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+(pause: 1)
+
+```md
+# Part 1
+Bitcoin analogies
+```
+
 # Part 1, Bitcoin analogies
 
-Bitcoin is special. While not identical to anything that has existed before, it can be thought of in concepts you are familiar with.
+Bitcoin is special. While not exactly like anything that has existed before, it can be compared to things you already know by using analogies. They aren't perfect. This video isn't about defining Bitcoin, but about making it a little bit more understandable.
 
+---
 
-## Bitcoin is like digital money
+(pause: 2)
 
-This is the most obivious analogy. Bitcoin is a form of value that can is
-identified by its digital properties.
+```md
+## Digital gold
+```
 
 ## Bitcoin is like digital gold
 
-Another often used analogy. Bitcoin is used as a store of value. It is
-scarce. It is expensive to produce. It is a commodity, what is Bitcoin isn't
-determined by a law or by a contractual arrangement.
 
-## Bitcoin is like the brain
+Bitcoin is scarce. It is expensive to produce. It is highly divisible and uniform. It can be transported cheaply through space and time. For these reasons people treat it as a hard asset and store wealth in it.
 
-Similarly as a brain consists of cells, Bitcoin consists of nodes (computers).
-The functionality of the brain isn't located in any single cell, but in the
-cells working together. Each node contains the exact copy of a consensus, like
-each cell contains a DNA.  Bitcoin's nodes also work together to form Bitcoin.
+---
 
-## Bitcoin is like a central bank
+(pause: 2)
 
-Just like central bank has a ledger recording how much money is created, how
-much there is in each account and how it is transferred between the accounts,
-Bitcoin also has a record of these events. The main difference is that a
-central bank is, well, centralized, having a formal group of people making
-decisions, Bitcoin is decentralized and there is no such group of people.
+```md
+## Digital money
+```
+
+## Bitcoin is like digital money
+
+Bitcoin has only a digital representation. It doesn't have any particular physical form. Its integrity is maintained by cryptography.
+
+---
+
+(pause: 2)
+
+```md
+## The Internet
+```
 
 ## Bitcoin is like the internet
 
-Internet allows people to connect their computers together and exchange
-information. Bitcoin allows people to connect their computers and exchange
-value.
+Bitcoin consists of many thousands computers, called *nodes*, communicating together, using the same protocol. Anyone can connect, there are no technical restrictions to participate in the network.
+
+---
+
+(pause: 2)
+
+```md
+## Central bank
+```
+
+## Bitcoin is like a central bank
+
+Bitcoin maintains a database that represents a ledger. This ledger records all the Bitcoin that were ever created and all the transactions that were ever made.
+
+---
+
+(pause: 2)
+
+```md
+## Auditor
+```
 
 ## Bitcoin is like an auditor
 
-Bitcoin has thousands and tens of thousands of computer verifying all the times
-that the records are adhering to the rules.
+The Bitcoin nodes are verifyng the ledger all the time. If someone tries to put invalid data into the ledger, the nodes will immediately notice it and see it as bad.
 
-## Bitcoin is like the economy
+---
 
+(pause: 2)
 
+```md
+## The law
+```
+
+## Bitcoin is like the law
+
+The nodes aren't merely verifying, they are also enforcing. Invalid data is not just immediately spotted, it is also immediately rejected. The Bitcoin network automatically rejects any record that doesn't follow the rules. What is written, that happens.
+
+---
+
+(pause: 2)
+
+```md
+## Decentralised
+```
+
+## Bitcoin is decentralised
+
+Unlike everything mentioned so far, Bitcoin is also *decentralised*. It is the most decentralised system we know. There is noone that can break the rules or change them.
+
+---
+
+(pause: 2)
+
+```md
+## Summary
+```
+
+Bitcoin is a decentralized hard asset that can be used for storing wealth.
+
+(pause: 2)
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