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You may have heard about Bitcoin.
In case you haven't, a bitcoin is a type of digital asset that can be bought,
sold, or transferred between parties securely over the Internet.
Because of this, bitcoin can be used to store value,
much like buying gold, silver, and other types of investments.
But, unlike those other types of investments, Bitcoin also serves as a form of digital currency,
and you can use it to buy products and services,
as well as make payments and exchange value electronically.
However, different from other types of traditional currency,
such as dollars or euros, which you can also use to buy things and exchange value electronically,
there are no physical coins for bitcoin, or paper bills.
And when you send bitcoin to someone, or use bitcoin to buy anything,
you don't need to use a bank, a credit card, or any other third-party type of clearinghouse.
Instead, you simply send Bitcoin directly to another party over the Internet,
and it will arrive securely and almost instantly.
So, what is Bitcoin?
Is it an asset that can serve as currency?
Is it currency that can serve as an asset?
What is the big deal with Bitcoin, and what makes it so special?
I'm George Levy, and you're watching Blockchain Informer,
brought to you by Blockchain Institute of Technology,
the place where developers and executives learn to develop and apply Blockchain technology.
And in this video, I'm going to explain to you what Bitcoin is,
how Bitcoin works, and why it is such a powerful innovation.
Keep watching.
Whenever you send an email to another person, you simply type in their email address
and you communicate directly with that person.
It's the same thing when you send an instant message.
This type of communication between two parties is commonly called "peer-to-peer",
and it's helped people communicate every day over the Web.
You can send photos, videos, and other types of files easily and quickly over the Web.
However, whenever you want to send money to someone over the Internet,
you need to enlist the services of a third party, such as a bank, a credit card, PayPal,
or some other type of money transfer service.
You can't simply just attach some money to an email
and send it to someone like you would send a photo or some other document.
Why is that?
The reason is that whenever you do a transfer of value between two parties,
you need to ensure that a real transfer has taken place.
In other words, you need to be able to verify that both parties
have done what they need to do in a real exchange.
For example, if I send a photo I like to another person,
I can simply attach that photo to an email and send it.
The other person will receive the photo, and that's where you think it would end.
But, not quite.
We now have two copies of the photo...
the one I sent by email,
and the original file which is still in my computer.
What I really did was email a copy of the file with the photo, not the original file.
This issue is commonly known as the "double spend" problem,
and why we currently have a need for banks and other types of institutions
to act as middlemen in these types of transactions.
Without these intermediaries, people could simply try to copy and paste money,
and it would be impossible to determine if a transaction is real or not.
But, if the double spend problem presents such a challenge,
how is it that you can send bitcoin to someone else over the Internet
without needing a bank or some other institution
to certify that a transfer took place?
The answer lies in a global network of thousands of computers called
the Bitcoin Network
and a special type of decentralized ledger technology
Called Blockchain.
Blockchain is one of the key technologies that underlies Bitcoin,
as it keeps a decentralized record of all the transactions
that have ever taken place on the Bitcoin Network.
All the information is captured securely by using math and cryptography to protect it,
and the data is stored and verified across the entire network of computers.
In other words, instead of having a centralized database at a third party, such as a bank,
to certify that a transaction took place,
Bitcoin uses Blockchain technology across a wide decentralized network of computers
to securely verify, confirm, and record each transaction.
Because the data is stored in a decentralized manner across a wide network
instead of a centralized database, there's no single point of failure.
This makes the records which are stored on Blockchain more secure
and less prone to fraud, tampering, or a general system failure
than keeping them in a single centralized location.
Thank you for watching.
If you liked this video and want to learn more about how to develop and apply Blockchain technology,
make sure to visit BlockchainInformer.com
and sign up for the free email newsletter.
Until next time, I'm George Levy
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What is Bitcoin? And what is the big deal?

229 Folder Collection
Ntiana published on August 8, 2017
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