Bitcoin Explained Simply for Dummies


Welcome to 99Bitcoins.com. I’m Nate Martin and I’ll be your guide
through this video series Bitcoin Whiteboard Tuesday. We’re going to cover a lot of topics such as Bitcoin mining, Bitcoin wallets,
how to trade Bitcoin and a lot more. Today we’re going to start from scratch and answer the third most searched term
on Google today, what is Bitcoin? If you’re worried that
we’re going to get too technical and use a lot of complicated words, don’t. Here at 99Bitcoins
we translate Bitcoin into plain English so even if you have
no technical background you’ll be able to understand everything. By the end of this course, you’ll know more about Bitcoin
and how it works than 99% of the population. So let’s get started… Before we talk about Bitcoin I want to take a moment
and talk about money. What is money exactly? At its core, money represents value. If I do some work for you, you give me money in exchange for
the value I gave you. I can then use that money
to get something of value from someone else in the future. Throughout history,
value has taken many forms and people used a lot of
different materials to represent money. Salt, wheat, shells and of course gold have all been used as
a medium of exchange. However, in order for something
to represent value people have to trust that
it is indeed valuable and will stay valuable
long enough for them to redeem that value in the future. Up until a hundred years ago or so we always trusted in someTHING
to represent money. However something happened
along the way and we’ve changed our trust model from trusting someTHING
to trusting in someONE. Let me explain. Over time, people found it
too cumbersome to walk around the world
carrying bars of gold or other forms of money,
so paper money was invented. Here’s how it worked: a bank or government would offer to take
possession of your bar of gold; let’s say worth $1000, and in return, that bank would
give you receipt certificates, which we call bills,
amounting to $1000. Not only were these pieces of paper
much easier to carry, but you could spend a dollar
on a cup of coffee and not have to cut your gold bar
into a thousand pieces. And if you wanted your gold back, you simply took $1000 in bills
back to the bank to redeem them for
the actual form of money, in this case that gold bar,
whenever you needed… And so, paper began its use as money as an instrument of practicality
and convenience. However as time progressed,
and due to macroeconomic changes, this bond between the paper receipt
and the gold it stands for was broken. Now, to explain the path that
led us away from the gold standard is extremely complex,
but suffice to say that governments told their people that the government itself would be liable
for the value of that paper money. Basically we all said “let’s just forget about gold
and trade paper instead”. So people continued to trade with receipts that are backed by
nothing but the government’s promise. And why did that continue to work? Well, because of trust. Even though there is no actual commodity
backing paper money, people trusted the government
and that’s how fiat money was created. Fiat is a Latin word that means “by decree”. Meaning the dollars, or euros
or any other currency for that matter have value because
the government orders it to. It’s what is known as “legal tender” – coins or banknotes
that must be accepted if offered as payment. So the value of today’s money actually comes from a legal status
given to it by a central authority, in this case, the government. And so the trust model has changed, from trusting someTHING
to trusting someONE, in this case, the government. Fiat money has two main drawbacks: 1. It is centralized: You have a central authority
that controls and issues it. In this case the government
or central bank. And two, it is not limited by quantity: The government or central bank
can print as much as they want whenever needed and inflate
the money supply on the market. The problem with printing money is that because you’re flooding the market
with more money the value of each dollar drops,
so your own money is worth less. When you see prices rising
throughout the years it’s not necessarily that
prices are rising as much as that the purchasing power of
your money is dropping. You need more dollars to buy something
that used to “cost less”. Once fiat money was in place, the move to digital money
was pretty simple. We already have a central authority
that issues money, so why not make money mostly digital and let that authority
keep track of who owns what. Today we mainly use credit cards,
wire transfers, Paypal and others forms of digital money. The amount of physical money
in the world is almost negligible and is getting smaller
with each year that passes. So if money today is digital,
how does that even work? I mean, if I have a file
that represents a dollar, what’s to stop me from
copying it a million times and having a million dollars? This is called the “double spend problem”. The solution that banks use today is
a “centralized” solution; they keep a ledger on their computer
which keeps track of who owns what. Everyone has an account and this ledger keeps
a tally for each account. We all trust the bank
and the bank trusts their computer, and so the solution is centralized
on this ledger in this computer. You may not know this, but there were many attempts to create
alternative forms of digital currencies, however none were successful
in solving the double spend problem without a central authority. Whenever you give a anyone control
over the money supply you’re giving them enormous power
and this creates three major issues: The first issue is corruption; power corrupts, and absolute power
corrupts absolutely. When banks have a mandate
to create money, or value, they basically control
the flow of value in the world, which gives them
almost unlimited power. A small example of how power corrupts can be seen in the Wells Fargo’s scandal where employees secretly created millions of unauthorized
bank and credit card accounts in order to inflate
the bank’s revenue stream, without their customers
knowing about it for years. The second issue of a centralised
system is mismanagement. If the central authority’s interest
