CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers. Stay safe 🙏🏻🙏🏻🙏🏻
Is bitcoin the new gold rush? Like a new era like the 80'w and cocaine money..is it something you can get deeply involved in and make a fortune..? Or is it a fad?
If you watched this video first it would have been just as confusing as the others you watched. By watching multiple videos on any new subject it'll take a few goes for the knowledge to sink in. So this video merely cemented what you had already picked up from previous videos. Have a nice weekend.
@@theheavytruth6309 its here to stay but BTC will be a collectable. The idea is to get people used to digital currency and then everybody to Central Bank banked digital currencies. Essentially a gateway to introduce the new digital Fiat system. There is lots of money to be made though you have to research the projects and the tokens that you were purchasing. Blockchain technology is the real prize here not BTC
0:42 The Block Chain And Bitcoin 1:03 How do we tell wether something is fake or real? 1:57 Power, Information, History 2:21 Subprime Crisis 2008 3:54 Decentralization, Implemented by Blockchains 4:28 The pages are “linked” or “chained” 4 Blockchain Elements (8:46) 5:36 (1) Peer-To-Peer (2) Cryptography (3) Concencus Rule/Algorithim Ex. Proof of Work 7:40 (4) Punishment and Reward *5) Market Adoption (Reaching Critical Mass) 10:06 Ethereum 10:30 Private Blockchain 11:02 Public Blockchain Valid/Invalid 12:02 Is Blockchain Tech. “The Next Big Thing” ? 13:20 Are we ready? 13:38 “An open, censorship resistant method, for managing records by the public”
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto + 1 4 4. 2 2. 4. 4. 7 8. 8 1 Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
you ever just watch 100 videos of blockchain and never get it, but then u find that 1 video and you're like "OHHHH I get it now." This was my "1 video"
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto + 1 4 4. 2 2. 4. 4. 7 8. 8 1 Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto + 1 4 4. 2 2. 4. 4. 7 8. 8 1 Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
Very well presented. Clarifies a lot. The resistance to this tech is due to 2 factors: 1) Uncertainty or Security fears, as there's no proven history 2) Lack of awareness. This is exactly how huge corporates reacted when Cloud computing started. Now Cloud is everywhere. Such tech is always 'blocked' before it gets accepted by all. 😄👍
wow thank you for this! this is the first video that i've felt like, okay, i *finally* get this. thank you for the analogies and examples! they are abundantly helpful.
Nate, with all of the "cryptocurrency-blockchain-DeFi" buzz going around these days, I just had to dig deeper. I found this video, and it helped me out immesnsely! Thanks!
Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. - People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.”
When bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the goverment …[that] is actually pretty cool.”
It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.”
7:17 Does that make sense though? How is entitlement to write the next block come from doing work? Unproductive work as well right? Please someone explain to me how the mass of energy needed to work on a hash is put towards anything? Does writing the next block need this much energy?
Wikipedia is a pretty bad example of the wonders of decentralization. I've seen some horrendously biased entries on Wikipedia, and lots of important information cleverly omitted. Otherwise, I think this guy does a damn good job explaining.
Your clarity of explanation is very impressive. One thing that remains vague is to me at least is if mining is problem solving/guessing by sophisticated computers, who or what is initiating the problem that needs solving?
This was one of the most thorough explanations of Blockchain that I have encountered. immediately, after watching, I subscribed and hit the notification button. Easy and simple to understand. Love it!. Please continue to post!
Liked and subscribed . Im new to Bitcoin but I’m glad I getting involved now before everyone thinks I’m crazy. Your videos are simple and very informative.....Continue to do your due dilenge
1. when I turn off my computer how I am helping to verify transaction? 2. if each node on network has common decentralised data of transaction, how my small desktop handle such big data ? please clarify. thanks
Investing in bitcoin is the best investment anyone can do this, because it has made a lot of people millionaire. I pray that anyone who reads this will be successful in life
0:41, today's subject. 3:54, "Decentralization" . 3:59, "Blockchain". 5:41, first component: "Peer-to-peer NETWORK, a network of computers also know as NODES". 6:00, "Second ingredient : Cryptography [...] to verify messages and prove the authenticity of my own messages". 6:28, "Concensus Algorithm (rule) [...] proof of work [...] to find the solution to math problems, [...] and consume a lot of Energy". 7:39, "Punishment and Reward; [...] to always follow the rules. [...] a token or coin awarded each time a consensus has been reached and a new block is added to our chain". 9:49, "so, there you have it". 10:27, "Private or Closed Blockchain". 12:02, "Is Blockchain Technology the next Big Thing?". 13:21, "Is our world ready for more complex Blockchain implementation?".
