What the Hell is Bitcoin? – The Good, the Bad & the Tip

The Good this week is a cryptocurrency called
IOTA. But first, what’s the deal with these cryptocurrencies you’ve been hearing about? And what’s the deal with lamp shades? I mean if it’s a lamp, why do you want shade? Just like Bitcoin, IOTA is a decentralized
cryptocurrency. In plain inglés, it’s a virtual currency
(money) that can be used for payments, without depending on a centralized bank. Your American Express and your Visa cards
are all controlled by a central bank, that instantly checks if you have funds to actually
afford your holiday shopping. That check is done on a huge database called
a ledger, that is hosted by a bank, somewhere. What do you mean the bank is out of money? Insolvent! You only have enough cash for the next 3 customers? Cryptocurrencies, on the other hand, have
a ledger that is maintained by thousands of computers worldwide. The miners. It’s pretty much un-hackable because thousands
of systems around the world have a backup of each transaction. Now Bitcoin has gone completely crazy these
past few months. I goo craaaazy…. One Bitcoin is now worth more than $15,000. (And this will probably be outdated by the time you watch this video). A lot of geeks
have become instant millionaires. However, the computers that maintain the bitcoin
ledger spend A LOT of power. This is the BAD for the week. it is estimated that 29.05 TWh of electricity
was used to mine bitcoin this year, which is more than the annual electricity consumption
of all these countries. So back to the Good, IOTA is a new booming
cryptocurrency that doesn’t need thousands of computers to maintain the ledger. Each time you make a transaction, the device
you are using to pay helps keep the ledger by validating two previous transactions, thus
making the network exponentially faster and more powerful the more people use it. They announced a partnership with our nemesis
Microsoft a few days ago… Hello, I’m a Mac. And I’m a PC. And… I’m even about it. It’s just genius. Now the Tip. Buy some Bitcoin and join the fun. Seriously. Use a simple platform like Coinbase or SEX.io*
to buy; I don’t know, $25 worth of Bitcoin. If you would’ve done that five years ago,
you’d be a millionaire by now. True Story. I’m not saying that’s going to happen again,
but having as little as 0.002 BTC will force you to read more about the technology that
might as well change the way we deal with money in the not so distant future. Also, don’t take investing advice from me. I better get back to my marketing stuff. See you next week.

3 thoughts on “What the Hell is Bitcoin? – The Good, the Bad & the Tip”

  1. I've been trading cryptos for 2 years now and I can say that over $150 billion dollars was made worldwide and has made millions of traders rich. I trade litecoin, bitcoin and the rest. With just half a bitcoin, you can make up to 3 bitcoins in a week. Feel free to email me via [email protected]

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