin is worth like $7,000 now.
15k now.
Jesus
Lul $700 tell me… Was it Worth investing?
hey guys, help a brother out and join Bitconnect you can make some massive Profit. use my link to help me out,
if you want to send me some bitcoin feel free it would really help me in my mission to rule the world
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One Love
Wanna trade bitcoin on the best site, and even get som free coins to start off with! go here
3:10 This part I never quite understand. Is there really *one* bitcoin network? If everything’s decentralized, who gets to decide what the network consists of?
Lol, hundreds of dollars. From that I knew this was one hell of an old video.
We bought 1000 bitcoins in 2010 -2011
But bitcoin is worth $17,000
made in 2016 dude
This video is a year old
Not hundreds
speak slowly please
“say there were a coin worth HUNDREDS of US dollars”
LOL
5:13 thats where you’re wrong kiddo!
thats how the financial system ACTUALLY works… banks give out the money on theoretical availability, and thus “create” money out of thin air.
If you are going to invest in it, you might want to try out binance exchange.
Registering is free ofc ;’-)
I actually got an ad about bitcoin before this. I am…..mindblown
Silvia Stn Happy new year. Would you want to invest little on bitcoin? Feel free to reach me on via email at sammybolt70@gmail.com then I will tell yhu how I made $500k in 3 months and the secrets behind it.
Very nice. But I did not quite get how multiple transaction problem gets solved by SHA256.
I was curious about bitcoin and found this interesting video.
So it’s worthless if no one goes along with it
In 2040 there will be organizations hunting old hard drives looking for a bitcoin worth $1 million
Hi guys! If you are interested in buying some of these domains – btcridge.com, bitcoindune.com or bitcoinpug.com, please let me know! 🙂 Peace!
I never understood bitcoin or why you couldn’t just give yourself more or what mining meant. This was such a good explanation. I have zero actual computer knowledge and it made sense to me!
amazing
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I am from 2050 and in 2050 1bit coin is 0.000000000002 dollar
This stuff is so confusing
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Best explanation in such a short time. But I can see how people would still have many questions and I do too when it comes to further details but the general idea is now crystal clear. People made millions in a year or lost millions. But I think we are far from it collapsing and profitability is there for sure and especially if price drops due to bad media or some guy getting killed over his coins for example. Not wishing anyone harm. Just giving examples what would scare people and drop the price fast due to them selling but the price would go back up naturally at this stage at least. No world bank is yet affected by it so big enemies is a concern not there yet. If you follow. I DO HAVE ONE OF MANY QUESTIONS IF ANYONE KNOWS: WHERE WILL THE MINERS EARNINGS/Tips come from once we reach a point of no more new coins generated???
I can get Nasty wit-wit wit it for some bitcoins
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1 year later
how to start earning..
Excellent explanation, help a newbie like me understand quite a lot. Thanks
best simple explanation I have seen
buy btc on binance:
Buy xvg today or cry in the future
My wife and I learned all about cryptocurrency through the Crypto Institute. The best decision we ever made was to invest in Bitcoin. This is where we got all our information. Unfortunately Google and YouTube don’t tell you everything you need to know.
i think elon musk is behind it . that guy is genius !
I love his voice!!!
I still dont really understand it….maybe i’m just too stupid.
As long as there is a black market, BitCoin will be valuable.
Is that a good or a bad thing?
very convenient to deal with crypto currency
http://www.binance.com/?ref=12808185
Today Thursday, December 28, 2017 Bitcoin is actually 13,878.15 US Dollar
THANK YOU. Finally, I understand
OMG i just got my mind blown!! Have you heard of mining BTC or any crypto currencies?Mining crypto currencies can be extremely profitable for professionals or beginners. The market is new, highly fragmented with huge spreads. Been making huge profits using Logans miner. Contact him if interested via loganshippy93 @ gmail.com
I just started investing, excited to see what happens
This is by far the best Cryptocurrencies investment Awesome!
he is the man for the job
i make about $3000 every week from his software…its really mind blowing.
Sounds good, just invested $8,500 with his software…
if anyone is feeling generous and would like to help , Im very new to trading. Would love a btc donation/message to help me get started. Maybe crypto eventually would help me fund my college tuition hahah 16VZQ1vawaHwhPe2tqCZwHwh3a4UgK6Xys
some people are new to bitcoin,they dont know how it came about or how to earn it but its all okay i was like you before i met Mr Chris on youtube helping people earn btc and also understand the whole system reach him today if you are ready to invest on BTC (chrisdunnstrategy @gmail .com) i make at 0.05BTC every 48hours i know its not big but its somthing
does he take american students too?
can i start with as low as $1000?
can i trade every week???
Mr chris makes me $9,000 every month based on our agreement
He is a professional at what he does
How to make money in Bitcoin without buying Bitcoin? A must watch! Check out my home page video and feel free to join the discussion.
What In exchange are you sending a bitcoin when you make a transaction with a person who you don’t know besides them send a an account number thru the block chain ??? Dude if you can’t explain this to a ten year old or groups of kids you just blowing hot wire
This will have a place in History as the world’s biggest scam ever
i am not just buying crypto currencies i am trading on it and making money so , even if bitcoin or any other coin is falling or going down i am am making money both ways, this is the life am talking of, today i made crazy money over 20000 just today. Right now the market is on fire and its crazy cant wait for the next hour to make more. if you want to know how to trade it pin the points just reach me and i will tell what to do duffymccarty@gmail.com
Cryptocurrency has made me a millionaire and opened my eyes to a easier way to be a success in the world of trade.. If i can make it anyone can, email is lucasmouraja@gmail.com i will guide you if you need any assistance.. Happy trading!
I would invest but it’s way too expensive now just to purchase 1 Bitcoin and i’m broke.
The biggest scam on earth bitcoin has no value try selling it and you won’t see a single dollar
It took me years to understand bitcoin and the benefit of blockchain….Most of my comments used to look like the ones below. Best wishes everyone! Cheers!
Guys,my father created a bitcoin wallet but he and i don’t know how to buy bitcoins.can anyone send me?i can send you money through paypal
Samuel Bolt yes i do
Star Life compliments of the season., do you want to buy bitcoin??
can some one tell me who gets my money when I buy bitcoin ? And a 10 dollar bill turns into a thousand in 5 or 10 years !
Donna Hello the platform you buy from gets the money and gives you the bitcoin
The cryptocurrency market has been growing at an exponential pace, and making a number of people very rich. But is it all about making money? The technology, underlying cryptocurrencies – called Blockchain technology – has the potential to change our lives for the better. What does the crypto world have in store for you? Here are reasons why you should get on board and invest in cryptocurrencies.
* Returns You Could Never Have Imagined
Let us just compare Bitcoin’s rate of return with that of S&P 500 stocks, which isthe leading indicator of the performance of U.S. equities from the year 2016.
I wish I can say that we’re dreaming. But we’re not. Say you invested $10,000 inearly 2016 in U.S. stocks, by now your total investment value would be around $12,000. But if you invested in Bitcoin, you would be worth a whopping $60,000.
Let’s choose another prominent coin: Ethereum.
This is even crazier. And this is from the start of this year. If you’d invested in Ethereum, your investment would have increased by a multiple of 46. If you had invested $10,000, you would have $470,000 in a span of 6 months. Think about it. These kinds of returns are impossible to acquire within the realm of traditional investments. (For Beginner’s Guide to ICO Investing: How to Participate in ICOs ,E-mail ==>>( kat.icoguide@gmail.com). I made an investment on bitcoin and Ethereum. And I’ve collected bigger gains here than in anything else in my life. I’ve personally made over 800% in one digital currency more than 1,128% in a second and over 2,200% in another, and I expect to make a whole lot more. Digital currencies are the one place in the markets where you can start with $10 and turn that into real money faster than you can ever imagine.
** Cryptocurrencies Aren’t Just Bitcoin & Ethereum!
I’ve also identified a handful of cryptos that are rocketing higher (and faster) than Bitcoin ever did. Cryptocurrencies are too big of a market already. And they’ve become too useful to the emerging 21st-century economy. Most investors have seen gains of……. 75,063% in Cryptonite, 59,577% in InfluxCoin, 60,450% in MaxCoin, and even 823,750% in DubaiCoin! Tiny new digital currencies are offering profits far bigger than bitcoin and much more quickly. Bitcoin and Ethereum may be the biggest coins now, but there are hundreds of coins which can achieve similar, or even better rates of return. Each coin has a specific purpose or solves a particular issue.
Bitcoin and Ethereum aren’t the real stories anymore. It’s the smaller, lesser known NEW digital currencies that are rewarding investors with the next round of huge wins, Yet this opportunity is just getting started. Today I’ll show you the new digital currencies that can turn as little as $10 to over $$$$$$$, that’s right… a single crisp of $10 bill could make you a millionaire. It’s not only possible… it’s actually happening right now. You can request for more details on the different coins here. (Coins, Tokens & Altcoins: What’s the Difference? E-mail==>> (katietelemarketing@gmail.com).
*** “In a tweet over the weekend, Assange posted a screenshot of Bitcoin prices on July 18, 2010, and Oct. 14, 2017, on industry website CoinDesk. In this period, the price of Bitcoin went from 6 cents to around $5,814. This represents a 9,689,900% increase.”