It's been a little over a year since our oldest son, Nick introduced me to crypto currency. Nate, you have really taught me a lot and it's getting easier to follow you!💕
Why in your video you said that after one block is not enough? And we have to wait until 6 blocks to confirm the transaction. And the real question is what would happen if I confirm at 3 blocks. And after the 6th block came along I found that it was not a legal transaction? Than you
These guys promote the new version of the wonderful new world. As with any idealistic, futuristic novelty, everything is fabulous in theory but not so in practice.
At 4:13 - What exactly is the problem with centralization? For things like banking, work pretty good. In my whole life I’ve never had the bank make a mistake and it doesn’t really cost me much. Credit cards can have a higher transaction cost but for every day items not too bad, plus you have access to returns and refunds and benefits and protections if someone tries to scam you. If you compare today to 1950, sure things cost more but we also make more and things are way better. I mean who doesn’t have multiple personal communication and entertainment device called a phone? Homes are twice as big cars are twice as nice and way better. Most families have multiple cars. I can understand people being concerned a about central authority is messing up the economy or financial system like Argentina or Venezuela or something. But on a whole we haven’t gone down that track in the US. I guess I’m just not seeing a huge problem with centralization overall with certain things. Although I certainly see there could be pitfalls. And I don’t like big government and I like being in control and being responsible of myself.
this was a great video. understood the concept in different analogies and had an A-HA moment so thats always nice. Also, i like how your video layouts are setup and will think about your layout when i start my educational videos.
What I cant wrap my head around is who inputs the initial information into the block chain, doesnt the information inherently come from a centralized source?
Hello Nate, thanks for the video! I have some questions: how do we know there is the need to create a new block? Who makes that request and who answers it: anyone else? companies which want to solve their problem? Can you give an example of an application of blockchain technology in real life?
I'm so confused as soon as you got to proof of work. Are the new blocks filled with information or empty? And who or what is giving these "rewards" to people that "solve" complex math problems? Moreover, who or what has the answers to these complex math problems to verify the answer? And the entire point of solving these math problems is simply to reward someone with the ability to make more blocks? I'm so confused...
Lol, Loved the end. You are great. Always wondered how the technology or concept of bitcoins worked. You did a great overview for the un-savvy folks like me. Much obliged, 🧐 👏👏👏👏👍💞❤️
One concept I can't wrap around my head is, if every user/individual in the blockchain has the exact same data/ledger information isn't this data redundancy at the tremendous level, and how much data storage is used for every single transaction ??!!!!??
I am navie and trying to understand block chain .. can someone tell me in plain english what exact math problem do one need to solve to add a block ?? What decides the complex of the problem ?? How does one calibrate the complexity?? Appreciate your insights .. thanks
CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers.
Stay safe 🙏🏻🙏🏻🙏🏻
SODISC MORA SEZNITI NE MORE MOJJE PLATFOME IMETIseznati
Not way sam
Sami ste se zajemali dokazali steseday
This series is outstanding! Best in class.
Full marks for Encyclopaedia Britannica comparison very intuitive way to understand the difference.
I’ve watched a few videos about blockchain and this is honestly the only one that helped me understand what it is, thank you!
Is bitcoin the new gold rush? Like a new era like the 80'w and cocaine money..is it something you can get deeply involved in and make a fortune..? Or is it a fad?
If you watched this video first it would have been just as confusing as the others you watched.
By watching multiple videos on any new subject it'll take a few goes for the knowledge to sink in.
So this video merely cemented what you had already picked up from previous videos.
Have a nice weekend.
