Add subtitles

- more FAQe

00-intro.vtt

@@ -0,0 +1,22 @@
+WEBVTT
+
+00:01.100 --> 00:07.888
+Welcome to educational Bitcoin videos. The purpose of this course is to provide an introduction to Bitcoin. It is divided into three bigger
+
+00:08.088 --> 00:14.876
+parts, each consisting of three or four short videos. You can watch these videos easily when you have a bit of free time and rewatch them
+
+00:15.076 --> 00:21.865
+for better understanding.
+
+00:24.602 --> 00:29.337
+Part one is about the theory of Bitcoin. What it is or isn't, what you can do with it or can't do with it, and what you should or shouldn't
+
+00:29.538 --> 00:34.273
+do with it.
+
+00:36.002 --> 00:39.871
+Part two is about using Bitcoin on your mobile phone.
+
+00:41.602 --> 00:45.642
+Part three is about using Bitcoin with a secure device.

01-analogies.vtt

@@ -0,0 +1,79 @@
+WEBVTT
+
+00:01.100 --> 00:03.593
+Part 1, Bitcoin analogies
+
+00:04.792 --> 00:13.427
+Bitcoin is special. While not exactly like anything that has existed before, it can be compared to things you already know by using
+
+00:13.627 --> 00:22.262
+analogies. They aren't perfect. This video isn't about defining Bitcoin, but about making it a little bit more understandable.
+
+00:25.020 --> 00:27.247
+Bitcoin is like digital gold
+
+00:27.747 --> 00:36.221
+Bitcoin is scarce. It is expensive to produce. It is highly divisible and uniform. It can be transported cheaply through space and time.
+
+00:36.421 --> 00:44.896
+For these reasons, people treat it as a hard asset and store wealth in it.
+
+00:47.620 --> 00:49.665
+Bitcoin is like digital money
+
+00:50.165 --> 00:56.234
+Bitcoin has only a digital representation. It doesn't have any particular physical form. Its integrity is maintained by cryptography and
+
+00:56.434 --> 01:02.504
+consuming a lot of electricity.
+
+01:05.220 --> 01:07.276
+Bitcoin is like the internet
+
+01:07.776 --> 01:14.448
+Bitcoin consists of many thousands computers, called, nodes, communicating together, using the same protocol. Anyone can connect, there are
+
+01:14.648 --> 01:21.320
+no technical restrictions to participate in the network.
+
+01:24.060 --> 01:26.287
+Bitcoin is like a central bank
+
+01:26.787 --> 01:31.800
+Bitcoin maintains a database that represents a ledger. This ledger records all the Bitcoin that were ever created and all the transactions
+
+01:32.000 --> 01:37.014
+that were ever made.
+
+01:39.740 --> 01:41.593
+Bitcoin is like an auditor
+
+01:42.093 --> 01:48.430
+The Bitcoin nodes are verifyng the ledger all the time. They use transparent and neutral rules. If someone tries to sneak in bad data into
+
+01:48.630 --> 01:54.967
+the ledger, such as creating new Bitcoins outside of the schedule, or transferring someone else's Bitcoins, the nodes will immediately
+
+01:55.167 --> 02:01.504
+notice it.
+
+02:04.260 --> 02:05.943
+Bitcoin is like the law
+
+02:06.443 --> 02:14.949
+The nodes aren't merely verifying, they are also enforcing. Invalid data is not just immediately spotted, it is also immediately rejected.
+
+02:15.149 --> 02:23.656
+Any record that doesn't follow the rules will end up in trash. What is written, that happens.
+
+02:26.420 --> 02:28.540
+Bitcoin is decentralised
+
+02:29.040 --> 02:35.365
+Unlike everything mentioned so far, Bitcoin is also decentralised. It is probably the most decentralised system we know. There is noone
+
+02:35.565 --> 02:41.891
+that can break the rules or change them.
+
+02:44.620 --> 02:49.417
+Bitcoin is a decentralized hard asset that can be used for storing wealth.

