What Is Bitcoin and How Does It Work?
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- Опубликовано: 27 сен 2024
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What is Bitcoin?
Bitcoin is a decentralized cryptocurrency.
It originated in 2008 from a paper written by Satoshi Nakamoto. This may be a real person or not but it is seen at the origins of Bitcoin.
Bitcoin runs on a technology known as the blockchain.
There will only ever be 21 million Bitcoins and this is what makes them valuable and scarce.
Bitcoin are created by a process known as mining. Since there are no banks transactions are verified by miners and when miners verify a certain number of transactions they can actually earn Bitcoin.
There are many more cryptocurrencies now but Bitcoin is seen as the first. Other popular ones are Litecoin, Ethereum, Ripple, Dash and many others.
Bitcoin are stored in locations known as wallets. These Bitcoin wallets can be online, on a hardware device, on a piece of paper or even memorized in your brain.
Bitcoin wallets look like a string of numbers and letters.
Cryptocurrency and blockchain technology can change the way we do everything in the future.
Be sure to check out our channel for more videos: / @brainathlete
25.000.000$ pizza
That better be a good pizza
1) What are these "math problems" that bitcoin miners solve? What is so important about these math problems?
2) Why do people get paid for "verifying" other people's bitcoin transactions?
3) How do you "cash in" bitcoin?
4) Money is supposedly backed by gold and maybe other materials. It is also regulated by people's services; in other words, I do something for a fellow member of society, like selling him a tomato or teaching him chinese, then that member or somebody he deals with, such as my employer, pays me. As for bitcoin, how has this currency grown into something? What kind of services or products were performed or made as trade for this make-believe currency? Explain how this thing gained any traction. I can't imagine "bitcoin mining" as being the thing that jump-started bitcoin.
5)Why is there "only" 21 million bitcoin in existence? How can a make-believe currency be incapable of multiplying if it's as intangible as the internet? How can it be incapable of multiplying if so much of it is still not 'mined'???
This speaker is very charismatic, but his explanation is so full of holes, I feel like I just watched a flat-earther invite me to join him in bungee-jumping off the edge of the world when there's no edge.
olden creek You and me both. My head is still spinning from all the holes.
Me too
they can explain this 1.7 billions times. i still dont completely understand the shit😴✋
Hello drake rolle
I can help you
Understand more better
Contact me via my Email Andypeterson944@gmail.com
So I guide you through step by step
Here is a video that might help you. ruclips.net/video/000UtKtm7kU/видео.html
Best "what is" bitcoin video, so helpful for new people I need to explain Bitcoin to, thanks!
Watched it now. Good advice, especially with debt so high, pensions underfunded, bonds and stocks in a bubble and stupid central bankers buying their own T-Bills and Faang &M Stocks. It's a matter of time before the biggest crash in history happens Been predicting it for twenty years and I can feel it coming soon. In a way, it's already happening. Gold is good and has held it's purchasing power since Roman times. Silver is also good, better if anything. Today's comments on Illinois taxes and pensions on zero hedge give a clue as to how bad it is. Financial education is appalling globally, but people are going to wake up soon and stop trusting governments and employers. Unfortunately for most, it will be too late. I hope your viewers get interested in it all because of this video. Nobody will look after your money like you will. It's the whole point of memory training. Get a good education, earn a good wage, but after that ?
One of the best videos on bitcoin. Thanks 🙏
In simple terms, Bitcoin is a digital representation of money. It has value because we give it value. Just like we do (our government does rather) with the dollar today, considering our dollars are no longer backed by the Gold Standard. The scarcity obviously affects the value, as does the demand for bitcoin. The demand is essentially created by people being convinced it's worth using/buying. The blockchain is simply a public ledger of transactions made. The reason Bitcoin is a "big deal" is because it is decentralized and completely digital.
This has given me a lot of understanding 😊🙏🏼
Thanks a lot for your explanation. I'm able to understand very well.
I'VE been to New York, New York City, and there are some business that accept bitcoin as an alternative form of payment.
Thanks you video on understanding what bitcoins are all about however you don't mention 2 points that I need to understand
1. Who puts up these mathematical problems for you to solve? Is it companies? If so what type of companies and why do they do it?
