Added note: Nowadays a node is not just for mining. There are different types of nodes. This video is very basic and is meant to give a simple explanation of Bitcoin according to the white paper. There are a lot of things I didn't cover like how digital signatures work, block sizes, etc. The world of Bitcoin is full of rabbit holes to explore. I made this video to help my friends who don't know anything about cryptocurrency to get a basic idea of Bitcoin.
Best analogy of trying to explain what is a hash. I am going to use the ‘bread/cooking’ analogy with all the students i try to teach. Thanks for the video, it was good. (James sent me here)
Thank you so much for this video!! It’s *chefs kiss* with the explanation. I haven’t read it yet but I feel like now I can read it and understand what’s going on. You are appreciated!
I’m so glad I found this video! You’re the only person to explain it like I’m literally dumb, bc that’s what I needed! Don’t know why this video didn’t come up when I searched for it though (just found it in randomly as I scrolled on another video).. THANK YOU!
The only problem is that you can devide Bitcoin. You don't have to have a full coin. So that Means the Total amount of Bitcoin fractions is unlimited because you can keep deviding them. And unlike gold, where the value of gold is measured to the amount of kg, Bitcoin is a piece of code that has no intrisic value to measure it's value against.. Or am I wrong?
Boy... that was really useful! I watched the video till the end! I really like the bred recipe thing -) Appreciate your efforts! I really like your approach! It was fan! All the best !
@@UrbanCaffeine You get it! And we are in great need of educators. To understand cryptography just imagine the statement: if gloves are for hands are what socks are for feet and if I state that one finger is equal to one to, then you would have 1 to 1 finger to toe. Not sure if it was the best example but I want to thank you from the bottom of my heart for going through the whitepaper. Thanks!❤
Seems like once there is no more halving or no more influx of bitcoin then the economy of Bitcoin goes stagnant either everyone dumps it or everyone will hold it
@@UrbanCaffeine Instead of everyone dumping it, it could turn into something more along the lines of rare coins. The less that is available, the more valuable it is to someone else. I'll bet nobody back in the day thought a US $20 gold piece would have much more value than $20.
I donf believe it I cant even make a shopify website how can all this be made worldwide from small obscure idea . Who made the software who made the hardware this is all in the realm of impossible.
@@UrbanCaffeine whoa ArkInvest? Just by association that already makes you a celebrity. I honestly just waiting for a thread of “oh who’s james?” “James is my broker. I was skeptical at first, but I wish I met him sooner. He has already made me $25k in forex and crypto trading in just 2 months” “oh really? How can I contact Mr. James” etc etc
