Bitcoin Full Explanation For Everyone In English 2022 - YouTube

Hi guys this is Madi in this video I want  to answer all your questions about bitcoin  

let's start now let's go to the first question  what is a crypto currency a cryptocurrency  

is a version of currency that is used for online  payments this currency comes in the form of tokens  

or coins bitcoins is also a cryptocurrency  there are several other cryptocurrencies but  

bitcoin receives the most attention and acceptance  globally when was bitcoin created bitcoins were  

brought into the live market in the year 2009.  back then it didn't instantly rise to fame instead  

people only treated it as an asset rather than  using it as a means of payment or a currency the  

next question is who developed bitcoins bitcoins  were built by a developer who goes by the certain  

name as satoshi nakamoto no other information is  known about this person whether it's a project  

of one person or a group of people knows anything  about to date no one has ever seen this mysterious  

satoshi person and after developing bitcoins  he has vanished never to be heard from again  

this bitcoin actual money let's see no bitcoin  is not real money it's not a real place either  

bitcoins are a currency that is purchased through  paper money it can be an electronic transaction  

or the user can pay the negotiated amount  to the seller of bitcoins in person  

bitcoin is an alternate means of payment for goods  and services for bitcoins or any cryptocurrency  

to be considered actual money it needs to be  authorized and regulated by the government and  

legal system of the country the next question is  does bitcoin have value yes bitcoins have value  

but is the value stable no it's not the bitcoin  prices are highly volatile and keep fluctuating  

on a dangerous level why do people find bitcoin  confusing the main reason they find it confusing  

is that it is only those who are enthusiastically  interested in bitcoin investment can follow  

everything to the core for others it's nothing but  a jumble can anyone buy bitcoin yes anyone can buy  

bitcoins but buying bitcoins is not easy as it  appears the person will first have to register  

and find a verified seller of bitcoins the  buyer will also need to have a bitcoin ballot  

in which they can safely secure the currency  to use in further activities understanding  

bitcoin wallets is a different matter which is  of equal importance do you think is bitcoin a  

bad investment is not entirely a bad investment  the answer to this question will always appear  

somewhere between black and white it would be  a lie to say that bitcoins are a bad investment  

but then it won't be the truth either if  bitcoins are said to be a good long-term  

investment this smart thing to do would be to  invest five percent or ten percent of your income  

into the bitcoin market and see how that turns  out for you instead of investing big time is using  

bitcoins illegal or legal it depends on what you  use your bitcoin for but even then it cannot be  

said that bitcoins are illegal the local currency  of the country gets overshadowed frequently then  

large amounts of money are invested into bitcoins  for this reason government and legal policies  

feel intimidated by bitcoins our bitcoins secure  let's see bitcoins are stored in their ballots  

and it depends on the investor's choice of bullets  how secure and guarded their digital currency is  

how long will it take to mine one bitcoin it takes  around 10 minutes to mine just one bitcoin though  

this is with edl hardware and software which isn't  always affordable and only a few users can boast  

the luxury of more commonly and reasonably  most users can mine a bitcoin in 30 days  

why bitcoin is a bad investment there is a  potential for a fraud and theft while some  

cryptocurrencies are legitimate there's also the  potential for fraud and theft it's bad enough that  

the securities and exchange commission regularly  issues investor alerts about fraud surrounding  

cryptos do you think can bitcoins make you rich  let's see by mining for bitcoins as long as the  

markets remain active you can basically make  money for nothing back in 2011 you could have  

bought bitcoins for ten dollars selling them at  one thousand dollars today would have delivered  

a profit of 990 dollars per bitcoin basically  you should have about about 1 000 bitcoins  

back then they were cheap let's go to one of the  best questions how does bitcoin make money new  

bitcoins are generated by the competitive  and decentralized process called mining  

this process involves that individuals are  rewarded by the network for their services  

bitcoin miners are processing transactions  and securing the network using specialized  

hardware and are collecting new bitcoins in  exchange how many bitcoins are left around  