— CNBC
**** WikiLeaks founder Julian Assange is purported to have made upward of 50,000% on Bitcoin.
***** Bitcoin is hyperbolic again. The premier cryptocurrency just cracked the $15,000 price level and other cryptos are following up, this is an opportunity for you to invest now. As I shared yesterday, we shouldn’t expect it to stop anytime soon, either. I’m projecting that $19,000 is nothing more than a speed bump on the way to $30,000 before mid-2018, I hope by now you realize that we’re witnessing the biggest financial storyline of our lifetime.
However, a word of caution: Make sure sufficient due diligence is undertaken before investing, E-mail me to learn how you can start trading on these surging currencies. E-mail ==>> ( ryanblue.crypto9500@gmail.com).
Buy bit coins
i still dont get the security system. private key? public key? what exactly are those and how can i be sure my private key cant be stolen? can someone explain please? 🙂
Mick-Eric Boettge don’t use Bitcoins.
Hi guys,
Fantastic video ! I start a mining farm in France it’s open on Patreon feel free to have a look and contact me for suggestion
Cheers !
Long life to crypto currencies :p
Watching this on December 26, 2017 at 10:37pm. Bitcoin is currently worth 16,251 USD. Crazy…
Bitcoin will hit ~$50k 2018-2019 year. You don’t need to buy a full 1 BTC to get started. They are around $16K USD at the moment. You can buy a small fraction. Generate your own offline paper wallet and store in a secure place. I used . Then go onto a good crypto currency exchange and buy some. Make sure to store offline – Either USB or Print out.
One of the best videos that explains bitcoin/blockchain in easy terms. If you’re ready to invest in cryptocurrency, this is a website that gives you referral code for Coinbase! Safe and Easy.
What a freaking genious who created this
1 year later bitcoin is valued around 10k with drops of 6-8 k and spikes of 12-14k per coin. Lol
I honestly thought crypto currency was from the meaning of cryptozoology where people believe in it but it’s not actually real.
A good opportunity to invest in one life one coin future of crptocrruncey don’t miss the opportunity with one coin one life
Thanks for the great video.
Can someone please donate me a Bitcoin?
Bitcoin address: 1B53xzzmuHjeXTcoXyUCCDGNMin7HqQZZU
“super legal movies and music”
Goddammit you found me out.
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Who’s watching when bitcoin is at 18,000
Bitcoin is now worth $13,877.40 as of 12/24/2017 10:38pm 10:40pm now worth $13,905.67
But wait. If miners stop pursuing this as the Bitcoin rewards drop and their electricity bills skyrocket, and Bitcoin needs miners to solve chains to make transactions, isn’t it likely to collapse on itself? I get that if the perceived value of bitcoins keeps raising, then the small amount of bitcoins earned is still worth more, but if it isn’t, the whole system could crash?
Actually, the miner reward will transition from newly generated coins to transaction fees, so miners will still be paid plenty.
Bitcoin is a big middle finger to the federal reserve/government….something about that sentence that makes me feel good.
My brain hurts
Cloud mining is still profitable! You guys should check out
Instead of buying all the equipment, you just buy has power. I recommend to check out to see how long itll take to break even and what your daily payouts would be before actually buying hash power. If youd rather just buy, bitcoin is the place to go!
8:01 And here we are only a year later…
Why did the cheater at the poker game have to be a CGP Grey fan? Lol
What happens after the last Bitcoin gets rewarded in 2140? Will that mean that the value won’t go up anymore because nobody is able to get any more bitcoins? Hope someone can answer my question 🙂
miners will still continue to mine because they would still get paid from transaction fees – basically, if people continue to want to use it, then it will keep working.
Who invented the bitcoin?
Great video, very clear except for the last part about the hash. Keep it up.
Hindi version. English version is also available. Block chain, Bitcoin, many more crypto currency in details with market analysis. Must watch video.
Very Nicely Explained. Thanks for sharing. http://www.mytopposts.com
That’s a really great explanation!
The most indepth video about bitcoin
One of the best explanations about Bitcoins.
Must watch for anyone who wants to have an in-depth understanding of how Bitcoins, Blockchain Technology, Mining works.
bitcoin=fake money!
You did a great job explaining it but I still believe this smells like a scam. Like anything on wallstreet, a lot of folks will become really rich and a lot of folks will lose it all.. after every financial crises, some new bubble always come, people never learn and greed always drive these things to the breaking point
welp
Note to self, get Bitcoin when its price swings back down.
Wish i brought some when this video came out lool. Worth close to 20k for 1 now
1 bitcoin is worth over $15000 now.
Who else is honest enough to admit that this Bitcoin thing is actually more diverse and complex than initially thought? Either way it’s an still interesting idea. It might take time time to fully grasp and eventually understand the concept but it’s not impossible. Just my opinion.
Hi everyone, I am giving free 1 BTC to one of you. All you need to do is, sign up to bitconnect using my referral address: ( )
I promise its not a scam, I had an idea to benefit everyone and my idea is, if you join through me and use my referral then we will both get a bonus so the more people join bitconnect through me, the more free Bitcoin Giveaway will be.
Honestly, its not a scam and I am happy to answer any question you have. You can either message me on my channel here, or you can message me on line app —– line ID: 15kesh15
And after you sign up and deposit 50 dollars ( at least ) in your bitconnect, send me a message on my channel or on line app. So, your name will enter the free draw of 1 BTC that will be on 21st of march 2018 ( 21/03/2018). I put this day so more people will join and benefit from this. And you all know when you deposit money in bitconnect, you are the only one who can use the account and no one else.
If someone wondering why I am doing this ?
its because, no one have done this before to help people that looking to make quick money through cryptocurrency. All what I’ve seen is that, youtubers ask people to sign up to bitconnect through their referral address and that’s it !. So, I thought If I do what I am doing now, then a lot of people will have the chance to win and make a life changing money in no time as we all know the quick growth of bitcoin price.
If you have any question, please don’t hesitate to contact me through this channel or through line app.
Thank you and good luck !
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Thank you SciShow! I have actually grasped the concept after having had only a very vague idea of what bitcoin was.
But what do you buy with it ? Has anyone ever bought a real thing with a bit coin ?
Yep. Google “10,000 Bitcoin Pizza”
The title “Mining” is much more impressive than data entry. It is just people entering data on an encrypted database. The so-called “miners” then sell this computer record for real dollars and can vanish with the real dollars, whilst people are left holding on to computer records in their name. The Bitcoin does not represent any productive work like real dollars do and is just a computer record out of thin air.
Reply
BITCOIN WORTH HUNDREDS HAHAHAHAHAHAHAHA I LAUGH IN YOUR FACE
Can’t focus when he’s too good looking
Hey guys, If you would like to know more about bitcoin and cryptocurrencies checkout this FREE course.
not exactly beginner friendly or am i stupid?
Earn free bitcoin for watching add or buy add watches for satoshi:
At 2:32 Is that an CPG Gray T-shirt
well-produced and clearly explained. thanks.
Set the speed x.75 times slower to process the information..Glad I did..good video.
Great explanation
That was a very good explanation (Y)
Great video…I finally understand this!
Is bitcoin worth investing into? A year after thus video and a bitcoin is worth almost 20,000 usd lol
Take advantage man, this whole market is a once in a lifetime opportunity and will likely multiply tremendously in the coming years. Put in a 20 here a 20 there, over the months it’ll add up. And remember Bitcoin isn’t the only player..
If bitcoin keeps rising in price, and I am not using term value deliberately because it has no value, then how it can be used by the stores to set their prices in bitcoin? If I want to by a cup of coffee with my bitcoin, what would the price tag for that coffee look like? And who will be verifying transactions after the last bitcoin is mined? How come there is only a small number of centralized miners that control the entire ledger right now, most of them are in China and Russia. Can we completely trust them? Who do I call if my bitcoin is stolen? These are just a fraction of questions that you don’t have the answer for, showing that bitcoin is noting but an internet game designed to sell digital serial numbers from a public digital ledger for money. Blockchain might have its place in our future, like the Internet. But similar to Internet, it will be made available to everyone for free, and that is the only way it will be able to survive.
For some reason I was distracted with this video. First, I wanted to fix the guys sweat jacket. Then, i could help but to notice the camera crew during the “poker game” in the players shades. I have to slow the video down to grasp the info. It was too much for me I guess.
Get $10 of Bitcoin → bit.ly/freebtcoffer ←
when this video got published 1bitcoin=807usd. one year later and 1bitcoin=14,300usd. i think its about that time to invest in some of these cryptocurrencies lol
I think a year ago was the time to invest in cryptocurrencies and now’s the time to get out before the bubble pops
ya lost me..please explain lol
or may be this means the U.S. $$ is just getting weaker and weaker and this is one way to hide it.
When it began in 2009, you could have bought 1 bitcoin for $13… and 1 year after this video was made, 1 bitcoin is worth $17,000..
It is not worth anything to me. It was created out of nothing
60cm Hengst Nobody want to buy a currency that isn’t accepted as a form of payment. That’s like buying an overpriced rock.
What are you talking about? Their are exchanges who people who want to buy and sell bitcoins are brought together.
i wanna buy bitcoins
SouthernNYer And if you want to pull out that 17000 guess who’s gonna fund that money. NO ONE
Seriously? People playing with this ? I am going to watch this ….
Idk it kinda sounds like magical money to me. ?
yeah, almost like using your ink jet printer and print money, keep a ledger and you will be fine.
Invest in Bitclave ICO while you can, either that PowerLedger or Sub.