isn’t aligned with the people it controls there may be a case of
mismanagement of the money. For example, printing a lot of money in order to save a certain bank
or institution from collapsing, as what happened in 2008. The problem with printing
too much money is that it causes inflation and basically
erodes the value of the citizen’s money. One extreme example
for this is Venezuela, where the government has printed
so much money, and the value of it
has dropped so much, that people are no longer counting money
but are weighing it instead. The last issue is control. You are basically giving away
all control of your money to the government or bank. At any point in time the government can decide to
freeze your account and deny you access to your funds. Even if you use only cold hard cash the government can cancel
the legal status of your currency as was done in India a few years back. This was the state of things until 2009. Creating an alternative to
the current monetary system seemed like a lost cause. But then everything changed…. In October 2008 a document was published online
by a guy calling himself Satoshi Nakamoto. The document, also called a whitepaper, suggested a way of creating a system for a decentralised currency
called Bitcoin. This system claimed to create
digital money that solves the double spend problem
without the need for a central authority. At its core Bitcoin is a transparent ledger
without a central authority, but what does this confusing phrase
even really mean? Well, let’s compare Bitcoin to the bank. Since most money today
is already digital, the bank basically manages its own ledger
of balances and transactions. However the bank’s ledger
is not transparent and it is stored on
the bank’s main computer. You can’t sneak a peek
into the bank’s ledger, and only the bank has
complete control over it. Bitcoin on the other hand
is a transparent ledger. At any point in time
I can sneak a peek into the ledger and see all of the transactions
and balances that are taking place. The only thing you can’t figure out is who owns these balances
and who is behind each transaction. This means Bitcoin is pseudo-anonymous; everything is open,
transparent and trackable but you still can’t tell
who is sending what to whom. Let’s explain this with an example. You can see on your screen
certain rows from Bitcoin’s ledger. We can see that
a certain Bitcoin address sent 10,000 Bitcoins
to another Bitcoin address in May of 2010. This specific transaction
is the first purchase that was ever made with Bitcoin and it was used to buy 2 pizzas
by a guy named Laszlo. Laszlo published a post back in 2010 asking for someone to sell him 2 pizzas
in exchange for 10,000 Bitcoins. Well, someone did,
and now the price of these two Pizzas is worth well over
100 million dollars today. Bitcoin is also decentralized; there’s no one computer
that holds the ledger. With Bitcoin, every computer
that participates in the system is also keeping a copy of the ledger,
also known as the Blockchain. So if you want to take down the system
or hack the ledger you’ll have to take down
thousands of computers which are keeping a copy
and constantly updating it. Like most money today,
Bitcoin is also digital. This means there’s nothing physical
that you can touch in Bitcoin. There are no actual coins, there are only rows of
transactions and balances. When you “own” Bitcoin it means that you own
the right to access a specific Bitcoin address record
in the ledger and send funds from it
to a different address. So what does all of this mean? Why is Bitcoin such big news? Well for the first time since
digital money came into existence we now have an alternative to
the current system. Bitcoin is a form of money that
no government or bank can control. Think about the time before the Internet, how centralized
the flow of information was. Basically if you wanted information you could get it from a few major players like the New York Times,
The Washington Post and others like them. Today, thanks to the Internet,
information is decentralized and you can communicate
and consume knowledge from around the world
with the click of a button. Bitcoin is the Internet of money and it’s offering
a decentralized solution to money. Bitcoin has several advantages
over the current system. First, it gives you complete control
over your money. With Bitcoin, you and you alone
can access your funds. How you actually do this
will be explained in a later video. No government or bank
can decide to freeze your account or confiscate your holdings. Bitcoin also cuts a lot of the middlemen
from the process of transferring money. This means that in many cases Bitcoin is cheaper to use than
traditional wire transfers or money orders. Also, unlike fiat currencies, Bitcoin was designed to be
digital by nature, this means you can add additional
layers of programming on top of it and turn it into “smart money”,
but more on that in later videos. Finally, Bitcoin opens up
digital commerce to 2.5 billion people around the world who don’t have access to
the current banking system. These people are unbanked
or underbanked because of where they leave
and the reality that they have been born into. However, today, with a mobile phone
and a click of a button they can start trading using Bitcoin,
no permission needed. Today there are several merchants
online and offline that accept Bitcoin. You can order a flight or book a hotel
with Bitcoin if you like. There are even Bitcoin debit cards that allow you to pay at almost
any store with your Bitcoin balance. However the road toward acceptance
by the majority of the public is still a long one. As we continue in this video series, we will break down exactly
how Bitcoin works and how to use it. We will learn about Bitcoin mining,
Bitcoin wallets, how to buy Bitcoins and much more. The revolution of money began in 2009 and these days we are seeing it
change money as we know it. You may still have some questions. If so, just leave them
in the comment section below. And if you’re watching this video on YouTube and enjoy what you’ve seen, don’t forget to hit the like button. Then, make sure to subscribe for notifications about new episodes. Thanks for joining me here at the Whiteboard. For 99Bitcoins.com, I’m Nate Martin,
and I’ll see you… in a bit.

