Bitcoin Explained in 60 seconds

Bitcoin Explained in 60 seconds


Bitcoin is a type of cryptocurrency, which
is digital money that’s decentralized, so
no person or government controls it.
It’s the libertarian dream.
There are lots of other cryptocurrencies,
like Ripple, Ethereum, and Dogecoin.
But the most popular is Bitcoin, created by
Satoshi Nakamoto.
Nobody knows who that actually is.
Maybe it’s Al Gore?
He already invented the internet.
Whoever they are, they own almost a million
bitcoin.
The first Bitcoin purchase happened in 2010
and it was for two large pepperoni pizzas
for 10,000 Bitcoin, now worth about $75 million.
Oops.
Bitcoin is a transaction recorded on the blockchain,
a digital ledger.
The Blockchain uses cryptographic functions,
aka super complex math, to prevent counterfeiting
and security breaches.
The blockchain is updated by miners.
Not minors.
Everytime there’s a transaction, miners race
to validate it by solving super complex math
with their mining computers.
The first miner to solve it adds the transaction
to the blockchain and 12.5 new bitcoin go straight
into their wallet.
So it pays to be the fastest miner, but it
doesn’t always pay to be the fastest minor.
Visualize Bitcoin and anything else, with
Lucidchart.

100 thoughts on “Bitcoin Explained in 60 seconds

  1. How is Dogecoin legally allowed to exist as a company when it is using Doge, which I am pretty sure is copyrighted?

  2. I need to ask. How many memelords do you have worling there? Because you need to congratulate every single one of them.

  3. All you need to know is that cryptocurrency miners used to buy all the good graphics cards, jacking up the prices, because apparently they're good for mining scamcoin but now they don't because, either they found a better way or just about everyone has banned the use of psuedocurrencies, I can't remember and I don't care to look it up.

  4. First Lucidchart video that contains actually useful information. Not to say there's something wrong with the other videos, the aninmal memes are still great.

  5. Eu aprecio este vídeo, se você desistiu deste sonho de fazer milhões em criptomoedas, você pode parar de ler este e-mail, mas se não, então continue. Tendo mais de 6 meses de experiência em gráficos criptomoeda e negociação dia, e também com alguns dos mundos maior corretora (coinbase, e Binance), eu ainda perder muito dinheiro negociando por conta própria, mas eu não parar de negociar, porque eu fiz ver 10 BTC em apenas duas semanas , e você pode me perguntar como, porque eu comércio com o melhor mentor e estrategista de comércio especialista, Mr. Brandon Gaston, que eu tenho que encontrar em seu seminário com sua estratégia única e abordagem para criptomoeda que muitos comerciantes nunca vai entender me fez ser mais iluminado e também me fez sustentável e grandes lucros também. Eu quero ter sucesso e também quero que todos tenham sucesso no espaço de criptografia, então eu aconselho os comerciantes a ver esta oportunidade como uma oportunidade única vez, você pode entrar em contato com o Sr. Brandon em * ((gastonbrandonn @ gmail. com)) *

  6. People spend a lot buying things that cant really give the returns of investment, but yet say investing in crypto currencies , is way too risky. When they are fully aware that with the right expert they will get a return of investment for a life time. Max Neil Li Lung, helped me in my investment, made 12.3BTC from my 3.1BTC , i never . Believed it not until i received it into my blockchain wallet. Instead of negative doubts give him a try by (GOOGLE SEARCHING) his strategy and his investment services.

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