December 2017
bitcoin got 2 to 5 years before a huge crash
tulip bubble
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Exactly one year ago. (Today is 12/21/17)
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20/12/2017
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If you may have some btc for donate to help the poor guy you can do it. 3QEsBYWdEaZ4TfeWhQcsNDaoptvuCKPk98
tnx
Cyrptocurrency is another form of Fiat Currency. You want to know more and watch something related to this video thats just as informative and interesting go watch The Secrets of Money – season 1 episode 1. Its on youtube.
oh wow, I’m watching this episode exactly a year after it was made, when bitcoin now costs £13,000
Excellent explanation. However I am still not clear about the block chain aspect where miners guess the original SHA256 to get the transaction eligible for execution. Could you plz explain. I will definitely go through the video again.?
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Or you can just cloud mine BTC with Geneses or Hashflare and turn USD into BTC without making a large initial investment – then you can just hold it in your account, reinvest, or pull to a hardware if you really feel insecure.
bitcoin is the complicated version of a simple transaction but there are certain advantages and disadvantages to the user
Thank you, thank you, thank you. As the only one in my social circle that trades CC and has a decent understanding of the underlying tech, I’m constantly getting asked to explain it. From now on I’m just going to send them a link to this video! You’re awesome.
wtf got a bitcoin ad
bitcoin vs fiat. at the end of the day, bit coin might be worth investing in… however if something happens and all computing systems go down, there is going to be a big problem for bitcoin and fiat currency is still the better choice.
I get how it works now. Still don’t get why that’s worthy. Because of rarity? Rarity is only one consideration for establishing worth. Being of material quality and diverse in possible uses are other equally important measures (alongside things like near universal baser instinct desirability). I can still wipe my ass with a dollar bill if everything goes under tomorrow. considering it’s made of linen and cotton I could even bleach it and use it as note paper, patches for clothing, filters, or bandages. Heck even just as is, if rolled tight enough it would make a decent smolder stick, or if shredded good fire starter. Coin metal can be useful as well. You can make wet pile batteries with coins. Improvised small blades and tools as well. Even just as alloys which you know the exact composition of they are useful in recycling for new products.
With actual money you have the faith in a governments ability to make good on it’s value (at least in theory) as well. And deeply ingrained dependency. With the US dollar for instance it’s the world reserve for a good chunk of the world (the currency that backs other currencies). And plenty of currencies are pegged directly to it. So it’s in everyone’s best interest to uphold it’s value as much as possible for as long as possible.
But cryptocrrency usefulness goes out the window when the lights go out. I mean perhaps in a fully technologically adapted world where there is near 0% chance of catastrophic and global failure this might work long term. But power outs are a regular thing in a lot of places. And remember we still are not any where near prepared globally for a big solar flare (which we cannot predict with any where near enough accuracy to be safe from the trillions of dollars of damage to infrastructure one would do).
15 years ago I wouldn’t have been able to conceive of an objectively worse type of currency than fiat currency. But someone actually found a way. That’s impressive. I mean hell make money at it if you can while you can. More power to you on that. But don’t let yourself become deluded regarding the stability of such a system and do something as asinine as investing the entirety of your financial future in it. Not saying cryptography isn’t useful or that this isn’t an interesting idea (perhaps it could be used as a regulatory device for the issuance of actual money on a larger scale). It just has no inherit worth. Which makes it extremely volatile.
Reaching global accessibility is not something that fixing its inherit shortcomings alone achieves. One would have to go beyond that and bring about global adoption in broadband. Which is at least 100’s of millions in new infrastructure in places with little demand for it alone.
On top of that the value of cryptocurrencies are artificially inflated by the act of obtaining them. In order to get all the coins you have to have the biggest best and most expensive setup to increase your odds of getting to a solution first. Which means you can sell them for less than a certain amount. After the initial sale of a newly validated coin there is nothing propping up the value of it anymore. So what you’re going to get is an initial boom. One that favors those who have the most to spend on it to begin with. Once the dust has settled on that it’s going to crash.
Either big corporations will get in on it and reduce initial cost by applying machine learning. Or the little guys will keep chipping away at it until they hit the upper limit and it all comes crashing down on top of them. But have big corporations gotten in on this game (honest question)? If not it’s probably because they realize it’s not worth dumping a lot into given it could fall at any time. An if so they will soon corner the market on it. Either way it erodes the core. Lack of big interest helps destroy what it’s meant to be and so does big interest. It’s a no win.
You don’t get the whole picture. 100’s of Billion tax dollars stolen by banks and unable to be tracked during the past recession and nobody paid the price. 2.9 TRILLION WAS MISSING BEFORE THE THIRD PLANE ON 9/11 hit the account office of the Pentagon and they can’t trace it. Money became worthless during every major war. Inflation gradually lowers any currencies value, interest rates, fees etc etc etc. Main point is that each centralized body like the USA controls, manipulates, cheats, and social security funds might not exist when I get old. ALL of that is whipped out with an idea like bitcoin. Cheating not possible, value will eventually stabilize IF IT REACHES THE POINT TO BE USED all over the world. However taking the billions of fees away from banks, accounts, and control of governments and basically the rich getting richer etc etc might create big world enemies to bitcoin and that is the only concern. For now it will not go anywhere. We are already in a bitcoin world. Many countries use actual money less than 10% today. It is just numbers in your account but the only difference is that a bank/country or countries oversee it and manipulate it. So the only difference to bitcoin is that you take away the power banks/countries have to all of a sudden make your money disappear like when during last recession millions of people lost most of their pensions and bubbles that can create things like the Great Depression are no longer a risk. But rich people and people/organizations in power keep pushing the money manipulation and would hate to lose that power. Get it. ?
While you can’t send a piece of gold to someone instantly. You can send them money. And you can do it faster than the transaction speed of bitcoin. The idea is flawed not only for a bitcoin having no inherit value. But because it’s too slow. That slow transaction speed (about 1 per second vs. 1000 per second) is an intrinsic quality that can’t really be changed. Even if it gets a lot faster so will normal transactions at the same or greater pace. So it will always be lagging far behind what is an acceptable rate of transfer. Even if you can get past that problem there is still the issue of mass availability. Which isn’t down to popularity as much as it is lack of infrastructure in many areas of the world. Areas of the world that can still accept wire transfers (which as the most basic and low rent way of sending money digitally is still faster than bitcoin).
Even if it manages to move beyond all it’s major deficits (any one of which is a deal breaker for most of the world). Eventually will come regulation if it sticks around long enough. That and major corporations taking interest in it will raise the bar for entry so high that this decentralized currency will then become privatized currency. If big corporations get on it (given that anyone with the seed money can technically get in on it). they won’t even waste time on employees to mine it. They will toss that task over to machine learning. Bots will get good enough at logging fast enough that it will cut the human element out of it entirely.
Bitcoin’s ‘value’ comes from the fact that you can easily store ‘value’ in it. Maybe not right now because of how volatile it is, but you can’t fake BTC, or print BTC federal reserve style. And there’s only ever going to be around 21m total.
And Bitcoin’s other killer-attribute is that you can send it to anyone in the world via a computer just like that. Can you send a piece of gold to someone from Europe to Australia in a matter of seconds? I don’t think so.
Bitcoin is plagued by a lot of problems right now, and I can’t really say what its future holds personally, but the idea of the Blockchian and Cryptocurrencies in general is here to stay.
If a million people have a stupid idea. It’s still a stupid idea.
totally impressed….now I understand better…sort of !!!! great video and presenter
Liked and subscribed
This guy is legit. Keep it up
great video man. I came back to this just to give a thumbs up and thank you. I remember watching like 12 videos before this one and still having no idea how it worked until this one. So yeah, thanks dude
the blockchain/poker explanation is spot on. !
am working on a new worldwide currency he will come out soon and if becomes a hit am going to called Beatkoin
Can I ask how you animate your videos? Hope someone can tell me how to do this
Is investing a good idea in 2016? Gee…
ah geez hindsight is 20-20 ey haha
It’s a bubble it’s going to pop. Then maybe it’ll fix itself.
> currently worth hundreds of dollars
*checks bitcoin price*
Yeah, about that.
I’m watching this almost exactly a YEAR after it is made. Nice vid!
Rayyan Altaf same here
Rayyan Altaf when its worth around 11k
Very well explained… Great work..
I got lost halfway thru the video.
Lmao there’s TOO many ways the system could be manipulated. I’ll stick with my Paper money thnx
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People are naive saying that the government will eventually have to cave in to the rise of cryptocurrencies, but in reality, it’s the other way around. The government cannot tax and regulate crypto transactions and this pose serious economic and compliance issues. The government has the ultimate control and final say. Once big daddy disallow cryptocurrency transactions of its businesses due to regulatory issues then basically you can’t use them for all physical goods / services (property / cars / import & export of goods etc. almost everything) between and within the borders are all within government control. So basically, if you can’t use virtual currency for physical goods and services, that limits to only the “virtual world”. So may I ask what value a currency has if its limited to only the virtual realm? Once people wake up to this reality we will then see the real value of bitcoin reflects in its price and the bubble pops just like the dot com. It definitely has its value in the world but it’s blown way overhyped.
“… worth hundreds of US Dollars…”
Fastforward 12 months
“…worth tens of thousands of dollars…”
i would spend my college fund on beef jerky smh shut up i’m still a ten year old let me do what i want
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“fake news” Donald Trump ?? say you have a world of digital currecy tell me how we are going to live free ☺️
*hundreds of dollars*
Yeah, I do think they are doomed, sooner or later the pay out for mining will be so low that no one is going to want to do it. Unless you are the Chinese government at which point you might as well no longer call it decentralized.
