In this video, we will discuss From the popular point perspective, what is bitcoin Second, compared with other

Bitcoin (paid) pathway What is the difference So first of all, Bitcoin is an electronic Payment Systems The so-called electronic payment system refers to a medium, namely: Parties via the Internet Realization of the transaction We managed two parties called Alice and Bob (Translator's Note: commonly used i n cryptography two names) Let's look at Alice, for whatever reason (She) wanted to through the Internet Transfer money to Bob Probably because she owed money Bob There may be a businessman Bob and Alice from Bob there to buy something Or Bob (Runs) a non-profit organization, then Alice to Bob donate So, there are many reasons why Alice tries to pay a sum of money to Bob By way of the Internet In a way this is Now if Bob is willing to accept Bitcoin, an electronic payment (way) Alice can then directly to Bob Bitcoin pay a certain value, but in fact In this Bitcoin "transfer", the Alice actually

After the string of digits is a special arrangement had sent to Bob And all of these operations will be completed on the Web Specific mathematical features of these figures have Some people will hinder the system of fraud, scams Or to control some of the vicious system (attack) behavior In fact, Alice needs to implement this transfer Install a special software, which we call Bitcoin client Or she could Cooperation with third-party services that can help her deal with this process Whether it is a client or a third party, are those numbers to generate Alice On the other hand, Bob will be installed on the client Or will he choose to use a third-party service Help him to receive those numbers, and help him to do some processing on these figures For example, the same, Bob can also use these numbers to buy something for hims elf Or put these figures into real currency exchange, etc. Good So now you may be asked the first question I had also hinted to: Why Bob thought in the first instance will accept bitcoins? After all, just a bunch of numbers only bitcoin What is its intrinsic value of what is compelling? In fact People are very surprised Bitcoin actually have a realistic value More and more traders jumped out to announce that beginning to accept bitcoin p ayment

There has also been a bit currency trader, you can go to him The exchange bitcoin currency into other more mainstream Some of these dealers, including Including the most important one is called "Mt.Gox" (Translator's Note: the wor ld's largest Bitcoin traders) By Mt.Gox, you can exchange your bitcoins into euros, yen and dollar, etc. The current exchange rate, in the production of this video Bitcoin value About $ 100 per bitcoin The exchange rate is floating, which is the latest quotes Will always be some volatility, but as people began to better understand the cu rrent market Amplitude fluctuations will gradually decrease But I believe that ultimately, it will be memorable for Is Bitcoin has value from your trust in him And value you obtained from Bitcoin generated inside Like the dollar, euro or yen as Do you trust in the currency that you think this money has little value Now another question you might ask is: In the first example, why people would g o to toss bitcoins? I mean, do not use other, more common way to pay it? Alice and Bob do not use Paypal yet? Why do not they use the credit card account to pay? Alice, why not just send Bob an electronic check Why can not more people have accepted the existence of more mainstream method o f payment? Why you want to put a good system already seems a mess? So, this leads to the characteristic Bitcoin some noteworthy First, privacy

By Bitcoin ecosystem bitcoin network People will not reveal who they are in the end in the transaction are in the re al world In the Bitcoin world, Alice's identity, but it is a string of numbers This string of numbers, in fact, play a role Alice is like a pseudonym And this string of numbers no relationship with her identity in reality Nobody knew it was Alice in payment They only need to be concerned about a pseudonym in this system When it's a bit like the kind of feeling that you use cash to buy things When you use cash to buy things In the real world you do not provide any evidence or details about your true id entity And This is very different from using a credit card You must provide your name, billing address, etc. Or we say provides an electronic check Electronic checks are actually and information on your bank account linked to Okay, now I want to say Sometimes when you use the Paid in cash or cash This possibility exists that when people pay money The purpose of adverse want to buy illegal goods or services When you provide anonymous and confidential (service), obviously there is a ris k However, this one certainly some people have legitimate reasons

Want to control the privacy of the deal Do not want to let the world know what they are trading Another feature of bitcoin is open In fact, everyone can participate Each person can access to the Internet to complete the payment of a sum of bitc oins Client wants to start, you have to do is to download the bitcoin Or, in addition to Bitcoin client, you can use third-party services Like Mt.Gox, in fact, for you to be able to provide the same functionality and client But the disadvantage is that the third party All have Bitcoin client or have their own trading account as Mt.Gox same person , Can participate in Bitcoin transactions The details of these transactions and mechanisms are transparent for the user All users should be concerned about is All Alice should be concerned about is how much money she If she transferred the money Bob The software will pay attention to all the running primary mechanism to ensure that the transactions Here there is a difference, when you think of traditional currencies like the U .S. dollar If I want something online transactions Usually I need a bank account, credit card Etc.

We often use it as collateral, but there are always some people are not allowed to use a credit card or bank account For example, in the United States alone (I found) there are about more than 8% of households do not have bank accounts This ratio is very high, a lot of people Unable to carry out the traditional network transactions But who Bitcoin transactions it? In fact, everywhere in the world people use bitcoins No matter where you are As long as you can network, you can use Bitcoin payment Another noteworthy feature is that bitcoin to the center No bank or central entity to control Run Bitcoin ecosystem, all things are in this special way operation This means that When you start a transaction, when Alice paid to Bob through a network Did not go through a third party Do not get in the way banks in the transaction The advantage of this is that, for example, This means that no other entity can directly control the money supply Bitcoin At the same time, it also represents no entity can We speak, for some reason your assets confiscated No one can reverse the transaction Apparently some traders think so dry

Some merchants do not have the ability to operate an online business, mainly fe ar of fraud If you have to go back so that the transaction can not be easily system From the merchant's perspective They may have the ability to prevent fraud Therefore, it may promote the entire online business practices Now, I want to say to the center as a feature of the last Bitcoin Obviously, this caused a lot of people focus on Bitcoin After all, when you start thinking about it, like a bank as a central authority The size of the transaction in which the traditional currency plays a pivotal r ole 151 00:08:06,899 --> 00:08:09,220 For example, banks can make money legalization They can fight fraud by legalizing trade Now with bitcoins, legalization is basically the way through to the center to r each the Be achieved by other participants, bitcoin other nodes in the network In this series of tutorials, the remaining bits of the video's purpose is to in troduce currency transactions The basic operating mechanism 157 00:08:27,899 --> 00:08:31,329 How it is considered to be legally binding, even if the entire system has been decentralized, And which through the use of some amazing technology To make them a reality Based on this, I would like these, you are filled with questions on bitcoin, an d consider

Bitcoin is a very complex agreement, which has many components to changing It's pretty cool, if you can understand this complex like bitcoin Let your crazy stuff First, we put all the stuff on show This way you will eventually appreciate how they are combined together I hope this next series of instructional videos Will help you understand the different components of bitcoin And with the gradual deepening and solve other problems that may exist in your Subtitles End: mo.dbxdb.com