Description: How Does Bitcoin Work? Thanks to Away for sponsoring this video! Go to https://www.awaytravel.com/techquickie and use promo code techquickie to get $20 off your
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Get the "Ultimate Guide to Bitcoin" course: https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin Use the discount code YT99 to get the best price. In this video, I argue that Bitcoin is not backed by anything, though it is certainly "secured" or protected by Bitcoin miners and the general hash rate of the network-- which provide protection from malicious chain rewrites. Bitcoin miners help to secure the Bitcoin blockchain by making it time-consuming and expensive to rewrite blocks in th
𝐆𝐞𝐭 𝐓𝐡𝐞 𝐔𝐥𝐭𝐢𝐦𝐚𝐭𝐞 𝐆𝐮𝐢𝐝𝐞 𝐓𝐨 𝐁𝐢𝐭𝐜𝐨𝐢𝐧: https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin Use the discount code YT99 to get the best price. In this video, I discuss the problems with crypto/coins/tokens that are backed by something else like gold or US dollars. Something-backed tokens must rely on a trusted third party to store and custody the underlying asset, as well as facilitate redemptions (i.e. conversions of the token into the underlying asset). This itself is a huge attack vector:
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