But how does bitcoin actually work?
Video Overview & Insights
The math behind cryptocurrencies.
If you see comments here about investing or brokers, they are scams. Videos about cryptocurrencies, evidently including ones that are just about the underlying technology/math, are hotbeds for attracting nefarious actors preying on the impressionable.
Also, hi! If you’re new to this channel, most of it is about visualizing math. I get it, you probably landed here searching for how BTC works, not to spend your afternoon getting pulled into learning about, say, prime numbers or problem-solving, but if you have a moment take a look at the rest of the channel, you may enjoy what you find.
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An equally valuable form of support is to simply share some of the videos.
Thank you soo much
Special thanks to these supporters: http://3b1b.co/btc-thanks
This video was also funded with help from Protocol Labs: https://protocol.ai/join/
A laudable explanation of bitcoin, even if those who hawk its virtues as a remedy for our crumbling economies are exactly the kind of people (i.e. the ruling elites and capitalists) who are the cause of such problems.
Some people have asked if this channel accepts contributions in cryptocurrency form. As a matter of fact, it does:
http://3b1b.co/crypto
ENS: 3b1b.eth
2^256 video: https://youtu.be/S9JGmA5_unY
0.001 BTC transaction fee looks funny in 2022, as well as 50 BTC reward for one block
Music by Vincent Rubinetti: https://soundcloud.com/vincerubinetti/heartbeat
Here are a few other resources I'd recommend:
Bitcoin was founded in 2009 by a pseudonymous person or group called Satoshi Nakamoto.
Bitcoin has no central authority that controls it.
The maximum amount of Bitcoin is 21 million.
The subdivided unit of Bitcoin is called Satoshi.
Bitcoin is legal in most countries.
Bitcoin can be exchanged for other currencies and products.
Original Bitcoin paper: https://bitcoin.org/bitcoin.pdf
Block explorer: https://blockexplorer.com/
If I accidentally add my block to a shorter chain, are all my computations in vain?
Blog post by Michael Nielsen: https://goo.gl/BW1RV3
(This is particularly good for understanding the details of what transactions look like, which is something this video did not cover)
why so hard
Video by CuriousInventor: https://youtu.be/Lx9zgZCMqXE
Video by Anders Brownworth: https://youtu.be/_160oMzblY8
Too good
Ethereum white paper: https://goo.gl/XXZddT
Timestamps:
20:05 so what keeps Alice from making a fraudulent transaction, and broadcasting it to everyone not just Bob? If she broadcasts it to everyone, she doesn't have to mine.
0:00 - Introduction
2:25 - Ledgers and digital signatures
So to clarify, there are two measures of security:
1. The digital signatures using secret / public keys: This authenticates transactions and doesn't allow people to change transactions after it has been signed, because the message and secret key make the signature. I.e. it lets me know that no one is stealing money from me.
2. The hash for the block of transactions: After making sure each transaction is valid with a signature, we want everyone else in the world to know the valid transaction happens. I.e. that the money is transferred and people know person A now has 10 LD from person B.
Together these two provide the following: Makes sure every transaction on the block is true (1). Makes sure everyone knows all the true transactions (2).
If (1) fails, then you can make fake transactions. If (2) fails, then even if you have real transactions no one will believe you.
Is this line of thinking correct?
7:21 - The ledger is the currency
10:06 - Decentralization
THE BEST EXPLANATION!
A melhor explicação sobre BTC que eu ja vi.
12:26 - Cryptographic hash functions
14:38 - Proof of work and blockchains
You should make an updated video about PROOF OF STAKE, and other Cryptocurrencies
19:42 - Double spending
21:41 - Block times, halvenings, and transaction fees
Would of been good if you elaborated why bitcoin blocks are the size they are. It becomes difficult for people to maintain and hold a copy of the ledger the bigger the blocks get. This makes it easier for bad actors to potentially fraud someone on the network.
24:40 - Thanks
Thanks to these viewers for their contributions to translations
I absolutely loved this video. I love how deep into the nitty gritty you go, no other explanation has gone that far that I've found and the fact that this video is 5 years old is astounding.
Italian: @lcl45
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can you make a video explaining proof of stake?
Animations are largely made using manim, a scrappy open-source python library. https://github.com/3b1b/manim
If you want to check it out, I feel compelled to warn you that it's not the most well-documented tool, and has many other quirks you might expect in a library someone wrote with only their own use in mind.
The biggest issue with the blockchain is privacy. Since it publicly tracks all transactions there really is no way to pay anyone without it being public record. Every transfer of funds, be it a tip, gift or payment then it is publicly logged.
