03.29 9:07 PM
What is Bitcoin? Bitcoin Explained Simply for Dummies
99Bitcoins
Bitcoin is the most searched term on Google today. Nate Martin is 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 and how to
trade Bitcoin. At its core, money represents value. The path that led us away from
the gold standard is extremely complex. Governments told their people that the
government itself would be liable for the value of that paper money. People trusted
the government and that is how fiat money was created. Fiat money has two main
drawbacks: 1. It is centralized: You have a central authority that controls and
issues it. And two, it is not limited by quantity: The government can print as much
as they want whenever needed and inflate the money supply on the market. There were
many attempts to create alternative forms of digital currencies but none were
successful in solving the double spend problem without a central authority. 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. The problem with printing too much money is
that it causes inflation and erodes the value of the citizen's money.
Bitcoin is a transparent ledger without a central authority. Bitcoin is
pseudoanonymous; everything is open and transparent and trackable but you still
can't tell who is sending what to whom. The only thing you can't figure out is who
owns these balances and who is behind each transaction. The price of these two
pizzas is now worth well over 100 million dollars today. Bitcoin is the internet of
money and it's offering a decentralized solution to money. Bitcoin has several
advantages over the current system. it gives you complete control over your money.
no government or bank can decide to freeze your account or confiscate your
holdings. Bitcoin opens up digital commerce to 2. 5 billion people around the world
who don't have access to the current banking system.
What is Bitcoin? Bitcoin Explained Simply for Dummies
99Bitcoins
Bitcoin is the most searched term on Google today. Nate Martin is 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 and how to
trade Bitcoin. At its core, money represents value. The path that led us away from
the gold standard is extremely complex. Governments told their people that the
government itself would be liable for the value of that paper money. People trusted
the government and that is how fiat money was created. Fiat money has two main
drawbacks: 1. It is centralized: You have a central authority that controls and
issues it. And two, it is not limited by quantity: The government can print as much
as they want whenever needed and inflate the money supply on the market. There were
many attempts to create alternative forms of digital currencies but none were
successful in solving the double spend problem without a central authority. 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. The problem with printing too much money is
that it causes inflation and erodes the value of the citizen's money.
Bitcoin is a transparent ledger without a central authority. Bitcoin is
pseudoanonymous; everything is open and transparent and trackable but you still
can't tell who is sending what to whom. The only thing you can't figure out is who
owns these balances and who is behind each transaction. The price of these two
pizzas is now worth well over 100 million dollars today. Bitcoin is the internet of
money and it's offering a decentralized solution to money. Bitcoin has several
advantages over the current system. it gives you complete control over your money.
no government or bank can decide to freeze your account or confiscate your
holdings. Bitcoin opens up digital commerce to 2. 5 billion people around the world
who don't have access to the current banking system.
