Bitcoin Explained

Bitcoin Explained

A short video looking at ‘Bitcoin’, a decentralized digital currency.
This is a self funded personal project, If you would like to make a Bitcoin donation for the video, please do so to 1P9wrpA2UQ2GEmMpt81Ch3Wt4poq5LhpiW
Directed, Designed and Animated by Duncan Elms – duncanelms.com
Written and Voiced by Marc Fennell – marcfennell.com
This project was done between other jobs. Therefore some of the stats are not up to date. For more info please see en.wikipedia.org/wiki/Bitcoin

Disclaimer: No information on this website should be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.

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48 Responses to Bitcoin Explained

  1. Bruno Asher says:

    1DrabYwJPQVSA5RSVjPjCx4vxnMgKkFm5W

  2. steve arison says:

    I heard college students fill their dorms with a bunch of computers and just mine. lol apparently the college pays for the electricity so they’re making bank lmao

  3. Jake Miller says:

    anyone want to explain the explanation?

  4. PIKA ЧЁ says:

    Is it possible to earn Bitcoin in Russia or receive?

  5. imJelani says:

    Looks like the "Watch Dogs" trailer

  6. Sumurusluva Will says:

    Maybe I’m missing the point, but I can’t understand the advantage of using Bitcoin.

  7. Reezal AQ says:

    fafa1e2c-af0e-4b2e-9f55-16a3ed0daf04

    I’m dedicating my life working for NGO which help spreading martial art & meditation.
    I’m also struggling financially and would like to start a small online business as a side income streams while serving the community.

    I only need less than USD1000 to get started.

    Thank you!

  8. Actualized Programmer says:

    HI Duncan, what software did you utiliize to create this animation? I have great ideas, please could you guide people what tools you used to create such animations and works of art? Thank you

  9. Yanique Morris says:

    Save the Children showcases the advantages of bitcoin for charities: no fees, no minimum donations, and the support of the highly enthusiastic bitcoin community. If you’d like to help needy families in Sudan, Afghanistan and Nigeria to have access to clean potable water, donate some bitcoins today. 
    Please send to: 1Fb3SKCTUiL8kcejZXrJLRFjeHeh7LTpUg

  10. jho aureus says:

    Holla! Have you tried – Brians Bitcoin Big Bang (do a search on google)? If you are excited about making money with Bitcoin, Ive heard some decent things about it and my friend got amazing rewards with it. 

  11. Daniel Modell says:

    Please update this. This video still talks about buying and storing bitcoins at Mt.Gox.

  12. BirchBehav says:

    why only 21m BC? will we not need more as it grows?

  13. Cruzon Network | LOOKING FOR NEW CEO says:

    Hi Duncan, 
    Cruzon would like to hire you to do some commentating for us. Add me on skype at evoshmevo to discuss details. I hope to hear from you!

  14. 37rainman says:

    @Jake Miller: The explanation?  Its simply another Ponzi scheme. Somewhat like the US financial system

  15. zsylvana says:

    Bits and Barbarism
    By PAUL KRUGMAN
    Published: December 22, 2013 
    http://www.nytimes.com/2013/12/23/opinion/krugman-bits-and-barbarism.html?_r=1&

    This is a tale of three money pits. It’s also a tale of monetary regress — of the strange determination of many people to turn the clock back on centuries of progress.

    The first money pit is an actual pit — the Porgera open-pit gold mine in Papua New Guinea, one of the world’s top producers. The mine has a terrible reputation for both human rights abuses (rapes, beatings and killings by security personnel) and environmental damage (vast quantities of potentially toxic tailings dumped into a nearby river). But gold prices, while down from their recent peak, are still three times what they were a decade ago, so dig they must.

    The second money pit is a lot stranger: the Bitcoin mine in Reykjanesbaer, Iceland. Bitcoin is a digital currency that has value because … well, it’s hard to say exactly why, but for the time being at least people are willing to buy it because they believe other people will be willing to buy it. It is, by design, a kind of virtual gold. And like gold, it can be mined: you can create new bitcoins, but only by solving very complex mathematical problems that require both a lot of computing power and a lot of electricity to run the computers.

