Explanation merchants are welcome to announce their services for Bitcoin, bitcoin after those have been announced they are no longer news and should not be re-posted. Sites or users using the Bitcoin system are required to use a global database called the blockchain. Bitcoin Explained by Duncan Elms. Do not post your Bitcoin address unless someone explicitly asks you to. This way, no individuals can control what is video in the block chain or replace parts of the block chain video roll back their bitcoin spends. Bitcoin is a digital and global money system currency. Related communities Sorted roughly explanation decreasing popularity.
They were made to introduce the biggest features of Bitcoin without overwhelming the viewer with a bunch of geek-speak. Transactions - private keys A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Most exchanges also provide a basic "wallet" service. Just a little bit. Going down the rabbit hole This is only a very short and concise summary of the system.
The video version of the most watched bitcoin explainer ever, this video covers all the bases and uses some cool graphics to explain the bitcoin around bitcoin. Submit link NOT about price. However, while bitcoin have clearly done a very good job, others haven't quite cracked it. Attempting to change an earlier transaction, maybe to fake bitcoins being sent or change the number of someone's bitcoins, requires solving that puzzle again, which takes a lot of work, and also requires solving video of the following puzzles, which takes even more work. Unless someone explanation to video their name to a bitcoin address, it is hard to bitcoin who owns the explanation. As explanation, it is more resistant to wild inflation and corrupt banks. This is only a very short and concise summary of the system.
Short and sweet with some cool animations. Touches on other major advantages of Bitcoin: You can also store bitcoins on a hosted wallet or a physical or paper wallet. A slightly slower paced video that hits on many of the best points of Bitcoin without being biased. It gives some details about mining and how the creation rate of bitcoins is reduced over time. This rate will halve every 4 years until the final bitcoins are created in The detailed truth is that bitcoins are created whenever a miner solves a block , which may be more or less frequent than 10 minutes but the network periodically adjusts the mining difficulty to make solving a block take 10 minutes on average.
Also, the bitcoin reward is cut in half for every , blocks solved, which has taken about 4 years in the past. But it may take less than 4 years in the future, especially if more and more computing power is put into mining bitcoins. A little outdated, but completely worth watching for the visual effects! The video states how Bitcoin has no central bank and there are a limited amount of bitcoins, but focuses more on Bitcoin mining, exchanges, and marketplaces.
This was once true, but Mt. Gox has filed for bankruptcy and no longer operates. The video was professionally produced by eBay. Not true, Bitcoin is pseudonymous , because all transactions are public and recipients and senders are identified by their Bitcoin addresses.
The process of generating the bitcoins is called mining. People who use these machines to mine bitcoins are called miners. Miners either compete with one another or work together in groups to solve a mathematical puzzle. The first miner or group of miners to solve the particular puzzle are rewarded with new bitcoins.
The puzzle is determined by the transactions being sent at the time and the previous puzzle solution. This means the solution to one puzzle is always different from the puzzles before.
Attempting to change an earlier transaction, maybe to fake bitcoins being sent or change the number of someone's bitcoins, requires solving that puzzle again, which takes a lot of work, and also requires solving each of the following puzzles, which takes even more work. This means a bitcoin cheater needs to outpace all the other bitcoin miners to change the bitcoin history. This makes the bitcoin blockchain very safe to use.
A popular image associated with Bitcoin is a QR code. QR codes are a group of black and white boxes that are similar to barcodes. Barcodes have one dimension of information, while QR codes have two horizontal and vertical. Barcodes are a row of lines, and QR codes are a grid of squares. Bitcoin uses QR codes because they can store a lot of information in a small space, and a camera such as a smartphone can read them. The two QR codes on the Bitcoin note are the public and private addresses, and can be scanned with a number of online tools.
Everyone in the Bitcoin network is considered a peer, and all addresses are created equal. All transactions can take place solely from peer to peer, but a number of sites exist to make these transactions simpler. These sites are called exchanges. Exchanges provide tools for dealing in Bitcoin. Some allow the purchase of Bitcoin from external accounts, and others allow trading with other cryptography-based currencies like Bitcoin.
Most exchanges also provide a basic "wallet" service. Wallets provide a handy way to keep track of all of a user's public and private addresses. Because addresses are pseudo-anonymous, anyone can have as many addresses as they want. This is useful for dealing with multiple people, but it can get complicated to manage multiple accounts.
A wallet holds all of this information in a convenient place, just like a real wallet would. A backup of a wallet prevents 'losing' the bitcoins. Bitcoin adoption and use continues to grow a lot every year. Since , Bitcoin has gained the attention of the mainstream media; one way is the WannaCry ransomware created in May From Wikipedia, the free encyclopedia.
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18 May Many have tried to explain bitcoin, some with more success than others. Creating a short and snappy video that makes bitcoin accessible to a general audience, while simultaneously doing justice to the complex ideas behind its technology is a big ask. Anyone who tries should be applauded. However. How does Bitcoin work? This is a question that often causes confusion. Here's a quick explanation! The basics for a new user. As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first. 5 Jul Bitcoin, the decentralized digital currency dominated by white men, seemed on the verge of disappearing after every scandal, crash, or hack. But eight years Over the years, hundreds of news outlets have tried to explain it, which is lucky because it often takes several explanations to grasp. Here are some.