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Bitcoin: How Cryptocurrencies Work

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Whether or not it's worth investing in, the math behind Bitcoin is an elegant solution to some complex problems. Hosted by: Michael Aranda Special Thanks: Dalton Hubble Learn more about Cryptography: https://www.youtube.com/watch?v=-yFZGF8FHSg ---------- Support SciShow by becoming a patron on Patreon: https://www.patreon.com/scishow ---------- Dooblydoo thanks go to the following Patreon supporters—we couldn't make SciShow without them! Shout out to Bella Nash, Kevin Bealer, Mark Terrio-Cameron, Patrick Merrithew, Charles Southerland, Fatima Iqbal, Benny, Kyle Anderson, Tim Curwick, Will and Sonja Marple, Philippe von Bergen, Bryce Daifuku, Chris Peters, Patrick D. Ashmore, Charles George, Bader AlGhamdi ---------- Like SciShow? Want to help support us, and also get things to put on your walls, cover your torso and hold your liquids? Check out our awesome products over at DFTBA Records: http://dftba.com/scishow ---------- Looking for SciShow elsewhere on the internet? Facebook: http://www.facebook.com/scishow Twitter: http://www.twitter.com/scishow Tumblr: http://scishow.tumblr.com Instagram: http://instagram.com/thescishow ---------- Sources: https://bitinfocharts.com/ https://chrispacia.wordpress.com/2013/09/02/bitcoin-mining-explained-like-youre-five-part-2-mechanics/ https://www.youtube.com/watch?v=Lx9zgZCMqXE https://www.youtube.com/watch?v=nQZUi24TrdI https://bitcoin.org/en/how-it-works http://www.forbes.com/sites/investopedia/2013/08/01/how-bitcoin-works/#36bd8b2d25ee http://www.makeuseof.com/tag/how-does-bitcoin-work/ https://blockchain.info/charts/total-bitcoins https://en.bitcoin.it/wiki/Controlled_supply https://www.bitcoinmining.com/ http://bitamplify.com/mobile/?a=news Image Sources: https://commons.wikimedia.org/wiki/File:Cryptocurrency_Mining_Farm.jpg
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Text Comments (5290)
sambit kumar sahoo (7 hours ago)
Hey if it's like kepping track by checking eachothers input then what if on a transaction eachone puts in different information
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Linda Burlingame (3 days ago)
i believe in mining bitcoin but then since i met Mr Frank i believe more in trading
Joe Phillips (4 hours ago)
thank you so much Linda
Linda Burlingame (1 day ago)
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Joe Phillips (2 days ago)
i seem to see that name a lot on comments section he must really be good but there's never any information about his contact details
Linda Burlingame (2 days ago)
oh yes i am talking about him how do you know him?
Nuno Reyez (2 days ago)
are you talking about Frank B Davis?
Ken Semotiuk (4 days ago)
How crypto currencies work, you waste you're fiat paper currency purchasing crypto crap, they go down in price to nothing and then you lose you're fiat paper currency! Anymore stupid questions? Buy and hodl silver and gold, God's money, screw crypto crap!
simon kraft (5 days ago)
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Any Flore (5 days ago)
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empowr (6 days ago)
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Sinjin (7 days ago)
once you break the blockchain, you break the bitcoin ^^ so anybody come up with another bs function thats unsolvable like getting the "simple" squareroot, its just CONVINCING ppl that your "function" is important which it really isnt! ITS WORTH NOTHING!! so everybody in our society can live with power,water,food...and even more WITHOUT the need of any money!!!!!!!!!!!!!!!!!
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GOLD & GHOSTS (9 days ago)
EOS = GOLD
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Your Trendyshoppe (10 days ago)
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Artem Новиков (13 days ago)
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A C Sekhar (13 days ago)
Very good explanation. Thanks. Also found one more video to know basics: https://youtu.be/zNVwENenBKU
James Right (13 days ago)
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I didn't entirely trust crypto-currency before seeing this video, and I trust it even less now after having viewed it. The explanation provided herein only confirms for me the criticism that Bitcoin and other crypto-currencies are more commodities than they are true currencies.
Sugarglider1 (15 days ago)
Brilliant
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You pls bit slowly with pauses, u speak too fast to understand
rick hunter (17 days ago)
The problem of this video is that you explain what a Block and a Cryptography is, but you don´t explain what the Bitcoin it self is and how it may replace money, so far according to the video, the "bitcoin" seems like the "right to exchange stuff" NOTHING based on the internet can be trusted, since a) the internet is a virtual world that depends on electricity, b) the Internet is like a "ruled game" that can be twisted easily
Viju Nair (17 days ago)
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Yord (18 days ago)
I don't get why the amount of bitcoins you are rewarded for decreases
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tony tony (18 days ago)
I can't believe so many people are actually believe in this crap. The dude says right there and tells you so many damn flaws and what they're doing is be too damn easy for a hacker to hack you or even for the cryptocurrency just to shut down and take all your money. There's no way to spend Bitcoin so what's the point? If you want to throw away your hard on money just send it to me
Jordick 69 (19 days ago)
I don't really care about Cryptocurreny in general, but as a PC gamer I can't tolerate the mining at all. The reason for that is because in the last few years the cryptocurreny mining has become so popular that the demand for PC components has skyrocketed. And with increased demand, their prices have also increased. You simply can't get a decent gaming PC with the same price as you were few years ago, solely because of the increased PC component demand due to the cryptocurrency mining. I for one sincerely hope that Bitcoin along with every other cryptocurrency would perish within the year or two.
