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20
03-faq.md
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@ -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

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03-faq.mp4 (Stored with Git LFS)
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101
03-faq.vtt
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@ -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.