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What is Bitcoin Mining | Who invented bitcoin? | Cryptocurrency | Crypto - YouTube
Channel: infomakerify
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Bitcoin becoming the No 1 attraction of the
new generation.
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Everyone started to invest or mine in bitcoins.
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However it is not so easy, and now its value
has also started to decline.
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So no one can tell that the value of bitcoin
will increase or decrease in future.
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So in this video of infomakerify, we are going
to find the answers of most asked questions.So
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let's start.
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No 1.
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What is bitcoin?
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Bitcoin is a decentralized digital currency,
without a central bank or single administrator,
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that can be sent from user to user on the
peer-to-peer bitcoin network without the need
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for intermediaries.Transactions are verified
by network nodes through cryptography and
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recorded in a public distributed ledger called
a blockchain.
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The cryptocurrency was invented in 2008 by
an unknown person or group of people using
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the name Satoshi Nakamoto.
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The currency began use in 2009, when its implementation
was released as open-source software.
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NO 2.
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How was bitcoin created?
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Bitcoins are created as a reward for a process
known as mining.
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They can be exchanged for other currencies,
products, and services, but the real-world
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value of the coins is extremely volatile.
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Research produced by the University of Cambridge
estimated that in 2017, there were 2.9 to
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5.8 million unique users using a cryptocurrency
wallet, most of them using bitcoin.
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Users choose to participate in the digital
currency for a number of reasons: ideologies
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such as commitment to anarchism, decentralization
and libertarianism, convenience, using the
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currency as an investment and pseudonymity
of transactions.
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Increased use has led to a desire among governments
for regulation in order to tax, facilitate
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legal use in trade and for other reasons (such
as investigations for money laundering and
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price manipulation).
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NO 3.
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Why was bitcoin criticized?
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Bitcoin has been criticized for its use in
illegal transactions, the large amount of
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electricity (and thus carbon footprint) used
by mining, price volatility, and thefts from
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exchanges.
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Some economists and commentators have characterized
it as a speculative bubble at various times.
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Bitcoin has also been used as an investment,
although several regulatory agencies have
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issued investor alerts about bitcoin
The word bitcoin was defined in a white paper
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published on 31 October 2008.
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It is a compound of the words bit and coin.
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No uniform convention for bitcoin capitalization
exists; some sources use Bitcoin, capitalized,
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to refer to the technology and network and
bitcoin, lowercase, for the unit of account.
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The Wall Street Journal, The Chronicle of
Higher Education, and the Oxford English Dictionary
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advocate the use of lowercase bitcoin in all
cases.
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NO 4.
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What Determines Bitcoin's Price?
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Unlike investing in traditional currencies,
bitcoin is not issued by a central bank or
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backed by a government; therefore, the monetary
policy, inflation rates, and economic growth
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measurements that typically influence the
value of currency do not apply to bitcoin.
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Contrarily, bitcoin prices are influenced
by these factors:
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* The supply of bitcoin and the market's demand
for it
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* The cost of producing a bitcoin through
the mining process
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* The rewards issued to bitcoin miners for
verifying transactions to the blockchain
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* The number of competing cryptocurrencies
* The exchanges it trades on
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* Regulations governing its sale
* Its internal governance
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NO 5.
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Regulations and Legal Matters.
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The rapid rise in the popularity of bitcoin
and other cryptocurrencies has caused regulators
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to debate how to classify such digital assets.
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While the Securities and Exchange Commission
(SEC) classifies cryptocurrencies as securities,
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the U.S. Commodity Futures Trading Commission
(CFTC) considers bitcoin to be a commodity.
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This confusion over which regulator will set
the rules for cryptocurrencies has created
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uncertainty鈥攄espite the surging market capitalizations.
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Furthermore, the market has witnessed the
rollout of many financial products that use
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bitcoin as an underlying asset, such as exchange-traded
funds (ETFs), futures, and other derivatives.
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This can impact prices in two ways.
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First, it provides bitcoin access to investors
who cannot afford to purchase an actual bitcoin,
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thus increasing demand.
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Second, it can reduce price volatility by
allowing institutional investors who believe
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bitcoin futures are overvalued or undervalued,
to use their substantial resources to make
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bets that bitcoin鈥檚 price will move in the
opposite direction.
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NO 6.
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Is It worth investing in bitcoin?
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Bitcoins are too risky an investment.
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Its prices go up and down every day.
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Bitcoin is volatile in nature.
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But If you plan to invest in bitcoin do proper
research about performance.
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Invest that time when the prices of one bitcoin
are low.
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Behind concepts, you can buy more bitcoin
at less cost.
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But right now the situation is that the worth
of one bitcoin is 36,594.50 US dollars.
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This is too much money.
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The risk factor is another matter in this
investment.
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In my opinion it is not going to be worth
an investment in bitcoin 2021.
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The reason is that bitcoin prices are much
higher.
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And have lots of risks.
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No one knows what will happen next.
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The best thing you can do is invest in other
cryptocurrencies which have low worth and
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perform better.
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Such as Bitcoin cash, Etherum, these cryptocurrency
performing very well right now.
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Or another big factor is that these cryptocurrency's
worth are low.
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NO 7.
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Will Bitcoin ever die?
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Bitcoin is digital gold.
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It takes a lot of hard work to create.
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We know bitcoin is unstable but it is continuously
growing.
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His market may touch a $7.5 trillion market
cap according to the bitcoin price.
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That means bitcoin has never gone die according
to the prediction that its market will grow
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continuously.
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In the future, many countries may accept bitcoin
as payment.
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That we can say never die, it grows.
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NO 8.Who owns the most bitcoin?
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According to a published article on currency
Satoshi Nakamoto, inventor of bitcoin.
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He is on the top list of cryptocurrency investors.
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The researcher said he has 1.1 million Bitcoin
which spreads across multiple wallets.
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Bitcoin works as an asset for Satoshi Nakamoto
1.1 million bitcoin worth over $10 billion.
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This is a lot of money.
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Also, he is a top investor of bitcoin.
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And he has most of bitcoin.
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