Yeah... I'm not getting how bitcoin works.

[Red Yonko]

I have watched tons of Youtube videos and still do not understand how bitcoin works.

I would like you to recommend me a video/pdf/site.

 

[alice252293]

I rememered I watched a video from an Israeli guy who explained everything clearly. Most of videos on YouTube are bullshit. They keep talking " decentralize". I bet they don't even know what they're talking about.

 

[Red Yonko]

I rememered I watched a video from an Israeli guy who explained everything clearly. Most of videos on YouTube are bullshit. They keep talking " decentralize". I bet they don't even know what they're talking about.

Exactly that.

 

[CreativeDaddy]

Well the total value its not in bitcoin has a virtual coin (there is a value for this), but the real value is on the blockchain behind the coin.
The anonymous transactions, the secure payment method that is almost untraceable, the small transaction fees, thats where the value comes from.

About how it is created, I do not have an ideia.

 

[TheVigilante]

I rememered I watched a video from an Israeli guy who explained everything clearly. Most of videos on YouTube are bullshit. They keep talking " decentralize". I bet they don't even know what they're talking about.

So the Israeli guy makes sense?

If yes send me his video

 

[hakann]

Go to wiki, google, quora and read all about it.
Basically its easy to understand. Btc works on
blockchain technology. That is fundamental for
understanding. So to help you out to get idea what
blockchain is youll have to firstly know what is
standard database and how it works.

Standard database (relational) uses centralized
arhitecture, so you have one central database that
is located on 1 place (server). And clients (aplications
local or web or users - administrators) are all getting
data from that single place and use it anywhere else.
Database is protected with password, but general problem
with it is when someone (hacker) breaks database password
he/she can change data in database and since its centralized
everyone else will get that wrong or malicious data. So
its relatively easy to manipulate data in such centralised system.

Thats where blockchain technology jumps in. So its actually
DECENTRALISED database system, which relays on blocks
with data. Each block can hold any data type just like with
standard database, and in BTC context it is used to store
data about user transactions. Each block created in BLOCKCHAIN
contains a refference about previous block so they are chained
and can not be changed once they are created and recognized by
BTC system as true.

So blockchain database is not tied to one place (server). Every
computer that is involved in blockchain (MINER) holds a copy
of blockchain sequence and participate in creation (discovery)
of new data blocks. Therefore you as a hacker cant just break
1 computer/server and make changes of data in blocks and expect
that the blockchain system will accept it as a new truth. You can do
that but blockchain AI will simply "know" that you are trying to
manipulate data and will reject your injected data as FALSE.

In short, if BTC system has for example 100 million computers
(miners) involved, you would need to hack 50 million computers
in order to change or injet false data in blockchain database.
BTC AI is just probability, so if 50% +1 computers from system
says something is true, it will be considered as true.

There is much more to know about BTC and blockchain, but
I leave it to you. Hope this few sentences can help you cear
it up and better understand all future facts you learn about it.

 

[Thulf]

I have this nasty habit of needing to know something inside-out before I can say that I somewhat understand that one thing. Just knowing about that something is simply not enough.

I'd like to learn about this blockchain technology, too, but then I'd have to start learning coding, server management, and so on. Right now I'm just another life-long blind person and there are dudes out there trying to tell me how green color looks like. Oh! I'll tell you what "time" is, just you wait... ^^

Jesus F%&k it's big...​

 

[alice252293]

So the Israeli guy makes sense?

If yes send me his video

This guys explained well (at least for me).

 

[Rick Ferraz]

Think of a MMORPG game: Bitcoin is a Boss Battle where you may die or spend all your life trying to kill them without proper equipment/skills/level (decrypting keys/computing power in this case), when you join other players you can decrease the time to kill your boss, even a little, what happens is that as the time passes, the Boss (Bitcoin) gets stronger and leveling up doesn't make any effect, now you need more people, with more processing power to beat him, even Quantum processing power is no match to this Boss, thats why is so valuable, now people tend to kill little minions around to get the loot instead of fighting their Master...

 

[web_riches]

Much like most people don't know how a Cell Phone works, you don't need to know the nuts and bolts of Bit Coin unless you need to. You can still use it and profit form it.

 

[GoGuerilla]

Much like most people don't know how a Cell Phone works, you don't need to know the nuts and bolts of Bit Coin unless you need to. You can still use it and profit form it.

While yes, you can still use BTC without understanding the underlying technology. It would be foolish to be investing into something you don't understand, especially when it is 100% speculative value.

 

[web_riches]

While yes, you can still use BTC without understanding the underlying technology. It would be foolish to be investing into something you don't understand, especially when it is 100% speculative value.

- Yes and No. I dont fully understand the way transactions are sent, but read the news and watch the candles and turn a profit. I will agree that for trading, a basic understanding of what it is and why its important is key, for everyday use, however, not so much... just like you don't need to know how the cell phone works to benefit from it.. you just use it... Hmm. Perhaps OP needs to state the ends goals of their knowledge search in order to better direct answers.

 

[BigMikke]

Everything will come with time, you do not need to take all the material at once

 

[onlinemarketer12]

I rememered I watched a video from an Israeli guy who explained everything clearly. Most of videos on YouTube are bullshit. They keep talking " decentralize". I bet they don't even know what they're talking about.

It is just the same stuff being repeated by all guys. There are very less channels with original content.

 

[thevideoguy]

I have watched tons of Youtube videos and still do not understand how bitcoin works.

I would like you to recommend me a video/pdf/site.

Bitcoin is a complex subject and is difficult to understand, there are so many layers to every single concept. There isn't one explaination that'll help you, it really depends on how much you already know and how much you want to know, as well as what your background is. Note that if you want to get into the more technical elements, you'll likely need a technical background to understand it.

This is a really solid explaination of Bitcoin in my opinion:

If you're looking for something simpiler or more complex then let me know and I'll see if I can find anything more relevant. If you understand a lot of what the guy talks about in that video then it's probably enough for you to do your own research into specific topics you want to learn more about.

You can probably find a lot of what you want to know on specific topics on Andreas Antonopoulos' channel: https://www.youtube.com/user/aantonop/videos

 

[darksoultrip]

You don't have to get how it works you just have to use it.

 

[Red Yonko]

Bitcoin is a complex subject and is difficult to understand, there are so many layers to every single concept. There isn't one explaination that'll help you, it really depends on how much you already know and how much you want to know, as well as what your background is. Note that if you want to get into the more technical elements, you'll likely need a technical background to understand it.

This is a really solid explaination of Bitcoin in my opinion:

If you're looking for something simpiler or more complex then let me know and I'll see if I can find anything more relevant. If you understand a lot of what the guy talks about in that video then it's probably enough for you to do your own research into specific topics you want to learn more about.

You can probably find a lot of what you want to know on specific topics on Andreas Antonopoulos' channel: https://www.youtube.com/user/aantonop/videos

I will check it.

You don't have to get how it works you just have to use it.

I always want to get it before use it.

 

[darksoultrip]

I always want to get it before use it.

You used money before you understood it. Many people don't understand it today yet they still use it.

The best way to learn is to create a Bitcoin wallet and acquire some Bitcoin and then use it to buy something.

 

[Deleted member 1313244]

Everyone computes a cryptographic proof and everyone verifies the transactions against that proof, everyone one has a set of private keys to access their bitcoins and a set of public addresses to exchange bitcoin.

 

[Red Yonko]

The thing I don't get is how databases here do not exist. There is no database of bitcoin.

Also I don't get how a string is equal with money. I mean, it's just a string that cannot get decrypted so we can see its first value.