Bitcoin is 12 years away from becoming a billion dollar network. And nothing else. Bitcoin is useless artificial gold. I have to say I've bought a few of these and this is my best investment so I'm not sure about bitcoin and bitcoin is the best money available right now because it's decentralized. It cannot be stopped. And the main motivation is that the price should go up. You don't use it. You don't shop there. They think about it and hope to get rich. And how do you answer these people who don't use bitcoin and just argue? A few months ago. I asked your opinion on bitcoin. The answers I got
were exactly what I expected, most didn't get them. Some have called it a scam, others have praised it, it has long been written that it will be one of the greatest things of the future or will make us doubt what money and currency really is, see I avoided it. I look at bitcoin as much as possible but there are so many social things. Your eye laser profile that you can wear before we wonder what exactly is happening here. And I tried more to answer this question. I was all the more interested in buying bitcoin and the saga continues. Take for example the fact that its creator remains an individual or a group of individuals under the pseudonym Satoshi Nakamoto. A motorcycle worth
more than sixty-two billion dollars. In theory, the price of a bitcoin should be. Nakamoto is said to be the richest person in the world with $177,000. Would you sell your parts? But Nakamoto is only part of what makes this current saga so fast. The truth is, this is a wild world and I think it's about time you and I finally step into the cryptocurrency realm and do whatever it takes to understand it together. Bitcoin is a story. It's a story about things that influence our actions today, a piece of paper we call money or numbers you see on your bank account screen. But if you go far enough into the past, you will discover that our ancestors bought goods using the method. Today we do not accept that
payment began with barter, a system of exchanging goods for goods. Some fish for a piece of bread, a dozen eggs for a lot of salad and so on. But this system had a problem. It relied on another person to do it. It was based on a matching of needs. Our ancestors therefore understood that we needed barter to represent the value of items. They wanted to buy things like cattle and maybe bullion coins. Then, thousands of years later, countries began using paper money backed by gold. In other words, the dollar is backed by a certain amount of gold, and theoretically you can exchange your dollars for physical gold that the government holds in its reserves. This system was designated the gold standard in 1971. However, Pisces officially abandoned the gold standard along with many other countries. This meant that the money was no longer backed by gold.
The dollar was supported simply on the basis that the government decided it had value, and we all agreed that they allowed it to. Noisy governments and central banks have greater control over our money supply, making it easier to apply monetary policy to respond to times of financial crisis. This type of money, the money we use today, is no longer backed by gold, but our belief in government is known as fiat money. Now there are arguments for and against the boy's money but the main thing is to realize that this system is based on trust in the government but what if you don't have that trust then who are you getting for anything lately? 1980s? Cypherpunk was part of the movement. Against decentralized agencies like governments that can harass people or gain access to their information, they have advocated something called
cryptography that can secure something. Even in the presence of third parties, they usually use encryption with their free opinions. Cypherpunk saw a clear contradiction between their values and the current financial system. When they looked at banks or central banks, they thought of centralized institutions with the power to print as much money as they wanted on their terms. People trust your banking institutions to be a safe place to keep our money so they don't miss the trustee. And finally , cypherpunks don't fall. Lehman Brothers goes bankrupt and financial markets from Asia to Europe do everything they can to prevent Monday from going black, resulting in a bad mortgage. Lehman with 25,000 employees is liquidated. Americans can remain confident in the strength and resilience of our financial system. Large financial institutions
were on the verge of collapse and some went bankrupt. In 2007 and 2008 we were in the middle of a serious financial crisis. The global financial crisis has unfolded, a crisis that has its roots in risky bank lending and is so severe that it has led to the collapse of one of the United States. The largest banks at the time were Lehman Brothers. It is perhaps no coincidence that in the shadow of the 2008 financial crisis, a white paper titled Bitcoin, the Electronic Payment System for Equals, circulated in cryptocurrency. get writing papers. Someone using the alias Satoshi Nakamoto. This page 9. The Manifesto was a model for Nakamoto, described as a pure equivalent version of electronic money that would allow payments to be sent directly from one customer to another. Without going through a financial institution, Nakamoto took the technological innovations of old cypherpunks
and combined them into what we know. Simply put, Nakamoto cold blockchain technology, a framework built with math. The problem lay in data encryption and creating a currency that could be used for transactions without relying on central authority. Bitcoin wanted to solve this problem. now. Let's pause for a moment. This is where things can get a bit confusing. While we have covered the motives for bitcoin. Now we need to know exactly what it is and how it is decentralized? Understanding blockchain technology is key to understanding the fanaticism surrounding Bitcoin that Dc Today has. Bitcoin is not a physical currency. It's actually a pretty virtual currency, think of Bitcoin as a simple transaction in a book. Let's say
Jane paid bitcoins and Jane paid bitcoins to name those transactions recorded in the book, and so on and so on for each transaction that comes after the banks are up and running. In the same way, every day we register transactions made through a bank account with our own system to verify that the transactions comply with our legislation. In other words, a bank can ensure that someone who only has a hundred dollars in their account cannot spend more than that bitcoin. However, it needs to be decentralized. So how can someone verify that the transactions in their book are legal, that they even have bitcoins to send to Jane? Here we introduce the concept of an equivalent or distributed register system. Nakamoto, quite exposed in his white paper. Central government The Ledger will best record all bitcoin transactions. However, Ledger is distributed to every other computer or node on the Bitcoin network, a network
