How Does Bitcoin Work? Simple and Precise Explanation 

Can I donate you in Bitcoins ;)

Curious, I noticed that the narrator for each video is different. But I like all of their narration voice, can I know who did the narration for this episode though?

@@poilapan At the beginning I was doing both scriptwriting and narration

Lol.tell me about hash256; my friend:)

Thanks, I really appreciate it

"bitcoin price immediately crash"

man I hate this comment. Though nothing you said is technically wrong you should do more research

@@iphgfqweio What a surefire way to not refute it at all

@@csurname the concepts of btc and nft are living in different worlds. both have their place somewhere and for NFTs there's an ongoing discussion. POW of btc has also benefits and yes some negatives which need to be considered. so nothing fox said can be clearly refuted but I still can sense a lack of deeper understanding. what else can I say?

@@iphgfqweio NFTs basically are a vehicle for speculation in which many of the high sellers are often creating accounts to buy their own NFTs to raise the selling price and profile, aka a scam. Plus NFTs are horrendous for actual artists who make a living because many NFT creators are stealing artwork.

@@iphgfqweio imo stick with bitcoin if you want to support crypto. Its not as solid as legal currency but its got some legitimacy.

Even if it would cosume litteraly no energy, bitcoin would still be unsuitable as a currency It isnt anonymous, it's very slow and it's just altogether impractical as a currency Only some specific cryptos like Monero can be used as an actual currency And no, the energy consumption of cryptos is not a problem, this is just a lie spread by crypto-opponents to damage crypto No matter how much energy something consumes, it's not a problem. The only problem is where this energy comes from, which just shows us again that we have to switch to renewable energies as soon as possible, but this wont happen that easily because those people who oppose crypto are the same people who prevent the development of green energies and promote the use of obsolete energies like coal

@@du42bz the source of the energy is harmful, therefore the energy consumption is a problem.

@@Mugenri You were implying that energy consumption is inherently bad on it's own, you didnt even mention the source of the energy in the slightest way Again: High energy consumption is not inherently bad, it's the source of the energy which can be bad. If all the energy was won from renewable sources then cryptos could consume as much energy as they wanted, it wouldnt be a problem

@@du42bz yeah but all energy isn't green. It isn't even close. Cryptos consume a significant amount of energy, and that's only going to increase the more people get into it.

@@Mugenri Do what you want, but I will keep using cryptocurrencies because I dont trust government currencies. In fact, I encourage you to continue using whatever currency you want because you can compensate my own carbon footprint.

No, cause oil is actually used for other services. Bitcoin proofing is just to verify transactions, like hiring 1000 consultants every day just to make sure they agree on your $57.65 Kroger receipt. Like ok, but I still have to spend the energy to deal with food ON TOP of that blockchain nonsense.

Answering your question 4 months later because I feel like it: Bitcoin can be used like money, but there are a few reasons why it it doesn't work *as well* as traditional fiat currency. 1. It takes a ton of resources to process transactions. Thus, when people buy something, if they have the choice to spend their dollars or their crypto, they will usually choose to use their dollars since it necessarily costs an extra fee to use the crypto. This problem can't be solved. 2. Crypto changes in value drastically. Quickly fluctuating value makes money very awkward to use. It's unclear (to me personally) whether or not this problem can be solved. 3. There is no fundamental value to crypto. Crypto has value only as long as people believe it will succeed. If people lose faith, the value falls to zero. If people lose faith in the dollar you still need it to pay your taxes or the government takes your stuff

​​@@32Tumbles > 1. It takes a ton of resources to process transactions ... This problem cannot be solved It can be solved and actually, it was solved. Cryptos like Ethereum that use Proof of stake consume a tiny amount of electricity. There's also technology called "Layer 2", that can drive the transaction fees nearly to zero

Exactly. Money is already a scam to begin with.

@@naturequeen2597 that's the point. At least bitcoin can't be printed by USA for free to fuck with other countries

Spread the word

@@RationalAnimations let it rain

why abolish currencies?

@@flydrop8822 Basically, because it's possible for someone who has a lot of currency to possess a lot of power in a market, power they're likely to use to control the means of production for themselves and, therefore, its workers.

@@sapphirestarblazer6805 That is the Labor Theory of Value, and sorry but it's wrong. Besides, who gets to decide who has the rights to control the means of production? The government? We know how that turned out... Currencies are vital to modern society because they allow individuals to easily trade goods in the market by easily comparing prices and with a free market comes economical growth which brings people out of poverty. The only reason you and me can live in wealth today is because of the free market. Don't get me wrong, I hate big corporations and capitalists too but the solution against them is the free market. Descentralization of services allows us to choose better services and force the rich to adapt, instead of relying on lobbyism to win over every small business.

@@flydrop8822 I'm curious- have you ever considered the idea of us, collectively, as workers, owning the means of production? Because that's a pretty viable option to consider as well.

@@sapphirestarblazer6805 Sure, that is the point of the free market, as long as it is voluntary any form of organization of companies can work. There is no need to abolish currencies and private ownership to allow for worker coops. If they are better than traditional capitalist companies, they will outcompete them easily in a free market.