Bitcoins and Cryptocurrency Explained | Is this the currency of the future?

[youtube https://www.youtube.com/watch?v=kwUe2-iWLK0&w=560&h=315]

SO BITCOIN IS A CRYPTOCURRENCYOR A DIGITAL CURRENCY.

THE THING ISLIKE SOMEWHERE.

THE CLOUD BANK.

THIS SYSTEM IS THEFIRST DIGITAL CURRENCY THAT WORKS WITHOUTA CENTRAL REPOSITORY.

SO LIKE NO BANK OR SINGLEADMINISTRATOR IN BETWEEN TO VERIFY AND GUARANTEETHE TRANSACTION.

EVERYTHING IS DIGITALAND OBVIOUSLY THAT CREATES SOME RISKS.

FOR EXAMPLE COPYING ANDREPRODUCING THE COIN.

IMAGINE SOMEONE LIKEPHOTOCOPYING THE BILLS.

MAKING IT RAIN.

FOR THAT REASON THEYCREATED THE BLOCKCHAIN.

THAT’S A FANCY WORD FORA DIGITAL LEDGER.

AND I’M NOT SURE WHY THEYDIDN’T CALL IT SOMETHING LIKE DIGITAL LEDGER.

BUT BASICALLY ANY PURCHASEOR SALE OF A BITCOIN IS RECORDED RIGHT THERE.

THE BLOCKCHAIN IS PUBLICSO YOU CAN’T REALLY CHEAT, BECAUSE EVERYONE ISLOOKING AT YOU.

THEY ALSO HAVE SMART PEOPLEVERIFYING THE TRANSACTIONS THAT GO INTO THIS LEDGER.

THE SYSTEM HAS SOME CHALLENGES.

IT’S SUPER VOLATILE FOR EXAMPLE.

IT CHANGES RAPIDLY ANDUNPREDICTABLY.

NOT MUCH ANYMORE BUT ITUSED TO HAVE A REPUTATION FOR CRIMINAL ACTIVITY.

MOSTLY IN THE EARLY DAYSAND IN THE DARK WEB.

AND THAT'S BECAUSE IT’S ANANONYMOUS SOURCE OF PAYMENT.

OBVIOUSLY NEW REGULATIONS ARE GOING TO HAVE TOBE FACTORED IN.

FUN FACT, ACCORDINGTO RECENT STATS, THE NETWORK OF SMARTPEOPLE, YOU KNOW, WHO VERIFY THETRANSACTIONS IN THE LEDGER, THEY'RE THE MINING NETWORK, USES MORE ELECTRICITYIN A YEAR THAN IRELAND.

Source: Youtube

Bitcoins and Cryptocurrency Explained | Is this the currency of the future?

Is this the currency of the future?

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