We’ve been seeing and hearing the word ‘Bitcoin’ everywhere for a while now. But what is Bitcoin? What is Cryptocurrency? Find out answers to these questions & more in this video. Use promocode TNM51 at https://www.giottus.com/profile after registration to get Rs.51 worth free Bitcoin.
00:00 Intro
00:39 – Evolution of Money
1:12 – How Transactions happen
2:04 – What is Cryptocurrency?
2:59 – How Cryptocurrency works
Everything on our planet has to Evolve or Expire.Money also follows this rule. I am Vikram Subburaj from Giottus Cryptocurrency Exchange explains to you what exactly is Bitcoin. But before that, let’s look into the evolution of money.
First, we had the “barter system”.People exchanged goods to get what they wanted.Then came coins. Metals like gold, silver and copper were used for trading. When these coins became too difficult to handle, we came up with paper currency, which we still use.Later came other forms of money – financial instruments like cheques, bank drafts… and of course, your credit cards, debit cards etc.Today, much of the money that we spend is not using anything physical, but through data, like UPI, net banking, or your phone wallets, right?
But what’s common to all these traditional forms of money we are using today? They are all handled by the banks – the middlemen. If I have a 100 rs note with me, I can directly give it to you.But a digital transaction, definitely needs a middleman.All financial transactions are handled by the banks or any middlemen. They hold a central “ledger”which has details like the sender, receiver, what is the transacted amount , and what is the balance in your account. Middlemen set the limits and the rules.Nothing can happen without their intervention.This creates inefficiencies. Because, by default, middlemen create inefficiencies. Some of them make money by directly charging commission on your transactions.Credit card and debit card companies charge 1-2% on every transaction that you make.Others make money by selling your data, or through advertisements or other services
Why can’t we have an open-source network with zero inefficiency, no middlemen, and with the lowest possible fees?This is where “cryptocurrencies” come in. Like BITCOIN and Ethereum, there are many others. There are digital currencies which operate without any middleman. No one, like a bank or other institutions, controls them. You, as an individual user, have control.People use the word ‘bitcoin’, when they actually mean the word, ‘cryptocurrency’.But as a matter of fact, Bitcoin is just one type of cryptocurrency. It’s the first, the most famous, and the most valuable one as well. So, what is BITCOIN? Rather, what is cryptocurrency?If you are in a hurry to get an answer for this, for now, I can give you a simple one.It is money that is not controlled by anyone, and we can transact with each other without the help of any middlemen or any financial institution.This is just a simple definition of cryptocurrency. But there is also more to it.
Now, you might be wondering – “How does this work?” If no one is maintaining a record of who owns what, “how is it safe?” Now, I am going to explain to you about a BLOCKCHAIN. Imagine the blockchain to be a network which is like a notice board. And everyone in the network will know what is happening on the entire board. Full transparency.All cryptocurrencies exist on this blockchain, which makes it safe and trustworthy.This notice board records and displays all the transactions that has been ever made, and is accessible to everyone.This creates a trustless community where you are in complete ownership and control of your money. This is a simple change in the way we transact. But it is so life- altering.Isn’t it?It is a simple change in the way we transact, and yet so life-altering isn’t it? This is why cryptocurrencies have shaken up the financial world!
I have barely scratched the surface on this subject. As I said before, Bitcoin is not just a payment mechanism, but also, many other things. It is an emerging investment class.Just like the stock market, the price of cryptocurrencies fluctuates due to a lot of factors.
Billions of dollars are invested across the world in cryptocurrencies.
#Bitcoin #Cryptocurrency #Blockchain
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3 Comments
Cryptocurrency prices are notoriously volatile and it might be too early to tell whether the latest dip marks the start of a reversal of the 2021 bull market, or if it's just a correction on the way to new all time highs the one area of concern is that the move lower has seen crypto assets fall out of its multi-week ascending channel turning the technical outlook from positive to neutral, While the long term growth of digital assets still looks strong, the short-term correction has increased panic in the market.,It doesn't matter if you are a current hodler or a new investor, you can always capitalize on the volatility of Cryptocurrencies by trading with the guidance of a professional. I have been trading Crypto for less than a month now and I was only able to make 9.2btc with signals provided by Laura Williams. he can easily be reached on Telegram@ Laurawil and on What,sap✙13367349958,>
<<I respect your work mate.. TA is all well and good but I find it truly baffling that all major crypto youtubers just look at pure TA and completely ignore the bigger narrative of why BTC is pumping and why the future outlook might not be as rosy as it seems. It's kind of irresponsible to ignore the fact that each ETF launch so far has caused a major dump at the peaks of BTC. We were already on shaky footing with historically low volume and almost pure whale pumps, narrowly avoiding a long-term bear market. This is the worst possible time in history to invest as so many don't back up their crypto assets. More emphasis should be put into day trading as it is less affected by the unpredictable nature of the market. I have made over 13 btc from day trading with kim susie ,insights and signals in less than 4 weeks, this is one of the best medium to backup your assets incase it goes bearish.,.
There is no transparency it's fake