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What bitcoin is | what is Bitcoin
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what is bitcoin

What bitcoin is | what is Bitcoin


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What bitcoin is so what is Bitcoin

what's his use right now should you invest in Bitcoin and I try and cover

This in plain English in as short a time as possible.

I hope you're keeping well so as promised the first most important one before we even consider

should we invest what's going on in terms of the technical analysis is you

need to know what you're investing in so if you're new to Bitcoin or you'll be already invested this could help and again completely plain English

because I remember a few years ago when I was getting involved with Bitcoin you know when there was all the hype

I still wasn't really sure what was actually going on and a lot of the YouTube content wasn't particularly helpful so

let's see if this is better so first of all the point of Bitcoin let's talk about unanimity when you're using cash

for example, you're in a grocery or you know somewhere else and you're paying for something with cash I know it sounds obvious but realize that the cash doesn't have your name on it nobody can actually pinpoint whose cash that actually is however the drawback at the moment with

for example credit and debit cards because you don't really use cash is that it has your name on it has your details address etc so if you make some big purchase online is very clear who's making that purchase even if you kind of change the delivery address to somebody else so one of the roles of

Bitcoin would have been to maintain that anonymity by using long kind of Internet source code links almost like long URL and nobody can really pinpoint then in

a Bitcoin transaction who actually ispaying and who is actually receiving the Bitcoin so it's a lot like cash Waze even though nowadays we don't really use

cash at all so the problem is not really an anonymous system next thing,

with Bitcoin that you need to understand is there's a limited quantity and

although they're still mining going on and I'll discuss that shortly we're pretty much at the point where 85% of the Bitcoin that's out there already exists in circulation so we're nearly at maximum levels and that's really key to understand because

the alternative is fiat currency and fiat currency is basically like monopoly money — just to make it short and sweet for you why is it like monopoly money well the dollar bill.

for example or a ten pound note itself it doesn't actually have any intrinsic paper value the value all comes from what we believe which is at the moment

that we all trust that these dollar bills or pound notes will buy us something and we'll be a money exchange now whether that changes in future that

something we'll be discussing in this series of videos so previously ,

for example when they printed a dollar bill they would be promising you a dollar but you could always exchange that dollar

for a certain amount of gold that's not

the case anymore so that what's happening right now as you probably notice is we're printing more and more money and that's what you can do in a

fiat currency when Bitcoin you can't just print or create more and more Bitcoin almost all the Bitcoin that will ever exist is already in circulation so that limitation gives it more value and gives it more trust next open decentralized so what does this mean

well basically at the moment in theory as long as you have an internet connection anywhere in the world let's say you're in a random village in the

middle of the Amazon rainforest you can buy bitcoins sell Bitcoin exchange Bitcoin as you please nobody needs to check anything about who you are where you're from etc in theory you just need the web and a click of a button and you're up and running

how is that different from the system we have immediately well tons of you'll know with bank accounts that we're in a centralized kind of system at the moment, we're even just to open a bank account.

for example, you need lots and lots of details lots and lots of identification and other proof and even then the bank is in control they can take your money and do as they like with it and they will likewise keep a log of the entirety of your transactions it's all there printed

clearly your bank knows what you've been spending your money on next security and the flip side we'll discuss as well and before I discuss this if you're enjoying

have I delivered in my promise to explain it in plain English so the way it works with Bitcoin is

let's say you're making a transaction to a friend so you click a couple of buttons and then bitcoin is sent to your friend well when the transaction actually

occurs one thing that's necessary is to make sure you're not using Bitcoin that you had already spent so it's known as kind of like double spend and the way

Bitcoin and other cryptocurrencies get around this is that they monitor from many computers across the globe

whether this transaction was basically genuine that's a shortcut there for you

you don't need to get into blockchain and all of this stuff to overcomplicate things that the bottom line is it's a more secure system and the community in a sense

works together to keep it secure now why would people hook up lots of computers to make sure this is a secure system well they get a reward in Bitcoin for doing this it's a small kind of reimbursement for their time and the amount of electricity pretty much they're using to monitor these transactions and this all goes back to

the concept of control with Bitcoin you have full control over what's going on with your spending and your money remains anonymous remain secure and you don't get horrible scenarios like this so this is what is a bail in so basically if you never heard of this

before this is you depositing your money in a bank and in the long run if the bank is either struggling or taking risky speculative kind of investments with

your money they could end up losing it all and if they do not get bailed out by

the government they're going to take your money and that's the bail in that money is going to be used to pay off whatever

debt the bank gets into now I do know that sounds crazy but just research on Google Va lens and you'll see that in some countries this has actually happened already so that's it with Bitcoin and cryptocurrency it's an alternative to the system of currency we have at the moment now this is a part one

In part two I'm going to cover would you actually invest in Bitcoin and I'm gonna discuss with you the most important reasons why people have been doing that and why I believe everything's lined up

now for a potentially huge move in the price of Bitcoin

Smile FAKHRY Smile

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