2. Who pays you the bitcoins? I guess this is connected to whoever puts up the maths problems?
I got the same question. How the price raises? Who evaluates that?
If people put money into it it increases e.g from news people would invest in it etc
Paul Hoggett
The problems are created by the bitcoin algorithm
Can u buy anything online with bitcoin?
Great! i bought it 5 years ago! and now i multiply it every single week
I dont understand
Me neither
Great explanation, Ronnie..Please post another video & tell us how to trade it..Thanks
hey stan have you started trading coins yet? what platform did you end up going with?
More Bit coins advice.... 💵💵💵💵💵💵💰💰💰💰💰 I like that I like that
So if there is a finite amount if Bitcoin, and it is calculated to be available at a specific date, and the only way to make a Bitcoin is to solve a mathematical problem, does that mean all remaining mathematical problems are solved by that date? That doesn't seem to make sense. Someone help me follow the path of logic on this please.
Those who want to invest in it should consider forex trading to make money. I have started forex trading as part time in 3 steps just subscribed to SignalSkyline.com a forex signal provider and started trading, they will tell you when you buy and sell. So you don’t have to analyze trends.
Say i have enough bitcoin to buy a laptop online. Can I do that?
Learning to love the mark o the beast.
What is it used for
Thank you !
Can't buy on Coinbase in my country yet so I'm forced to use Luno, which isn't bad though.
I'm lost. Is it like buying stock?
what is it then?
Simon Kaniu it's like exchanging ur US dollar currency with Bitcoin currency. You buy cheap and later when price goes up, you sell it. It's NOT a stock market
Danial khan thanks
The black market uses bitcoins
Want to earn Bitcoin like me through mining, say 0.02BTC every 10 hours? Do you have a Computer or a smart phone? I can teach you how to, message me on Whatsapp to start mining!!... +18652590463 Serious minds only
Can you short in coinbase? I would like to have that option in case it tanks for a while.
I use mind palace to remember ,
It works well but i am not able to remember after 100 digits correctly....any suggestions?
Thanks for video buddy!
Hey Guys, Do anyone Need a Pizza? Anyone?
Ha! Nice work btw Keep it up and it's not soon for 1 Million I hope so :D
best video you have did
Tnks was interesting. Do have a good day.
great video
BITCOIN is very good but still needs more securities. i lost my bitcoin to hackers
Me too...a year ago
Can you trade but coin for real money or can you spend it on stuff you can sell like belts or shoes or are you just paying hoping the the world is gunna run off this shit in the future
How you turn it into cash
i didn't get anything hahahahah seems iam really dumb
nah its because my english shit hahah i find about it in arabic its nice i open it but when i try to see the buy part they say its not available in my country ,whatever good vid like always ! thank u
The avatar in the video stated that bitcoin has low fees - who are those fees ultimately paid to?
How to create my digital wallet?
al wallet?
I need names of 10 books related to memory please Ronnie
Do you work on comission big boy?
So whats the point of bitcoin?
RD2004 to avoid banks’ fees
RD2004 yea
Random Stuff i guess so. Sorry i shounl be worrying about this, im just 13 :/
RD2004 yeah you shouldnt be. Did you know its illegal for a minor to be discussing bitcoins? Punishable by extradition and juvenile detention.
RD2004 to decentralized the government control over the money. Meaning there is no tax and fees.
hey I love watching your video
and also name of memory champ youtubers like you
Well said.
I don't know what no bitcoin is and never heard of it in my life somebody sent me a friend request on my Facebook page telling me about a bitcoins
A decentralized digital currency, too volatile, intangible etc.. Sounds very risky even for investors.
you explain so well
Thanks, u make it easy to understand...
This is a better explanation than I have seen . not 100% on it but got the idea . thanks but its said it can't be held in your hand like money but wt about when you store it and print it on paper with the password like you said can that be a form of currency can you trade that 4 something else of value
chris belmore
That's called a banknote.
Ok so awesome video and well explained . So my question is can you ever ever ever cash those 25 million dollars ? Would a bank accept it ?
you would first send your bitcoins to an exchange to trade them for dollars, then wire those dollars to a bank.
U think the bitcoin org will give u $25mill cash.
Hey, great video - can you do one on litecoin
How much does it actually cost?