Music by Vincent Rubinetti.
Download the music on Bandcamp:
First time I've actually understood bitcoin. Thank you.
https://vincerubinetti.bandcamp.com/album/the-music-of-3blue1brown
Stream the music on Spotify:
Thanks!
https://open.spotify.com/album/1dVyjwS8FBqXhRunaG5W5u
If you want to contribute translated subtitles or to help review those that have already been made by others and need approval, you can click the gear icon in the video and go to subtitles/cc, then "add subtitles/cc". I really appreciate those who do this, as it helps make the lessons accessible to more people.
Amazing video!
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3blue1brown is a channel about animating math, in all senses of the word animate. And you know the drill with YouTube, if you want to stay posted on new videos, subscribe, and click the bell to receive notifications (if you're into that).
this is probably the best explanation on blockchain and bitcoin thank you .
If you are new to this channel and want to see more, a good place to start is this playlist: http://3b1b.co/recommended
Various social media stuffs:
Thanks buddy
Website: https://www.3blue1brown.com
Twitter: https://twitter.com/3Blue1Brown
Right now it doesn’t, as I understand it.
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It's ggod to have a reasonable explanation
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More User Perspectives
In this report, as with every other documentaries about CrytoCurrency and BlockChain, in my mind, I can hear Charles PONZI talking to another potential sucker ... this "Get-Rich-At-The-Speed Of-Light-Because One-Day-Justice-Will-Do-Something-To-Kill-This- Scheme" is not even a Pyramid Scheme, it is a "Büchner Funnel Scheme"©, very wide on one side, at the mid-point it gets very narrow. Guys, use money, be honest, stop affecting the economy for the majority with these unethical, felonious plans ... make money by working hard!
Please!
How Bitcoin actually works: Whales and promoters pump and dump worthless tokens to the minnows.
@masterstacker2833Come and see my work! You will gain a lot~
@tethermining143520:10 why does Alice should mine the fraud block on herself? Can't she just broadcast it to the users so that many people can help her to mine the block?
@user-vs8sy7rp4pI still don't understand @ 20:10
If Alice is trying to attach a fraud block then why doesn't she broadcast the transaction so the miners can create the fraud block instead of working on it herself?
Why couldn't Bob verify the validity of the fraud block that involves him at first glance?
Does the amount of bitcoin in the blockchain starts at 50 BTC?
Is it always the number of 0's used in Bitcoins POW consensus? Surely that means that you'd just need to save the solutions when you find X number of 0's at the start of each computation and then pulling from your stored solutions? Instead is it the character length at the start of the output hash that changes, but each of the characters can be 1's or 0's?
@harrywilkinson4826I had a comment with a few problems that Bitcoin has and it keeps getting censored. It pains me when a society is only fed one side of a story and ignores any problems. Where is the free flow of information, where can you hear both sides of the story?
@musikSkoolWhat happens if no one “mines”
@jeremylanier4743THANK YOU SO MUCH FOR THIS VIDEO
@xolaninondabula124thank for this video. nice 100%
@RonaldShaneFlynn1963Why do we need proof of work even though we have digital signature? Why do all of us need the ledgers?? Can't we just write the transactions on the public ledger with the digital signatures? Some answer it pleaseeee😂😂😂😂😂😂😂😂😂😂
@user-vs8sy7rp4pYour truly, truly understand bitcoin and the systems in place now to explain this so well and to draw distinctions.
Love your work!
Thank you grant 📈
@Who_70Great video .explain every detail in form of everything. Realy like this video
@NoseBehindScentThank you!
@alexsischin6636ㅅㅂ 자막이 나무위키 스러워서 보기가 싫다
@helloworld5963This video has much more than 26 of knowledge, I watched it with slow playing to understand how deep is blockchain.
Thanks
<Please I need someone to help me trade or invest in the forex or crypto market because I'm tired of trading in losses myself. I've blown my account twice and it's frustrating
@alejandrodelatorre3860Who's Charlie? 🙃
@SenorMorgenSternplease do this for proof of stake!
@telotawaOJACOIN platform's trading model efficiently matches the market depth of major exchanges around the world while providing high liquidity.
@chukwudisamuel8496bonjour
Comment puis-je commencer à acheter des bitcoins et à les transférer dans mon portefeuille ? Merci
Richard
Ojacoin and its blockchain is one of the best which i have seen so far. i believe its the feature.
@giftokpokiri9786From the naming convention i will assume my name is Danny
@fntthesmth423