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Bitcoin explained: How do cryptocurrencies work? - BBC News

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An estimated £3-4 billion is being laundered via cryptocurrencies in Europe every year, the director of Europol has told the BBC. It comes as the Shadow Treasury Minister, Alison McGovern, says much speedier regulation is needed. But what are cryptocurrencies? Spencer Kelly explains all. Please subscribe HERE http://bit.ly/1rbfUog World In Pictures https://www.youtube.com/playlist?list=PLS3XGZxi7cBX37n4R0UGJN-TLiQOm7ZTP Big Hitters https://www.youtube.com/playlist?list=PLS3XGZxi7cBUME-LUrFkDwFmiEc3jwMXP Just Good News https://www.youtube.com/playlist?list=PLS3XGZxi7cBUsYo_P26cjihXLN-k3w246
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Text Comments (341)
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Satoshi Alpha (1 month ago)
Informativo video esperamos más contenido y nos quedamos pendiente a su canal deveras gracias
Uschi Kandorozu (2 months ago)
Wow ! I like your explanation and the way you have illustrated your explanation with those images !! Well done!
KHALONE (3 months ago)
I want that bank lady to be mine
Mike Tayon (3 months ago)
I'll stick to my stack!
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polkadots bee (4 months ago)
so if there is a disaster which happens more often lately power outrage is everywhere.with no access to internet whatsoever how are you going to use bitcoin to help you survive in times when you needed the most.
atheos (4 months ago)
Wouldn't trust a dyslexic bank
Dharmendra Kumar (4 months ago)
Nice video...I have the same related content on Blog. Maybe you should like it. http://www.scotchtale.com/bitcoin-history-introduction/
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MisterLG (5 months ago)
Great explanation video! Its pretty complicated to learn everything about cryptocurrency, but it helped me big time to join a community like www.deeponion.org/community, so I could ask questions to a bigger audience who all know something about crypto. Trying to figure it all out yourself just takes days and days
Pavel Shishkin (5 months ago)
I recommend PACcoin, 3rd generation cryptocurrency.
I prefer privacy coin like ZOIN $ZOI check out @zoinofficial
Roselyn Linda (5 months ago)
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Sarah Burrows (5 months ago)
Thanks a lot for this special info, you just made my day
clark john (5 months ago)
Smartest Trader i have ever known
Adam Sinclair (5 months ago)
Like they say good things come to those who wait. i have been seeing people on here say they got scammed of their coin and some lost so much to some people. i saw someone post about Mr Castro how he helped him so i thought of giving a try and investing little to learn his strategy. now my wallet is making me sleep in good mood
Andrea Giovacchini (5 months ago)
First problem: can I pay with bitcoin everywhere I can use cash or credit cards? Not at all, bitcoin is not accepted and that's simple to explain: let's say I pay a car 4 bitcoins, worth at payment 40000€, when the merchant exchanges from BTC to Euro these can be 45000€ but also 35000€, who will be so crazy to be the first accepting them (being able to use them nowhere) and taking the risk to give goods for free? Second problem: now free bitcoins are "created" to pay for people authorizing transactions but what when last bitcoin has been "created"? Ops, no more to gain, I bet very miner will disappear and only some big will remain starting to ask the fees he wants for payments to survive, and everyone owning bitcoins will have to pay else authorization nodes will disappear and Bitcoin will be worth nothing, ehm... a bit worst than with credit cards and current banking system now... Third problem: Bitcoin is not the "nightmare" of governments or banks, I bet it's the best dream: let's say (and I think it won't happen) that Bitcoin replaces currency in some state, then you can be sure that a fiscal code will be assigned to every legal wallet and so every transaction will be traced and the government with a simple query will know every detail about every transaction done by everyone Fourth: let's say that blockchain is good and has a value as technology, and in fact is for many applications, that doesn't in any way mean that Bitcoin has any value as it is only an implementation of that technology. Fifth: everyone speaks about bitcoin millionaires around the world, but as we know they have to change their money to "real" currencies to use them so they have to take a lot of care, because a lot of bitcoin offer will downprice it quickly so part of that richness will disappear if really used And many other problems are there
Avik Sanyal (5 months ago)
What about proof of work?!
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Sigit Prasetyo (5 months ago)
The video doesn't show that the banks are actually cost you a lot of money
Viktor Yarmolenko (5 months ago)
The philosophy of blockchain based cryptocurrencies is effortlessly explained in just over 2 minutes. Thanks, this video is a good service to humanity - it informs, educates and entertains. Get the philosophy and you get the technical part easily, and go on to build and create new things based on that knowledge.