19 million bitcoins have been mined leaving only 2  million to be mined in the future experts predict  

that the remaining bitcoins will be mined  by 2140. how do you mine one bitcoin a day  

there is currently no way to mine just one bitcoin  instead crypto miners will be mine one block with  

the reward currently being set at 6.25 btc per  block each plug takes 10 minutes to mine this  

means that in theory it will take just 10 minutes  to mine one btc can i mine bitcoin on my phone  

let's see ultimately starting out as a mobile  crypto miner isn't as sophisticated as many are  

made to see it all you need is a smartphone  a mining app and an internet connection  

just start mining and you can go about your daily  activities while you're mine in the background is  

it hard to sell bitcoin not at all computers might  even do it automatically but the limited liquidity  

on bitcoins markets doesn't completely allow  that for now and one reason is the difficulty  

some bitcoin bowlers have selling when market  action is hot why is bitcoin so expensive  

the main source of value for bitcoin is its  scarcity the argument for bitcoin's value  

is similar to that of gold a commodity that  shares characteristics with the cryptocurrency  

the cryptocurrency is limited to a quantity of  21 million bitcoin's value is a function of this  

scarcity how do i know if i own bitcoin if you  have a valid address you can search the blockchain  

for transactions that are written to that valid  address if you find any you must then check  

they aren't already spent but that isn't hard  either if you have unspent transactions then you  

have bitcoin in that ballot if you don't you don't  is bitcoin a good investment in terms of investing  

among cryptocurrencies bitcoin is the most  stable and least volatile digital currency  

of interest these days bitcoins is considered  an excellent inflationary hedge as a commodity  

bitcoin is the most regulated cryptocurrency and  the least risky since bitcoin's protocols limit  

risk which country uses bitcoin most the us is  the world headquarters of bitcoin more than 1.52  

billion dollars worth of bitcoin was traded on  u.s crypto exchange in 2022 according to statista  

that's more than three times more than the  number two country russia where the equivalent of

421.38 million dollars in trading volume to  place can you lose money on bitcoin let's see  

if you sell for a lower price then you bought  it for you will lose money for example if you  

had invested in bitcoin at the start of 2022 and  sold on 31 december 2022 you would have made a 300  

profit if you have invested in bitcoin at the  start of 2020 and sold on 31 december 2020  

you would have made 73 last do you think is it  too late to buy bitcoin no if you are a believer  

that the crypto market is an other version of the  stock market there might be no better time to buy  

cryptos like bitcoin because they're currently on  sale do you think how many bitcoins does elon musk  

the co-founder of tesla revealed on twitter that  he owns only a tiny fraction of one bitcoin token  

do you think how much bitcoin does china own let's  see experts estimate that as much as 20 percent  

of the worldwide bitcoin network remains in  china how much was bitcoin when it first started  

bitcoin price in 2009 is zero dollar on october  31 2008 the pseudonymous person or group known  

as satoshi nakamoto published the bitcoin white  paper how many bitcoins do i need to be rich  

kai kemper the founder of swiss key developed  a formula that speeds out the amount of btc  

one must on relative to the growth of bitcoin  over the years and the global wealth according  

camper's formula to ensure million dollars  worth fill one must on a total of 0.06 btc  

is owning one bitcoin enough owning one bitcoin  for the long term is a very good idea as it is  

highly limited and all the millionaires around  the world can never own one full bitcoin of course  

don't expect for bitcoin to make you reach by 2025  maybe it is more probable for this to become true  

in 2030 and the last question is what  would be the price of bitcoin in 2025.  

by the end of 2025 and 2030 panelists expect  the bitcoin price skyrocket to an average of 249  

578 dollars and five points respectively thank  you so much for watching this video and I hope  

this video was useful for you if you have any  questions please let me know don't forget to  

like this video and subscribe this YouTube  channel see you soon in the next video.