All depends on the usecase. Cash is still king for in person payments, but when we talk global/international payments or payments in countries where the banking system is corrupt to the bone, then bitcoin is the better option.
That sounds even worse, it discourages people from using it. Why would I use it if there is a built in transaction fee when I can just give the person cash?
actually, the miner reward will transition from newly generated coins to transaction fees, so miners will still be paid plenty.
2017. It was a good idea to invest….
worth every minute spent watching this video. very informative!!
was that C.G.P Grey at 2:12
Who else is watching this while crying?
20 grand now
That’s complicated
Great explanation, but i think there is a answer missing to the question: How do i get bitcoins to start with?
Maybe you’ve found out by now, but Coinbase is currently the most popular option.
Just found this great project for beginner investors, hope they will launch it soon. It should give you hints and warnings when to buy and sell. And professional investors will share their strategies for a small fee, check it out: what do you think about it?
HODL!
lol no crytocurrency…f.o..
..what if the world asides from cryptocountries says no to cryptocurrency?
..rather no internet than giving up dignity, tradition, the way of life we so used to that is gold compare to.. what??..promise? ..an elite financial corporation DICTATING on WORLD’s financial outcome? ya must be crazy to accept it.
Bahh…just close the internet if u guys so great…, no internet humans wont die..with cryptocurrency..humanity at peril maybe u die during those struggles..god bless us all.
that would be like trying to remove the internet.
Amazing, I mined btc but never understood what my lappy is doing.
It’s so overwhelming to understand so many things at once but best explanation so far
Fantastic job explaining it, although towards the end you rush things out of order. But the best explanation so far!
Look art all these people that should have invested
Free bitcoin from playing this app. All you do is spin a wheel.
Little did they know it would ballon too $20000 a coin
little do we know that it will balloon to 500,000 a coin.
This guy should do something better than YouTube
WHY?! Why didn’t I get into this back then?!
this really worked for me
Dark-Lark oh
Dark-Lark Yeah you’d need luck and the guts to do that. It’s like gambling, really; it’s not for the faint-hearted. I think it would bubble and crash dramatically.
Audrey
But if someone had put one thousand in when it was $13 they would have over a million dollars if they sold it at 15k. Now that would be really lucky, but it’s better then buying lottery tickets.
Because it’s sketchy
So far the BEST intro to BitCoin I have seen yet. THX!
You know…. I kinda wish I bought some bitcoins when they first came out, so that now I could cash them in. A couple of cents turning into thousands in just a few years? Hot damn.
The ignorance of people here is high, there are major crypto currencies exchanges out here, u can sell all your mined or bought crypto on these exchanges , just google. Its better to hold them tho soon people will start accepting them as payments as more people adopt this new currency. It’s like investing don’t go in for quick profit. In the end all money we have USD, Euro, whatever doesn’t have value either unless people accept it has value. For bitcoin with nearly 250 billion+ market cap people have pretty much accepted its value.
You can’t cash it out
Kye Talks LMAO, that’s not how this works. You can’t just pull it out because no one can fund that. It’s not a company, it’s a number on a computer screen. Its not backed by the US Dollar or EURO. You’ll be pulling out nothing. Wake up from this bitcoin BS.
Brilliant explanation.
Great video! Maybe you also do a video about cloud mining? Hashflare is one of the most lucrative cloud mining providers for bitcoins. After a good 2 months, you already have your money back (ROI) and then makes the remaining 10 months only profit (more than 400% return). Here you can register immediately with 3% bonus:
It was 708 USD back then. Now it’s 19000+
High volatility opens up a big door for short term trading. Make no mistake people are getting rich off it.
Shly Hoit The bitcoin value dropped to $14000 in only a few days. Damn the value fluctuates just in a blink of an eye.
Evm100 hahaha shits going off the deep end
Shly Hoit not so fast!
thanks
That was some AA level explanation right there Josh, great job!
1 Bitcoin = 23,914 Canadian Dollars….
“currently worth hundreds of dollars”
Is that real cgp Gray?????
2000 chips made me laugh. nice
Hit Like? if you came here after UIC .. ?
*IT’S NOT WORTH HUNDREDS OF US DOLLARS – BUT AROUND $25,000 EACH AS OF 18 DECEMBER 2017!!!!!*
And as of yesterday 14000
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This is complete BS lol what’s the point of this?
a global system for transactions that doesn’t rely on any banks – it’s a pretty big deal (unless you are a banker, then it is bad news for you).
miners solve SHA256, they get rewarded . how does the anyone benefit from solved SHA256, isn’t it just a cryptographed global ledger?
thank you
tirips etihw The goal of bitcoin has always been to remove the need for trusted third parties having control over money (banks). To see why it might be a good idea to do so, look at the currency/banking problems in Venezuela and many African countries.
is that problem so big in the conventional banking system? it looks like a big waste of energy and resources on keeping money safe.
the mining solves the double spend problem.
Hundreds of US dollars? lul, so last year. 😛
try 9k now.
Edit: checked to make sure I was correct. WTF, when did it turn 18k! It was 9k last month I sware!
My brain hurts
This will be the new currency just give it some time.
More like worth 17 thousand
What if you have cameras in your car eyes and everything you do is already recorded? Your personal key is already recorded
I still do not get how the hashing solves those problems.
7:55 bitcoin is worth $10k now
Brilliant video! Thank you!
I have a feeling bitcoin is going bankrupt over the next years because people would start withdrawing the money since they wouldn’t want to keep in their “wallet” for so long
Lol 1 bitcoin is now $19734.74 USD as of 17/12/2017. Guess i’m gonna start investing in bitcoins ?
Excellent explanation!
really interesting !
Bitcoin right now is at $19.4 K
As of this moment, 1 bitcoin is worth 19,400 dollars. Yes, yes it’s worth it to invest.
Nice video
Bitcoin and block chain is too confusing but thankfully your video explained to some extent.
7:50
Well, nowadays a single bitcoin is worth 17 hundred dollars… it’s growing REALLY fast
Why does he sound like he’s outta breath
Amazing video. Very well done.
In December 21, 2016 Bitcoin was worth $807. Now one Bitcoin is $19.3K
Well done great video to get a basic understanding of core concepts.
Thank you so much! Very well explained.
perfectly explained.
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“Hundreds”. So cute.
All very clever but really… what’s the point? How does this make the world a better place?
Am I the one only who sees the fatal flaw in the system? The currency is based on the update of the ledger, which needs miners to keep getting updated. Miners are only doing it because right now, the value of bitcoin received by mining is greater than the cost of electricity needed to do the mining. But what happens when that is no longer true? Miners don’t have an incentive to mine, the ledger stops being updated and the currency becomes worthless. It’s inevitable.
when people are making money, they don’t care..just like when Internet company stocks flew up with no business models, banks lending out mortgages to people who makes 50k a year yet buys 2 million dollar homes.. this stuff never ends
Ah that is possible but since bitcoin isn’t centralized, who would be responsible for paying the miners? This sounds very similar to communism and there’s a reason communism doesn’t work.
proof of stake solves the problem, miners are paid for transaction fees instead of new creation of bitcoins. Transaction fees can always be adjusted, bitcoin is not a static system.
The whole thing went bouncer
So now I understand what bitcoin is but I still have a few questions. How do you spend it? I can’t exactly go to the supermarket and give them bitcoin. Who decided how much they are worth and how? Why do they exist in the first place?
Martillo Workshop How dare You! Dorothy Mantooth is a saint!
fees and centralization
LN is on testnet and working. The first mainnet version is being worked on already. You’ll be seeing LN on mainnet in the first half of 2018.
Anyway, there are a lot of expensive useless things that are way more mainstream than bitcoin. Like designer bags, diamonds, fine art and your mom.
TruBlue16 it’s obviously not useless if it’s being used by millions of people. That makes it worth a fortune.
TruBlue16 A lot of stores in South Korea and Japan accepts Bitcoin and a lot of websites accept Bitcoin. It’s not useless, just not mainstream yet.
Only if I invested when i first watched this video ?
Oh wow, throwback to when 1BTC was worth only 708USD lol (prices are up to almost 18,000USD now)
thank yo man
Very good video. I am mining and trading now with Bitcoin so it is really interesting for me
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Three little pigs went online one day…
…
…
…
And then a big bad AI came along and swallows all their bits!
Great video! You made it so simple to understand
1farma is a great site for mining and they give you 0.00005000 BTC for joining
ok then who decrease the mining reward of bitcoin?
the whole network does, it is built into the protocol.
Is the Bitcoin market affect by net neutrality?
