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New series involving an in depth look at cryptocurrencies and I had to start off with the basics. I'll probably be going down the market cap list... from this point forward. To Start things off: I am covering Blockchain and bitcoin in just under 10 minutes. Which is very hard to explain in a short amount of time.
Voice is done by my soon-to-be wife; because her voice is much cooler than mine. She will be doing crypto and ill be doing stocks.
Here is the transcript from the video:
What is bitcoin?
Most have heard of bitcoin but few actually understand what it is and how it works.Bitcoin is a currency titled "digital gold"; it stores value as a digital asset and is also a payment system.
Created by Satoshi Nakamoto who published the invention and released it as open source software a year later. The system is peer-to-peer; cutting out the need for any middle man.
No one has stepped forward as Satoshi Nakamoto so bitcoin is not owned by anyone but does have self appointed leadership.
The most popular of the digital currencies and it is needed in order to buy alt-coins. All the other coins on the exchange are priced in relation to bitcoin value; as i write this the next most popular digital currency according to market cap is Ethereum and its value is .032485 bitcoin.
Bitcoin is revolutionary because it introduces the blockchain technology to the world. A blockchain is a database or ledger that maintains a continuously growing list of data records or transactions. With every transaction the ledger grows longer and longer; so every transaction ever made using bitcoin is on the ledger and everyone that owns a bitcoin or a fraction of a bitcoin has a copy of this ledger. There is no central authority required to approve transactions. It is fairly discreet; it gained its popularity by being used on the dark web with the understanding that its completely anonymous; but remember the ledger shows where every bitcoin has exchanged hands and to what IP address was used.
A block has an ID or hash; contains information about transactions (can be anywhere from 1-several thousand) and has a public key which identifies accounts of sender and receiver of bitcoin.
Well: It cut me off saying its way too long to post.