What is Bitcoin? Bitcoin Easy Explained In English 2022

What is Bitcoin

What is Bitcoin? Bitcoin Easy Explained In English 2022

What is Bitcoin? Bitcoin Easy Explained In English 2022. hi everyone welcome to itec power this is aÂ


channel which will give you more information and Â

knowledge every day so today we will talk aboutÂ

what is bitcoin and how does it work so let’s go Â

with the video please like and subscribe andÂ

stay with us when the richest person in the Â


world gives his support to virtual currency youÂ

know it’s actually big business elon musk has told Â

users to an online social media app that he thinksÂ

the virtual currency bitcoin is a good thing Â

his comments resulted in the valueÂ

of bitcoin rising significantly Â


so much so that a singular bitcoin went from beingÂ

worth 3 600 euro in march last year to more than Â

27 000 euro now as talk of the currency has goneÂ

global the bank of singapore has suggested that Â

the 12-year old currency could replace gold asÂ

its tour of value however in october the head of Â

the bank of england andrew bailey warned about theÂ

unpredictability of bitcoin saying it makes him Â

very nervous with all this talk you’re probablyÂ

wondering what is bitcoin how does it work so Â

let’s go with the video what is bitcoin so bitcoinÂ

often described as a cryptocurrency a virtual Â

currency or digital currency is a type of moneyÂ

that is completely virtual it’s like an online Â

version of cash you can use it to buy productsÂ

and services but not many shops except bitcoin yet Â

some countries have banned it all together howeverÂ

some companies are beginning to buy into its Â

growing influence in october last year for exampleÂ

the online payment service people announced that Â

it would be allowing its customer to buy and sellÂ

bitcoin yes the physical bitcoins you can see in Â

photos are availability they would be worthlessÂ

without the private course printed in saudi Â

so how does the bitcoin thing work each bitcoinÂ

is basically a computer file which is stored in a Â

digital wallet app on a smartphone or a computerÂ

people can send bitcoins or part of one to Â

your digital wallet and you can send bitcoins toÂ

the people every single transaction is recorded in Â

a public list called the blockchain this make isÂ

possible to trace the history of bitcoin to stop Â

people from spending coin they do not own makingÂ

copies or undoing transaction which is prohibited Â

by bitcoin blockchain so how do peopleÂ

get bitcoins there are actually three Â

main ways people can get bitcoins you can buyÂ

bitcoins using real money yes you have to spend Â

every kind of currency you can spare usd or euroÂ

or any kind of currency to buy the bitcoin you Â

can sell things and let people pay you withÂ

bitcoins you can sell some and take things uh Â

today nft is very popular we will make a videoÂ

about nft later but uh people are buying nfts Â

from various people how they are paying withÂ

bitcoin or they can be created using a computer Â

this is the hard job this is for the codersÂ

how they actually create the bitcoins we will Â

talk about this later so how our new bitcoinsÂ

are created so if you all already liked our Â

video please subscribe to our channel and pressÂ

the bell button to watch and learn more so how Â

are new bitcoins created in order for the bitcoinÂ

system to work people can make their computer Â

process transactions for everybody the computersÂ

are made to work out incredibly difficult sums Â

occasionally they are awarded with a bitcoin forÂ

the owner to keep people set up powerful computers Â

just to try and get bitcoins this is called miningÂ

but the sums are becoming more and more difficult Â

to stop too many bitcoins are being generated ifÂ

you start mining now this could be years before Â

you got a single bitcoin this is very hardÂ

thing if you start with this could be a year Â

so you could end up spending more money orÂ

electricity for your computer then the bitcoin Â

would be worth so why are bitcoins valuable whyÂ

elon musk has approved it why this is compared Â

to gold let’s see there are lots of things otherÂ

than money which we consider valuable like gold Â

and diamonds the aztecs used cocoa beans as moneyÂ

bitcoins are valuable because people are willing Â

to exchange them for good real goods and servicesÂ

and even cash yes bitcoin is a self-made currency Â

and this is a very expensive currency for theÂ

world right now so why do people want bitcoins Â

people some people like the fact that bitcoinÂ

is not controlled by the government or banks yes Â

there are no authority for that people canÂ

also spend their bitcoin fairly and mostly Â

although all transactions are recorded nobodyÂ

would know which account number was yours Â

unless you told them so the safety the the safetyÂ

issue is totally insured in bitcoin in an online Â

chat with social media users back in januaryÂ

2021 the world’s richest man ellen musk said Â

he was a big supporter of bitcoin he even went asÂ

far to change his twitter bio to hashtag bitcoin Â

that actually raised bitcoin value so much rightÂ

so he has repeatedly shown his support to online Â

currencies in recent years and caused majorÂ

movements in their values due to his own personal Â

work and improved this particular enrollmentÂ

led to the value of bitcoin rise significantly Â

although elon musk told about bitcoins but isÂ

it secure he told us that bitcoin is cool but Â

is it secure we have to know every transaction isÂ

recorded publicly so it’s very difficult to copy Â

bitcoins make fake ones or spend ones you don’tÂ

own it is possible to lose your bitcoin wallet or Â

delete your bitcoins and lose them forever thereÂ

have also been diff from website that let you Â

store your bitcoins remotely the value of bitcoinsÂ

have gone up and down over the years since it was Â

created in back 2009 and some people don’t thinkÂ

it’s safe to turn your real money into bitcoin yes Â

there are some people who doesn’t like bitcoinÂ

but they must like it so it i think it’s their Â

thinking way of thinking the value of bitcoinsÂ

have gone up and down over the years since it Â

was created in 2009 and some people don’t likeÂ

it’s safe to turn your real money into bitcoins Â

this concern was expressed by the head of the bankÂ

of england who was the head of the bank of england Â

mr andrew bailey yes mr bailey in october 2020Â

he said that he was very nervous about people Â

using bitcoin for payments pointing out thatÂ

investors should realize its price is extremely Â

volatile yes it’s stemly more than gold itÂ

bitcoin has made the whole market i think Â

it has made the whole market a very comparableÂ

market and it has made the market all very Â

unexpected unexpected market right so that’s whyÂ

he in 2012 2020 the bank of england andrew bailey Â

said he said he was very nervous about peopleÂ

using bitcoin for payments pointing out that Â

investors who are investing in bitcoin or whoÂ

are investing on selling things by the bitcoin Â

they should stop it because it’s extremelyÂ

unpredictable the price of bitcoin by this Â

he meant that the value could drop significantlyÂ

at any moment the investor could lose a lot of Â

money yes bitcoin is very expensive if we goÂ

to the back of this this video you would know Â

that a bitcoin was a very less in the price butÂ

today the bitcoin is very expensive bitcoin was Â

at least 320 and now this is this money hasÂ

become very expensive to everyone so i think Â

bitcoin is secure bitcoin is a good currency aÂ

good cryptocurrency but you have to think twice Â

before investing it so that’s all from the videoÂ

thank you so much for watching this please like Â

our video and subscribe our channel it will reallyÂ

help us to grow our channel thank you so much

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