What is Bitcoin? Bitcoin Explained Simply for Dummies
Ver Vídeo: What is Bitcoin? Bitcoin Explained Simply for Dummies
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Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see.
Bitcoin gives you complete control over your money, unlike other assets you own which are regulated by banks and governments. As bitcoin gains more popularity, more and more places accept it as a payment method.
That’s Bitcoin in a nutshell. For the complete simple explanation watch this video, here’s what I’ll cover:
0:50 – What is money?
3:10 – Fiat money
3:43 – Fiat money drawbacks
4:25 – Digital money
5:34 – Centralized money issues
7:21 – Enter Bitcoin
7:44 – Bitcoin is transparent
9:13 – Bitcoin is decentralized
9:35 – Bitcoin is digital
9:56 – Why is Bitcoin such big news?
11:45 – Who accepts Bitcoin?
12:05 – Conclusion
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See anything we haven’t covered? Leave us a comment in the comment section below
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u dummies
You didn't explain the real issue. Bitcoin value comes from where? To compare to real money world someone has to pay for it. Is this someone printing their own money and who is it?
I've got some super rare fictitious goods, who wants to buy nothing for $9,000 a piece? You can trust me right?
How does plugging in my computer to waste electricity and contribute to global warming in a bitcoin mining farm create trust?
If it's not in your hand, it's not yours. Trust in cyberspace is not possession either.
Bitcoin is another scam of the highest order, and if the power goes out, or an EMP attack, it vanishes. Jim and TammyFae Baker would have loved Bitcoin, the devil stole it.
@99Bitcoins Not a bad explanation, though I was more interested in what protects your ownership of your bitcoin and what are bitcoin is.
Throughout history, whatever was used to represent value was real and capable of being literally in the hands of the owner. Salt, wheat or gold can be in a person’s possession. It was a medium for exchange first and foremost because you had it to use.
Bitcoin is NEVER in your possession. Paper money and its changing relationship to the gold standard cannot be compared to Bitcoin because paper money is sufficient for buying and selling, and it’s still something you can hold, keep and use for value exchanges. There are no Bitcoin notes out there for you to put in your wallet.
If you come into a lot of money, would it be safe to put a lot of money in bitcoin, leave some in the bank, put some cash under the mattress , and maybe have a little in precious metals?
You guys are excellent.
What bullshit!
5 minutes in and nothing learned
Who trusts the government today?
Why you calling your viewers dummy, class act
Too much blah blah didn't need a history of money.
trust? your forgot nuclear weapons
Bitcoin is great for those who have disposable funds
No amount of explanation will ever help me understand cryptocurrency
With enough talk and listeners, you can talk people into anything. There is and never will be any value in Bitcoins only suckers and scam artists that push Bitcoins.
I think the big players out there (legit investors) are starting to buy into Bitcoin which I think 🤔 is what is driving the price up but I am still puzzled by it – What is stopping Bitcoin from being endlessly mined so that it replicates central banks money printing programmes? Whoever created it can simply change how it works….sorry but I remain unconvinced although I recognise “Bitcoin” is an ingenious creation.
Maybe that's my problem. I don't trust the computer.😀 But how you they make/ farm it? What actually is it?
In one word, PYRAMID …
one of the best explanation on BTC
– Hmmm!
Since it's all digital, ( just 1's & 0's of codes ) How can I tell a counterfeit 1100100111 bitcoin from a authentic 1100100111 bitcion ?
> FIAT –>"What one man has cleverly joined together…"
–> "Another man can cleverly put asunder."
– Signed;
– A Master of Mimicry
I watched the video and I am just as lost about bitcoin as I was before I watched!! The narrator spoke many words but did not explain how to get into the system, what creates the value etc.
I'm at the end of the video and I still don't know what Bitcoin is😕.
Coworker told me she started using it, investing but couldn't really explain so I came here