The Essence of How Bitcoin Works (Non-Technical)



A brief intro to the main ideas behind How Bitcoin Works, including how money is transferred, who keeps track of it, and how the whole thing is secured.

23 Comments

  1. a meteor will stike earth today. we will all die. and maybe some will survive. world goes back by a few hundred years. and i wont have to understand this. too complex !!!

  2. So what happens when quantum computing comes along that will make it effortlessly fast for anyone with one to compute the hash for the blockchain so computational complexity alone cannot be used as a trust metric?

  3. It would really just be easier to stop paying taxes and watch government dry up like a fish out of water.
    The elaborate engineering that's required to stay out of the crosshair of the world wide mafia called government is astounding.
    Are these cunts really that scary? I mean look at most of them. White hair, suits, no shoulders…
    A good punch to the face and they'd sure fold up like a wooden ruler. And yet, still THIS!

  4. Oh god this is going to sound embarrassing if a family member sees this, plus it sounds silly because everyone else is doing this too but this is a genuine cry for help, I'm really low on money, I've lost my flat and losing my job, its hard being a single mother with money I get from a 15hr shift getting £70 a week, all goes to my kids, food and usual cycle of bills, oh my god here i am begging for money..who would have thought my life would lead to this…its so depressing, I'm hoping this would be a turn over for me in my life, I really hope I do get help from the internet, I'm thinking of creating a video to show the change of what the people of the internet can do to a suffering family, always hear so many good things of how the internet helps those in need…I really am in need…help me please…thank you :'( 

    This is my bitcoin address is 173c8LnzRgB5XYztsdGuynmjqx2pyYNT4x 
    Please help me

  5. CuriousInventor… Our Digit-DNA System has a new enemy to face and defeat BitCoin, cos it's almost the same as the Fed Reserve. Cos both are speculative and has no real and legit fund and support. BitCoin has its own inflation and is at hand of only those who have an EXPENSIVE EQUIPMENT to generate a fckg single coin, which cannot be generated by all the population. Our Digit-DNA has the most legit fun and support THE HUMAN CAPITAL, with total human control by the people, not by corrupt leaders. Crypto currencies are speculative and have lots of vulnerabilities. The Digit-DNA has no tech-vulnerabilities. If BitCoin wish to work together, then we will generate a WORLDWIDE BUDGET with no need to be generated by complex math formulas, neither need any comp to generate them. People from small communities and neighborhoods will control themselves as they will control and support themselves. Are you with us? or with the economical terrorists and speculators?

  6. I STILL can't fully grasp how this actually works or benefits me over just using "normal" money the way I currently use it, which is either spending physical cash or spending it digitally online.

    Also; something about it just makes me wary. Like it promises to offer a more "fair" monetary system than the current one that's controlled by banks and governments etc, where the richer get ever richer and the rest of us struggle day to day to ever get ahead, BUT I am suspicious that it's really just been created by some genius who's devised a way for him/her to get rich, along with a few of the lucky ones who get in first or figure out how to use the system to their advantage, while everyone else just gets caught up in another system designed to tie them into slowly but surely making someone else rich while they never really make any meaningful amount of money.

    It feels like I'm missing something, something that isn't obvious but that in a fair system really should to totally transparent and easily/fully understandable (certainly after it's been explained), which is exactly how people get tricked into being part of something designed to take advantage of their optimistic ignorance.

    Is this really not just another way for a few early birds or those in positions of power (large groups working together and backed by more money than anyone else so they can mine more than everyone else etc) to get rich and everyone else who comes late to the party and who can't afford to do mass mining to ultimately help the lucky few get ever more rich while hoping in vain that they can somehow get rich themselves but in reality they never actually will and will instead be in exactly the same position they always are, which is struggling to get ahead in the world while the "elites' get ever more rich at their expense?

    I mean; as just one example of something that does't sit quite right with me; How can I possibly have a number/key or digital "signature' that no one could ever just hack my computer and steal then use for their own gain? It's a bold claim to say "that only the true account owner knows" when talking about anything that works online on the Internet. I mean surely I have to store that key somewhere, if I'm ever going to be able to remember it (given how long and random it looks), and surely most people are going to store it on their computer (so they don't have to keep entering it every time) and even if they don't store it there; well surely they have to type it via their keyboard at times, which itself could be tracked via sophisticated keypress hacking type software or whatever. Not that I'm suggesting traditional online banking and spending is any more secure than this but I'm just curious and cautious.

    Why do I get that feeling in my gut that something isn't quite right about all of this?

    I mean how the hell can no one in the world know who actually created Bitcoin??? That's just suspicious right there.

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