This still doesn't explain in detail what is a bitcoin and how much is one worth in actual currency? Plus I'm just getting into Bitcoin and I wanted to know how many points your need to get a whole bitcoin? 0.000010 👈🏾 does this mean I have 10 bitcoins?
Hi Mac-HD, Each bitcoin is worth roughly what it costs to mine one. Use an online calculator to see how much bitcoin you can mine by plugging a miner into your basement outlet. If it costs $5,000 to mine one full bitcoin (1.00000000 BTC) then it would make sense if you could sell it for $5,500 or more. Since this is the case, companies have taken mining to the extreme using solar panels and such, lowering their cost to mine a bitcoin to much less than you can do it in your basement. If it costs you $5,000 then it costs them $3,000 and they sell them for $3,500 making it impossible for you to mine. That being said, mining the coins determines the price for the most part. It will shoot up quickly if positive news travels fast, or the opposite, making it swing above and below the mining cost.
Also, 1.00000000 BTC is 1 Bitcoin. Satoshi is the name used that created Bitcoin, and 0.00000001 is known as 1 Satoshi (exactly 8 decimals deep). Lastly, 0.001 is known as 1 mBTC or one milli-bitcoin. As you mentions above, 10 Bitcoins is exactly 10.00000000. Hope this helps. I have more videos too, and I created my own Ethereum token. Chris Bell
I don’t get it I’m so lost.
Hello Savazquez Vazquez
I can help you
Contact me via my Email Andypeterson944@gmail.com so I guide you step by step
Cuando quieres hacer publicidad de bitcoin , pero otros ya te ganaron :'v (musica de evil morty :v)
I won $13,000 Bitcoin and what do I do? Can I exchange it for real money?
Im just wondering are you a milionier now?
Lol another coinbase ad
Nice
Buys not Supported in my Country (Pakistan), alternate please...
hey wasi have you tried coinjar? if that dosnt work let me no i can find a alternative from some bitcoin mining friends of mine
God damn it pizza for 25 million $$ !!.
Reliable payout and swiftbtcmining are using this video.
Is it safe to trust bitcoin?
Yes it is very safe, have been trading Bitcoin for a year now and can tell you its here to stay.
David Weber where did u buy it from?
Maybe
#HitBTC is not a bad platform for trading operations. Interface is comfy but a bit piled up. Yet, it doesn't slow down when showing charts.
Okay...there can be only 21 million Bitcoins at any one time, but the population of the US alone is more than 320 million. Doesn’t make sense to me, especially when one person can have 10,000 (if he kept them). How are there still Bitcoins available? Also, I don't get the math-problems thing.
I appreciate this video, but still don't get it.
I don't see the longevity of bitcoin either...
Not everyone has diamond but it still keeps its value. Bitcoin will have cap circulating around....other cryptos will solve micro transactions.
i just invested a $1 into bitcoin. i am new to investing so i am trying see how it works before sowing alot od money. hoping it goes well
Hi Gods kid, I created an Ethereum token to help people learn for free. All you need is an ETH address and I'll send you some BELL tokens that are play money so you can learn to download the wallet, accept ETH and accept ETH tokens. I also have more videos on the subject. Chris Bell chrisbell.com/BELL-token.php
Someone is laughing all the way to the "middleman" with all of the hard cash people are spending on this.
can i ask you some questions?
ronnie white do u know about the segwit2x?
I dont understand..so i can buy 3 bitcoins at 3000 a piece but the currency has no steady value? It fluctuates rite? So theres no stability in my investment..it can be worth 2000 a piece the next day..i love the way it works just dont understand..i guess its like investing in stocks
Jane Doe same
Hi Jane, yes the price fluctuates like but when i bought my first Bitcoin i January it was about $1000 usd but as of today its above $7000 usd and i can tell you its gonna hit the $10kusd before March next year, my advice is for you to join now, can show you ways to be more profitable.
?? ARE YOU SURE MAN?
it only fluctuates upwards i think, the price rises for every bitcoin mined
Funny its almost 20k now, and still growing, jump in now mate.
10000 bitcoins is now worth $170,000,000
Yeah but....... What is bitcoin?
just get a good job thats all u need
Funny how no one knows who created or came up with it. They are reworded it so it sounds pleasant to other. And mining please you are hacking into people information. That's why they have a code. Which contains information. The information is valuable to someone who can use it against others.
