Bitcoin and Cryptocurrencies Explained in One Minute

Gold has always been valuable because it's desirable and limited in quantity there's only so much gold in existence and sure you can take more out of the ground but the more time passes the harder and more expensive it is to find and mine gold the same way the value of crypto currencies such as Bitcoin lies in the fact that they're desirable and limited in quantity bitcoins are desirable because they facilitate transactions without middlemen such as banks or PayPal and there are lots of people willing to accept them other crypto currencies such as light corn are less widely used for transactions therefore less desirable crypto currencies are limited in quantity because there's usually a cap on how many can be mined for Bitcoin it's 21 million it varies from cryptocurrency to cryptocurrency cryptography is used to secure transactions and create new coins which are given as rewards to people who solve complex math problems simply put people invest processing power and electricity to receive coins and just like with gold mining gets harder and harder as time passes as a short recap two things make crypto currencies valuable desirability and their limited quantity bitcoin is currently the leader the gold of the cryptocurrency world whereas other currencies are runners-up like silver or copper

11 thoughts on “Bitcoin and Cryptocurrencies Explained in One Minute”

  1. Is it possible to do a video on 'Is it possible for countries to use their own currencies for exchange of trade rather than US dollar? What happens if US dollar no longer remains the global currency? Which currency is likely to replace it in that case?"

    P.S. you make great content simplifying many concepts that seemed quite complex earlier. Way to go

  2. i think its a bit too high level and too dumbed down. It looks just like try to sell bitcoin instead of explaining it.

  3. what ensures limited quantity? Clearly you can't just make more gold appear from thin air because it's a physical/tangible item. However with cryptocurrencies what makes it 100% impossible for more to be created?

  4. Great video , and mostly accurate, but with one small correction. Mining difficulty only increases with more competition and is dynamic thus insuring that mining will always remain profitable as long as Bitcoin remains more fungible than digital fiat.

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