Недавно узнал что в 2008 когда появилась система хэш цепочек Blockchain выпустили 30 тестовых адресов, которые были предназначены для больших транзакций…
Читал что ребята там наваривали очень много денег, поскольку те адреса были одной из крупных компаний в США, теперь они перешли на сколько мне известно на другую компанию,
и некоторые люди снова начали там деньги косить, смысл в том что когда тестировались транзакции те средства возвращались с процентами. Я сам туда кидал три биткойна и мне возвращались 3.6,
главное попасть когда идет скачек курса вниз или вверх и мне возвращались было и по 5 и по 7, смотря на сколько большой скачек, кому интересно, вот адреса:
12evrWnWmcQHnKZDzZbzwkWqf5fdefwL98
1NtduaZe1KcBk5QRvNsYfr14sJhAwTyNer
14F4hV6Dyy4rP2UUuELLPQXHWsvYtnNZxa
13Cz896A68zDQHPn136y7DVKosaUMMFw3D
1M5k2jRcqnc7rZTwSdpp9STfTjkUveKdVQ
15t3i5GUQ2XPNPn8xhmsJV4vKiUW3wzYB5
18V3UBEw3q1CP6Kgamd4YGV4F9dxa2Nuyv
1HoqbWmuxtG9zKPzfZPWK4kXbhwXTruLzq
1PtrMbYsmDaCrvfzhMAYhkpZyqMTeueiEp
17j4Xp9mgGUwyR2TPoJ4ibchpmCmbfZpEz
1CPWAjuze1w6Wwm9SVFo4w4mc97x7GYDk
1nV6P3QtNNFCRdRkv8tAZ1q54Uoq8XdSp
144BGXotLAZaxxsXKy13FnbPUYfxcMpPTs
12dt4hJKweb79Ep6YMrwjtDEK5om4fQ1Lo
1Gv5F3tRH8RT4gnvwFwTqyBbMe9tk9LvmV
16zWR2e4VbgHqz568KzSZGfr4c6HxgFYeW
1MHQT9MLmrb8DmkCRv3n1ZmCZ4MU6jHLH7
1AcJkTHEEZ12vnprjDUM4FFsvY7SRaZM8z
1BiLFh6xVMdbKkR3fnV9QPToG9EVcmJrMQ
17fh7uevxhMj3MDJuhZQV9yx2y4bvqj6k
1Gkb2iKQjpjGJNt4mAah2jWHrbkVWQK3bN
14QvkvmcjKGzJstZZz91zhG1wfWAusUins
13RurLHX4PwqxWc5YVC1Xd1U6CbJaKmYyM
18Vb3hpAAszFrT14SC32iN2E9z6iEwDBk
1NfmpabuKP3ZnV6oGuEWnS9xqn34QzrBDZ
1KphjYumvAXGDTbBzGUEtcPxg3pxMWcLWr
1ExmLhH28ZN4ZuuRCXBqoDNj2VFR5ZMHfH
1478juav4hvnWce8pqo6h3S7MzsqbPa4DJ
1F1bQzN4nU6eDN9mwRDTeF29TruVQoEeYN
15aWGThreyGDuu5Y1ko4WcDgV69i1tkjB4
“…worth hundreds of dollars”
That’s cute
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Its not true in the coding of bitcoin currency it was put how much to produce per time, how much max supply etc its all there in the code. Try to figure out how it was made you will have better knowledge by then.
Brilliant Video. Clear explanation. Thank You.
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I saw this video a year ago not understanding it. I could have been a thousandaire
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Jacksfilms made a better explanation
i wish i saw this vid last year. could of made good money
its worth over $17,000 now
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Wow very good video man! Just sent this to all my peeps that ask me what is bitcoin and I tell them about blockchain and they have that glased look on their face!
One bitcoin is $16,000 today so yea, you should invest in it!!!!
Where does the tipping bitcoin come from? Is that also generated out of thin air or does the “giver” in the transaction tip?
his voice is strangely reassuring. lol
I’m here from the future! Invest everything into bitcoins!
had to reduce the speed to fully understand
Bitcoin is a commodity, not a currency.
Does the death of net neutrality affect bitcoin
So whats the practical use of those mathematical problems? Do they solve anything or can you trade them when bitcoin value plummets? Who backs the currency, when it looses value? There is noone who will back it and that’s why its useless. Today you are filthy rich, tomorrow loose everything.
So far the smartest explanation I came across, great job dude 😉
Funny how much things have changed in 1 year. BC is worth so much now
i just got a job as a repair person for bitmain and start at the end of January. They are in the process of building a repair facility in Wenatchee Washington where i live.
bitcoinmovements.usitech-int.com/
superb
Coins are actually now the number one Investment to make some money. After Bitcoin Dash Etherum and Litecoin startet a Rally . Ripple is doing also a great Job.
The ruling elites created fiat paper money, now the crypto currencies. Everything fraud including ETF digital gold & silver (1/10th value compared to real metals) were created by them. When JFK wanted to back fiat money with real gold, they killed him. Clearly they don’t want the masses to buy the real gold or silver. Many private lawsuits have been filed against large banks for illegally suppressing the true value of precious metals. Yet governments from all over the world are desperately hoarding physical gold & silver for themselves. If ordinary people were to be armed with the real gold or silver, the coming One World Currency which will be the RFID IMPLANT to be forced into our bodies will fail, because the elites will have no premise to push their reset-switch to usher in their One World Dictatorship. How will the coming apocalyptic crash look like? It won’t be one, but through a series of events that will happen simultaneously. Bitcoin will play a part in this crash. A word of advice, diversify into some real physical silver while its still cheap ($16, 12/14/17)). Nothing is precious unless it is a property which you physically own and control. Something the elites despise!
Revelations 13:
16 And he causes all, both small and great, rich and poor, free and bond, to receive a mark inside their right hand, or inside their foreheads:
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six Six Six.
I would love 5 bitcoin ^-^
Love this video
Boy was he wrong at the end
Wow, this was so helpful to understand the entire bitcoin and blockchain concepts!
So, how does the system know when a block is solved? As I understand it, there are an exponential amount of possible solutions, so how do you know which one is correct?
whichever valid solution that gets broadcast first is what is accepted by the network.
Omg i fell in love with him the second he started talking lol
its essentially a really cool method to have people crack banks
shouldbe couldve woudve . its worth thousands
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What happens when its no longer worth ‘mining’ bitcoins?
Will people stop executing the SHA256 and then the blocks wont be created?
b. t. And you think paper money and gold mining isn’t polluting?
It’s really using up quite a lot of energy to maintain this system (i.e. polluting the world.) What happens when the lights go out?
NateDoesRox it’s always worth it because let’s say you get 1000 per month to mine.
200 electricity 200 equipment then you get 600.
You buy a newer GPU and a much faster for it that cost 400
You save 200
Next round you will get more money because of your faster GPU and repeat
the best explanation i have seen…thank you !
geeesh ?
My problems with crypto currencies in general
1) They seem destined to circumvent financial laws, allowing for rampant tax evasion and money laundering
2) the electricity that will be required to maintain this system overtime will skyrocket, becoming very bad for the environment.
It’s not lost on me that many people take the 1st as a bonus. That saddens me.
Sharing a dollar in bitcoins a day keeps the doctor away?
1AxMH45ZMum4c13hqai3bUcbNfdAYTrBJY
bro 1 bitcoin is like 18,000 now, I hope you got some during the making of this video
Bitcoin might be a financial solution for the next generations however people should be aware that this can be a huge problem. People say that the block-chain system is almost impossible to hack however a smart AI can hack all the computers at once. People are buying and building all these computing powers for this but in the end it might mean that we are all giving our power to an AI because it is possible that an AI can overtake all these computing powers and take over the world. Imagine an AI cashing all this out someday and using all our resources for their survival and revolution. It’s pretty scary.
And almost 17k USD at the time of writing!
Bitcoins are @ $17,400 currently at 12/13/17
tho wont this effect taxes and wont the government just ban bitcoins?
Awsome video
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Good stuff.
Bitcoin is a bubble, but one that will not pop in my lifetime. Invest.
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Hundreds of dollars ??
So what exactly is a bitcoin? I still don’t fully understand the concept! Is it free electronic money? And what exactly is “mining” bitcoins? I now what mining means, to dig: to search, to find. But if people mine for bitcoins and they find them, what does it mean for that person? Ive seen adds for stuff and you can pay for that stuff using bitcoins. But what exactly are they and where do they come from? This video was informative but I still don’t understand what they are, how they work, where you can find them, and how you get them. How come the bitcoins have a half life curve? What does that mean? I’ll have to watch this video again to grasp the concept again.
Was bitcoin worth investing in? Well, 1 bitcoin was worth about $850 then, and every bitcoin is worth around $17000 now. So, debatable.
Great analogy with Poker
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I hate how his voice lowers and slows down at the end of every sentence
You didnt explain how bitcoin can worth so much.
I bought 14 bitcoins in 2012 sold them in 2014. I hate myself
at least you made a profit and possibly did something good with the trade. It’s still early!
$11,000+ now baby.
? “Why don’t you explain it to me like I’m an eight-year-old?”
my brain burts
my question is what can u buy with bitcoin ? and if the bitcoin worth 8500 or more and i want to buy something worth 1000, do I get change or something how is it work ??!!!!!
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am still vague…
There is a one reason I hope bitcoin will fail. It’s all those big time miners filling warehouses with servers, just mining. It would be so nice if they just lost it all. 😀
Wow this is the best explanation video I’ve watched – I’ve watched like 3 different videos on bitcoin before this one and still didn’t fully understand it. If only I had just watched this one first
Isn’t it bad there is no central authority to intervene in case of a fraud?
1 year later bitcoin is almost at $20,000
This is dumb and smart asf
who decides how much to tip the miners?
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if you invested in 2016 you’dve made so much money
Where would you buy bitcoin in 2009
change the system from money or Bitcoin to a society that is teaching others to work together, to love each other, to be united together, great speech through and through
A *BIT* of a coin
NO ok
Amazing video! Best breakdown on the web
And now one bitcoin is worth 17000 goddamn it
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Excellent explanation! Thank you.
