Whats is Bitcoin ? Bitcoin Easy Explained In english 2022

hi everyone welcome to itec power this is aÂ
channel which will give you more information and Â
knowledge every day so today we will talk aboutÂ
what is bitcoin and how does it work so let’s go Â
with the video please like and subscribe andÂ
stay with us when the richest person in the Â
world gives his support to virtual currency youÂ
know it’s actually big business elon musk has told Â
users to an online social media app that he thinksÂ
the virtual currency bitcoin is a good thing Â
his comments resulted in the valueÂ
of bitcoin rising significantly Â
so much so that a singular bitcoin went from beingÂ
worth 3 600 euro in march last year to more than Â
27 000 euro now as talk of the currency has goneÂ
global the bank of singapore has suggested that Â
the 12-year old currency could replace gold asÂ
its tour of value however in october the head of Â
the bank of england andrew bailey warned about theÂ
unpredictability of bitcoin saying it makes him Â
very nervous with all this talk you’re probablyÂ
wondering what is bitcoin how does it work so Â
let’s go with the video what is bitcoin so bitcoinÂ
often described as a cryptocurrency a virtual Â
currency or digital currency is a type of moneyÂ
that is completely virtual it’s like an online Â
version of cash you can use it to buy productsÂ
and services but not many shops except bitcoin yet Â
some countries have banned it all together howeverÂ
some companies are beginning to buy into its Â
growing influence in october last year for exampleÂ
the online payment service people announced that Â
it would be allowing its customer to buy and sellÂ
bitcoin yes the physical bitcoins you can see in Â
photos are availability they would be worthlessÂ
without the private course printed in saudi Â
so how does the bitcoin thing work each bitcoinÂ
is basically a computer file which is stored in a Â
digital wallet app on a smartphone or a computerÂ
people can send bitcoins or part of one to Â
your digital wallet and you can send bitcoins toÂ
the people every single transaction is recorded in Â
a public list called the blockchain this make isÂ
possible to trace the history of bitcoin to stop Â
people from spending coin they do not own makingÂ
copies or undoing transaction which is prohibited Â
by bitcoin blockchain so how do peopleÂ
get bitcoins there are actually three Â
main ways people can get bitcoins you can buyÂ
bitcoins using real money yes you have to spend Â
every kind of currency you can spare usd or euroÂ
or any kind of currency to buy the bitcoin you Â
can sell things and let people pay you withÂ
bitcoins you can sell some and take things uh Â
today nft is very popular we will make a videoÂ
about nft later but uh people are buying nfts Â
from various people how they are paying withÂ
bitcoin or they can be created using a computer Â
this is the hard job this is for the codersÂ
how they actually create the bitcoins we will Â
talk about this later so how our new bitcoinsÂ
are created so if you all already liked our Â
video please subscribe to our channel and pressÂ
the bell button to watch and learn more so how Â
are new bitcoins created in order for the bitcoinÂ
system to work people can make their computer Â
process transactions for everybody the computersÂ
are made to work out incredibly difficult sums Â
occasionally they are awarded with a bitcoin forÂ
the owner to keep people set up powerful computers Â
just to try and get bitcoins this is called miningÂ
but the sums are becoming more and more difficult Â
to stop too many bitcoins are being generated ifÂ
you start mining now this could be years before Â
you got a single bitcoin this is very hardÂ
thing if you start with this could be a year Â
so you could end up spending more money orÂ
electricity for your computer then the bitcoin Â
would be worth so why are bitcoins valuable whyÂ
elon musk has approved it why this is compared Â
to gold let’s see there are lots of things otherÂ
than money which we consider valuable like gold Â
and diamonds the aztecs used cocoa beans as moneyÂ
bitcoins are valuable because people are willing Â
to exchange them for good real goods and servicesÂ
and even cash yes bitcoin is a self-made currency Â
and this is a very expensive currency for theÂ
world right now so why do people want bitcoins Â
people some people like the fact that bitcoinÂ
is not controlled by the government or banks yes Â
there are no authority for that people canÂ
also spend their bitcoin fairly and mostly Â
although all transactions are recorded nobodyÂ
would know which account number was yours Â
unless you told them so the safety the the safetyÂ
issue is totally insured in bitcoin in an online Â
chat with social media users back in januaryÂ
2021 the world’s richest man ellen musk said Â
he was a big supporter of bitcoin he even went asÂ
far to change his twitter bio to hashtag bitcoin Â
that actually raised bitcoin value so much rightÂ
so he has repeatedly shown his support to online Â
currencies in recent years and caused majorÂ
movements in their values due to his own personal Â
work and improved this particular enrollmentÂ
led to the value of bitcoin rise significantly Â
although elon musk told about bitcoins but isÂ
it secure he told us that bitcoin is cool but Â
is it secure we have to know every transaction isÂ
recorded publicly so it’s very difficult to copy Â
bitcoins make fake ones or spend ones you don’tÂ
own it is possible to lose your bitcoin wallet or Â
delete your bitcoins and lose them forever thereÂ
have also been diff from website that let you Â
store your bitcoins remotely the value of bitcoinsÂ
have gone up and down over the years since it was Â
created in back 2009 and some people don’t thinkÂ
it’s safe to turn your real money into bitcoin yes Â
there are some people who doesn’t like bitcoinÂ
but they must like it so it i think it’s their Â
thinking way of thinking the value of bitcoinsÂ
have gone up and down over the years since it Â
was created in 2009 and some people don’t likeÂ
it’s safe to turn your real money into bitcoins Â
this concern was expressed by the head of the bankÂ
of england who was the head of the bank of england Â
mr andrew bailey yes mr bailey in october 2020Â
he said that he was very nervous about people Â
using bitcoin for payments pointing out thatÂ
investors should realize its price is extremely Â
volatile yes it’s stemly more than gold itÂ
bitcoin has made the whole market i think Â
it has made the whole market a very comparableÂ
market and it has made the market all very Â
unexpected unexpected market right so that’s whyÂ
he in 2012 2020 the bank of england andrew bailey Â
said he said he was very nervous about peopleÂ
using bitcoin for payments pointing out that Â
investors who are investing in bitcoin or whoÂ
are investing on selling things by the bitcoin Â
they should stop it because it’s extremelyÂ
unpredictable the price of bitcoin by this Â
he meant that the value could drop significantlyÂ
at any moment the investor could lose a lot of Â
money yes bitcoin is very expensive if we goÂ
to the back of this this video you would know Â
that a bitcoin was a very less in the price butÂ
today the bitcoin is very expensive bitcoin was Â
at least 320 and now this is this money hasÂ
become very expensive to everyone so i think Â
bitcoin is secure bitcoin is a good currency aÂ
good cryptocurrency but you have to think twice Â
before investing it so that’s all from the videoÂ
thank you so much for watching this please like Â
our video and subscribe our channel it will reallyÂ
help us to grow our channel thank you so much