minor changes

03-faq.md

@@ -29,12 +29,12 @@ Why won't something else replace Bitcoin?
 
 (pause: 1)
 
-In order for something to replace Bitcoin for saving, it would need to provide
-similar and even better properties. While some "cryptos" appear to be scarce
-and easy to transport, none of them have the level of decentralisation of
-Bitcoin, and that means their rules could change when under pressure. A focus
-on decentralisation requires sacrifices in other aspects of the system, and
-other projects are not willing to make these sacrifices.
+In order for something to replace Bitcoin as a savings mechanism, it would need
+to provide similar and even better properties. While some "cryptos" appear to
+be scarce and easy to transport, none of them have the level of
+decentralisation of Bitcoin, and that means their rules could change when under
+pressure. A focus on decentralisation requires sacrifices in other aspects of
+the system, and other projects are not willing to make these sacrifices.
 
 The decentralisation of Bitcoin goes beyond the mere technical and
 organisational. There is also a culture of decentralisation, which acts against
@@ -97,13 +97,13 @@ What is Blockchain?
 
 (pause: 1)
 
-Blockchain is a special type of database for decentralised systems. The members
-of a blockchain can be operated by different organisations, and don't need a
+Blockchain is a special type of database for decentralised systems. Parts of a
+blockchain can be operated by different organisations, and don't need a
 hierarchy of permissions. Bitcoin is a first practical example of a blockchain,
 and some would argue the only one actually delivering on its promises. While
 important for Bitcoin, it is not the only component necessary to achieve
 decentralisation in practice. The use of a blockchain in systems which do not
-need both high security and high decentralisation is a of dubious utility.
+need both high security and high decentralisation is of a dubious utility.
 Traditional databases or distributed data stores may be a better fit for such
 projects. Compared to them, a blockchain is slow and expensive.
 
@@ -121,7 +121,7 @@ Why do I have to wait for an hour for a transaction?
 Once you send or receive a bitcoin transaction, usually you have to wait for
 about an hour for the transaction to "confirm". For the blockchain to do its
 thing, about an hour needs to pass to ensure there is nothing fishy going on.
-This is one tradeoffs Bitcoin provides for its high security. So how can you
+This is one tradeoff Bitcoin uses for its high security. So how can you
 then use Bitcoin for all kinds of payments if you have to wait for an hour? The
 solution Bitcoin offers is scaling in layers. You can think of these layers as
 different forms of Bitcoin. The first layer, which is what we have been talking

03-faq.vtt

@@ -6,135 +6,134 @@ Part 3, Frequently asked questions
 00:07.100 --> 00:09.775
 Why won't something else replace Bitcoin?
 
-00:10.975 --> 00:17.427
-In order for something to replace Bitcoin for saving, it would need to provide
-similar and even better properties. While some "cryptos"
+00:10.975 --> 00:17.600
+In order for something to replace Bitcoin as a savings mechanism, it would need
+to provide similar and even better properties. While some
 
-00:17.627 --> 00:24.079
-appear to be scarce
-and easy to transport, none of them have the level of decentralisation of
-Bitcoin, and that means their rules could
+00:17.800 --> 00:24.425
+"cryptos" appear to
+be scarce and easy to transport, none of them have the level of
+decentralisation of Bitcoin, and that means their rules
 
-00:24.279 --> 00:30.730
-change when under pressure. A focus
-on decentralisation requires sacrifices in other aspects of the system, and
-other projects are not
+00:24.625 --> 00:31.250
+could change when under
+pressure. A focus on decentralisation requires sacrifices in other aspects of
+the system, and other projects are
 
-00:30.931 --> 00:37.383
-willing to make these sacrifices.
+00:31.450 --> 00:38.076
+not willing to make these sacrifices.
 
-00:37.583 --> 00:45.143
+00:38.276 --> 00:45.836
 The decentralisation of Bitcoin goes beyond the mere technical and
 organisational. There is also a culture of decentralisation, which acts
 
-00:45.343 --> 00:52.903
+00:46.036 --> 00:53.596
 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
 
-00:53.103 --> 01:00.663
+00:53.796 --> 01:01.356
 and less likely. It is less
 likely now than it was five years ago, for example.
 
-01:02.420 --> 01:07.772
+01:03.100 --> 01:08.452
 If Bitcoin is so secure, why are there so many reports about people losing
 their money?
 