where anyone connected to a computer bleeds downloading Bitcoin software. Now that the transaction is complete on The Ledger. Each computer on the network tries to verify that this transaction is legal by solving complex algorithms. If consensus is reached on the network and the transaction is valid, it is only stored in The Ledger as a single node on the network trying to confirm a bad transaction. All other nodes in the network will reject it. And after a series of transactions take place in The Ledger, a new book is created that contains the type of resource. Otherwise it is called a hash going back to the previous book. That's why we call it blockchain. Each of these books or blocks contains a series of transactions that are then linked to previous blocks in the chain, and no public identities are used when transacting with Bitcoin. Blockchain. Instead, individuals have both a public key and a private key
, which appear as a string of random numbers and letters. The private key is used to create a digital signature and the public key is used to verify the signature without revealing the private key. This process of validating transactions in a block is called mine miners. Receive a reward for some bitcoins. For each block. Successful mining, which encourages them to keep adding to the blockchain. Eventually, if someone tries to hack or undo the previous block on Octane, they will confirm each following block, which is easy to detect and reject over the network. With Bitcoin Blockchain you can see every transaction that has ever been made. From the first block without changing or modifying any records. In other words. It is a form of decentralized currency. It does not rely on trust between parties to conduct transactions. Even today, the first block in
The chain of bitcoin blocks can be found, Mind of the Mysterious Satoshi Nakamoto in Nine, showing that Nakamoto received a total of bitcoins as a prize for mining. The first block. This block is usually referred to as the Genesis Nakamoto block. They also set the Bitcoin bid limit of 21 million in the program code itself. So far, only two million bitcoins are left. It is true that at first glance this can seem very confusing and it is very difficult to explain everything in a video. But as we try now, there are many other resources you can use to learn more about bitcoin and blockchain technology. One of them is Skillshare who kindly sponsored this video. In case you haven't heard, Skillshare is an online community with great courses.a Skillshare cryptocurrency concept that
demystifies Meltem De Mirrors' Bitcoin and Beyond class, which he explains has perfectly $10 per month for a yearly subscription. Or the same price as two coffees a month. The first 1,000 people to click the link in this video's description will receive a free trial of Skillshare Premium. I myself have been using Skillshare for a long time and we still use it today to help with things like video editing. Great. I've recently started working with kinetic typography animation at After Effects, but there are many other courses available for knowledge sharing, from creative writing, web design, illustration and everything else. So don't forget to click the link in the description below and be among the first 1000 people to request a free trial of Premium Membership today.
But one question remains, how did bitcoin reach its price? Today it is, can digital currency be safe? Ingenious technology, definitely worth more than $60,000 Price is a question of claim. So how did the demand get to this point in the first place? In early 2009, after the release of their infamous white paper. Otto, Genesis Block, set in motion a series of events that would change his future forever. Early adopters of bitcoin included those in the cyberpunk movement and others who only broke bitcoin as a hobby up until 2010. Bitcoin was still worth next to nothing. That will change soon this year. In the month of May there is a man named Lazlo. In a chat with bitcoins, Honey made a post
offering to pay 10,000 bitcoins. Two days later, Laszlo, who won two large pizzas, reported that he managed to exchange his bitcoin for a $25 pizza. This was the first recorded transaction using bitcoin to purchase a tangible thing, and so the digital currency took its first major step toward being recognized as a value. May 22 at the end of 2010 was officially designated as Bitcoin Pizza Day. Bitcoin went from zero to 39 cents and the first Montreuil Gox was launched, making it easier for people to convert their bitcoins into traditional currencies in 2011. Bitcoin reached a price of $1 and we suddenly saw a surge in other cryptocurrencies. Use the same blockchain technology. Bitcoin uses these
alternative cryptocurrencies, also called bitcoins, which aim to solve their own problems with modifications to the original bitcoin. While bitcoins should be a digital currency, a cryptocurrency like ether is trying. Oh, something entirely different with blockchain technology that requires your own research and investigation. There are currently thousands of old coins and some of them have ponzi schemes or pp and dp are useless. Bitcoin has. The use of the private and public key system, which however had problems in its early years due to its bad reputation and many scandals, allowed a certain anonymity, which made it perfect for criminals and for illegal use. Silk Road was a notorious dark website involved in buying and selling illegal drugs and using bitcoins for transactions. The website itself was an elaborate endeavor that was
difficult to decipher. tolerate. Use bitcoin online currency and work in this so-called deep web because bitcoin is associated with black markets. Like the Silk Road, it worsened its reputation, which is still felt today. Another major scandal of those years was the collapse of Mal Cox's first and largest bitcoin exchange. Anyone who has handled up to 70% of all Bitcoin transactions has heard of an online currency exchange called Mt Gox. Its website was one of the largest online exchanges for digital cryptocurrency called Bitcoin. The site was closed on Tuesday. In the middle of busy flight operations. And recognized fruitful today. He cannot count 850,000, Bitcoin unexpectedly announced taps. Closed today. Lesson. Hundreds of millions of pounds of what was once the world's possessions. This is a bitcoin exchange, Mt. Fox has filed for bankruptcy protection in Japan.