100 thoughts on “Bitcoin Explained Simply for Dummies

  1. πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚

  2. When was last time the bank stop you or block your money on your bank account? I never understood this paranoia of the cryptocurrency supporters. If bank block your account there must be a good reason.

  3. My question is that if we do mining and creat value , how will be able to turn that digital value into dollar and spend it in the real world?

  4. Bitcoin is the preferred currency used by mafia, drug dealers, underworld criminals, in short, bad guys. We use to have $1000 and $500 paper Bill's. What happened? In 1971, Nixon ordered the mint to stop printing them because underworld criminals were counterfeiting them and the government couldn't track them. The government can't track bitcoin, so it's the perfect money laundering tool for criminals. I'm sure the government is working on a way to shut it down. If they can't control it and it competes with the dollar, they will shut it down. Only a matter of time.

  5. This is really interesting, a point you made about it being decentralized and the benefits of having complete control. I have a hard time believing it because it’d be hard for the government to begin taxing on bitcoin. Suggested, the way to pay tax was through consenting to the usage of the bitcoin address to the government, then at that point wouldn’t the idea that it becomes decentralized lose its property? I might have it confused here but that’s my train of thought and why I feel it won’t be as quickly accepted

  6. Can I join without paying hundreds of Dollars (or Β£'s), after all– there are no coins involved—so it must be free, just sayin'

  7. Thank you for this Youtube channel, I am going to listen every one of them. Again, thank you

  8. Interesting: So what you buy with Bitcoin cannot be traced back to you?

  9. Thank you for your elaborate explanation. At least I feel like understanding what's bitcoin.

  10. this video presenter claimed EASY explanation about bitcoin. this video was harder and more confusing about bitcoin than any other explanation I saw and read so far.

  11. If you wanna trade bitcoin you better be ready to ride the highly volatile roller coaster. Bitcoin trading is not for the faint of heart or the timid. You can make thousands in a day or lose thousands in an hour after you buy it. My advice, never HODL it. Remember, there are bag holders stuck at $20,000. Ride the pump and quickly hand it off to the future bagholders when your at profits. Oh, what's gonna happen to bitcoin when Libra is launched???

  12. The truth is most of the inflation doesn't come from more paper money flooding the market. Most of the inflation comes from the banks lending money that doesn't exist. That is the big inflation problem. No paper money exists to lend when funds are loaned for a mortgage. It is electronically created out of thin air. Then you have to fight to pay double or more than double the money back to the bank in real funds. It's all a huge scam, and they keep getting richer. Must be nice to be able to lend money that doesn't exist, then get more than double your money make in most cases…

  13. @99BitCoins – one idea I do not understand. You say everyone get a copy of the ledger. What does that encompass? With s bank, one person gets their own monthly statement with transactions and running total balance. How many blocks in the blockchain does one person get ? How does one establish their initial balance from which debits end credits are applied? Do the hashes prevent me from fraudulently increasing my balance?