02-principles.vtt

@@ -0,0 +1,245 @@
+WEBVTT
+
+00:00.100 --> 00:06.017
+Part 2, The five principles of Bitcoin.
+What to do and what not to do.
+
+00:07.217 --> 00:13.468
+I collected five principles for everyone using Bitcoin, for beginners as well
+as experts. You may recognise them as memes you've heard
+
+00:13.668 --> 00:19.920
+before. I chose memes
+as they are easy to remember. There are more principles that are helpful,
+however these five are the most important
+
+00:20.120 --> 00:26.372
+ones.
+
+00:29.100 --> 00:38.711
+1. Bitcoin, not crypto.
+The vision of Bitcoin is to be the best money there can be. This is achieved
+through focus on decentralisation.
+
+00:38.912 --> 00:48.523
+Without decentralization, someone could
+change the rules, make more Bitcoins out of nothing, redistribute other
+people's Bitcoins. All the
+
+00:48.724 --> 00:58.336
+other "cryptos" have a centralized team of people
+who determine the rules. There have been attempts in the past to change the
+rules of
+
+00:58.536 --> 01:08.148
+Bitcoin, and they failed. Changes in Bitcoin take many years to
+succeed and are more like optimizations than rule changes.
+
+01:08.347 --> 01:16.640
+Several years after the Bitcoin started, other project types came in waves.
+There was an altcoin phase, after that a DAOs phase, and now
+
+01:16.840 --> 01:25.132
+NFTs are
+everywhere. Many of these are just scams. Some may have interesting
+technological properties or have a narrow specialised uses.
+
+01:25.332 --> 01:33.625
+However, if you
+want to spend money on them, you're just gambling.
+
+01:36.380 --> 01:45.597
+2. Not your keys, not your coins.
+The Bitcoin balances are controlled by cryptographic signatures. This is what
+Bitcoin, is, a collection
+
+01:45.797 --> 01:55.015
+of crypographic signatures. In order to transfer
+Bitcoin, you need to perform this cryptographic signature and for that you need
+to have
+
+01:55.215 --> 02:04.433
+piece of data called "private key". In other words, having the private
+key, means, having Bitcoin. If you use a custodial service for
+
+02:04.633 --> 02:13.851
+handling your
+Bitcoin, like a bank or another service provider, it's, they, that have
+Bitcoins, not you. You're degrading your relationship
+
+02:14.051 --> 02:23.269
+with Bitcoin by relying
+on others to take care of your Bitcoins for you. This is exactly the problem
+that Bitcoin allows you to avoid. The
+
+02:23.469 --> 02:32.687
+custodian can make up all kinds of
+excuses to deny you control of Bitcoins they hold for you. Many don't even
+allow you to withdraw or send
+
+02:32.887 --> 02:42.105
+Bitcoins on your behalf. Even worse, they may run
+away with them, or lose them.
+
+02:42.304 --> 02:51.623
+With Bitcoin, you can self-custody. This requires some learning and some
+practice, but you can't get the full benefits without self-
+
+02:51.823 --> 03:01.142
+custody. You need to
+keep your private key, private. Anyone who sees it can take your Bitcoins. If
+you show it to somebody, they are gone.
+
+03:01.342 --> 03:10.661
+The private key needs to be protected
+against thieves, but also against damage. If the private key is damaged and
+it's the only copy, the
+
+03:10.861 --> 03:20.180
+Bitcoins are gone. Many people have suffered losses by
+not taking proper care of their private keys, and probably many still will.
+
+03:20.380 --> 03:24.548
+In a later video, I will teach you how to properly self-custody.
+
+03:27.340 --> 03:36.594
+3. Stacking sats.
+An easy way to get accustomed to Bitcoin is to accumulate Bitcoin
+periodically for the long run, commonly known as
+
+03:36.794 --> 03:46.049
+"Dollar Cost Averaging". Pick
+an amount that you feel comfortable with putting aside, such as a hundred
+dollars a month. Then, every month,
+
+03:46.249 --> 03:55.504
+preferably on the same day, buy one hundred
+dollars' worth of Bitcoin, or Satoshis (sats). Satoshi is the base unit of
+Bitcoin. there are
+
+03:55.704 --> 04:04.959
+one hundred million Satoshis in one Bitcoin. People often
+DCA once a month or once a week.
+
+04:05.159 --> 04:12.573
+The advantages of this approach are that it's repetitive, so you'll learn it by
+practice. It's simple, so you don't need to perform a lot
+
+04:12.773 --> 04:20.188
+of mental work. It
+doesn't depend on the market conditions, so you don't need to worry about
+understanding them. It doesn't depend on
+
+04:20.388 --> 04:27.803
+having trading experience, so you
+won't be influenced by psychology. It is working in small steps, so if you make
+a mistake (and this can
+
+04:28.003 --> 04:35.418
+happen for beginners), your losses will be small.
+
+04:35.618 --> 04:44.789
+Don't daytrade, or suddenly put huge mounts of money into Bitcoin. You don't
+understand how trading works, you'll lose money.
+
+04:47.540 --> 04:54.320
+4. HODL.
+Selling your Bitcoins has a broad range of disadvantages.
+
+04:54.521 --> 05:01.558
+The price of Bitcoin often moves very quickly. Inexperienced people may panic
+sell and make a loss.
+
+05:01.758 --> 05:08.616
+In many countries, selling can incur taxes. You may need to record your exact
+trading history for accurate reporting. In extreme cases, you
+
+05:08.816 --> 05:15.674
+may still owe
+taxes even if you make a financial loss!
+
+05:16.420 --> 05:25.484
+According to a recent news report, 69 year old Esther Freeman decided to sell
+some of her Bitcoins. Her bank, however, refused to allow her
+
+05:25.684 --> 05:34.748
+to deposit the
+900000 shekels from the sale, citing risks of money laundering and terror
+financing. Mrs. Freeman had to sue the bank in the
+
+05:34.948 --> 05:44.011
+court. In the meantime, she
+has 900000 virtual shekels she can't use, i.e., nothing.
+
+05:44.700 --> 05:54.052
+Don't end up like Mrs. Freeman. Try to avoid selling your Bitcoins, unless
+there is an emergency. The most advanced way to avoid this is to
+
+05:54.252 --> 06:03.604
+take out a
+loan, using Bitcoin as a collateral. There are specialised lending services, but
+traditional banks are starting to provide such
+
+06:03.804 --> 06:13.156
+services as well. However, doing
+this requires some level of financial experience, so I can't automatically
+recommend it to everyone.
+
+06:13.356 --> 06:18.025
+Another option is just to do nothing. This is very easy.
+
+06:18.225 --> 06:24.249
+Supposing you really do have some emergency expenses, you could also try to pay
+directly in Bitcoin, avoiding dealing with exchanges and
+
+06:24.449 --> 06:30.473
+banks. You could also
+try to sell only the minimum necessary amount. Smaller amounts are less likely
+to cause problems and losses are less
+
+06:30.673 --> 06:36.697
+painful.
+
+06:39.460 --> 06:46.582
+5. Don't trust, verify.
+Even if you have a private key, that alone doesn't tell you how many Bitcoins
+you have. For this you need to
+
+06:46.782 --> 06:53.905
+connect to a node and request information. But
+the node could lie to you. If you don't know how many Bitcoins you have at each
+moment, you
+
+06:54.105 --> 07:01.228
+can be a victim of fraud.
+
+07:01.428 --> 07:07.224
+Luckily, operating a node can be done cheaply. If you run a node, you have your
+own auditor to make sure you're getting the correct
+
+07:07.424 --> 07:13.220
+information. It probably
+isn't necessary that every single person runs one, but maybe you have a couple
+of friends or family members that
+
+07:13.420 --> 07:19.217
+do.
+
+07:19.417 --> 07:27.832
+If you want to run your own node, you should have a dedicated computer for this
+that can operate 24 7. It doesn't need to be an expensive
+
+07:28.033 --> 07:36.449
+computer, about 300
+dollars is probably enough, but it should be energy efficient and have a
+reliable internet connection.
+
+07:39.180 --> 07:40.031
+Summary.
+
+07:40.231 --> 07:55.866
+One, Bitcoin, not crypto.
+Two, Not your keys, not your coins.
+Three, Stacking sats.
+Four, HODL.
+Five, Don't trust, verify.