After all that... WTF is bitcoin?
Dont get that :D
Don't governments have access to energy and mega computing power?
Mining for block chains.
how will I get the real bitcoin seller
Beneditto Beneditto I can help you
I am so sorry about this guys .
PUT FUCK THE BITCOIN !!!!!
I AM SO CONFUSED 🤷♂️.
What If? Bitcoin is funding the Industrial complex, black budget code named satoshi nakomoto!!!
REPLY
ronnie white DAAAAAAAAMN
ronnie white Good reply. We always look at the risk and benefit.
No bullshit explanation
how can i bring the fake money into reality?
how much does a bitcoin cost ?
1 bitcoin currently worth $7000 usd now, i can show you how to trade bitcoin and be profitable.
you can buy as much or little as you like mate 1 btc is are 8000 USD atm but you can buy bitcoin all the way down to .000000001 of a coin so that a few cents worth. you can buy and hold or invest it theres plenty to do with it these days to grow it pretty quick
David Weber show me
Adem AdiLi like $17500
jack martin dude you got that from another video that i just watched
1:19 swastika
I like your video.. But how do I mine for bitcoin?
We mine very successfully. Contact if you need help.
hi i can introduce you to a company that mines for me.
hey mate i think mining for individuals is a little tough these days. without stupid amounts of equipment and money needed. if your just small time like me i invest in the mining companies themselves and let them do the mining and just take a dividend its the easiest way iv found to make a profit and grow the bitcoin fund.
this is the company i use and its been working well JackMartin.usitech-int.com
jack martin cheers mate you make more sense and website look secure too.
yeah its the best i found i spent so much time searching for something easy and secure. i started small and tested the waters made sure i could deposit and withdraw properly saw some profits then put a little more in. seems to be going well so far. if ya do ever wanna try it out mate i can help ya get started
I EONT UNDERSTAND HOW IT EVEN HAS A VALUE ITS NOT REAL IT DOESNT EXIST ITS JUST A DIGITAL CONCEPT HOW IS IT WORTH ANYTHING PLEASE EXPLAIN UHGUHREUI
Bitcoin is digital; all transactions are stored on a public ledger called the blockchain. This is a completely new concept. If you compare storage of value with gold, gold has the value we assign to it. You can't eat gold, or use gold in a meaningful way. We all agree to give gold a certain value, however we can't spend gold at the store to buy food, we can't use gold as fuel in our cars. Bitcoin is a digital way to store value that can be transferred quickly and easily anywhere in the world. When someone has Bitcoin in their digital wallet, it can be exchanged for products or services. New solutions are coming that will allow everyone to use and spend Bitcoin for daily transactions (search Google for "Bakkt" to learn more). I hope this helped.
i wanna learn ethical hacking,where i can learn it.ANY IDEA.
Have anyone purchase bitcoins from this link above?
No... By there is this one I used
And it was so easy for me
They are efficient mining platform
Where you can do all your alticoin trade... Let me know if you need the link
So how do u make money from this
SoluriZe
You can sell the bitcoins you've mined.
Heyy buddy..
do you deal with crypto360fx cause i see your video there
So, the point of bitcoin is?
I mean What am I supposed to do with them?
Isaiah gerald Quijano
It has the same purpose as paper money, to buy things.
Very informative....Thank You for sharing.
Excellent Explanation of how bitcoin works. Thanks Ronnie.
Very useful video, thanks.
1:15 swastica
Are u Indian.^_^
It took me 4 minutes to register and buy crypto on Kriptomat. I didn’t find a faster exchange exchange yet, and they offer a lot of different cryptos.
somebody used this in philippines but the government force close coz they think it is scam and we did a pray rally it’s very sustainable 10M people 30%.
Who gets your money when you buy bitcoins?
I don't know, but the guy who sells it I guess?
The money goes to the party you bought from.
Thank you!! I am very interested and have heard many people talking about it more. I will do my due diligence first but its seems promising to not miss for lucrative passive income.
Leia meu comentário.please !
Looks like Ronny has been shopping in the black market 😉
Can you in the next video tell me about how to memorize countries
Thanks. It is crystal clear about what is bitcoin.
Thanks Tom Hanks
Charlie To0 Human Lmfao
hi i love watching your video