    Hence the location in Iceland, which has cheap electricity from hydropower and an abundance of cold air to cool those furiously churning machines. Even so, a lot of real resources are being used to create virtual objects with no clear use.

    The third money pit is hypothetical. Back in 1936 the economist John Maynard Keynes argued that increased government spending was needed to restore full employment. But then, as now, there was strong political resistance to any such proposal. So Keynes whimsically suggested an alternative: have the government bury bottles full of cash in disused coal mines, and let the private sector spend its own money to dig the cash back up. It would be better, he agreed, to have the government build roads, ports and other useful things — but even perfectly useless spending would give the economy a much-needed boost.

    Clever stuff — but Keynes wasn’t finished. He went on to point out that the real-life activity of gold mining was a lot like his thought experiment. Gold miners were, after all, going to great lengths to dig cash out of the ground, even though unlimited amounts of cash could be created at essentially no cost with the printing press. And no sooner was gold dug up than much of it was buried again, in places like the gold vault of the Federal Reserve Bank of New York, where hundreds of thousands of gold bars sit, doing nothing in particular.

    Keynes would, I think, have been sardonically amused to learn how little has changed in the past three generations. Public spending to fight unemployment is still anathema; miners are still spoiling the landscape to add to idle hoards of gold. (Keynes dubbed the gold standard a “barbarous relic.”) Bitcoin just adds to the joke. Gold, after all, has at least some real uses, e.g., to fill cavities; but now we’re burning up resources to create “virtual gold” that consists of nothing but strings of digits.

    I suspect, however, that Adam Smith would have been dismayed.

    Smith is often treated as a conservative patron saint, and he did indeed make the original case for free markets. It’s less often mentioned, however, that he also argued strongly for bank regulation — and that he offered a classic paean to the virtues of paper currency. Money, he understood, was a way to facilitate commerce, not a source of national prosperity — and paper money, he argued, allowed commerce to proceed without tying up much of a nation’s wealth in a “dead stock” of silver and gold.

    So why are we tearing up the highlands of Papua New Guinea to add to our dead stock of gold and, even more bizarrely, running powerful computers 24/7 to add to a dead stock of digits?

    Talk to gold bugs and they’ll tell you that paper money comes from governments, which can’t be trusted not to debase their currencies. The odd thing, however, is that for all the talk of currency debasement, such debasement is getting very hard to find. It’s not just that after years of dire warnings about runaway inflation, inflation in advanced countries is clearly too low, not too high. Even if you take a global perspective, episodes of really high inflation have become rare. Still, hyperinflation hype springs eternal.

    Bitcoin seems to derive its appeal from more or less the same sources, plus the added sense that it’s high-tech and algorithmic, so it must be the wave of the future.

    But don’t let the fancy trappings fool you: What’s really happening is a determined march to the days when money meant stuff you could jingle in your purse. In tropics and tundra alike, we are for some reason digging our way back to the 17th century.

  16. Crystal Cao says:

    I love the animation style, so modern and cool. What program did you use to make this?

  17. JP Hanson says:

    I mean there are other sites like it. There was already competition between Silk Road and this other site (I can’t remember the name of it); with Silk Road down all the internet druggies probably went to that other place

  18. Bitcoin Empire says:

    Take a look at our Bitcoin themed card game https://www.kickstarter.com/projects/432177580/bitcoin-empire

  19. andjelina balerina says:

    Hey hey! Have you tried – Brians Bitcoin Big Bang (Have a quick look on google cant remember the place now)? In case you are seriously interested in making money with Bitcoin, I have heard some unbelievable things about it and my mate got amazing results with it.

  20. Ryan_Greenwalt says:

    Ok, so what backs a bitcoin? Its not even a real coin? I dont understand… Sounds like a real big screw job.