Viktor Yarmolenko (5 months ago)
The philosophy of blockchain based cryptocurrencies is effortlessly explained in just over 2 minutes. Thanks, this video is a good service to humanity - it informs, educates and entertains. Get the philosophy and you get the technical part easily, and go on to build and create new things based on that knowledge.
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USA NEWS TODAY (5 months ago)
i think BC will down
马云飞 (5 months ago)
我只知道挖矿挖的买不起卡了
Iron Pilled (5 months ago)
You lied.
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Stefanos Mäntylä (5 months ago)
Why the random factor in the end regarding who earns it? On whose behalf are these automated ledgers motivated to earn it? I hope these are the right questions to ask, and I appreciate the subtitles since the speaker gets a bit inaudible in some parts.
Max Shwax (5 months ago)
I thought they were found in Africa...
loubna bouziane (5 months ago)
Still don't understand. ☹️☹️
Tushar Maurya (5 months ago)
https://youtu.be/kfGfROTZ5h4
Ram Kumar (5 months ago)
Thank you, BBC !
Chirag Jain (5 months ago)
can we have the full episode online ? i have seen it on TV and its very informative. Please let me know the link of full episode.
kautuk saksena (5 months ago)
Cryptocurrencies are bought in US dollar or any other currency. So how people are thinking it is not linked to government issued currency is beyond me.. It is like buying coupons with the existing currency and trading with them, it does not have value of its own.. I know people are seeing it as an alternative to the bank and finance system, so there's a lot of interest around it but If I were to provide a solution then it would be self issuance of currency by individuals as per their service and goods provided to society. I am sure such a system can be designed where people will have the power. It will also require a greater responsibility but there will much greater balance as well.
Tuberface (5 months ago)
how do i get this ?? is this a app or ?? a account.
Sonny Rowles (5 months ago)
The basically is only skimming the surface
Toon Nufc (5 months ago)
Didnt explain a thing
eign (5 months ago)
Spend typo?
sefter454 (5 months ago)
This was quite well done and really easy to understand.
Ravinder Sembi (5 months ago)
that penguin cost £193363.19
B 1 (5 months ago)
Fuck Capitalism and comunism Long life to SusoConomics
B 1 (5 months ago)
666
Amine l أمين (6 months ago)
Voici la version française pour cette vidéo : https://youtu.be/9gyGlUZ3wA0
Damanpreet singh (6 months ago)
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Troy (6 months ago)
Ironic that your bank gives you permission to buy cryptocurrencies initially.
Mike Footprints (6 months ago)
The video describe how BITCOIN works. It does NOT describe how other digital tokens claiming to be "cryptocurrencies" work.
Junqi Chen (6 months ago)
What if a hacker is not going to attack the bookkeepers, but is trying to hack the property owner???
Yeah, except nobody, besides shady one-day businesses and drug dealers use bitcoin effectively making it useless. OR, you could create a quasi-financial pyramid where you sell your "cryptocurrency" to the fool looking to buy it for a bigger price than what you payed for it, which is basically just speculation. Then he, in turn, could sell it to another fool for an even bigger profit. And on and on until the price becomes so huge that nobody wants to sell it. These "currencies" are just a wet dream for post-modernists who have nothing better to do than go against the norm.
ucapitanu (6 months ago)
Fuck you this is jewish crap, the mark of the beast. Mussolini and Hitler made war to rothschild, watch "the eternal jew" 1940.
LEARN STITCHING IN HINDI (6 months ago)
The best only and real value currency was gold and silver coins. All others are fake and only benefitted for few people in the world.
SAVEY B (6 months ago)
I still got so many question ngl
krsslim (6 months ago)
Buy Bitcoin!
ClickNSpam (6 months ago)
1 thing wrong: Shop is supposed to look happy after, bank is suppose to be sad.
Spiritus (6 months ago)
Don't forget an important difference between cryptocurrencies like Bitcoin and the traditional banking system. With bank cards/credit cards etc.. you are often potentially giving a compromised or corrupt retailer the means to commit fraud using the details such as name/account number/cvv code/expiry date, that you have just willingly given them. An employee in your local petrol station or restaurant can easily "skim" your cards and clone the details to be used/sold later. With cryptos you never share the private key of your wallet with the retailer - they only receive the payment itself and nothing more.
Inars Freibergs (6 months ago)
Just watch people, this crypto shit will collapse like house of cards. But some one will be the winner, but not you. 😂
andre fenlon (6 months ago)
But can we solve the graphics card drought?
Fine Nane (6 months ago)
I’m still none the wiser.
