Bitcoin For Non-Technical People #5 – Why Do People Volunteer To Manage & Protect The Bitcoin Public Ledger (Block Chain)?

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The next thing that I want to talk to you about is the processing fee. Remember that I mentioned in the previous video that no one is going to sit there and use their computer and electricity, time and effort to process all these transactions to make sure that you have that money to send to me.

I have the money to send to John and can keep going back in history looking in the blockchain, the public ledger. To make sure that each person has that money before they can send it. Remember in the old days in the legacy bank system or the 1% bank system.

The system that only benefits 1% of population what happens is they charge you a fee, so there are going to be a fee. But over here what happens is only the people that work at the banks can process the bank transactions, because it’s a public ledger.

Satoshi did something that was very brilliant she wanted to make sure that no one can destroy this system, this protocol system network. Because you can go and drop a bomb on one of these banks, and the bank would be gone or the government can come in and shut it down it’ll be gone.
Look at what happened to some of the big institutions like Lehman Brothers, you know they’re gone, Bear Sterns gone.

What happens is, Satoshi was very concerned that if this works that the guys that are in power overhear, and then come trying to destroy it, but she was really concerned about that. She just stayed up stayed up and said you know what if I try to centralize this into one place so we’re only a small group of people.

Or a small handful of people to have control over this entire network, this blockchain and to manage this public ledger, it’s going to be a problem because as honest as that person is going to be or that group of people are going to be.

If the people from the 1% here don’t like it they don’t come and destroyed, because these people got more money and they got bigger guns, what Satoshi did was very brilliant, Satoshi create this blockchain and he or she announced that anybody can come and volunteer to process all these transactions.

If you want to volunteer with your computer to come in and process these transactions to make sure that I have that dollar to send the John and that John has that dollar to send to Obama. Well then if you do that what’s going to happen is; in this banking system here its central.

Here, that’s why it’s called the central bank; in every country it’s called the central bank in America. We call it the Federal Reserve but that’s just a fancy name that we gave it. So that it makes people think that it’s part of the government agency but it’s not.

The federal name; Federal Reserve is no different than the name Federal Express; it’s not anything that has to do with anybody in the government. It is just a company that makes money by printing money for these banks and issues money, so what happens is this this is centralized, that only these one percent

The central bank and the affiliate banks underneath it can benefit over here. This entire system is a lot different; it’s called a decentralization meaning that there is not one person or one organization or one company that controls it or one government

It’s the 99% that’s of the population on this planet that controls it.Everybody has a say-so in it and what happens is if you are willing to volunteer your computer, your electricity, your hardware, your software and everything to process these transactions you get rewarded for that.

That reward is similar to the bank transaction fee for sending the money, except a period to be for processing the payments and what happens is this payment initially when Satoshi invented this entire Bitcoin system it started back in 2009 and I’m going to draw a timeline here all.

What happened with Satoshi, she said if you’re willing to volunteer anybody, if you’re willing to jump in and helped us build the system and volunteer to process all these transactions what
You will be rewarded is 50 Bitcoins for helping out.

BTC is the symbol for Bitcoins it’s the shortcut. Like the symbol for the U.S. Dollar is USD, in the symbol for the Japanese yen is YEN. Now you know the symbol for it so whenever you see BTC you’ll know it.

Initially Satoshi said, if you are willing to volunteer and come in and help process all these payments and these transactions that’s going on from people sending money back and forth and buying different stuff you will be rewarded 50 bitcoins for your efforts and your time and your computer and help to compensate for your electricity and everything.

Remember I mentioned in the previous video that every 10 minutes a new block that includes all the transactions in the world are in here and it’s been verified. As if somebody actually went back in history, to know if this guy has this much money, this guy has not enough money whatever.

They compiled it everything and they submit it to the entire network and everybody gets to view it and check it, and if it is correct then that person gets 50 bitcoins. Why does it take so long why does it take 10 minutes to confirm these transactions.

Well it does not take 10 minutes, it takes around 10 mins to confirm it; however it’s instantly as about the speed that you would send an email to propagate the entire network in other words there are like a bunch of people out there with computers.

Just sit around doing nothing and all they’re doing is waiting for Bitcoin transactions to come through. So what happens is that all these people right here with their computers they’re willing to volunteer their time and their computers to process this payment.

Out of these thousands and thousands of people around the world and at this point by the time you see this video it might even be millions of people around the world to process these payments, whoever is the first person to get the next block of information correct to fill in the blockchain, will get paid.

Let’s just say that it’s this person right here that gets it correct. First, what happens is that person submits it and all these other people can see it with their computers and their computers will go in and check it immediately to make sure that it’s correct before it gets added here.

If this person finishes all the block completes the processing of all the transactions in this block this person will get rewarded this 50 bitcoins right here which is a quite a bit of money. At the time that it was 50 bitcoins, the bitcoins were worth like 30, 40, 50,Dollars, 10 dollars whatever, even if it’s 10 dollars that’s still five hundred dollars.

For this person’s time and effort to process all the transactions that you and I, John and Obama are using and all the businesses around the world, no longer is the banks getting this transaction fees. It’s these people right here, these processors.

What happens is that every ten minutes only one of the thousands of processors gets that reward. Here’s a caveat, Every four years, from 2009, now it’s 2013 while I’m making this video this drops down to 25 bitcoins. Then in another four years 2017 it drops down to 12 and a half Bitcoins, and it keeps getting capped and half and half and half until there is no more, until it’s just a little miniscule, so it’s not even negligible.

