"Bitcoin For Dummies" (Beginner's Guide: Part 1, What Is Bitcoin?)
What exactly is a bitcoin?
Bitcoin is changing the world and how you and your children will live, forever.
A freer and more “just” world.
Bitcoin levels the playing field.
There are a lot of moving parts and there is a lot to learn over time.
It is said that you don’t even truly begin to understand how powerful bitcoin is until you get to at least 100+ hours of study.
I wasn’t very plugged in during school so help me out…google says that’s about 2-3 semesters of one class during college?
So, think of it like you are taking the “bitcoin class!” A class that if understood could change everything for you.
HOWEVER, a lot of that time is spent messing around trying to find actual info from real sources.
We will begin to shortcut that greatly and your professors will actually be entertaining! The benefit of the internet at scale. Instant learning from the smartest people in the world.
In part 1, have distilled it down in to a few short minutes of reading and about 20 mins or so of brilliant video explaining exactly how the bitcoin network functions and its many benefits to society.
Bitcoin is a:
Permission-less
Trustless
Decentralized
Immutable
Final settlement
Censorship-resistant
Cryptographically secured
Computer network spread across every inch of the globe
No central authority or single person (no matter how much bitcoin they own) have any more control over the system than the next person.
Welcome to the new user-controlled internet.
Mike Maloney is the best monetary historian I have found and one of my greatest mentors the past 12 years of financial education. He and his team created an incredible series called “The Hidden Secrets of Money.” It is a must watch series. The video clip below explains bitcoin in ~15 minutes.
Begin bitcoin explanation @ 3:00 minutes.
End of bitcoin explanation @ 18:35 minutes.
Bonus: I would recommend the next 15 minutes after the end of full bitcoin explanation up to 38:30 minutes. I would also recommend watching the whole “HSOM” series he created for better understanding of the problems humanity faces.
~15min watch
As you can see, there are no tiny men running around with “miners hats” on creating bitcoin. It is all a digital computing network secured by other computers through mining rigs, nodes, and bitcoin holders.
This next video clip is around ~5min in length and gives another unique look at how the bitcoin network functions. This might jog your mind in different way to help you understand, however it is a bit more technical in nature.
~5min watch
Think of the digital banking app you are using but instead of a central authority like Chase, you are using an app built on a secure encrypted computer network instead. But the new network doesn’t have the fees, threat of confiscation, or disruptions the legacy banking system contains.
Do not get overwhelmed. If at the vert least you watch the few videos I posted here you will be ahead of 99% of people regarding your “bitcoin intelligence level.”
Stay strong,
Brandon
Ps. The rest of the series will be coming in the following days with regard to where to buy bitcoin, how to buy it, how to store it, where to buy wallets, what is a wallet, how to use your bitcoin, sending and receiving, etc..