Sameee easy to understand
@@theheavytruth6309 its here to stay but BTC will be a collectable. The idea is to get people used to digital currency and then everybody to Central Bank banked digital currencies. Essentially a gateway to introduce the new digital Fiat system. There is lots of money to be made though you have to research the projects and the tokens that you were purchasing. Blockchain technology is the real prize here not BTC
Me too
By far the best explanation of Bitcoin & Blockchain I've seen.
0:42 The Block Chain And Bitcoin
1:03 How do we tell wether something is fake or real?
1:57 Power, Information, History
2:21 Subprime Crisis 2008
3:54 Decentralization, Implemented by Blockchains
4:28 The pages are “linked” or “chained”
4 Blockchain Elements (8:46)
5:36 (1) Peer-To-Peer
(2) Cryptography
(3) Concencus Rule/Algorithim
Ex. Proof of Work
7:40
(4) Punishment and Reward
*5) Market Adoption (Reaching Critical Mass)
10:06 Ethereum
10:30 Private Blockchain
11:02 Public Blockchain
Valid/Invalid
12:02 Is Blockchain Tech. “The Next Big Thing” ?
13:20 Are we ready?
13:38 “An open, censorship resistant method, for managing records by the public”
@Cecilia Paskah New mining company paying !! 0.007 cents the SHA256 !!! + 3% a day !!! uniex.biz?ref=Ayamasato
This video should be moved up on the playlist. It's very helpful for understanding the previous videos.
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto
+ 1 4 4. 2 2. 4. 4. 7 8. 8 1
Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
One of the best videos (if not the best) I have seen on understanding what bitcoin and blockchain is.
you ever just watch 100 videos of blockchain and never get it, but then u find that 1 video and you're like "OHHHH I get it now." This was my "1 video"
This was me for like a fuckin week
yep, me too.
Yeah, this one actually explains it well and doesn’t just try to describe it as transactions or whatever
No
U need to watch all different video of Blockchain so in the future you will get it what they said
Our mission is to inform people about blockchain. You are doing a great job!
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto
+ 1 4 4. 2 2. 4. 4. 7 8. 8 1
Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
With all due respect, Dude you´re the man. Excellent explanation!
DUDE COME ON
You my friend are a great teacher without all the jargon/lingo
Wonderful comment I really appreciate a lot write my administrator on whats app to assist you make profits in crypto
+ 1 4 4. 2 2. 4. 4. 7 8. 8 1
Do well to tell him I referred you to him his strategies are top notch 🇱🇷🇱🇷☑️
Very well presented. Clarifies a lot. The resistance to this tech is due to 2 factors: 1) Uncertainty or Security fears, as there's no proven history 2) Lack of awareness. This is exactly how huge corporates reacted when Cloud computing started. Now Cloud is everywhere. Such tech is always 'blocked' before it gets accepted by all. 😄👍
wow thank you for this! this is the first video that i've felt like, okay, i *finally* get this. thank you for the analogies and examples! they are abundantly helpful.
Glad it was helpful!
watching this video is a game changer for me walking into the future
Nate, with all of the "cryptocurrency-blockchain-DeFi" buzz going around these days, I just had to dig deeper. I found this video, and it helped me out immesnsely! Thanks!
Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty
inconvenient.”
Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. - People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.”
When bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the goverment …[that] is actually pretty cool.”
It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.”
Love the blooper reel at the end
This is very informative. I like that you did a bloopers at the end. Made learning fun!
How long before this can be used in general by everyone ?
Thanks for such a video, I have seen that many fails to explain the concept so clearly.
Thank you for the video. For me, as a beginner, everything was supper clear and straightforward.
This video was by far the most accurate on the blockchain technology.
Inbox
+1.3.8.5.3.5.0.0.6.8.7,,,
Your storytelling makes learning about crypto so enjoyable.
You can have my subscription. dude your explanation is the clearest on the internet
Omg this is the best and simple explanation of blockchain I’ve ever watched so far thank you so much for an amazing video.❤️
Inbox
+1.3.8.5.3.5.0.0.6.8.7,,,
Thanks for such lucid and simple explanation, it made my day !!
7:17 Does that make sense though? How is entitlement to write the next block come from doing work? Unproductive work as well right? Please someone explain to me how the mass of energy needed to work on a hash is put towards anything? Does writing the next block need this much energy?
