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03-faq.md
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@ -29,12 +29,12 @@ Why won't something else replace Bitcoin?
(pause: 1) (pause: 1)
In order for something to replace Bitcoin for saving, it would need to provide In order for something to replace Bitcoin as a savings mechanism, it would need
similar and even better properties. While some "cryptos" appear to be scarce to provide similar and even better properties. While some "cryptos" appear to
and easy to transport, none of them have the level of decentralisation of be scarce and easy to transport, none of them have the level of
Bitcoin, and that means their rules could change when under pressure. A focus decentralisation of Bitcoin, and that means their rules could change when under
on decentralisation requires sacrifices in other aspects of the system, and pressure. A focus on decentralisation requires sacrifices in other aspects of
other projects are not willing to make these sacrifices. the system, and other projects are not willing to make these sacrifices.
The decentralisation of Bitcoin goes beyond the mere technical and The decentralisation of Bitcoin goes beyond the mere technical and
organisational. There is also a culture of decentralisation, which acts against organisational. There is also a culture of decentralisation, which acts against
@ -97,13 +97,13 @@ What is Blockchain?
(pause: 1) (pause: 1)
Blockchain is a special type of database for decentralised systems. The members Blockchain is a special type of database for decentralised systems. Parts of a
of a blockchain can be operated by different organisations, and don't need 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, 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 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 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 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 Traditional databases or distributed data stores may be a better fit for such
projects. Compared to them, a blockchain is slow and expensive. 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 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 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. 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 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 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 different forms of Bitcoin. The first layer, which is what we have been talking

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03-faq.mp4 (Stored with Git LFS)
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03-faq.vtt
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@ -6,135 +6,134 @@ Part 3, Frequently asked questions
00:07.100 --> 00:09.775 00:07.100 --> 00:09.775
Why won't something else replace Bitcoin? Why won't something else replace Bitcoin?
00:10.975 --> 00:17.427 00:10.975 --> 00:17.600
In order for something to replace Bitcoin for saving, it would need to provide In order for something to replace Bitcoin as a savings mechanism, it would need
similar and even better properties. While some "cryptos" to provide similar and even better properties. While some
00:17.627 --> 00:24.079 00:17.800 --> 00:24.425
appear to be scarce "cryptos" appear to
and easy to transport, none of them have the level of decentralisation of be scarce and easy to transport, none of them have the level of
Bitcoin, and that means their rules could decentralisation of Bitcoin, and that means their rules
00:24.279 --> 00:30.730 00:24.625 --> 00:31.250
change when under pressure. A focus could change when under
on decentralisation requires sacrifices in other aspects of the system, and pressure. A focus on decentralisation requires sacrifices in other aspects of
other projects are not the system, and other projects are
00:30.931 --> 00:37.383 00:31.450 --> 00:38.076
willing to make these sacrifices. 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 The decentralisation of Bitcoin goes beyond the mere technical and
organisational. There is also a culture of decentralisation, which acts organisational. There is also a culture of decentralisation, which acts
00:45.343 --> 00:52.903 00:46.036 --> 00:53.596
against against
attempts to centralise. There could be something else in the future which is attempts to centralise. There could be something else in the future which is
better than Bitcoin, but as time goes on it is less 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 and less likely. It is less
likely now than it was five years ago, for example. 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 If Bitcoin is so secure, why are there so many reports about people losing
their money? 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 In order to benefit from Bitcoin's security, you need to follow the five
principles of Bitcoin mentioned in an earlier video. Usually, when principles of Bitcoin mentioned in an earlier video. Usually, when
01:17.557 --> 01:25.942 01:18.237 --> 01:26.622
you hear you hear
about Bitcoins being stolen, the people involved violated principle number two: about Bitcoins being stolen, the people involved violated principle number two:
not your keys, not your coins. They entrusted 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 their keys to someone who doesn't
know what they are doing, they left it in an unsecured computer, or their keys know what they are doing, they left it in an unsecured computer, or their keys
got damaged beyond repair. 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 It's similar to someone putting a massive lock on
their house door, but then leaving the lock open when leaving the house. 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 If Bitcoin consumes a lot of electricity, do I have to worry about my
electricity bill? 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 When Bitcoin was originally launched in early 2009, there was only one software
doing all the work. Gradually, specialised software doing all the work. Gradually, specialised software
02:00.347 --> 02:08.762 02:01.027 --> 02:09.442
developed for the developed for the
individual activities involved in the network. The, nodes, verify the ledger individual activities involved in the network. The, nodes, verify the ledger
and enforce the rules. The, wallets, keep 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 your private keys secure and initiate
transfers on your behalf. And finally, miners, which consume elecricity and transfers on your behalf. And finally, miners, which consume elecricity and
provide security for 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 Bitcoin. In the meantime, mining is a business like any
other. Miners run in data centers and in special containers which can move to 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. wherever cheap energy is available.
02:36.339 --> 02:37.756 02:37.019 --> 02:38.436
What is Blockchain? What is Blockchain?
02:38.956 --> 02:48.220 02:39.636 --> 02:48.763
Blockchain is a special type of database for decentralised systems. The members Blockchain is a special type of database for decentralised systems. Parts of a
of a blockchain can be operated by different organisations, blockchain can be operated by different organisations, and
02:48.420 --> 02:57.685 02:48.963 --> 02:58.091
and don't need a don't need a
hierarchy of permissions. Bitcoin is a first practical example of a blockchain, hierarchy of permissions. Bitcoin is a first practical example of a blockchain,
and some would argue the only one actually 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 delivering on its promises. While
important for Bitcoin, it is not the only component necessary to achieve important for Bitcoin, it is not the only component necessary to achieve
decentralisation in practice. 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 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 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 databases or distributed data stores may be a better fit for such
projects. Compared to them, a blockchain is slow and expensive. projects. Compared to them, a blockchain is slow and expensive.
03:27.819 --> 03:30.867 03:27.819 --> 03:30.867
Why do I have to wait for an hour for a transaction? 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 Once you send or receive a bitcoin transaction, usually you have to wait for
about an hour for the transaction to "confirm". For the 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 blockchain to do its
thing, about an hour needs to pass to ensure there is nothing fishy going on. 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 03:48.691 --> 03:56.803
for its high security. So how can you its high security. So how can you
then use Bitcoin for all kinds of payments if you have to wait for an hour? The 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 03:57.003 --> 04:05.115
offers is scaling in layers. You can think of these layers as is scaling in layers. You can think of these layers as
different forms of Bitcoin. The first layer, which is what we have been different forms of Bitcoin. The first layer, which is what we have been talking
04:05.273 --> 04:13.374 04:05.315 --> 04:13.427
talking
about so far, can be thought of as a settlement layer. On top of it, other 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 04:13.627 --> 04:21.739
the most popular ones is popular ones is
the lightning network, which allows small instant payments. the lightning network, which allows small instant payments.