-01:08.972 --> 01:17.357
+01:09.651 --> 01:18.037
 In order to benefit from Bitcoin's security, you need to follow the five
 principles of Bitcoin mentioned in an earlier video. Usually, when
 
-01:17.557 --> 01:25.942
+01:18.237 --> 01:26.622
 you hear
 about Bitcoins being stolen, the people involved violated principle number two:
 not your keys, not your coins. They entrusted
 
-01:26.142 --> 01:34.527
+01:26.822 --> 01:35.207
 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.
 
-01:34.727 --> 01:43.113
+01:35.407 --> 01:43.793
 It's similar to someone putting a massive lock on
 their house door, but then leaving the lock open when leaving the house.
 
-01:44.859 --> 01:50.532
+01:45.539 --> 01:51.212
 If Bitcoin consumes a lot of electricity, do I have to worry about my
 electricity bill?
 
-01:51.731 --> 02:00.147
+01:52.411 --> 02:00.827
 When Bitcoin was originally launched in early 2009, there was only one software
 doing all the work. Gradually, specialised software
 
-02:00.347 --> 02:08.762
+02:01.027 --> 02:09.442
 developed for the
 individual activities involved in the network. The, nodes, verify the ledger
 and enforce the rules. The, wallets, keep
 
-02:08.962 --> 02:17.378
+02:09.642 --> 02:18.058
 your private keys secure and initiate
 transfers on your behalf. And finally, miners, which consume elecricity and
 provide security for
 
-02:17.578 --> 02:25.993
+02:18.258 --> 02:26.673
 Bitcoin. In the meantime, mining is a business like any
 other. Miners run in data centers and in special containers which can move to
 
-02:26.193 --> 02:34.609
+02:26.873 --> 02:35.289
 wherever cheap energy is available.
 
-02:36.339 --> 02:37.756
+02:37.019 --> 02:38.436
 What is Blockchain?
 
-02:38.956 --> 02:48.220
-Blockchain is a special type of database for decentralised systems. The members
-of a blockchain can be operated by different organisations,
+02:39.636 --> 02:48.763
+Blockchain is a special type of database for decentralised systems. Parts of a
+blockchain can be operated by different organisations, and
 
-02:48.420 --> 02:57.685
-and don't need a
+02:48.963 --> 02:58.091
+don't need a
 hierarchy of permissions. Bitcoin is a first practical example of a blockchain,
 and some would argue the only one actually
 
-02:57.885 --> 03:07.149
+02:58.291 --> 03:07.420
 delivering on its promises. While
 important for Bitcoin, it is not the only component necessary to achieve
 decentralisation in practice.
 
-03:07.349 --> 03:16.614
+03:07.619 --> 03:16.748
 The use of a blockchain in systems which do not
-need both high security and high decentralisation is a of dubious utility.
+need both high security and high decentralisation is of a dubious utility.
 Traditional
 
-03:16.814 --> 03:26.078
+03:16.947 --> 03:26.076
 databases or distributed data stores may be a better fit for such
 projects. Compared to them, a blockchain is slow and expensive.
 
 03:27.819 --> 03:30.867
 Why do I have to wait for an hour for a transaction?
 
-03:32.067 --> 03:40.169
+03:32.067 --> 03:40.179
 Once you send or receive a bitcoin transaction, usually you have to wait for
 about an hour for the transaction to "confirm". For the
 
-03:40.369 --> 03:48.470
+03:40.379 --> 03:48.492
 blockchain to do its
 thing, about an hour needs to pass to ensure there is nothing fishy going on.
-This is one tradeoffs Bitcoin provides
+This is one tradeoff Bitcoin uses for
 
-03:48.670 --> 03:56.772
-for its high security. So how can you
+03:48.691 --> 03:56.803
+its high security. So how can you
 then use Bitcoin for all kinds of payments if you have to wait for an hour? The
-solution Bitcoin
+solution Bitcoin offers
 
-03:56.971 --> 04:05.073
-offers is scaling in layers. You can think of these layers as
-different forms of Bitcoin. The first layer, which is what we have been
+03:57.003 --> 04:05.115
+is scaling in layers. You can think of these layers as
+different forms of Bitcoin. The first layer, which is what we have been talking
 
-04:05.273 --> 04:13.374
-talking
+04:05.315 --> 04:13.427
 about so far, can be thought of as a settlement layer. On top of it, other
-layers with different features are being built. One of
+layers with different features are being built. One of the most
 
-04:13.574 --> 04:21.675
-the most popular ones is
+04:13.627 --> 04:21.739
+popular ones is
 the lightning network, which allows small instant payments.