Summary of Bitcoin Explained in the Bitcoin Basics Workshop CBP Prep [Free Workshop Extras - See Description]

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00:00:00 - 01:00:00

In this YouTube video, a Bitcoin basics workshop CBP Prep [Free Workshop Extras], explains the concept of a Bitcoin address, private key, and public key cryptography. The workshop also discusses how one can see if a Bitcoin is inside a particular lock box and how many lock boxes one person can own.

00:00:00 Andreas Antonopoulos, a well-known Bitcoin educator, discusses the history of Bitcoin, addresses, units issuance, the blockchain, explorers, and more. He warns listeners not to send crypto to addresses in the presentation, and burns private keys to demonstrate the importance of taking precautions. He explains that Satoshi Nakamoto is a pseudonym for the person or people who developed Bitcoin.
00:05:00 Bitcoin is a digital currency, a payment network, and a system for exchanging goods and services. Bitcoin doesn't have a central authority, and its decentralized nature helps to protect it from government interference. However, there is still some confusion about the various aspects of Bitcoin, and this workshop is intended to help clear up some of the terminology.
00:10:00 This 1-hour YouTube video introduces Bitcoin and the blockchain technology. The video explains how Bitcoin works and how blockchain technology is used to facilitate transactions. It also uses examples of real-world applications of the technology.
00:15:00 In this video, the presenter explains how to buy and sell Bitcoin, and how to earn Bitcoin by doing work or by investing in Bitcoin-related businesses. One potential drawback of earning Bitcoin this way is that it can be difficult to hide your identity.
00:20:00 The Bitcoin Basics workshop CBP Prep offers a free workshop that explains Bitcoin in more detail. The workshop uses slides that are available for download, and attendees are encouraged to CC by-sa Creative Commons attribution/share-alike. The workshop discusses how Bitcoin works, how to get Bitcoin, and how to trade Bitcoin.
00:25:00 The video explains how the price of Bitcoin is determined by the exchange rate, and how different exchanges may have different prices based on the activity of buyers and sellers.
00:30:00 In economics, price discovery is the process of finding the actual value of a commodity or asset by determining the market price. The market price is determined by the average of the prices that buyers and sellers are willing to pay. This process occurs on exchanges and in markets for commodities.
00:35:00 In this YouTube video, a Bitcoin basics workshop CBP Prep [Free Workshop Extras], explains the concept of a Bitcoin address, private key, and public key cryptography. The workshop also discusses how one can see if a Bitcoin is inside a particular lock box and how many lock boxes one person can own.
00:40:00 In this video, the presenter explains how Bitcoin works, focusing on the address and pin number. A Bitcoin address is simply a number that tells you which lockbox to use to exchange currency for cryptocurrency, and the pin number is the private key that controls the lockbox. However, you cannot figure out the pin number from the address. The pin number is 256 bits long and would take forever to try all possible combinations. Practically speaking, you would need to be very good at math to figure out the pin number.
00:45:00 Bitcoin is a digital currency that uses a base 58 alphabet to represent numbers. Bitcoin addresses are just sequences of letters and numbers, and are easy to remember because they're not encoded in decimal. QR codes are a way to represent Bitcoin addresses in a barcode format, and are becoming increasingly common.
00:50:00 The video explains how Bitcoin works and how an ATM sends Bitcoin to a specific address.
00:55:00 Bitcoin is a digital currency that is used to purchase goods and services online. The Bitcoin network will mine less than 21 quadrillion Satoshi's by the end of its operation, meaning that there will never be more than 21 quadrillion Bitcoin in existence.

01:00:00 - 01:50:00

This video covers the basics of Bitcoin, including how it works, how transactions are processed, and how fees are determined. It also discusses the concept of blockchain and how it is used to record Bitcoin transactions.

01:00:00 Bitcoin is a digital currency that is not legal tender in the United States, and is difficult to price because of its volatility.
01:05:00 In this video, Bitcoin basics workshop CBP Prep, Bob store explains how web stores work in the cryptocurrency space, and does not matter how Alice got money into her address - she could have picked it up from her laptop, gone to an ATM, or scanned a QR code. The transaction Alice constructs includes the input of 0.01 Bitcoin, and the output of a native SegWit address, which has a prefix of BC 1Q z 3A 8.
01:10:00 In this video, Bitcoin basics workshop CBP Prep, the presenter explains how Bitcoin works and the various concepts involved. Bitcoin transactions are recorded on a blockchain, and each transaction has a fee attached to it. These fees are used to pay miners for theirwork in verifying and adding the transaction to the blockchain.
01:15:00 In this video, Bitcoin basics workshop CBP Prep, instructor Jeremy Gardner explains how Bitcoin transactions work. Transactions are placed in a queue, and when a miner finds a valid block, transactions in the queue are confirmed and added to the block. Transactions that are paid a high fee are more likely to be confirmed and added to the block, while transactions that are paid a low fee may be rejected. This process of confirmation and addition to the blockchain is called "mining."
01:20:00 In this video, the presenter explains Bitcoin in basic terms, including how transactions are processed and how fees are determined. He also shows how payroll is handled in Bitcoin, noting that a one-satoshi fee is used to incentivize quick processing.
01:25:00 Bitcoin is a digital currency that operates as a distributed network. Transactions are broadcast to the network and confirmed by miners. If a transaction is not confirmed within a certain time window, it is considered "pending." Transactions can be confirmed by miners instantly, but this process can take up to 40 minutes. If a transaction is not confirmed, the funds are still available for use, but the transaction is not recorded in the blockchain.
01:30:00 In this video, Bitcoin basics workshop CBP Prep [free workshop extras], presenter Alex Morcos explains the concept of blockchain and how it works. He explains that blockchain is a distributed ledger of all Bitcoin transactions that is constantly growing as more miners add their transactions to the chain. He also explains that, as a result, a transaction must receive at least six confirmations (or "blocks") before it can be considered "confirmed." Morcos notes that this process can take up to 60 minutes, and that a merchant's wallet may only have five or six confirmations after a transaction has been made.
01:35:00 In this video, the presenter explains what a confirmation is and how it relates to the Bitcoin blockchain. They also discuss how to calculate the exchange rate between Bitcoin and another currency. Finally, they show a real transaction that involves Bob paying Catalina in Bitcoin.
01:40:00 The Bitcoin system creates a unique, indivisible output for every sale made, and stores these outputs in a wallet. Bitcoin prices can change quickly, and so a Bitcoin wallet needs to aggregate several inputs together to make a payment. Fees are included in Bitcoin transactions to cover the miner's costs. If a user tries to change a transaction's data, they will change the block's hash and then need to update all the blocks following it. This creates a broken chain, and the user would need to revert their changes in order to continue following the chain.
01:45:00 In Bitcoin, each block contains a set amount of new Bitcoin, and the total supply will decrease over time as more and more Bitcoins are mined. Miners receive a block subsidy in addition to transaction fees. The reward will decrease over time until it reaches 0.21 million BTC, at which point miners will no longer be rewarded.
01:50:00 This video explains how Bitcoin works, and how the miners who create blocks get paid. The video also covers the concept of a coinbase transaction, and how it is used to secure payments to the miners.