  14. Bitcoin is just a fad. Been trading it for over 3 years and it's becoming less and less interesting everyday for me. You'll have a heck of a difficult time finding vendors that will accept it and the transaction fee… holy cow it's high and when you move it from ledger to trading platform, you get charged for that and when you move it back top ledger there's a charge for that too. Too many middle men to siphon off your coins. If you know how to read chart patterns, we'll bitcoin is not doing well right now and may even test the $3000's level again in the foreseeable future. These are only my experiences and thoughts on this matter.

  15. So what backs your bitcoin investment bitcoin? (I understand other investors, but what backs their investments)??? Gold?

  16. So, you give bitcoin physical money and they give you nothing…sounds awfully familiar…if you can't hold it.. you don't own it… good luck with that yall

  17. Bitcoin is a scam a rip off a joke a worthless investment nobody that buys bitcoin now can make money. All the money has already been made already! Buy bitcoin now it's like buying worthless pennies lol or swampland in Florida.

  18. The value of bitcoin seems to based on the price of fiat currency other people are prepared to exchange for bitcoin. My question is, if I decided to buy bitcoin, how would I buy it? Where would it come from? Where would I keep it? Who could I sell it to?

    It seems to be a stock that can be sold with no broker, just between people. So if I have 1 bitcoin worth $17000, could I sell it today? Would I need someone to buy it off me?

    I just think the value is based on demand, rather than trust in a government.

    I am in favour of crypto, but I don't understand fully how it works, how I can buy, keep, and sell.

  19. Bit coins can be made illegal currency over night. Like military scrip money in Viet Nam.

  20. Don't waste your time on fake sites, join me in earning over $6000 every 48hours from home.
    No scam. I sincerely recommend y'all to trade with Mr TERRY MITT . At first, i thought i was falling for another trick to be scammed because i have trust issues after i lost more than $20,000 to binary, bitcoin and forex trade. Then i just said i should give it another shot, so i started the first trade with just $1000 and after one week, i was shocked when i cashed out my first withdrawal which was $5000. If You Have A Gmail Account, Computer Or Smartphone in 48hours You Can Make $5000 daily !!!Why i am reffering you all to trade is because i get a 7% from your profit. You can contact him at [email protected] dot com)

  21. For me I know the price will run up more , then bleed off and go lower than current lows..Then as it goes higher , it’s more like a time pattern, so I am sure that bitcoin will rise, for now all we need to do is invest what we’re holding and make more profits , so we don’t feel the lost in fall if price when it happening again , I stumbled upon a comment of someone who helped in increasing of portfolio of a lady from having 0.8BTC to 1.7BTC in two weeks , so I contacted him even though I was skeptical, behold I have made 0.7BTC with my little 0.054 in 1 week and some few days with his working strategies, if you have lost so much during fall or want to increase your portfolio like me y’all can reach out to him via email or WhatsApp

    Email: cryptojamescyber @gmail.com
    Text/WhatsApp +1 567 343 3950

  22. I want to order something online, but it requires me to pay thru bitcoin which I don’t understand still.

    Can they scam me? Can I get my money back thru bitcoin
    e.g on PayPal u can get ur money back
    If u didn’t get the product

    Help please 🧐

  23. Can you help me? I created a protonmail account to by local bitcoins – but I forgot the password. Local bitcoins have to send a recovery pasword link to my protonmail. But itΒ΄s not working. I am not receiving the recovery link, to reset my password. Now I canΒ΄t access my bitcoin wallet. Local bitcoins is not answering . What do I do ? I need accesss to my bitcoins.

  24. Bitcoin is a solid investment and will be around. The rest of the Alts will need to prove themselves useful or they will fade away

  25. There were many other alternatives before cryptocurrencies for modern trading system…

  26. Well worth while. Trust has to be developed slowly. This video is a substantive step forward.

  27. Explain for dummies ….. hello if u want to sell your bit coin who sends the money to you………… if i want to sell my bitcoin who is going to send me the cash ????????