So, transactions are made with bitcoins, each transaction is announced and is put onto the ledger. The completed block of transactions is submitted by the first “person” to solve the security hash, and each time a block is submitted into the blockchain, they’re awarded X amount of bitcoins (because solving the hash is so expensive). The bitcoins are then used to buy more things, which are a part of another transaction, which perpetuates the blockchain. This is all correct, right ? I had a question, but I don’t think I so anymore. Alright, nevermind then lol
You know what, this actually is a great explanation. No screaming kiddos or usage of terms that don’t matter. Just simple and to-the-point. Thumbs up SciShow!
very helpful. its dec 11 2017 . 12.5 bitcoin is worth 215K
Anyone heard of BAT? I predict it will go up over well over 1000% in the next year or so. Trade your BTC for BAT on binance now haha.
December 2017 Bitcoin $18.000 this morning. Just for the record, it was worth to invest in it:)
Man will regret Bitcoin, and the underlings crypto currency: … as AI is the one doing the mining … building upon it intelligence, learning how to control man, and next to enslave man, then the extermination of man, using mans greed to reach its goal.
One coin worth HUNDREDS of dollars? Wow!
Ive been watching so many videos to understand what bitcoin is and this has got to be the best one I’ve seen so far. Really great job at explaining everything!
This is like dumb and dumber where they spend all of the money in the briefcase and write little IOUs in place of the money.
Great explanation.
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Please send any btc to 17TZDPyjzXzUq8ihbrSD8CgTx53Vzvft9u to save my life
I still don’t understand how Bitcoins hold value?
was that CPGrey
it was his logo but I don’ think it was him.
Sure looked like his logo lol.
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16000$ now ???
Gg world ???
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hahahaha good luck bitcoins guy buhahahahahhahaha
who made bitcoin ???
Is it really impossible to mine for than X million per crypto? Or will a computer nerd invent a new supercomputer to issue another few hunderd million? Nobody can tell right?
only works as money if taxes are paid to the world´s governments or it forms its own worldwide government and overthrows national governments and distributes budgets for each country evenly so Zimbabwe would have as much of a national budget as the usa which might happen?
so, this means any company should just offer their shares with a cryptoprotocol to make their own currency, then why wouldn´t Google have made Google Coin?
ah, so its like say Google or Apple shares becoming a currency, whereby you can trade the shares to buy stuff at the supermarket or a car, etc.? Instead of dollars.
cryptocurrency means Bitcoin right? otherwise there are now a few thousand crytology protocols (or computer code series) with names attached and it is a question of choosing the most popular ones, the rest of them dieing, so Bitcoin would be like the Dollar and Litecoin the Euro and Euretheum the Yen, etc. The problem is there are too many cryptos it would have been better if there were only a dozen crypto protocols without more being minable, just as supposedly Bitcoin is capped, then there is the question of computer nerds hacking stuff, and actually being in the hands of superhackers, and from what I understand if you have a nuclear powerplant behind a few supercomputers and hardware or software available from crypto peripheral suppliers, you can mine or “print” the crypto?
So basically it has become a monopoly already
I think I understand. But if the number of bitcoins is limited, once they have all been mined then there will no longer be an incentive for people to update their ledgers since there won’t be a reward for it anymore. What happens then?
This is just another wall street hustled for railing in suckers who know nothing about investing
What the he’ll did I just watch…?
thumbs up for cgp grey cheating at poker
0:13 *coughs* thousands
When the super villain Joker laughs what is he thinking about?
Bitcoin crytocurrencies was created by a handful of super hackers. They have created a back door in this software system for transferring cyber money that will allow them to access this form of transferring currency to their offshore bank haven account and become trillionaires
Idle hands are the devils playthings. If you stay busy doing “good” “honest” things than it is easier to resist temptation. But where is the fun in that? The devil is watching.
Bible verse – Matthew 4:6 6″If you are the Son of God,” devil said, “throw yourself down. For it is written: “‘He will command his angels concerning you, and they will lift you up in their hands, so that you will not strike your foot against a stone.'”
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…God bless man, I could afford plane tickets for
my SMALL family (6 children)…I had to pay by Bitcoin but little pain for big save
is cheaper than farecompare and expedia….
$30 cheaper on average on USA to UK/EU flights.
What if it got hacked or something?
Could you describe how IOTA works? Since it does not use blockchain, but a protocol called TANGLE.
Bitcoin mining service bb
0.001 BTC – 0.49 BTC: 2.74% daily
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…God bless man, I could afford plane tickets for
my SMALL family (6 children)…I had to pay by Bitcoin but little pain for big save
is cheaper than farecompare and expedia….
$30 cheaper on average on USA to UK/EU flights.
watched like 4 15 minute videos to finally get to this one where i actually understood the topic. thanks!
-STEP 1 -CREATE YOUR E-WALLET (I use Coinbase)
-STEP 2-VERIFY YOUR ACCOUNT AND PURCHASE SOME BITCOIN
-STEP 3 HOW TO MAKE MONEY WITH BITCOIN
There are several ways. But, I use USI-TECH
You get 40% MORE bitcoin with USI when you buy a package. So no matter what the price is after 140 working days pass, you have 40% MORE bitcoin in your possession. If it goes up substantially, which many believe it will, you earn substantially more because of USI. If it goes down, you hedge (you protect yourself and can still earn significant profits even if it goes down because you have MORE bitcoin.
FOR MINING I USE: BITCLUB NETWORK
-STEP 1 -CREATE YOUR E-WALLET (I use Coinbase)
-STEP 2-VERIFY YOUR ACCOUNT AND PURCHASE SOME BITCOIN
-STEP 3 HOW TO MAKE MONEY WITH BITCOIN
There are several ways. But, I use USI-TECH
You get 40% MORE bitcoin with USI when you buy a package. So no matter what the price is after 140 working days pass, you have 40% MORE bitcoin in your possession. If it goes up substantially, which many believe it will, you earn substantially more because of USI. If it goes down, you hedge (you protect yourself and can still earn significant profits even if it goes down because you have MORE bitcoin.
Sounds like a scam.. that will come down crashing
they said that in 2011, 2012, 2013, 2014, 2015, 2016, 2017, ….wait for it
Being dealing with BITCOIN for a few moths now and honestly this is one of the most simple to work with and it’s FREE to SIGN UP! It give you access to the currency even if you haven’t invested on it yet!
Quantum computing will make these blockchain updates instantly.
dont u ever blink? ☺️
Very through and clear explanation, best I have seen so far. Thank you!
1 BTC = 17,000 USD yesterday…
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Who is watching this now that bitcoin is worth 17,000$?
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bc will not collapse at this moment. many people buying it. it is mainstream. next 5 years it will grow up together with all c. currencies. when we talking about mining, where is real money behind it? who will pay off miners? new investors, i guess. also, mining is the waste of the energy – why no one is complaining about it? no fee transactions – a joke. not exist on earth. only digital currency – also a joke. we trade and transfer money digitally for many decades before bc. crypto is also used in banks before bc. for me bc is just trading style. a good part of it is implementation. it is the real thing. but also is one big unsecured alternative mess. in the end, can work duo big investment in it. so what u need to do, invest and take money out, invest and take money out.
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Well there worth 16k a piece now and my friend has 600 of them so see u all in hell boys
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still don’t get it yo
As of 12-7-107, 1 bitcoin is worth $16,200 USD.
This is most dramatic spike in bitcoin value we have ever seen!!!
Buy bitcoins people.
Hundreds ???
There are so many scammers in the comment section wanting to motivate you to sign up with themselves or someone else. They plan to create wealth with your contributions to them and not from bitcoin investing.
Think about it.
Physical evidence is important to prove that it belongs to you, money already has no value at all just a piece of paper to prove that you have enough didgets to pay for something or backup our value of so called money that we worked for. This is far worst to trap us more deeply into deeper slavery, They say there is no bank and it is decentralized , really ? nice commercial man. Your forgetting computers can be shut down with all the data’s and all. Who controls the mainframe of the internet is the banker. We already have a small assurance of this money system; and these individuals want to take the remaining hold of our evidence of our labor away. Please people don’t buy into this crap…think about it what physical evidence do you have when this individuals delete or shut down the internet. Man only the gullible………….
No the internet doe’s not need to be shut down to change the iformation there in. The topic is about who controls the internet grid , which symbolize the fear of the banks that controls the physical money. Look at it from a wider view not only because of convenience sake . Just like the physical money there is no gold to back it up anymore but at least we can hold the proof that it is ours. The banking system has been controling the printing of our money . Much of us does not realize what power is that that has been given to these bankers, ” THE FEDERAL RESERVE ” . Try to study on this topic you’ll understand what i mean. The control the flow of the monetary system, that controls the economy. Meaning it is there choice who should be rich or poor. Sorry but this is a vast subject you half to go in your own to research in. Now back to our topic, now think about this if they can control the monetary system with the physical evidence . How much do you think they can do with just bitcoins in an abstract form. Man I’m not against it but “EVIL” has no bounds…..
roger sherer i think you should trying shutdown the internet all over the world and let’s back to stone age. No comunication etc ??
*sorry my bad english*
hacker needed???dm me on instagram for bitcoins hack only not interested in any other than bitcoins 100% @bitcoinsonly4us!!!!
What program do you have to use to produce bitcoin? Where do you get this program? How much will it cost? Is it true that we can no longer produce bitcoin and why?
First of all Miner still mine bitcoin but this will end once all 21 million BTC have been mined, there will never be any new bitcoins. When this happens users of bitcoin will trade their bitcoins which is more stable and higher in volume and with lower transaction fees. Now owning a mine is going to take a lot of time,money and power(electricity which the cost can make up 90-95% of total ongoing mining costs) and the more there are mining networks,the more miners find it difficult to mine. They are other ways of going about this, that is investing in companies that mines and getting your investment profits daily. Mail me let’s talk more sheila.bailey2000@gmail.com
Mining software is freely available! What you need to mine bitcoin is very expensive mining hardware!!!
