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How Bitcoin Works (Economics & Mechanics)

Art of the Problem
166K subscribers
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130K views 6 years ago
How Bitcoin works and why it has value. Covers the history of money, value, gold, blockchain, proof of work, hash function & mining. This is the best overview of bitcoin for those who want a deep intuition. We introduce the problem of sending cash in electronic form over the internet and the need for a reliable electronic cash method, and introduces Bitcoin as a solution. Bitcoin is a decentralized digital currency that operates on a shared ledger model and eliminates areas of trust through distributed responsibilities for validating and updating transactions among multiple nodes. The speaker describes the process of Bitcoin mining, which involves solving complex mathematical problems to add new blocks to the blockchain, and explains the consensus mechanism of "proof of work" that motivates miners to participate in the network. Overall, the video provides insight into the security, reliability, and significance of Bitcoin in the modern global community. bitcoin 100k / halving ...more
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How Bitcoin Works (Economics & Mechanics)
4.2KLikes
130,949Views
2018May 28
How Bitcoin works and why it has value. Covers the history of money, value, gold, blockchain, proof of work, hash function & mining. This is the best overview of bitcoin for those who want a deep intuition. We introduce the problem of sending cash in electronic form over the internet and the need for a reliable electronic cash method, and introduces Bitcoin as a solution. Bitcoin is a decentralized digital currency that operates on a shared ledger model and eliminates areas of trust through distributed responsibilities for validating and updating transactions among multiple nodes. The speaker describes the process of Bitcoin mining, which involves solving complex mathematical problems to add new blocks to the blockchain, and explains the consensus mechanism of "proof of work" that motivates miners to participate in the network. Overall, the video provides insight into the security, reliability, and significance of Bitcoin in the modern global community. bitcoin 100k / halving

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Art of the Problem

166K subscribers