i did try but no, yet still i did it 3 timea

Thanks very much - I really appreciate your comment.

Anders Brownworth , this is a brilliant explanation on blocks, blockchains, tokens etc. Well done! You mentioned in this video that there would be a follow-up with more details. Any timeline on when we can expect to see the next instalment? I look fwd to seeing it and thanks for sharing.

No idea. And yes, all videos I watched before this one "explained" blockchains from a business perspective, not a technical one. Personally, as someone looking to implement solutions based on blockchains in the future, this is a great step forward to understanding them!

Great

Bon bon confirmed to be disrupting traditional financial systems.

only God is holy

Totally agree! I wish I'd make a follow up!

Kamal Prasad where is the code available ???

Kamal Prasad I found the git page...

unless the author of this video is Satoshi himself! ;-P

I'd be happy to if someone has a spot to offer at a TEDx event.

Anders Brownworth where are you based

Anders Brownworth you should probably reply to this thread..

Danny Mortimer Anders github shows Cambridge, MA (Boston). Anders, great video thanks!

which online platform do we use to solve these blocks?

Well, on the majority of the copies, by the sound of it. If you can outvote the others then your truth becomes the truth.

But the problem is...the chain that has the most work wins. So if you happen to have the largest data center in the world...you could manipulate a block chain.

That is the gist of the "51% attack" possibility.

Hey. 1. The entire history usually resides on one chain (of which everyone has a copy) but in the real world, chains split (such as the case with bitcoin into bitcoin cash, bitcoin gold and soon-to-be bitcoin 2x) so a single coin pre-split will become 2 coins, one on each version of the chain, post split. From a speculation perspective, it might be easiest to value bitcoin as a basket of all currencies derived from bitcoin instead of simply the price of one bitcoin. 2. You can have multiple threads of transactions but that is very uncommon at this point. (I don't think any coin trading on an exchange supports that at this point but I do know of several projects that seek to diminish blockchain bloat by doing this. 3. Coinbase transactions are allowed via a rule enforced by the software which everyone runs. It is designed into the system as both a way to get money into the system and as something to entice miners to verify transactions and include them in the chain. Hope this helps.

Much appreciated!

Did you really?

Probably now that donations is worth thousands of $ :p

Carlo Pizzuti lol over $5k

which platform are you using to solve these bitcoin blocks?

Yes, blockchains are public, but in practice they don't use names of people like I do here. Stay tuned for the next video where I bring public / private key cryptography into the example.

Yep, that's generally the idea. Solving a block gives the miner the right to assign some new bitcoin to whatever address they like. Of course they choose an address they control so they can get the bitcoin, most likely sell it and pay their power bill and have some profit.

Who rewards the miners? Is there a central entity?

The miners are rewarded by being allowed to take the coinbase transaction which creates new tokens out of nothing. No central entity controls this - it is simply one of the rules that all nodes on the network have agreed to abide by by running the software.

@Sam Akbari, the community that "buys" the new bitcoins. As long as demands outweighs supply, bitcoin price will increase and mining will keep profitable. It's like normal money. Central banks emit money and we "buy" it (accepting new money in economy). As long as there is enough product, prices will not rise because of that. The problem is that central banks generally abuse this process to cause a low inflation, because they believe a low inflation is a good thing to economy. Bitcoin is turning into a deflationary currency as its emission halves every four years. In the future, there will be no new bitcoins and miners will receive only transaction fees. So, many bet bitcoin prices will skyrocket to the moon.

Every bitcoin transaction also has an associated fee- the miner that solves the block also earns the fees of those transactions.

It is totally arbitrarily defined. If we work with this rule though and call a block "signed" when its hash starts with at least four zeros, we get this ability to require something that is hard to do but easy to check. This turns out to be very useful when getting a group of disinterested nodes on the internet to agree that some data is the official "correct" data.

Yes (!). I'm a newbie and I benefited greatly from you video (thanks!). The "signed" part 'sunk in' with the 2nd listening to your vid. Thank you for talking slow. These bitcoin gurus talk like auctioneers -- "just slow it down 20% if you want people to keep up with you". Am looking forward to your Part 2 video, but these can be a challenge to make. Question: other btc vids talk about "the Transaction Chain" -- I understand the concept, but is it SEPARATE from the blockchain? (I don't see why it should/would be, but other talk about it like it is separate). On the politcal from, my biggest fear is that Govt does to Bitcoin what it did to gold -- made it illegal to have/use. With Bitcoin, you just make it illegal to exchange. Counter-pressure: pressure AMAZON (and Walmart) to accept Bitcoin. (!!!!). Carry on! Bitcoin rocks!

The "transaction chain" and the blockchain are the same thing. Blocks consist of transactions. Governments making use or ownership of cryptocurrencies illegal is a concern, but only to the extent that all other governments do the same. FDR made ownership of gold in the USA illegal in 1933 as a means to get more gold back into the reserve so he could print more dollars. (which at the time were backed in part by gold) This was reversed in 1974 by Ford. Other countries didn't make gold ownership illegal en masse so gold retained value elsewhere during that time. I don't think bitcoin is best suited for payments. It seems to me more like a tool for bulk settlement instead so I don't think it is likely Amazon or Walmart will accept it directly. Just a guess though.

Thank you Anders. I'm in the awkward/uncomfortable position of "preaching to the minister" about Bitcoin. First up: you obviously know more about than me; and your video above has helped out a lot in my/the-world's understanding of how Bitcoin works. That said, I URGE you and everyone in the "Bitcoin community" to pressure Amazon into using it (!) re: decentralization and mass recognition. The idea is make Bitcoin so big government wouldn't dare kill-switch it -- because that's what they want to do. Government's hatred of gold will translate into hatred of Bitcoin. If they try to kill-switch it, make the price they pay as high as possible.

Pardon the hyperbole of the previous post. I tune in to the political, and crypto's problem looks political, not technical. However, These two videos raise the concern that crypto currencies will not survive Quantum Computing. (????) The Cryptocurrency Kill Switch ukposts.info/have/v-deo/eXaQaZymqaijuYk.html Quantum computing explained with a deck of cards | Dario Gil, IBM Research ukposts.info/have/v-deo/salniIxwe6Slzas.html

You don't have to check the ledger to make sure the new money you got actually exists because the miners do that job. it is nice to independently verify that though. There may be many updates to the ledger. You only become more and more sure your update happened as more blocks are added to the blockchain. Sometimes the copy of the chain you have doesn't agree with others when 2 blocks are created at the same time and you ended up with the invalid chain. In these cases, the bad block(s) are removed (which is called a reorg) and the correct block(s) are added. If your transaction isn't in the newly added block it "didn't happen". That is the uncertainty. Generally though, if your transaction is 6 blocks "in the past", it will never be reorged.

Thanks for reply. I found one more video about bitcoin that covers this question.

Hey :) Do you mind linking that exact video? I would be interested

shoutitallloud Thanks!

do you mind sharing the link of that video??

I haven't seen it yet, so thanks for the heads-up.

Didn't know - thanks.

robert, your definition of "begs the question" is out of date. Its modern usage is the way Anders uses it in this video.