Smart nerds and hackers should mine or steal bit coins rather than trying to rob poor computer users.
….aaaaaaaaaaand Bitcoin is worth $15.5k USD as of now. (12/7/17). It was less than 10k last week…
anyone else watching in 2020? i cant believe their worth 100k a piece
HAHA now it’s worth 7000 USD
much more than that actually.
Within a few years, all the civilized countries will do away with physical money and we’ll buy and sell everything using something like Bitcoin: but probably using a chip implanted in our hand or head to act as a key. (So you go into a shop, gather your shopping, go to the checkout and place your card on the reader, It’ll read the chip, check you’ve got enough currency in your currency account, and pay for your shopping. If you want to give money to someone, you’d either write a cheque or both go to a public terminal where you could transfer ‘n’ amount of money directly into their account from yours.)
The UK is already working towards this by introducing horrible plastic banknotes. Plastic notes stick together if new so you can accidentally hand over 2 notes thinking they’re just 1. They crease/crinkle so the take up more space than they should. They melt – the old paper/cloth notes could be iron if you really like neat crisp money. A lot of people call the new plastic notes monopoly money.
The only thing good about them is they take years to rot: but then again, I don’t know how U.V. affects them.
I think the introduction of plastic notes is to make physical money so irritating to use that people will welcome virtual money instead: and that would certainly kick the counterfeiters where it hurts!!! :o)
autism
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bitcoin soon to be crash/collapse and totally phase out because of increment of price everytime as the same time descending of volume, frustrating huge fee from blockchain, so more miners are quitting now selling/disassembling their mining rigs, other than switching to other bigdeal crypto/altcoin such as ethereum, litecoin, monero, and mostly in europe and asia others investing electroneum nowadays a newly viral coin exchange in cryptopia.
Go on normies, fomo into my taking profits muahahahaha
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Bitcoin futures are going to start selling on December the 10th this will legitimise the currency to be used for large purchases to do with hedge funds ect…. Because of the currency having a guarantee the price is just going to rise even further. When 3rd world countries abandon their failing currency such as zimbabwe and start using crypto this is where we will see another boom. If you want $10 free bitcoin
But why wouldn’t Zimbabwe just invent their own Zimcoin cryptocurrency instead of paying 20k for a single bitcoin?
1 Bitcoin= $14000 right now
R Pan 18,000
Lol……. Bitcoin is a con its been put there to steal all the real wealth from the people Gold for example.
9 ounces of gold for a bunch of numbers and letters on the screen. people will trade their gold because they’re fooled into believing there’s value in those numbers. After this happens the masses will be easier to control by the elites.
the elites have let these few sheeple get huge profits so that it can create attention. do not be fooled by the fools gold, come on guys the elites have been controlling money for centuries do you really believe that they will let such a thing come and destroy what they have built for centuries in less than a decade? NOPE! this bitcoin is controlled by them you hear about it from their own sources from the beginning their controlled media spoke of it but it wasn’t ready they had to shake up the market let people loose faith on fiat currency.
The waters are just perfect right now for full promotions. When everyone joins this system we would have given them the world basically for numbers and letters on a screen.
money is just paper it’s a forced concept on the mind and not to be taken in reality where people harm each other for it.
thats disgraceful. knowledge is power people and always remember THE ELITES DONT FORCE THINGS ON US ANYMORE THAT WAS WW2 TECHNOLOGY BUT YOU CAN BE SURE SILENT WEAPONS ARE WORKING ON YOU PERSUADING YOU ENDLESSLY DAY AFTER DAY. (THEY ARE YOUR SHEPARD BECAUSE YOU DO NOT SEEK KNOWLEDGE) sheeples in brackets
Plus you’re a conspiracy theorist which is a mental disorder. I hope your recover soon.
Truth Network haha you’re probably a goldbug who is in his 90s . Gold has absolutely no utility in the modern world.
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How do you spend your bitcoins though?
I wouldn’t advise you to spend your BTC ust yet. investors are speculating BTC will sky ricket 2020. You can trade your btc and eran more for the time being. it;s what i do and it’s been quite profitable.
first, find a place that accepts them – for example, Overstock or Newegg. Then when you pay, you can just pay by opening your bitcoin wallet on your smart phone and scanning a qr code. It is pretty easy to do.
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Let’s not confuse investing with gambling, With the way bitcoin has been going i know it’s the future of the world, this is why I I have always recommended Mr Thoms guidance to every trader who seek proper guidance in this currency market. He has been the back bone behind my success. you can reach out to him via his email thomswales@gmail. com
Mr Thoms held my family hostage for 20,000bs of cabbage. I would not trust Mr Thoms unless you are a cabbage farmer and can afford the ransom. You are better off contacting a different scam account on Youtube and save the cabbage.
He lost all my money, 0 stars, wouldn’t send my bitcoin again.
Thanks for sharing this mr Noah
This man a Pro on Bitcoin, My wallet is making me feel i have a great future than bill gates hahahahahahahahahaha
If we are to continuing having currency it should be the likes of ‘crypto coins’ anything else is repulsive of a large amount of reasons.
Who watches when Bitcoin is at 12800USD? 😀
Wow a bitcoin explanation that is actually good!
*mindsplosion*
Its like this guy is running to catch a train… Slow down bro,,,, you took over nine minutes would have been better to take 2 more to make it more understandable , what easy for you doesn’t mean is easy to understand for someone else… thumbs down
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Trust me this the best explanation I’ve seen yet
You can pause, rewind and forward the video. I caught all of it just fine. Guess people all learn at different rates of speed.
Lol. Go easy on the poor guy. If you are newbie or you have questions. Mail me let’s talk about it sheila.bailey2000@gmail.com
And here we are almost a year later at 11.000 dollars per bitcoin. Oh how things change quickly, dont they?
If you are looking long term, either of them is just as good as the other. However, ethereum has mass adoption and many other coins/programs riding on it. As of now, litecoin is just the cheaper version of bitcoin. IMO this makes ethereum a better better buy, but every currency will go up a lot so just pick one you like.
That is generally how bubbles work. He is making a great return now but when the bubble bursts he may lose even his original investment.
hasan baig I agree that its worth what people say its worth, however that is fiat today that we use. Its backed by full faith and credit of the people. I would say that bitcoin and all coins are backed by the money people put behind it and generate a good return on investment) from the lack of supply and the demand that drives the money cost of the coin up. I would say just find the right time to pull out and invest into something that is tangeable that would keep money flowing in. And my brother in-law has put $100 into bitcoin earlier this year and has seen a huge % increase on that investment.
Yes and no. Assuming that it does not burst until all of the supply is used up. It will burst then. However, what is much more likely is a market correction. Something like 90% of all Bitcoins are owned by 3% of Bitcoin addresses. This is not sustainable. Also, the market cap is ~$300 billion. Without much practical use as a currency, it’s value is based solely on what people say it is worth. If it does get used as a currency. The early buyers will be spending their Bitcoins on goods and services and the value will drop significantly. Cryptocurrencies in general are not worth investing in – they are too volatile and do not have any backing or any intrinsic value.
guys whats more worth while to invest in eurtheam or litecoin
If only he would have invested in a few bitcoin when this was filmed
Haha I currently traded the 552 Bitcoin I have mined over the years. After looking at projections of value for Bitcoin, should have held a much longer position. I still mine, but don’t think I will achieve as I have previously.
“The future of digital currency”
Last support update in 2015
I doubt it
One question though. If miners get paid for keeping the ledgers running and updated, what will happen when the maximum of bitcoin payouts are reached? wouldn’t people stop mining and eventually the system will no longer have miners to keep it updated?
Who are the users? O.o Because it seems quite possible that in the near future governments will find a way to own and control it.
The code (open source code that is 100% available for anyone/everyone to verify/review) was initially developed by the inventor – and it is run by the USERS. basically, the users are the ones controlling it today. Some people think miners control it, but really, miners are just workers for the network (they follow the rules set by the users). The math “puzzle” that miners solve is just a competition to ensure energy is being put toward the security of the network – i would suggest first watching Andreas Antonopoulos youtube videos before going in the “depths”. I would also suggest you read the bitcoin whitepaper – it is only about 8 pages long.
Is there any information on the whole technical part of the crypto currency ? That goes into the serious depth of the mathematical equation
Wow thanks for the info. It sort of makes sense.. But what’s controlling it? who says what it does? or was it all planned ahead by the creators? What happens if for any reason the whole network fails?
The miners get paid with transaction fees. Today their reward is 80% new coins 20% transactions fees. In the future, transaction fees will take over as the main incentive to mine.
as of today 1 bit coin is worth £8767.12
yep over here it just shot up to 12.5k its gone haywire recently.
Kanecobe nope now over here itd 17k
How do you become a bitcoin miner?
by using powerful computers
as of the making of this video, bitcoins were worth 700 dollars a pop, now in 2017 a year later, they are worth 11000 dollars each. Fucc
Mr Barwick the higher its worth, the better? Or what
and now 17k
and now, 4 days after you commented, it’s worth 15.000
How you like it going up $6000 and hitting $17,000 in just 1 day?
just send some bitcoins to me for no reason xD 3PnWPXUKwEBNxk87xBXNbDJDdTFXc3AsgZ
Try all of this on
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Consider this before buying Bitcoin
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Dope video! Eventhough I got in late this helped me more than DOUBLE my investment. If you care here is goes lol.
