What is Bitcoin?
What is a blockchain?
What is decentralized?
What is bitcoin scarcity?
How are new bitcoins created?
What is a block halving?
What is a confirmation?
What is a transaction ID?
What is a block explorer?
Earn $100 for answering these questions @ http://bcc.school
thank you craig for making this BCC school I seen lot of this in youtube. I think it will help more people understand how the cryptocurrency works. The crypto is just for you
Thanks so much for posting this informative video. It's a great tutorial for people who are just starting with cryptocurrency.
The answer:
A cryptocurrency (Bitcoin has been called “digital gold,” and for a good reason),
block chain is software and the algorithm is speciality (By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.) [ “As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” ]
So Block chain performs with different nods (computer) and a process of decentralized activity ( Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet. )
Bitcoin scarcity { Scarcity, the idea that some one thing is finite, has been thus far not applicable to the digital realm. Until the arrival of bitcoin, nearly anything that was of digital nature could be duplicated without recourse. Due to the ease of reproducing computer code, the problem of double-spending was the unsolved mystery of viable digital money. However, the innovation of the blockchain ledger has added a potent economic function to the equation of online exchange: digital scarcity. }
New bitcoins are created by Bitcoin mining in computer with special graphic and software.(Scarcity, the idea that some one thing is finite, has been thus far not applicable to the digital realm. Until the arrival of bitcoin, nearly anything that was of digital nature could be duplicated without recourse. Due to the ease of reproducing computer code, the problem of double-spending was the unsolved mystery of viable digital money. However, the innovation of the blockchain ledger has added a potent economic function to the equation of online exchange: digital scarcity) .
Each time a new block is added to the bitcoin network, freshly minted bitcoins are rewarded to whichever miner discovered the valid block. This reward, initially set to 50 BTC, fell to 25 BTC in late 2012. Sometime next month, this number is expected to fall to 12.5 BTC. This event is known as a "halving".
Confirmation is the code used for each transaction, in exchange, wallet.....
transaction ID is the code you need to give for a particular sender to send bitcoins as per transaction ID. So the sender will follow and send in that location only.
Bitcoin Block Explorer is an open source web tool that allows you to view information about blocks, addresses, and transactions on the Bitcoin blockchain.
Hi Craig,
I joined BitConnect today with a 10500 dollar loan. I will write an article about Bitconnect next on my blog. If you can consider an author reward i would be willing to go further into detail and much appreciate the support:) kind regards
1LWowrcuEJzwoq9Meyhkn1VvzQSD12Y4UG
So much freedom
Blockchain is the biggest innovation in the decade!
Why is he naked?!
There is a middle man in Bitcoin. The miners. They get all the money from transaction fees which are really high these days. Why is the transaction fee so high?
You have your own school??
nice post..Brilliant and in contrast to a lot of incredibly useless videos on the same subject!
thinking of majority is still like.....
A: are you a miner?
B: no,I'm an adult
A: no, I mean crypto miner
B: no,I'm an adult
:P
Answer: Bitcoin/Blockchain is THE FUTURE!
Education like this is invaluable. Thanks Craig.
BitConnect is the fastest growing online community in the world
I registered from your referral by name diahamzawi
But I will invest later when I am able to invest
You encouraged me to invest in the site
I hope to earn like you someday
Congratulations to you .
Thanks for the explanations and for sharing them in video. It is easier for beginners to realize what bitcoin is and how it works. Resteemed
Hi @craig-grant i am so gratefull of you having to post this video post,indeed it is very educative and informative pertaining on Bitcoin,Blockchain, Decentralization,Bitcoin scarcity, How new Bitcoins are created, What is block halving,What is a confirmation,What is a transaction ID and What is a block explorer,perhaps this is very educative especially to newbies like me here on Steemit Blockchain Network,lastly thank yuo sir for your post and keep posting such video content post here on Steemit.
Kool phuckin' vid! Trippy dude! Tiny kitchen. Very informative. Enjoyed and much appreciated as always.
Very Nice! Upvoted and followed! :-)
Thanks for sharing! :-)