Bitcoin and Cryptocurrencies Explained in One Minute

I did my best to make this the type of video you can show to a relative at a family reunion without getting “the look” 🙂 An easy-to-follow animation which should make it clear, even to individuals who aren’t very tech-savvy, what bitcoin and cryptocurrencies are all about.

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Visit http://bitcoinaffiliatelist.com/what-is-bitcoin/ Learn what bitcoin is, how this cybercurrency, BitCoin like litecoin, netcoin, feathercoin and all other alt-coins are developed, the security factors including cryptology , banking, usage and much more.

? a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed.[note 8] Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and the miners are rewarded with transaction fees and newly created bitcoins. Bitcoins can be obtained in exchange for different currencies.
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