The Bitcoin Blockchain Explained

Forget the currency; it’s the protocol behind it that matters. Blockchains will mutate and take over everything we do on the Web.

[svtirefire]

So this is how my grandma feels when I describe the internet.

[adamblair]

Great video and some nice tips! This is a scary time for new investors but the best thing you can do is not to make decisions based on emotions. This could actually be a good time to buy more of your crypto. Wealth is created during bear markets, not bull markets. I buy and just trade long term more than ever, I have made over 7 btc from day trading with Paulson Dmitriev in few weeks this is one of the best medium to backup your assets incase it goes bearish, Stick with ETH/BTC/ADA/LUNA/SOL/LTC..

[chrisanderson]

Great vid! I do have one thing I want to point out to those interested: The cryptographic puzzle as she calls it, isn't complex per se it's actually rather simple. The important thing about it is that it is very difficult in terms of computing power to solve. It is actually very simple conceptually: There is a number included in the block called a 'nonce'. This nonce number has to be chosen such that when you run a cryptographic hash on the entire block (including the nonce) the output hash number has a certain number of leading zeros (or equivalently, is smaller than a certain threshold). So to solve this 'puzzle', you literally just iterate over all the possible nonce values, run a hash, and just check to see if it worked. It's brute force by design. So there's not much complexity to the "puzzle", but by design it has to be solved "brute force" and it takes even fast computers a long time to do it. (The underlying reason is that by nature of their design, the output of good crypto hash functions is unpredictable, so you just have to rely on guess-and-check... this mechanism in BitCoin is known as proof-of-work btw).

[phil]

So basicly u send a request and all the miners work together to find out if it fits the blochain (protection from hackers). and when they do it they solve a block and get a bitcoin

[oscarbear]

All I learned was that I'm too retarted to know what s blockchain is from this video

[schwererziehbar]

Welcome to 2011, IEEE Spectrum. Glad you made it.

[WorkerBeeSupply]

Still wrapping my head around all this but great description!

[ahmedhaziq]

Mrs Sandra is legit and her method works like magic I keep on earning every single week with her new strategy

[EdwinFairchild]

That made no sense... so I send a request to buy something with a bitcoin and they have to mine a bitcoin? Like what I have is not a bitcoin? Why do they have to mine a new one?

[silentcortex]

Where is the database kept?
Where is the blockchain?
How the user connects to the database?
How billions of blockchains match?
Block name, how to create a special link code for the block name ?
How many billion connection codes are there and where are they?
Such a database form and usage is absolutely impossible!
Come up with an unreasonable idea, confuse and deceive people!
Sell imaginary (virtual) thing for real money :)))

[dnaielbruhl]

The accuracy with which Mr. Paulson predicts the market is just astounding and i hope one day i can become like him but before then, i am sticking to trading with his signals

[spondoolie]

So where is the link to the blockchain database that we supposedly can all see?

[TURK_]

This made more sense than other videos on the topic but I'd like to know more. What are the equations used to express the block chain and how does a transaction change how the block chain is expressed? If anyone has a link that explains this please share!

[xmfclick]

Yet another video that completely fails to explain the blockchain in any meaningful, non-superficial way. I have a degree in physics and worked in software for 20 years and I still haven't come across anything that adequately explains this technology.

Last thing I read that made much sense said that the current size of the blockchain is 2GB -- that is, whenever anyone carries out a transaction, 2GB of data has to start flying round the Internet to each of the miners, and then 2GB goes round to them all again when one of them generates the hash and adds the next block. How is this going to work when half the population of China is paying for its daily noodles by Bitcoin?

[SoCalFreelance]

You guys meant well, but the way you described the system would be very confusing to someone genuinely trying to understand how it works. And the blockchain technology itself has far more interesting applications beyond Bitcoin. I've briefed this topic to many different parties. I'm willing to collaborate on another video if you're interested.

[AntonioJose-jgin]

Making over 3.4 Btc is so satisfying. I mean it's time consuming, but that keeps me coming back. All thanks to Paulson Dmitriev.

[RonaldShaneFlynn]

this video help me understand the blockchain. ❤️

[robertrendergraf]

Excellent Cryptonaire course! I now have a core understanding of trading & investing in Cryptocurrencies. Thank you Mr Paulson. He explain it all so in depth, even for the advanced users. So no matter your experience there’s always something you can learn!

[virajelix]

I like the voice of this video. What is her name?

[Hung]

What happens if the hacker tampers a recent block and luckily is able to solve the math problem first, with the result that the hacker is able to update the Blockchain?