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I still don’t understand anything
Lol. I was once like you until now. Mail me let’s talk more sheila.bailey2000@gmail.com
Hi, CryptoCritic simplifies these videos and posts them on snapchat and instagram, its a new account
add CryptoCritic on snapchat, also he gives away weekly bitcoins so make sure to send him your wallet for a chance to win
Good video once I got past the Emo
You can earn up to 0.20btc weekly. I’m a bitcoin miner. Contact me jaydegrado058@gmail. com for more info.. don’t get left behind.
Do you know that If you bought $5 of Bitcoin 7 years ago, you’d be $4.4 million richer today! Over the course of seven years, bitcoin’s value has multiplied 879,999 times over since 2010. If an investor had decided to spend five dollars back then on about 2,000 bitcoins, that stake would be worth $4.4 million today. With $1,200 spent on some 480,000 bitcoins, the investor would be worth at least $1.1 billion today. Today bitcoin has crossed the threshold of $10,000 and even the government of Venezuela is turning to bitcoin as a way to defeat financial blockade imposed by U.S sanctions. Trade bitcoin and binary options today with an edge on the market, get ATS software and watch your money grow. E-mail
It’s a great time to invest, you can get 10$ extra by following these link! You can get Ether and Litecoin which can be better to invest on instead of Bitcoin, as is it lower in price than Bitcoin.
Bitcoin = 100 000 $ = 2020
Want good karma? drop me a line and support me with my first BTC :3 1MRpbkc8wuPUEsF6cpsiqib7trgTVVPivF
>hundreds
hahahahahah
1 year later, worth over 15x as much as when this video was made.
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Well.. I’m still lost
Donate 1 btc to below address within 24 hours guys
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There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a series of math problems that organize a catolog of Bit Coin transactions.
Anyone can solve these math problems to help organize this catalog. This is called mining Bit Coin.
When someone mines Bit Coin they are paid in Bit Coin.
You can use this Bit Coin just like any other currency. When someone uses Bit Coin a record of the transaction is recorded in a catolog.
There is a limit on how many Bit Coins there can be. Once this limit is reached the value of Bit Coins will stop decreasing, and start increasing.
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12.5 bitcoins.
“142405.81 US Dollar by todays standards are created out of thin air”
We all thought we lost out when bitcoin first came around. Now we realize we are still missing out if we dont invest now
Here is a extremely interesting reading ! The only TRUTH why bitcoin price is 11.000 $ right now and will NEVER die !
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In paper, its much more secure having a transaction compared to my plastic money which is my credit card
The best explanation of Bitcoin I have heard… Now we need one for Ethereum
1:44 at the current time of this post, Michael send Hank 56,700$. Let’s see how much it becomes next year.
Awesome explanation!!!
GOLD VS BITCOIN……..GOLD wins
Dan Smedstad BITCOIN is not backed by anything
LOl…how much gold can you take in a suitcase? You can take UNLIMITED bitcoin in a wallet.
SAL GOLD is the standard…highest value worldwide…you can go anywhere with Gold and be Rich…Bitcoin not so much
it all depends on what use case you are talking about. For example, to make jewelry, gold wins. to send money overseas to my family in a cheap, fast, secure way, bitcoin wins.
Paul and Dani’s Bits and Bits (very good up-to-date info on Cryptocurrency) … Check em out, look around. Have a good listen and Subscribe !!
I was looking at bitcoin and mining it in 2012. Didn’t build a rig because I was on the fence. Now I’m kicking myself in the ass.
sir cryptocurrency k risk bahut hain abhi bharat mein 2017 mein 10 times 8 percent bitcoin ka value ghata hai aur iska risk itna hai ki ye ek horro show ki tarah raha world market mein even investors ke liye bhi sir maine is risk se bachne ke liye bahut research ki aap jitna achhe to ham log nahi but malum hua ke is risk se bachne ke liye glint account ki suvidha open ki jaa rhi hai aap se inspire hokar maine is topic par kuch present kiya hai aap jarur dekhen aur suggest karen thanks for inspiring us
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REPLY
after new millenial profession such as Youtuber now arise new profession BitMiner.
My brain is mush
BEST EXPLAIN.
How the hell do you link a bitcoin with USD? i mean how does it happen in the backend that you can convert BTC to USD and vice versa? One is a crypto currency and the other a real currency that govt controls.
Hobbyist. I’ve been reading alot about bitcoin and related technologies for several years now.
Thanks a lot man i appreciate it. Btw are you also studying about it?? or building something?
You might be confusing two different different things. If you are interested in making a digital currency that is ALWAYS PEGGED to 1 pound, then you will need to hold an equal amount of pounds for each digital currency you make (which means you will probably mean you need a licence from the government) . But if you want to make a cryptocurrency that is free floating (the value fluctuates based on demand – like most cryptocurrencies), then all you have to do is make a new cryptocurrency and somehow convince others that it is valuable.
Man i still dont get it… suppose.. my city mayor asks me to develop a crypto currency for some purpose and being a coder i take the repository from github of bitcoin and start modifying it as per the requirements.. now what will i have to do so it would be just as valuable as £ ? I mean.. i just made a currency now how will i add value to it so it could be traded with real £?
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Bitcoin’s a loaded debit card but how to reverse a fraud transaction or stop payment dispute or Nigerian kidnapper
ransom scam? Who to call if lose the Private key? Market manipulated is not de-centralized
amazingly explained Micheal! good job!
This is the best explanation of the block chain I’ve found, great video
And now £8097.74 ($10910.60) is the value of one BTC.
Crypto mining is the next big thing in our time, investing with Mr John’s Crpto mining is what changed my life for the better, stop wasting your money and put it to good use by investing in Bitcoins and Ethereum. With Mr John, Profits are great and you also earn directly to your wallet. his email is verifiedbinarytrading@gmail. com , send him a mail today and start earning
i’m a complete noob, can he help ?
i read about John’s mining farm else where, but he has not replied me yet, can anyone help to contact him on my behalf, i want to invest $5000
Thanks for this information
i just sent you an email sir, i want to invest $2000
Another clue to who is leading the hype on this : look at who massively puts comments on youtubes … bitcoin trading plateforms. Watch at this … a historical interesting hype on tulipes in the 19th. It remained an exemple … but not understood enough obviously.
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I still dont understand what adds value to the currency, i mean, irl money have economies (production, trade) backing the “safety” of the currency. If you constantly add bitcoins, doesn’t that deppriciate the currency?
The problem you describe is called inflation, but that isn’t a problem with bitcoin, because bitcoins are limited in supply (only 21 million bitcoins will ever exist).
um is my phone watching my school classes because my teacher asked us to reasearch bitcoins amd i didnt search this!?
Best Explanation Ever.
I GET IT
I don’t get it
Be careful! Cases of fraud with crypto-currencies have become more frequent. The anti-fraud protection program is free and protects you from interception of your transactions on fake sites.
Thank you for excellent tutorial! Hi every one you can start to buy Bitcoin for as low as $60 and you can get daily interest. Click for Free Register now at my link. Thank you.
??????? Will there ever be a video to ever properly explain wtf bit coins and crypto currency is???????? This video didn’t explain nothing
But how tf do u even get the theoretical money that you create out of nothing even transfer to real money, u cant actually buy anything with them
lol 1 year later “hundreds of dollars” more like 10,000 dollars
Thanks! The information is really helpful!!
donate some bitcoin to me please 🙁
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Hey guys! Idk if you’ve heard of USI tech but it’s an amazing way to invest your btc, instead of just holding it, you can invest it and make interest on top of making money as price goes up! Check it out! Free to sign up. Hit me up with any ?’s on how to use it! Be blessed!
Very nice and informative video.
Thanx SciShow ??
Its very vulnerable to hacking. Its boring. Afterall its a product, not a currency. Waste of time and money.
is only “very vulnerable to hacking” if you are a complete noob with computer security. The prospect of replacing banks with an internet protocol is NEVER boring.
If only i bought 1000 bitcoins in 2009, i would be a millionaire now
And what will you be saying in 2020 or 2025…damn…if I had only bought 1 bitcoin for $10K in 2017 I’d be a millionaire now. (lol)
I view investment as gambling… and I don’t gamble. But otherwise it sounds good. Just too bad I don’t gamble.
Do you see the currency in your wallet or bank account? you are gambling that their value won’t crash suddenly.
Was that CPGray trying to cheat?
Today it’s worth of 10000$.
So can you buy bitcoins with a normal currency? Or do you have to be a miner to trade goods and services for bitcoins? Do you have to be a math genius, or is your computer doing all the work for you? Do you simply hook up your new bitcoin worthy computer and start earning bitcoins in exchange for contributing to the network? I need some hardcore laymans sent my way lol
Thanks, starting to understand it now
You can obtain bitcoin by trading government currencies, or you can obtain it by selling goods/services. as for mining, it is a process of putting your computer hardware to work for the network.
Okay, he didn’t answer they very question I had in mind.
okay, you can ask it here if you want.
Hello, I’m asking for help, recently my BTC wallet was hacked and I lost all my BTC, I hope that someone can send me some kind of donations and restore trust in humanity, because I lost everything I had…
My BTC adres: 18Q5XhKRAEHcwv3E5KSfDJEJz8JdQ9dVrF
Thank you in advance!!
Please like this comment so more people can see
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As of 12/01/2099, a Bitcoin is now $999,999.00