80 lines
2.6 KiB
Plaintext
80 lines
2.6 KiB
Plaintext
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WEBVTT
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00:01.100 --> 00:03.593
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Part 1, Bitcoin analogies
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00:04.792 --> 00:13.427
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Bitcoin is special. While not exactly like anything that has existed before, it can be compared to things you already know by using
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00:13.627 --> 00:22.262
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analogies. They aren't perfect. This video isn't about defining Bitcoin, but about making it a little bit more understandable.
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00:25.020 --> 00:27.247
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Bitcoin is like digital gold
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00:27.747 --> 00:36.221
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Bitcoin is scarce. It is expensive to produce. It is highly divisible and uniform. It can be transported cheaply through space and time.
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00:36.421 --> 00:44.896
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For these reasons, people treat it as a hard asset and store wealth in it.
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00:47.620 --> 00:49.665
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Bitcoin is like digital money
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00:50.165 --> 00:56.234
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Bitcoin has only a digital representation. It doesn't have any particular physical form. Its integrity is maintained by cryptography and
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00:56.434 --> 01:02.504
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consuming a lot of electricity.
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01:05.220 --> 01:07.276
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Bitcoin is like the internet
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01:07.776 --> 01:14.448
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Bitcoin consists of many thousands computers, called, nodes, communicating together, using the same protocol. Anyone can connect, there are
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01:14.648 --> 01:21.320
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no technical restrictions to participate in the network.
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01:24.060 --> 01:26.287
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Bitcoin is like a central bank
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01:26.787 --> 01:31.800
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Bitcoin maintains a database that represents a ledger. This ledger records all the Bitcoin that were ever created and all the transactions
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01:32.000 --> 01:37.014
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that were ever made.
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01:39.740 --> 01:41.593
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Bitcoin is like an auditor
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01:42.093 --> 01:48.430
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The Bitcoin nodes are verifyng the ledger all the time. They use transparent and neutral rules. If someone tries to sneak in bad data into
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01:48.630 --> 01:54.967
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the ledger, such as creating new Bitcoins outside of the schedule, or transferring someone else's Bitcoins, the nodes will immediately
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01:55.167 --> 02:01.504
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notice it.
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02:04.260 --> 02:05.943
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Bitcoin is like the law
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02:06.443 --> 02:14.949
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The nodes aren't merely verifying, they are also enforcing. Invalid data is not just immediately spotted, it is also immediately rejected.
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02:15.149 --> 02:23.656
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Any record that doesn't follow the rules will end up in trash. What is written, that happens.
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02:26.420 --> 02:28.540
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Bitcoin is decentralised
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02:29.040 --> 02:35.365
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Unlike everything mentioned so far, Bitcoin is also decentralised. It is probably the most decentralised system we know. There is noone
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02:35.565 --> 02:41.891
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that can break the rules or change them.
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02:44.620 --> 02:49.417
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Bitcoin is a decentralized hard asset that can be used for storing wealth.
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