  21. Laid_Ba ck_Cock says:

    if only i could have learned about bitcoin sooner and avoided Mt.Gox

  22. Mohammad Siraj says:

    Hey hey! Have you thought about – Brians Bitcoin Big Bang (just google it)? For anyone who is seriously interested in making money with Bitcoin, Ive heard some interesting things about it and my buddy got great benefits with it. 

  23. MuchBitcoin DOT org says:

    Anyone interested can watch more bitcoin videos on my channel!

  24. JOE smith says:

    This needs an update! And I love how the video foreshadows the fall of MTGox.

  25. Quantum2142 says:

    Where are these equations coming from that are being solved to produce bitcoins? Thats what I dont understand

  26. Anddi Heir says:

    Sounds like a cashless society coming to me…mint chip??  wow scary

  27. This Man says:

    i dont get how so one or some people can get money by making there pc/mac do a math equation and get about 350$ even tho it is hard to get a computer with that much power it still doesnt make sense how does that work?

  28. Albus Regnum says:

    another jew scam

  29. MPD1337 says:

    Nicely done, but damn keep the music volume down, this is annoying.

  30. hallerd says:

    If someone edits and uploads a new version of this video with the Mt. Gox removed in a professional manner that doesn’t interfere with the flow of the video, then I will tip them $20. First one to finish a good video and show me wins the $20.

  31. email-lists. in says:

    hey guys hang onn….
    earn – gamble – play bitcoin games online…wt i suggest is btc-pokerstars coz these guys are giving $2 for FREE juss u need to signup with easy steps.
    But hurry its for first 100 players as they say 😉
    GOOGLE btc-pokerstars today nd defeat me there as m on it…are u a real poker lover hahaa 😀

  32. ThinkTank68 says:

    Very well made video pity the music is to loud and drowns out the words.

  33. Danang Wibisana says:

    19mYBEkxB3XuFAFmf7VWncj5X7Loe15LTN

  34. JORGE PELEGRIN says:

    ANNOING MUSIC.  I CAN’T UNDERSTAND A THING.

  35. criptomonedas Trader says:

    Criptomonedas Estrategia Trading 400 dolares por dia en bittrex Señales indicadores Poloniex https://www.youtube.com/watch?v=_Fw126YaLQ4&t=9s

  36. Soloman3 says:

    Needs to be updated, would really be cool

  37. koen7b says:

    could someone explain to me how these math problems are made. as in were do they come from. Its a bit vague of were the bitcoins come from.

  38. minecrafthelper2 says:

    Please, Donate 0.00006BTC to the following bitcoin adress

    1D51DJAuZZhypzoCTywMX2HQz5qgD7FMDN

  39. RadiantBlue3 says:

    Bitcoin, an item where you can buy all the dangerous crap you want to get! wohoo death to everything now….. 🙁

  40. Gytis321 S says:

    So just use Quantum computer and mine all bitcoins at once.

  41. dex5x says:

    What happens when all bitcoins are mined

  42. wirsindheldenowns says:

    I support Bitcoin and invest in it as a way to say "Fuck you" to the people at the FEDs, your paper money don’t worth shit and you can print as many as you want. bitcoin is the future of this new generation 

  43. jemszjemsz says:

    Such a pro Infographic.. remember watching this in 2013. Top stufff

  44. hiso ksila says:

    too confusing. whats the point? it will never catch on. and its all based on computers? so what happens when there’s no electricity?

  45. Jonathan McCarthy says:

    I like qoinpro, it lets me have a mini portfolio going of a bunch of cryptocurrencies together with bitcoin and everyday it releases a small amount of coins to my wallet. The bitcoin started valueless and shot through the roof, maybe one of these will too? Who knows… Here’s the link:http://qoinpro.com/88dae9eb54f2286b5d05a4bb1d82efb4 

  46. Axel sypkens smit says:

    uhf my brain

  47. Alex Lawrence says:

    0:16 -> Illuminati

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