03-faq.md

@@ -32,7 +32,9 @@ Why won't something else replace Bitcoin?
 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.
+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
@@ -40,14 +42,14 @@ 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?
 ```
 
+(pause: 1)
+
 If Bitcoin is so secure, why are there so many reports about people losing
 their money?
 
@@ -61,14 +63,14 @@ 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?
 ```
 
+(pause: 1)
+
 If Bitcoin consumes a lot of electricity, do I have to worry about my
 electricity bill?
 
@@ -83,4 +85,48 @@ 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.
 
+
+---
+```md
+# What is blockchain?
+```
+
 (pause: 1)
+
+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
+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.
+Traditional databases or distributed data stores may be a better fit for such
+projects. Compared to them, a blockchain is slow and expensive.
+
+---
+```md
+# Why do I have to wait for an hour for a transaction?
+```
+
+(pause: 1)
+
+Why do I have to wait for an hour for a transaction?
+
+(pause: 1)
+
+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
+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
+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 the most popular ones is
+the lightning network, which allows small instant payments.
+
+(pause: 2)

03-faq.vtt

@@ -1,80 +1,140 @@
 WEBVTT
 
-00:01.100 --> 00:04.084
-Part 3
-Frequently asked questions
+00:01.100 --> 00:04.393
+Part 3, Frequently asked questions
 
-00:06.819 --> 00:09.495
+00:07.100 --> 00:09.775
 Why won't something else replace Bitcoin?
 
