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What If You Had 1,000,000 Bitcoins? - YouTube
Channel: What If
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The digital age is well and truly upon us.
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And in recent years,
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there's no development
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more talked about than Bitcoin.
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Forget about dollars, pounds, and euros.
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Now, we're in the era of digital gold.
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It's time to HODL your Bitcoin.
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In 2009,
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a new software code was released
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by a person who called themself
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Satoshi Nakamoto.
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Fast forward to 2021,
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and that software code
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has grown in size.
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We're talking about Bitcoin,
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the revolutionary digital currency
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that has been causing quite a buzz.
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Whether you know your Doge
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from your doggy,
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or are a complete crypto novice,
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we have you covered.
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So, imagine
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that you have 1,000,000 Bitcoin.
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What could you buy with
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all that Bitcoin?
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If you're not sure how Bitcoin works,
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here are the basics.
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Bitcoin is a decentralized digital currency.
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There's no central bank,
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and anyone can own Bitcoin.
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The transactions are verified
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over a network using cryptography,
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which is sending information
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using codes.
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This makes the info super secure.
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All the transactions that have
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ever been created
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are stored on a public ledger
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called a blockchain.
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But, you may be asking, where do all these
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Bitcoin come from?
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Cryptocurrency uses the term mining,
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which is
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adding verified
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transaction records to the blockchain.
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This accounting work
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might be recorded by
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payment in new Bitcoin.
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But you have to add 1 MB (megabyte)
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of transactions
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to have a chance of getting paid.
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Otherwise, you get nothing.
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So, depending on how much
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data is in each transaction,
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you might have to add
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thousands of verified transactions
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to have a chance
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at earning your Bitcoin reward.
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And after that,
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you need to go through
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the verification process
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and be the first miner
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to solve a complex mathematical problem.
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This is known as proof of work.
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Then, you get your reward.
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But here's the really unusual part.
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The number of Bitcoin is limited.
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Once all the Bitcoin have been mined,
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that's it.
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And it's been calculated
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that all the Bitcoin
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After that,
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who knows what will happen?
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So, now that we know what
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Bitcoin is and
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how to mine it.
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How much is one Bitcoin worth?
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Well, just like any currency,
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its value changes.
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Back in the early days,
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one Bitcoin was worth almost nothing.
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It had value,
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but few people took it seriously.
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And there was no market
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or exchange where you could use it.
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It all seems a bit reminiscent
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of another crypto that's
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been in the news recently.
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Dogecoin and crypto's favourite dog
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are making headlines for more than
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just being cute.
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Anyway, back to Bitcoin.
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In 2010,
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it was reported that
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someone tried to auction
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10,000 Bitcoin
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for $50.
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But no one bought them.
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But what would those 10,000 Bitcoin
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be worth today?
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Yeah, you heard that correctly,
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it was basically worthless.
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And now, at the time of making this video,
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buying one Bitcoin
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If you had bought that stash of Bitcoin,
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and still had them,
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you'd have a fortune.
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It would be worth $440 million.
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So today,
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you're not likely to buy even one Bitcoin.
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Unless you're Elon Musk and
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buying $1.5 billion worth of Bitcoin,
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just like doing the weekly shopping.
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That brings us back to mining.
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Could you mine your way
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to a fortune in Bitcoin?
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The simple answer is no.
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Unfortunately, the way Bitcoin was
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designed means that
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as each block is mined,
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it gets harder to mine the next one.
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So it takes more time
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and computing power
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to mine the next block.
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The one downside of mining Bitcoin
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is the enormous amount of power you need
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to make the computations.
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It takes a lot of electricity.
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And, as you know, that costs money.
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So, what if
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you had 1,000,000 Bitcoin
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that you had secretly stashed away
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over a decade ago?
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Well, you can't spend it
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in Bolivia or Nepal,
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since they've banned Bitcoin.
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But a 2020 survey by
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Bigger companies that accept Bitcoin
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include Microsoft and some airlines,
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chain restaurants,
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professional sports teams, and at least
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one real estate firm in England.
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In reality though,
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the chances of you or me
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getting that much Bitcoin
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is depressingly slim.
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But, there's no denying it.
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Cryptocurrency is here to stay.
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So, who knows what we'll use to
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pay for our pizzas 10 years from now?
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It could be Bitcoin,
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or maybe one of the other cryptocurrencies
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that are out there.
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Or we could still be using
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good old dollars,
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yen, yuan, or euros. Who knows?
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But what if you had $100 billion to spend?
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Well, that's a story for another What If.
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