Part 3 video
- also minor updates
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@ -2,3 +2,4 @@ p2p.mp4 filter=lfs diff=lfs merge=lfs -text
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00-intro.mp4 filter=lfs diff=lfs merge=lfs -text
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01-analogies.mp4 filter=lfs diff=lfs merge=lfs -text
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02-principles.mp4 filter=lfs diff=lfs merge=lfs -text
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03-faq.mp4 filter=lfs diff=lfs merge=lfs -text
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---
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```md
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# The five principles of Bitcoin
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What to do and what not to do
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# Part 2
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The five principles of Bitcoin
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```
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# The five principles of Bitcoin.
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# Part 2, The five principles of Bitcoin.
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What to do and what not to do.
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03-faq.md
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03-faq.md
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@ -3,21 +3,85 @@ background: ukulele-1 0.3 fade-in fade-out
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voice: brian
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size: 720p
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transition: crossfade 0.1
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theme: theme.css
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---
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Why Bitcoin and not shitcoin?
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(pause: 1)
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Money tends to have a single winner. People need to be convinced that someone
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won't suddenly produce more money, or redistribute existing money.
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```md
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# Part 3
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The Vision
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Frequently asked questions
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```
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# Part 3
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Frequently asked questions
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(pause: 2)
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---
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Bitcoin theft:
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Using bitcoin properly is like using a door lock properly. If you have a door
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lock on your door but forget to lock, then you can still be burglarized. If you
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then complain, well, I had a lock, I thought it was used to protect me, how
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come it didn't work? It didn't work because you didn't use it correctly.
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```md
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# Why won't something else replace Bitcoin?
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```
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Why won't something else replace Bitcoin?
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(pause: 1)
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In order for something to replace Bitcoin for saving, it would need to
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provide similar and even better properties. While some "cryptos" are also easy
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to transport and scarce, none of them have the level of decentralisation of
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Bitcoin, and that means their rules could change when under attack.
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The decentralisation of Bitcoin goes beyond the mere technical and
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organisational. There is also a culture of decentralisation, which acts against
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attempts to centralise. There could be something else in the future which is
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better than Bitcoin, but as time goes on it is less and less likely. It is less
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likely now than it was five years ago, for example.
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(pause: 1)
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---
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```md
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# Why do I hear all the time about Bitcoins being stolen?
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```
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If Bitcoin is so secure, why are there so many reports about people losing
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their money?
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(pause: 1)
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In order to benefit from Bitcoin security, you need to follow the five
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principles of Bitcoin mentioned in an earlier video. Usually, when you hear
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about Bitcoins being stolen, the people involved violated principle number two:
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not your keys, not your coins. They entrusted their keys to someone who doesn't
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know what they are doing, they left it in an unsecured computer, or their keys
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got damaged beyond repair. It's similar to someone putting a massive lock on
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their house door, but then leaving the lock open when leaving the house.
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(pause: 1)
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---
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```md
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# If Bitcoin consumes a lot of electricity, do I also have to do that?
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```
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If Bitcoin consumes a lot of elecricity, do I have to worry about my
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elecrticity bill?
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(pause: 1)
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When Bitcoin was originally launched in early 2009, there was only one software
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doing all the work. Gradually, specialised software developed for the
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individual activities involved in the network. The, nodes, verify the ledger
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and enforce the rules. The, wallets, keep your private keys secure and initiate
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transfers on your behalf. And finally, miners, which consume elecricity and
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provide security for Bitcoin. In the meantime, mining is a business like any
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other. Miners run in data centers and in special containers which can move to
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wherever cheap energy is available.
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(pause: 1)
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