Is it a application, system, platform or something else???
this video explains blockchain so well. Good job
Very useful video. Thanks for creating it and sharing it with everyone.
Watching this video made me go from 0 to 100 thanks a lot:))
the beginning of this video before he even spoke anything about blockchain was fantastic. wow.
man I love your videos, they are so easy to understand and are really making me understand everything! thank you so much for your wisdom.
Wikipedia is a pretty bad example of the wonders of decentralization. I've seen some horrendously biased entries on Wikipedia, and lots of important information cleverly omitted. Otherwise, I think this guy does a damn good job explaining.
This is an incredible video. Well done. Thanks
Great video. Brilliantly developed. Thanks Nate Martin. Love the bloopers at the end.
Have you invested..!
your videos are high quality man. keep it up
loved the video. been looking to educate myself on this tech and hopefully be able to spread the information. Thank you
Best explanation so far that has helped a dummy like me to understand it. Thank you.
Didn't work the first time, but after restarting, everything ran smoothly!
I learned something new today; thank you for sharing your knowledge.
I Love your video because your a good Educator and your English is simple and clear coupled with the content you present. Thanks
Agree Abang
Your clarity of explanation is very impressive. One thing that remains vague is to me at least is if mining is problem solving/guessing by sophisticated computers, who or what is initiating the problem that needs solving?
This is the second video I’ve watched. Vastly under subscribed channel. Thank you for your content without all the fluff and flare
I learned alot today from your explanation, thank you so much Blum team
This video makes me understand blockchain very well.
Outstanding, have now a better idea of what blockchain is {for dummies lol}.
Now a subscriber.... keep up the good work.
This was a great explanation especially for someone with a finite attention span
This was one of the most thorough explanations of Blockchain that I have encountered. immediately, after watching, I subscribed and hit the notification button. Easy and simple to understand. Love it!. Please continue to post!
Welcome aboard! Glad you love it.
This video was so helpful much easier to understand,explained so clear thanx!
Very informative thank you. I have just started investing in bitcoin and you have answered many questions I have had.
Very concise and simple explanation.
THanks soo much. Your tutorials are the best
Liked and subscribed . Im new to Bitcoin but I’m glad I getting involved now before everyone thinks I’m crazy. Your videos are simple and very informative.....Continue to do your due dilenge
1. when I turn off my computer how I am helping to verify transaction?
2. if each node on network has common decentralised data of transaction, how my small desktop handle such big data ?
please clarify.
thanks
Investing in bitcoin is the best investment anyone can do this, because it has made a lot of people millionaire. I pray that anyone who reads this will be successful in life
This is the great time to purchase and invest in bitcoin, most now that forex market is over all form of investment online
by far the best presentation of what blockchain. Keep it up please.
Yep, I've seen other "simple explanations" of the blockchain concept, but this one is it!
0:41, today's subject. 3:54, "Decentralization" . 3:59, "Blockchain". 5:41, first component: "Peer-to-peer NETWORK, a network of computers also know as NODES". 6:00, "Second ingredient : Cryptography [...] to verify messages and prove the authenticity of my own messages". 6:28, "Concensus Algorithm (rule) [...] proof of work [...] to find the solution to math problems, [...] and consume a lot of Energy". 7:39, "Punishment and Reward; [...] to always follow the rules. [...] a token or coin awarded each time a consensus has been reached and a new block is added to our chain". 9:49, "so, there you have it". 10:27, "Private or Closed Blockchain". 12:02, "Is Blockchain Technology the next Big Thing?". 13:21, "Is our world ready for more complex Blockchain implementation?".
Thank you! I love good teaching and to the point.
Outstanding explanation......thank you.
Thanks for such a well organised information
With highlights of major topics u will covering in the video
Great job.....thnaks and you have e new follower.
Excellent!! Can you further explain Rewards and Punishment? What are they based on?