We’re not even going to talk about it because it’s so small. Now by doing this, by the year 2040 or somewhere around there. It will be a total of 21 million Bitcoins created. That’s it 21 million bitcoins to ever be created.

You know if you keep cutting something in half in half and half and half. This will get smaller and smaller and smaller so we say
21 million but there might be just a little bit over 21 million don’t freak out on that! just go with the big number of 21 million.

Because that’s easier to calculate, and easier to understand. so this person right here that figures out, what the next block of transactions, gets that reward either right now as I’m making this video. People are only giving 25 bitcoins, I first heard about bitcoins, when it was still 50 at the beginning of the year, but then by the time I actually invested and put “bought” some bitcoins it was down to 25 bitcoins for each block of information

Video Transcriptions By: Christian Beamer



Parte # 4 ¿Por Qué Es Bitcoin Anonymous (Un Nombre Que No Es Real) y Pseudonymous (Un Nombre Falso)? Bitcoin Para Personas No Técnicas

Ahora, una pregunta natural que puede tener uno y que le viene a la mente cuando escucha sobre este libro público, el llamado “blockchain”. La primera pregunta es; Tai, aquí hay algunos problemas de privacidad, ¿toda esta información es pública? ¿Qué pasa si no quiero que la gente sepa que acabo de enviarle un dólar y qué pasa si no quiero que alguien sepa que acabo de recibir un dólar de usted? ¿O qué pasaría si John no quisiera saber? Hay un problema de privacidad aquí.

Lo que hizo Satoshi fue realmente brillante. Recuerda que esta mujer criptógrafo, ella tenía que ser una criptógrafa, esa no es una pregunta debatible o de lo contrario no habría sido capaz de hacer esto. Lo que ella hizo fue hacerlo, como a algunas personas les gusta decir “Anónimo.” Lo que significa que no sabes quién es, pero no es realmente cierto. Mucha gente oirás decir, ¡ya sabes quién puede ser!, usar o gastar Bitcoins y de esta forma nadie sabe quién es.

Eso no es cierto en absoluto, hay formas de hacerlo para llegar a donde sea anónimo. Pero no es 100% anónimo porque este libro público aquí. Este blockchain registra todas las transacciones que se han realizado en la historia del mundo de Bitcoin, por lo que no se puede decir que sea anónimo, sin embargo, se puede decir esto.

Es “seudónimo”, y si recordarás “pseudo” significa falso, lo que sucede es que este nombre aquí en lugar de mostrarnos a ti y a mí lo que sucede es que realmente mostrará un carácter extremadamente largo que es solo un montón de X y de Y’s. Mire cualquier video de YouTube al final de la página después de que dice y ve un montón de números extraños signos de puntuación letras del alfabeto y toda esa cadena de números y letras, es cómo se registra aquí.

Por ejemplo; Si miras en la pantalla en algún lugar de la pantalla ahora mismo, verás la dirección, mi dirección de Bitcoin, y lo que sucede es la dirección de Bitcoin si quieres enviarme algo de dinero o enviarme una donación para este video que hice para ayudarme. Puede enviarlo a esa dirección, en algún lugar de la pantalla lo vas a ver.

Así es como se ve mi número de cuenta, sin embargo, cuando lo envía a ese número, nadie sabe que soy yo, excepto o al menos que se lo diga. Si le digo que esa cuenta me pertenece, sabrá que esa larga cadena de números y letras de aspecto extraño le pertenece a TAI. Pero si no lo supieras, si no te dijera en este video que esa es mi dirección de Bitcoin o ese número de cuenta de Bitcoin me pertenece, nunca sabrá que soy yo.

Luego cuando me envíe el dinero, si no coloca una nota en el mensaje de donación que diga que esto es de John o que es de Obama, para ayudar a que el poder vuelva al 99% de las personas. Nunca sabré quién fue el que me envió el dinero. Porque cuando me envíes el dinero, ese Bitcoin, vendrá de una dirección larga como la que ves en la pantalla en este momento, cuando eso suceda, nadie sabe quién es el propietario del envío.

¡Por eso Bitcoin tiene que ser seudónimo! no es cien por ciento anónimo. Cada vez que alguien te dice eso, no caigo en el engaño, no creo que sea solo una mala interpretación y podría ser un poco exagerado, nada de malo en eso. Es solo como se presentó cuando salió por primera vez, pero la realidad es que su nombre es seudónimo, y no anónimo.

Y que seudónimo significa que nadie sabe cuál es el verdadero nombre del titular de la cuenta. Por cierto, cuando digo cuenta esa larga cadena de letras y números que ves en la pantalla en este momento, eso es lo que se considera una dirección de Bitcoin o una dirección de cuenta bancaria o dirección de cuenta de Bitcoin.

Significa exactamente lo mismo, no dejes que las etiquetas te confundan si quieres enviarme una donación o algunos Bitcoins. Esa es la dirección a la que la enviarías. Si quisiera enviarte algunos Bitcoins y tendría que enviarlos desde esa dirección, y verás que obtendras algunos Bitcoins de esa dirección que ves en la pantalla.

En este momento no tengo muchos bitcoins para enviarte, pero si lo tuviera, ¡podrías ver cómor funciona…!

Traducido por: Christian Beamer

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