Bitcoin_educational_videos/03-faq.md

---
background: ukulele-1 0.3 fade-in fade-out
voice: brian
size: 720p
transition: crossfade 0.1
theme: theme.css
subtitles: embed
---

(pause: 1)

```md
# Part 3

Frequently asked questions
```

# Part 3, Frequently asked questions

(pause: 2)

---

```md
# Why won't something else replace Bitcoin?
```

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 attack.

The decentralisation of Bitcoin goes beyond the mere technical and
organisational. There is also a culture of decentralisation, which acts 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 and less likely. It is less
likely now than it was five years ago, for example.

(pause: 1)

---

```md
# Why do I hear all the time about Bitcoins being stolen?
```

If Bitcoin is so secure, why are there so many reports about people losing
their money?

(pause: 1)

In order to benefit from Bitcoin's security, you need to follow the five
principles of Bitcoin mentioned in an earlier video. Usually, when you hear
about Bitcoins being stolen, the people involved violated principle number two:
not your keys, not your coins. They entrusted 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. It's similar to someone putting a massive lock on
their house door, but then leaving the lock open when leaving the house.

(pause: 1)

---

```md
# If Bitcoin consumes a lot of electricity, do I also have to do that?
```

If Bitcoin consumes a lot of electricity, do I have to worry about my
electricity bill?

(pause: 1)

When Bitcoin was originally launched in early 2009, there was only one software
doing all the work. Gradually, specialised software developed for the
individual activities involved in the network. The, nodes, verify the ledger
and enforce the rules. The, wallets, keep your private keys secure and initiate
transfers on your behalf. And finally, miners, which consume elecricity and
provide security for Bitcoin. In the meantime, mining is a business like any
other. Miners run in data centers and in special containers which can move to
wherever cheap energy is available.

(pause: 1)