Placeholder Image

Subtitles section Play video

  • What is Bitcoin?

  • Bitcoin is the first

  • decentralized digital currency.

  • Bitcoins are digital coins

  • you can send through the Internet.

  • Compared to other alternatives,

  • Bitcoins have a number of advantages.

  • Bitcoins are transferred

  • directly from person

  • to person

  • via the net

  • without going through a bank

  • or clearinghouse.

  • This means that the fees are much lower,

  • you can use them in every country,

  • your account cannot be frozen

  • and there are no prerequisites

  • or arbitrary limits.

  • Let's look at how it works!

  • Bitcoins are generated all over the Internet

  • by anybody running a free application

  • called a Bitcoin miner.

  • Mining requires a certain amount of work

  • for each block of coins.

  • This amount is automatically adjusted

  • by the network

  • such that Bitcoins are always created

  • at a predictable and limited rate.

  • Your Bitcoins are stored in your digital wallet

  • which might look familiar if you use online banking.

  • When you transfer Bitcoins,

  • an electronic signature is added.

  • After a few minutes

  • the transaction is verified by a miner

  • and permanently and anonymously stored

  • in the network.

  • The Bitcoin software is completely open source

  • and anybody can review the code.

  • Bitcoin is changing finance

  • the same way the web changed publishing.

  • When everyone has access

  • to a global market,

  • great ideas flourish.

  • Let's look at some examples

  • of how Bitcoins are already used today:

  • You can purchase video games,

  • gifts,

  • books,

  • servers

  • and alpaca socks.

  • Several currency exchanges exist

  • where you can trade your Bitcoins

  • for dollars,

  • euros

  • and more.

  • Bitcoins are a great way

  • for small businesses and freelancers

  • to get noticed.

  • It doesn't cost anything to start accepting them,

  • there are no chargebacks or fees

  • and you'll get additional business

  • from the Bitcoin economy.

  • For your first Bitcoins and more information, visit:

  • weusecoins.com

What is Bitcoin?

Subtitles and vocabulary

Click the word to look it up Click the word to find further inforamtion about it