But even during Bitcoin's worst days, demand continued with the launch of companies like Bitpay, which provide mobile transactions for businesses looking to accept Bitcoin, and cryptocurrency speculation peaked. New high in 2013, Bitcoin peaked at $1,000. before falling to hundreds. It was 2017. But when Bitcoin was the most amazing year, in the same year a law was passed in Japan making Bitcoin legal tender, hype and speculation continues to rise in the news. According to the title, Bitcoin has given way and reached the highest levels of all time. This is in bubble times where suddenly everyone you know is talking about bitcoin. The market has become greedy and irrational. Some companies simply added a blockchain to their name, and for the whole
As of December 2017, their share price is up 394%. The teenager was a single bitcoin worth nearly $20,000, but once the hype and speculation mounted, so did he. Dow was having a bad day. Bitcoins were bad. The price is now around seven thousand dollars. Jaw dropping nearly 15 percent tests. Life is 15% during the day. Within days of the peak, the price of bitcoin began falling, in part due to government action when cryptocurrency exchanges were banned in China. Fear of delays quickly turned into fear of losing money, and the price of cryptocurrencies fell 80% from its peak, causing the cryptocurrency to fall even worse in 2018 than the die.com collapse. I bought bitcoin
when it was worth twenty thousand dollars and I literally put three hundred thousand dollars on it, the 300 literally saved my life, you know, in December of that year and bitcoin fell to a maximum of three thousand two hundred dollars, but despite bitcoin being an accident worth thousands. And now, just three years after the 2018 crash, Bitcoin is over. Sixty thousand dollars upon check-in. Why What distinguishes a non-professional investor from an institutional investor? That's a lot of money. It is because of that. So is it being driven by recent institutional interest in Bitcoin? We see the current madness
today. Hello, Pal Companies' Venmo app will now enable their 70 million customers to buy, store and sell cryptocurrencies. Implementation begins today and will be available to all customers in the coming weeks. leon This needs to be repeated with a shocking forecast and an immediate market reaction. Tesla has invested $1.5 billion in Bitcoin and Musk accepts Bitcoin. As states and the US Federal Reserve continue to press for money to bolster the economy in the current circumstances, fears of rising inflation are growing. You see, the history of bitcoin changed in the original white paper. Bitcoin was viewed as a currency as more and more investors viewed Bitcoin as a store of value. On the site of. We'll look at
this center in the next part of this series, but it's important to recognize the institutional interest. Bitcoin was missing something before. Bitcoin ultimately has to rely on people's beliefs in its ability to be a currency or, as we are now seeing, to be used as a store of value, but there are those who say that Bitcoin is not worth the current price, or those who believe that its price has been manipulated. in the majority. The price of meat is totally and completely manipulated by a group of people in different ways. I find this whole damn development disgusting and coming from PayPal's CEO Bill Harris. Offers cryptocurrency, the biggest scam in history. Note that this is a pp and dp pattern as opposed to a minus drug with Howard trading bitcoin platforms. Wyatt's paw, get up, if you're stupid enough to buy, you'll have to pay the price one day.
The next part of this series is coming soon. If today we are immersed in hot discussion and speculation about bitcoin, the link to it will be in the description when it is published. However, I definitely recommend you to educate yourself about bitcoin and blockchain technology, especially if you are considering investing in it again. Skillshare is a great resource you can use to start learning and access many other courses. But don't forget to click the link in the description below and become one of the first 1000 people to apply for a free trial membership for a premium membership. But if you liked this video, hit the like button and give it a listen. These things are free but they really help with the channel. My friends. I wish you all the best for the rest of the day. I look forward to seeing you in the next part of the series. It's getting really interesting.