Whats is Bitcoin ? Bitcoin Easy Explained In english 2022

hi everyone welcome to itec power this is a 

channel which will give you more information and  

knowledge every day so today we will talk about 

what is bitcoin and how does it work so let’s go  

with the video please like and subscribe and 

stay with us when the richest person in the  

world gives his support to virtual currency you 

know it’s actually big business elon musk has told  

users to an online social media app that he thinks 

the virtual currency bitcoin is a good thing  

his comments resulted in the value 

of bitcoin rising significantly  

so much so that a singular bitcoin went from being 

worth 3 600 euro in march last year to more than  

27 000 euro now as talk of the currency has gone 

global the bank of singapore has suggested that  

the 12-year old currency could replace gold as 

its tour of value however in october the head of  

the bank of england andrew bailey warned about the 

unpredictability of bitcoin saying it makes him  

very nervous with all this talk you’re probably 

wondering what is bitcoin how does it work so  

let’s go with the video what is bitcoin so bitcoin 

often described as a cryptocurrency a virtual  

currency or digital currency is a type of money 

that is completely virtual it’s like an online  

version of cash you can use it to buy products 

and services but not many shops except bitcoin yet  

some countries have banned it all together however 

some companies are beginning to buy into its  

growing influence in october last year for example 

the online payment service people announced that  

it would be allowing its customer to buy and sell 

bitcoin yes the physical bitcoins you can see in  

photos are availability they would be worthless 

without the private course printed in saudi  

so how does the bitcoin thing work each bitcoin 

is basically a computer file which is stored in a  

digital wallet app on a smartphone or a computer 

people can send bitcoins or part of one to  

your digital wallet and you can send bitcoins to 

the people every single transaction is recorded in  

a public list called the blockchain this make is 

possible to trace the history of bitcoin to stop  

people from spending coin they do not own making 

copies or undoing transaction which is prohibited  

by bitcoin blockchain so how do people 

get bitcoins there are actually three  

main ways people can get bitcoins you can buy 

bitcoins using real money yes you have to spend  

every kind of currency you can spare usd or euro 

or any kind of currency to buy the bitcoin you  

can sell things and let people pay you with 

bitcoins you can sell some and take things uh  

today nft is very popular we will make a video 

about nft later but uh people are buying nfts  

from various people how they are paying with 

bitcoin or they can be created using a computer  

this is the hard job this is for the coders 

how they actually create the bitcoins we will  

talk about this later so how our new bitcoins 

are created so if you all already liked our  

video please subscribe to our channel and press 

the bell button to watch and learn more so how  

are new bitcoins created in order for the bitcoin 

system to work people can make their computer  

process transactions for everybody the computers 

are made to work out incredibly difficult sums  

occasionally they are awarded with a bitcoin for 

the owner to keep people set up powerful computers  

just to try and get bitcoins this is called mining 

but the sums are becoming more and more difficult  

to stop too many bitcoins are being generated if 

you start mining now this could be years before  

you got a single bitcoin this is very hard 

thing if you start with this could be a year  

so you could end up spending more money or 

electricity for your computer then the bitcoin  

would be worth so why are bitcoins valuable why 

elon musk has approved it why this is compared  

to gold let’s see there are lots of things other 

than money which we consider valuable like gold  

and diamonds the aztecs used cocoa beans as money 

bitcoins are valuable because people are willing  

to exchange them for good real goods and services 

and even cash yes bitcoin is a self-made currency  

and this is a very expensive currency for the 

world right now so why do people want bitcoins  

people some people like the fact that bitcoin 

is not controlled by the government or banks yes  

there are no authority for that people can 

also spend their bitcoin fairly and mostly  

although all transactions are recorded nobody 

would know which account number was yours  

unless you told them so the safety the the safety 

issue is totally insured in bitcoin in an online  

chat with social media users back in january 

2021 the world’s richest man ellen musk said  

he was a big supporter of bitcoin he even went as 

far to change his twitter bio to hashtag bitcoin  

that actually raised bitcoin value so much right 

so he has repeatedly shown his support to online  

currencies in recent years and caused major 

movements in their values due to his own personal  

work and improved this particular enrollment 

led to the value of bitcoin rise significantly  

although elon musk told about bitcoins but is 

it secure he told us that bitcoin is cool but  

is it secure we have to know every transaction is 

recorded publicly so it’s very difficult to copy  

bitcoins make fake ones or spend ones you don’t 

own it is possible to lose your bitcoin wallet or  

delete your bitcoins and lose them forever there 

have also been diff from website that let you  

store your bitcoins remotely the value of bitcoins 

have gone up and down over the years since it was  

created in back 2009 and some people don’t think 

it’s safe to turn your real money into bitcoin yes  

there are some people who doesn’t like bitcoin 

but they must like it so it i think it’s their  

thinking way of thinking the value of bitcoins 

have gone up and down over the years since it  

was created in 2009 and some people don’t like 

it’s safe to turn your real money into bitcoins  

this concern was expressed by the head of the bank 

of england who was the head of the bank of england  

mr andrew bailey yes mr bailey in october 2020 

he said that he was very nervous about people  

using bitcoin for payments pointing out that 

investors should realize its price is extremely  

volatile yes it’s stemly more than gold it 

bitcoin has made the whole market i think  

it has made the whole market a very comparable 

market and it has made the market all very  

unexpected unexpected market right so that’s why 

he in 2012 2020 the bank of england andrew bailey  

said he said he was very nervous about people 

using bitcoin for payments pointing out that  

investors who are investing in bitcoin or who 

are investing on selling things by the bitcoin  

they should stop it because it’s extremely 

unpredictable the price of bitcoin by this  

he meant that the value could drop significantly 

at any moment the investor could lose a lot of  

money yes bitcoin is very expensive if we go 

to the back of this this video you would know  

that a bitcoin was a very less in the price but 

today the bitcoin is very expensive bitcoin was  

at least 320 and now this is this money has 

become very expensive to everyone so i think  

bitcoin is secure bitcoin is a good currency a 

good cryptocurrency but you have to think twice  

before investing it so that’s all from the video 

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