But how does bitcoin actually work?

If you see comments here about investing or brokers, they are scams. Videos about cryptocurrencies, evidently including ones that are just about the underlying technology/math, are hotbeds for attracting nefarious actors preying on the impressionable.

Also, hi! If you’re new to this channel, most of it is about visualizing math. I get it, you probably landed here searching for how BTC works, not to spend your afternoon getting pulled into learning about, say, prime numbers or problem-solving, but if you have a moment take a look at the rest of the channel, you may enjoy what you find.

Thank you soo much

A laudable explanation of bitcoin, even if those who hawk its virtues as a remedy for our crumbling economies are exactly the kind of people (i.e. the ruling elites and capitalists) who are the cause of such problems.

0.001 BTC transaction fee looks funny in 2022, as well as 50 BTC reward for one block

Bitcoin was founded in 2009 by a pseudonymous person or group called Satoshi Nakamoto.
Bitcoin has no central authority that controls it.
The maximum amount of Bitcoin is 21 million.
The subdivided unit of Bitcoin is called Satoshi.
Bitcoin is legal in most countries.
Bitcoin can be exchanged for other currencies and products.

If I accidentally add my block to a shorter chain, are all my computations in vain?

why so hard

Too good

So to clarify, there are two measures of security:
1. The digital signatures using secret / public keys: This authenticates transactions and doesn't allow people to change transactions after it has been signed, because the message and secret key make the signature. I.e. it lets me know that no one is stealing money from me.
2. The hash for the block of transactions: After making sure each transaction is valid with a signature, we want everyone else in the world to know the valid transaction happens. I.e. that the money is transferred and people know person A now has 10 LD from person B.

Together these two provide the following: Makes sure every transaction on the block is true (1). Makes sure everyone knows all the true transactions (2).

If (1) fails, then you can make fake transactions. If (2) fails, then even if you have real transactions no one will believe you.

Is this line of thinking correct?

THE BEST EXPLANATION!

A melhor explicação sobre BTC que eu ja vi.

You should make an updated video about PROOF OF STAKE, and other Cryptocurrencies

Would of been good if you elaborated why bitcoin blocks are the size they are. It becomes difficult for people to maintain and hold a copy of the ledger the bigger the blocks get. This makes it easier for bad actors to potentially fraud someone on the network.

I absolutely loved this video. I love how deep into the nitty gritty you go, no other explanation has gone that far that I've found and the fact that this video is 5 years old is astounding.

can you make a video explaining proof of stake?

The biggest issue with the blockchain is privacy. Since it publicly tracks all transactions there really is no way to pay anyone without it being public record. Every transfer of funds, be it a tip, gift or payment then it is publicly logged.

Hello there! The people who actually understand crypto are truly the backbone of the market and the driving force behind all the innovation we are seeing. For anyone and everyone who understands crypto and helps others understand it, I thank you all!

If you don't mind answering, I have a little doubt.
Since 3Blue1Brown said that transaction fees is slowly becoming the major income source for miners as block reward diminishes, what if, in the future, miners choose to include only those transactions in their blocks which include transaction fees?

Would we always have to pay a little more each transaction so as to please the miner and make him include your transaction to the block?
Who is to stop the miners from doing that? Having to always pay more than needed would be very bad for the users and that might just erase people's trust in the crypto market.

Like my dad has actually stopped using credit cards because they always charge 1% service charge per transaction, and so he had to pay more than he wanted to. This way, they lost a customer. Will the same happen to crypto market if the scenario I described above happens?

Thanks in advance!

First time I've actually understood bitcoin. Thank you.

Thanks!

Amazing video!

this is probably the best explanation on blockchain and bitcoin thank you .

Thanks buddy

Right now it doesn’t, as I understand it.

It's ggod to have a reasonable explanation

So far, the best explanation I've ever heard.

In this report, as with every other documentaries about CrytoCurrency and BlockChain, in my mind, I can hear Charles PONZI talking to another potential sucker ... this "Get-Rich-At-The-Speed Of-Light-Because One-Day-Justice-Will-Do-Something-To-Kill-This- Scheme" is not even a Pyramid Scheme, it is a "Büchner Funnel Scheme"©, very wide on one side, at the mid-point it gets very narrow. Guys, use money, be honest, stop affecting the economy for the majority with these unethical, felonious plans ... make money by working hard!
Please!

How Bitcoin actually works: Whales and promoters pump and dump worthless tokens to the minnows.

Come and see my work! You will gain a lot~

Is it always the number of 0's used in Bitcoins POW consensus? Surely that means that you'd just need to save the solutions when you find X number of 0's at the start of each computation and then pulling from your stored solutions? Instead is it the character length at the start of the output hash that changes, but each of the characters can be 1's or 0's?

Totally agreed it by far the easiest to
access and Doe's not involves physical
labour

Bit coin works by the government flaws they made. This is why America is truly a free country now as the No face squad moves up… aka all the hackers and scammers alike. Thanks america for this one!

This video is made with heart...step by step explained.

I had a comment with a few problems that Bitcoin has and it keeps getting censored. It pains me when a society is only fed one side of a story and ignores any problems. Where is the free flow of information, where can you hear both sides of the story?

What happens if no one “mines”

THANK YOU SO MUCH FOR THIS VIDEO

thank for this video. nice 100%

Why do we need proof of work even though we have digital signature? Why do all of us need the ledgers?? Can't we just write the transactions on the public ledger with the digital signatures? Some answer it pleaseeee😂😂😂😂😂😂😂😂😂😂

Your truly, truly understand bitcoin and the systems in place now to explain this so well and to draw distinctions.

Love your work!

Thank you grant 📈

Great video .explain every detail in form of everything. Realy like this video

Thank you!

ㅅㅂ 자막이 나무위키 스러워서 보기가 싫다

This video has much more than 26 of knowledge, I watched it with slow playing to understand how deep is blockchain.
Thanks

<Please I need someone to help me trade or invest in the forex or crypto market because I'm tired of trading in losses myself. I've blown my account twice and it's frustrating

Who's Charlie? 🙃