Thank you. It was very useful.
Shahzad Faisal (19 days ago)
This is one of the best explanation, I say it from the midway but I understood
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Gaming Discord (20 days ago)
so what I'm hearing is that its kind of like a way to trade money literally. Your goal is to create bitcoin by solving the equation on the block chain, then sell them as you would a physical asset/investment. I'm having difficulty understanding its practical value; is the value stemming from our general interest in cryptocurrency and its trading, or am I missing something - is there some reason that that bitcoin contributes to another work either physically or digitally?
Gaming Discord (20 days ago)
Worth "hundreds of US dollars"..... $9600+ today......
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Psychokinesis (21 days ago)
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G I (21 days ago)
I know how earn 1 Bitcoin every month
Mark Quitong (21 days ago)
Amazing, your video was super helpful! I have been doing a lot of research and I am super interested in SciDex.
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CryptocurrencyRightNow (22 days ago)
A very simple and informative video, thanks!
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crypto D (23 days ago)
Now I understand why Ledu token is minted while bitcoin is mined
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Peter Rogers (24 days ago)
Iv learn from this thanks
Peter Rogers (24 days ago)
great stuff on bitcoin
Benjamin Dail (24 days ago)
I still feel like an idiot but i got half of it
Ruchir Jajoo (25 days ago)
Excellent compilation of brief explanation of every single aspect of cryptocurrencies.
Oliver Kinghorn (25 days ago)
CuriousInventor has a bitcoin explanation video and the first 8 mins of your video explains the exact same things in the same order as him. Eather you or him has been copying :(
Musa Usman (25 days ago)
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Thomas Stokes (26 days ago)
perfect
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taha Siddiqui (28 days ago)
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Tamil R (28 days ago)
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Hubert Meyers (27 days ago)
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Chibuzor Joseph (27 days ago)
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Derrrick Nyongo (27 days ago)
so i just lost $2000 to a fraudster, but i still need to invest in Cryptocurrency. Please i don't want to regret it again
Hubert Meyers (27 days ago)
Assured
Zara Hirshowitz (28 days ago)
Let me take ur advice, mate
gpr Arthur (29 days ago)
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Vicente Caballero (1 month ago)
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Crystal Dozier (1 month ago)
I'm confused and I wanna invest !!
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Ion Prodan (1 month ago)
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SVG ! (1 month ago)
im only 1:53 into the video and im already confused
Samer Abou Kheir (1 month ago)
hey guys if you want to mine some cryptos its very easy: 1)make an account https://minergate.com/a/11a5ac4b2a42a7b4450c1f90 2)download minergate console 3)start mining
jeff scott (1 month ago)
Hello,how are you doing ? Well to go straight to the point without mincing words,thePax tokens,Dogecoin,Dentacoin,Siacoin,buzzcoin,Verge and Antshares/Neo are what i am currently investing in,and i have already started gaining little profits from some of them already,for example when i invested in Verge,i started on $500 and now i am at $3000, i also use a currency prediction mining tool that helps me as well,i will not divulge into that now.The secret i have learned in cryptocoin investment is that.1, what will raise the value of the coin ? 2, who stands behind the coin.3, where and how can i realize profits. I run my investments on a platform that guarantees high value of coins i mentioned. If you would like to have in on what i am experiencing now,just write me on Scottjeff434@gmail.com let me guide you. Best wishes Scott.
Joao Silva (1 month ago)
https://medium.com/@JoaoDavidSilva/cryptocurrency-101-how-to-make-money-without-mining-dc91cd03abdf
Ycan Nacy (1 month ago)
great explanation about how the bitcoin works .. thanks
Tulani Pama (1 month ago)
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Monty Scar (1 month ago)
SHA256 calculations don't take 10 minutes as stated in the video. It's the "difficulty" level that controls how long the "hash" calculation takes. The difficulty level is set to make the calculation take 10 minutes by the current computing power in the network. The computing power increases over time so the difficulty level is increased to keep up with it and keep the Bitcoin hash calculation at 10 minutes.
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Jin Literatus (1 month ago)
Thank you for this video! You explained it so well. What's your opinion about SciDex? I've been following them for a while now.
Broyka (1 month ago)
My life was hell till I found Mr chris. I deposited $800 for him to trade with for me on bitcoin and he made me $12,000 in two weeks. Two months back I had nothing, but so far I've managed to make $76,000. All thanks to chris.. contact him using: chrisdunnstrategy@gmail,com
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