-00:10.694 --> 00:16.285
-In order for something to replace Bitcoin for saving, it would need to
-provide similar and even better properties. While some "cryptos" are
+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"
 
-00:16.485 --> 00:22.075
-also easy
-to transport and scarce, none of them have the level of decentralisation of
-Bitcoin, and that means their rules could change when
+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
 
-00:22.275 --> 00:27.865
-under attack.
+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
 
-00:28.066 --> 00:35.626
+00:30.931 --> 00:37.383
+willing to make these sacrifices.
+
+00:37.583 --> 00:45.143
 The decentralisation of Bitcoin goes beyond the mere technical and
 organisational. There is also a culture of decentralisation, which acts
 
-00:35.826 --> 00:43.385
+00:45.343 --> 00:52.903
 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
 
-00:43.586 --> 00:51.145
+00:53.103 --> 01:00.663
 and less likely. It is less
 likely now than it was five years ago, for example.
 
-00:52.940 --> 00:58.291
+01:02.420 --> 01:07.772
 If Bitcoin is so secure, why are there so many reports about people losing
 their money?
 
-00:59.492 --> 01:07.877
-In order to benefit from Bitcoin security, you need to follow the five
+01:08.972 --> 01:17.357
+In order to benefit from Bitcoin's security, you need to follow the five
 principles of Bitcoin mentioned in an earlier video. Usually, when
 
-01:08.077 --> 01:16.462
+01:17.557 --> 01:25.942
 you hear
 about Bitcoins being stolen, the people involved violated principle number two:
 not your keys, not your coins. They entrusted
 
-01:16.662 --> 01:25.047
+01:26.142 --> 01:34.527
 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.
 
-01:25.247 --> 01:33.633
+01:34.727 --> 01:43.113
 It's similar to someone putting a massive lock on
 their house door, but then leaving the lock open when leaving the house.
 
-01:35.380 --> 01:40.924
-If Bitcoin consumes a lot of elecricity, do I have to worry about my
-elecrticity bill?
+01:44.859 --> 01:50.532
+If Bitcoin consumes a lot of electricity, do I have to worry about my
+electricity bill?
 
-01:42.124 --> 01:50.539
+01:51.731 --> 02:00.147
 When Bitcoin was originally launched in early 2009, there was only one software
 doing all the work. Gradually, specialised software
 
-01:50.739 --> 01:59.154
+02:00.347 --> 02:08.762
 developed for the
 individual activities involved in the network. The, nodes, verify the ledger
 and enforce the rules. The, wallets, keep
 
-01:59.354 --> 02:07.770
+02:08.962 --> 02:17.378
 your private keys secure and initiate
 transfers on your behalf. And finally, miners, which consume elecricity and
 provide security for
 
-02:07.970 --> 02:16.385
+02:17.578 --> 02:25.993
 Bitcoin. In the meantime, mining is a business like any
 other. Miners run in data centers and in special containers which can move to
 
-02:16.585 --> 02:25.001
+02:26.193 --> 02:34.609
 wherever cheap energy is available.
+
+02:36.339 --> 02:37.756
+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,
+
+02:48.420 --> 02:57.685
+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
+
+02:57.885 --> 03:07.149
+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
+The use of a blockchain in systems which do not
+need both high security and high decentralisation is a of dubious utility.
+Traditional
+
+03:16.814 --> 03:26.078
+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
+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
+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
+
+03:48.670 --> 03:56.772
+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
+
+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
+
+04:05.273 --> 04:13.374
+talking
+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
+
+04:13.574 --> 04:21.675
+the most popular ones is
+the lightning network, which allows small instant payments.

index.html

@@ -1,43 +1,35 @@
 <html><head><title>Educational Bitcoin videos</title></head>
 <body>
 <h1>
-Bitcoin_educational_videos
+Bitcoin educational videos
 </h1>
-Materials for bitcoin educational videos
-<p/>
-Part 0: Introduction
-<p/>
 
+<p>
 <video width="1280" height="720" controls>
     <source src="00-intro.mp4" type="video/mp4">
     <track default src="00-intro.vtt" kind="captions" srclang="en" label="English">
 </video>
+</p>
 
-<p/>
-Part 1: Analogies
-<p/>
-
+<p>
 <video width="1280" height="720" controls>
     <source src="01-analogies.mp4" type="video/mp4">
     <track default src="01-analogies.vtt" kind="captions" srclang="en" label="English">
 </video>
+</p>
 
-<p/>
-Part 2: Principles
-<p/>
-
+<p>
 <video width="1280" height="720" controls>
     <source src="02-principles.mp4" type="video/mp4">
     <track default src="02-principles.vtt" kind="captions" srclang="en" label="English">
 </video>
+</p>
 
-<p/>
-Part 3: FAQ
-<p/>
-
+<p>
 <video width="1280" height="720" controls>
     <source src="03-faq.mp4" type="video/mp4">
     <track default src="03-faq.vtt" kind="captions" srclang="en" label="English">
 </video>
+</p>
 </body>
 </html>