Bitcoin White Paper Explained (Simplified and Visualized)

What is Bitcoin? What is double spending? With its sudden rise in value, Bitcoin is a hot topic right now. But what is it? Is it valuable? And how can someone participate in the Bitcoin phenomenon? In this video, we are going to answer these questions. You are free to read the Bitcoin white paper written by Satoshi Nakamoto. OR you can watch this 17-minute video where I summarize it.

Additionally, since Dogecoin right now has the whole world talking about crypto. It's actually a copy of Bitcoin, except that Dogecoin doesn't have a supply cap (which makes it not that sound of an investment). Just like Bitcoin, Dogecoin still involves proof-of-work which I explained in this video. To understand Dogecoin is to also understand Bitcoin.

My Gemini referral link to purchase Bitcoin:
We will both get $10 USD worth of Bitcoin when you trade $100 USD in 30 days.

Link to the Bitcoin white paper by Satoshi Nakamoto:

Timestamps (for the impatient ones)
00:00 Bitcoin White Paper Outline
1:37 Part 1 - Introduction
4:42 Part 2 - Transactions
6:17 Part 3 - Timestamp Server
6:57 Part 4 - Proof-of-Work
9:48 Part 5 - Network
12:05 Part 6 - Incentive
13:52 Part 7 - Reclaiming Disk Space
14:16 Part 8 - Simplifying Payment Verification
14:36 Part 9 - Combining and Splitting Value
15:00 Part 10 - Privacy
15:50 Part 11 - Calculations
16:10 Part 12 - Conclusion

Want to support my channel?
- BTC → bc1qfkn0v9rns73mkvsq4d8cxeqxr32kytyl6wn2aq
- ETH → 0xF29A627234Bf991e990D22f9eDC3C6c212b71AB4
- DOGE → D6pSErSmS6uj5trYXjHhTZnbrKhEtWt7vZ

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[UrbanCaffeine]

Added note:
Nowadays a node is not just for mining. There are different types of nodes. This video is very basic and is meant to give a simple explanation of Bitcoin according to the white paper. There are a lot of things I didn't cover like how digital signatures work, block sizes, etc. The world of Bitcoin is full of rabbit holes to explore. I made this video to help my friends who don't know anything about cryptocurrency to get a basic idea of Bitcoin.

[ashishlogmaster]

Best analogy of trying to explain what is a hash. I am going to use the ‘bread/cooking’ analogy with all the students i try to teach. Thanks for the video, it was good. (James sent me here)

[danielavnieli]

Very helpful, exactly what I was looking for to help me understand and visualize the whitepaper. Thanks!

[sebastiaanfrancois]

The only problem is that you can devide Bitcoin. You don't have to have a full coin. So that Means the Total amount of Bitcoin fractions is unlimited because you can keep deviding them. And unlike gold, where the value of gold is measured to the amount of kg, Bitcoin is a piece of code that has no intrisic value to measure it's value against.. Or am I wrong?

[CarmeloSerrano_]

Just read the whitepaper.. but this made everything much more clear. Thanks!

[chrystophercaserodizon]

WHO IS CHRYSTOPHER CASERO DIZON TO SATOSHI NAKAMOTO?
Nice...

[TheLearningne]

Thank you so much for this video!! It’s *chefs kiss* with the explanation. I haven’t read it yet but I feel like now I can read it and understand what’s going on. You are appreciated!

[jimmycryz]

You need to tell me what that background music is. Its so catchy.

[DanDylan]

Boy... that was really useful! I watched the video till the end! I really like the bred recipe thing -)

Appreciate your efforts! I really like your approach! It was fan! 

All the best !

[lucasresck]

The analogy of hash and bread was amazing

[charliemyer]

Really clear and very helpful - thanks a lot!

[soeryS]

very well explained thank you!
hope you make more videos like this.

[loserofpalebluedot]

very well explained.. exactly what I was looking for ...just wow

[yukuhana]

Didn't expect this vid from your channel, but you did a great job!

[b-rent]

Excellent video to break down Bitcoin!

[daverave]

I can bake bread and once owned a rubber duck so thank you comprehended

[Mr_Kirk_]

LOL!!!! She said "this arbitrary content is called.... Globidy Gloop" HAHAHAHAHAHA!! 8:30

[Wallace_]

Excellent video!
I really like your energy and it's pretty well explained.

[CITYBOY]

Globity gloop 😆. This was a great video, thank you!

[kyledewaal]

Seems like once there is no more halving or no more influx of bitcoin then the economy of Bitcoin goes stagnant either everyone dumps it or everyone will hold it