diff --git a/03-faq.vtt b/03-faq.vtt new file mode 100644 index 0000000..f26165d --- /dev/null +++ b/03-faq.vtt @@ -0,0 +1,80 @@ +WEBVTT + +00:01.100 --> 00:04.084 +Part 3 +Frequently asked questions + +00:06.819 --> 00:09.495 +Why won't something else replace Bitcoin? + +00:10.694 --> 00:16.285 +In order for something to replace Bitcoin for saving, it would need to +provide similar and even better properties. While some "cryptos" are + +00:16.485 --> 00:22.075 +also easy +to transport and scarce, none of them have the level of decentralisation of +Bitcoin, and that means their rules could change when + +00:22.275 --> 00:27.865 +under attack. + +00:28.066 --> 00:35.626 +The decentralisation of Bitcoin goes beyond the mere technical and +organisational. There is also a culture of decentralisation, which acts + +00:35.826 --> 00:43.385 +against +attempts to centralise. There could be something else in the future which is +better than Bitcoin, but as time goes on it is less + +00:43.586 --> 00:51.145 +and less likely. It is less +likely now than it was five years ago, for example. + +00:52.940 --> 00:58.291 +If Bitcoin is so secure, why are there so many reports about people losing +their money? + +00:59.492 --> 01:07.877 +In order to benefit from Bitcoin security, you need to follow the five +principles of Bitcoin mentioned in an earlier video. Usually, when + +01:08.077 --> 01:16.462 +you hear +about Bitcoins being stolen, the people involved violated principle number two: +not your keys, not your coins. They entrusted + +01:16.662 --> 01:25.047 +their keys to someone who doesn't +know what they are doing, they left it in an unsecured computer, or their keys +got damaged beyond repair. + +01:25.247 --> 01:33.633 +It's similar to someone putting a massive lock on +their house door, but then leaving the lock open when leaving the house. + +01:35.380 --> 01:40.924 +If Bitcoin consumes a lot of elecricity, do I have to worry about my +elecrticity bill? + +01:42.124 --> 01:50.539 +When Bitcoin was originally launched in early 2009, there was only one software +doing all the work. Gradually, specialised software + +01:50.739 --> 01:59.154 +developed for the +individual activities involved in the network. The, nodes, verify the ledger +and enforce the rules. The, wallets, keep + +01:59.354 --> 02:07.770 +your private keys secure and initiate +transfers on your behalf. And finally, miners, which consume elecricity and +provide security for + +02:07.970 --> 02:16.385 +Bitcoin. In the meantime, mining is a business like any +other. Miners run in data centers and in special containers which can move to + +02:16.585 --> 02:25.001 +wherever cheap energy is available. diff --git a/README.md b/README.md index bfe4a35..c625d02 100644 --- a/README.md +++ b/README.md @@ -1,3 +1,31 @@ # Bitcoin_educational_videos -Materials for bitcoin educational videos \ No newline at end of file +Materials for bitcoin educational videos + +Part 0: Introduction + + + +Part 1: Analogies + + + +Part 2: Principles + + + +Part 3: FAQ + +