It's been a little over a year since our oldest son, Nick introduced me to crypto currency. Nate, you have really taught me a lot and it's getting easier to follow you!💕
Why in your video you said that after one block is not enough? And we have to wait until 6 blocks to confirm the transaction. And the real question is what would happen if I confirm at 3 blocks. And after the 6th block came along I found that it was not a legal transaction? Than you
WOW! so well explained! Well done Nate!
These guys promote the new version of the wonderful new world. As with any idealistic, futuristic novelty, everything is fabulous in theory but not so in practice.
Thank you kindly for an explanation of the blockchain.
At 4:13 - What exactly is the problem with centralization? For things like banking, work pretty good. In my whole life I’ve never had the bank make a mistake and it doesn’t really cost me much. Credit cards can have a higher transaction cost but for every day items not too bad, plus you have access to returns and refunds and benefits and protections if someone tries to scam you. If you compare today to 1950, sure things cost more but we also make more and things are way better. I mean who doesn’t have multiple personal communication and entertainment device called a phone? Homes are twice as big cars are twice as nice and way better. Most families have multiple cars. I can understand people being concerned a about central authority is messing up the economy or financial system like Argentina or Venezuela or something. But on a whole we haven’t gone down that track in the US. I guess I’m just not seeing a huge problem with centralization overall with certain things. Although I certainly see there could be pitfalls. And I don’t like big government and I like being in control and being responsible of myself.
Outstanding video. It helps me a lot to understand blockchain hype
Wow i actually understood that pretty well. Damn good explaination. Thanks!
oh my gosh the bloopers at the end hahahha you're INCREDIBLE in your explanations... thank you so much
this was a great video. understood the concept in different analogies and had an A-HA moment so thats always nice. Also, i like how your video layouts are setup and will think about your layout when i start my educational videos.
Yes absolutely
An Exceptional, and Excellent video...Thank you.
The best explanation I gone through so far ❤️❤️❤️👍👍👍
Wow, thank you!
What I cant wrap my head around is who inputs the initial information into the block chain, doesnt the information inherently come from a centralized source?
as always: great video.
Hello Nate, thanks for the video! I have some questions: how do we know there is the need to create a new block? Who makes that request and who answers it: anyone else? companies which want to solve their problem? Can you give an example of an application of blockchain technology in real life?
5:41 Who exist on this network ? Example I am not involved in any blockchain technology
Thank you for explanation I learnt something from you
What is the best currency to buy now?
I'm so confused as soon as you got to proof of work. Are the new blocks filled with information or empty? And who or what is giving these "rewards" to people that "solve" complex math problems? Moreover, who or what has the answers to these complex math problems to verify the answer? And the entire point of solving these math problems is simply to reward someone with the ability to make more blocks? I'm so confused...
It is hard work to make these videos by the look of the bloopers. It is harder to explain complex concepts clearly. Great job. 👍
Nice video! very informative.
Hello
Thank you, this is very helpful!
Flexa/Amp token awesome project for payments imo...Awesome video thanks for the breakdown and knowledge
Beautiful explanation! 👏👏
If there is no centralization then it would make black money flow easier... Am I right or wrong?
Lol, Loved the end. You are great. Always wondered how the technology or concept of bitcoins worked. You did a great overview for the un-savvy folks like me. Much obliged, 🧐 👏👏👏👏👍💞❤️
The best explanation of blockchain ever. AI needs one just like it. So many things are misunderstood or hyped.
Great explanation!
One concept I can't wrap around my head is, if every user/individual in the blockchain has the exact same data/ledger information isn't this data redundancy at the tremendous level, and how much data storage is used for every single transaction ??!!!!??
Very well explained!! Thanks for the Video!
Thank you I'll show all my friends this I really appreciate you taking the timeout to make this video for us
Wow perfect explanation! Definitely won my subscribe!
This thing always be more and more complex to understand .
I am navie and trying to understand block chain .. can someone tell me in plain english what exact math problem do one need to solve to add a block ?? What decides the complex of the problem ?? How does one calibrate the complexity?? Appreciate your insights .. thanks
So if you control the access to the internet , do you control blockchain indirectly?
@@josephsteven6358 well that's helpful, maybe if I weren't damaged I could understand better.
Great video. Maybe an updated one with current faster coins and technology?
Absolutely fantastic! Wish I could have watched it earlier!