  28. I think bitcoin is a scam at the end of the day ,lets say u have 10 million dollars worth of bitcoin. A hurrican destroys everything u got nothing you dont remember your blockchain u got zero dollars . Ill sick to gold . Swapping things is more reliable than made up money ……….!!!!!!!!! Madoff same thing a scam.wait the future tells its all been a scam

  29. bitcoins increase and decrease in value is way higher in terms of fluctuance than traditional money which makes it very unstable compared to traditional money dont you think ? @99bitcoins

  30. Its a legal way to gamble from your phone, thats all folks. Not good or bad. Just a casino on your phone.

  31. Bitcoin is A Bubble That Will Burst Were Is The Value ? Same as Paper Money Were Is The Value There is None Its You Fools That Give it Value What Goes up Must Come Back Down And Back Down It Will I Will Take Gold Any Day Over This Stupid Currency That Will Crash And Cost People There Shirt! Learn From History!!!!

  32. no, it's not trust
    its the fact we don't have a choice unless we wanna go french revolution

  33. I will give you a better explanation.
    Paper Money made by the goverment can loose value, due to coruption of human nature and absolute power corupts absolutly. Bitcon is not centralized and controlled by powerfull people, and because of that some people trusth it and gives it value. Both are backed up by nothing or ilussions and need trusth.

  34. Now everyone knows that the U.S government is corrupt.Β Β  What does this mean for the dollar?

  35. 8:35 won't be able to see who is actually making a transaction? The NSA strongly disagrees.

  36. The video was well explained. Thanks for educating the public on bitcoin trading, bitcoin the future.

  37. Speaking of India, those no good rotten scammers from India have already starting using Bitcoin to scam people because it can't be traced. Those scumbags send people to the Bitcoin machines.

  38. Someone gave me a bitcoin before he passed away now how do I keep going how do i used it what should I do since its BEEN passed on to me ???

  39. I'm 16 and almost have 1 Bitcoin! Gonna save ir up and redeem for Amazon gift card! So exciting!

  40. Here's a quick test on crypto currency.. since in reality it's not real, tangible or touchable? Will you accept my crypto promise to balance the scales when you give me all the material, tangible touchable content of my hearts desires,??? Same thing right???
    Class dismissed…

  41. Great clear explanations! Very easy and simple to understand. I shared your video with friends and my son. Thank you Nate!

  42. I confirm 10BTC credited into my wallet from+14132747982 Hacker Greg…All thanks Sir

  43. Who have heard about Andy Hacks LLC(andycreditfixhacker.org)?? Thanks Andy Hacks LLC for the successful BTC mining, they got me 8.6BTC in my blockchain btc wallet.. They're the bestβœ”βœ”100% RECOMMENDED!!

  44. When I first heard about cryptocurrency I was actually not interested because my mindset was what changes will it bring to the world but when I began to carry out some deep research of what it is about I was more than interested because the opportunities it present is very wide and can equally make someone to be wealthy. I read several post and equally got to know about trading and some exchanges that I can equally get this done. I started to buy some bitcoin in early 2018 because the market outburst in December 2017 was more than enough for me to actually have a belief that yes cryptocurrency is here to stay. I decided to carry out some trading without proper knowledge of how to trade or what trading about and also I lack proper knowledge of how the market trends goes because I was thinking that there will always be an upward trend in the market. I invested into some coin that eventually ran out of market in 2018 and my BTC was lost. I became so sad because I was thinking that I have found my miracle to excel but I never knew that I just failed trading on my own will and experience. I was restless and decided to give up on trading and just hold my leftover 3BTC out of the initial 7BTC that i bought but my mind was telling me never to give up and so I decided to go into intensive research to see if I can learn new ways to make profit trading but the various technique I saw always prove abortive but I never gave up not until one particular day January 13, 2019 when I met Mrs. Helena Lindberg. Mrs. Helena Lindberg was a kind woman as she introduced me to the strategies that she use to profit. She was very considerate as well because I explained to her how I have almost giving up on my cryptocurrency journey. She tutored me on her strategies and then I started implementing it. With just 2 months and 10 days my profit have already amount to x6 of my initial investment. I was amazed because if I have given up I would have not been so lucky today to meet her. I was so glad that I decided to share my story with the world to know about. So if you were also in my previous state and needs a transformation why not get in touch with Mrs. Helen today and get your story transformed to the better. I will advice you to contact ([email protected] WhatsApp * +447427424057 ) for all your cryptocurrency questions, strategy and beginners coaching.

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