Premyy.M (6 months ago)
Am I the only one who found the masks and ledger explanation thing kinda creepy lol. Although it would look really good in an interesting and dark movie ha
VisualGamerBF (6 months ago)
Still a error risky business which is not worth it
Toastman (6 months ago)
Thats one hella expensive penguin
imicca (6 months ago)
woa... a nice video from BBC? that's a rare
MuscleSheriff (6 months ago)
It's okay I'm not important enough, to require an assassin or the best secret bodyguards so no need for bit coin ....yet
SASraceCAM (6 months ago)
you know its good for the people when the government / banks are trying to ban it
I'm black So I'm slow (6 months ago)
ITS ALL A SCAM why would you take real money to buy Monopoly money it's nonsense 😂😂
Spiritus (6 months ago)
Find the video called "Hidden secrets of money - episode 4" here on YouTube. You'll see how the real scam that most people have fallen for actually works.
your daily reader (6 months ago)
Is this communism? This is so weird.
Remy (6 months ago)
Perkele?
I AM DOCTORCAT (6 months ago)
STOP RUINING UK
Shoutingblogger (6 months ago)
I don't trust bitcoin.
Carter Nibbz (6 months ago)
I still don’t understand https://youtu.be/iAoW2KyKauo
Carter Nibbz (6 months ago)
I still don’t understand https://youtu.be/iAoW2KyKauo
MOJO VLOGS (6 months ago)
Omg this is amazing hey guys I would just like to say the mojo team have been trying so hard so if you wouldn’t mind taking a few seconds of your time just to check us out it would be very appreciated
dazhibernian (6 months ago)
Fuck the banks.
gg (6 months ago)
wh if u get hack
StolenInsanity (6 months ago)
As someone who has been playing the crypto-markets since 2015, this is a terrible explanation. This only really explains what the blockchain is, not how it works.
ThaiMovementOfficial (6 months ago)
Bitcoin is the new money now
Sporax (6 months ago)
Wow 25 bitcoins for £25 that's a bargain. I'll take the remaining 75
Riley wolfenden (6 months ago)
Expensive penguin if it's 25 bitcoins
Adrian Osler (6 months ago)
Just in time for it to vanish through regulation or its just a big assed con that cant handle the real world
Groove Federation (6 months ago)
btw folks as it stands currently there are over 1530 crypto coins to go at not just bitcoin, head over to coinmarketcap.com you can see for yourself, happy trading
Groove Federation (6 months ago)
i bet this narrative is being forced by the banks, they're probably just butt hurt that they're missing out on the money, after all HSBC was initially set up to launder money & they're constantly getting fined for it too (peanuts in comparison though)
Stuart Lambert (6 months ago)
The BBC, faking news since 1922
Rat Face Lewey (6 months ago)
Rat Face lewe
Trevor Wilson (6 months ago)
all this bitcoin stuff makes no sense to me why would you want virtual money when you can have real hard earned cash
Spiritus (6 months ago)
Trevor Wilson You know that the vast majority of this cash exists only in digital form anyway? I think that figure is something like 97% Even the purchasing power of the physical bank notes and coins in your wallet are worth a fraction of what they were 100 years ago, because governments and central banks can debase them whenever they see fit, with things like Quantitative Easing etc, literally stealing your wealth from under your nose, but you don't notice because you have this perception of having "real hard earned cash" in your wallet. Bitcoin is deflationary, the amount of new bitcoins being mined halving every four years until the total supply of 21 million bitcoins has been mined. It works more like gold, becoming rarer over time and more and more of it is "mined". I know what I'd prefer to hold.
ABDUL JABBAR (6 months ago)
There are many reasons to like bitcoin. there's no intermediate such as the government. it can't be forged. the money is same all around the world. anyone can use it for almost anything.
Mango_Turd (6 months ago)
What about the part where the banks prints billions a year
Jamie Bostock (6 months ago)
Who owned the computers to get the reward?
Christopher Ellis (6 months ago)
In short, no electric key means no transactions
SueTube (6 months ago)
Yes but it's madness to entrust everything to a computer. They are not impartial & infallible, they absorb & replicate all their programmers' prejudices.
Jaguarz5 Isback (6 months ago)
https://e-mine.co/?ref=190203
PraNab (6 months ago)
That's one expensive penguin
Nighthazard27 (6 months ago)
I just want to buy a normal priced graphics card
zorpio (6 months ago)
Naw still don’t get it
røb ee (6 months ago)
One morning you’ll wake up and bitcoins will have no value at all. Just make sure you’re not the mug left holding them on that day.
errrrrrrrrrwhat (6 months ago)
A lot of salty people and religous nutjobs in the comments of a video explaining blocl chain
tui tui (6 months ago)
What about the genocide taking place in South Africa. WHERES THE REAL NEWS! BBC FAKE NEWS
Im Damuji (6 months ago)
And who's controls the computer?
Princess (6 months ago)
What is bitcoin guys? I’m so confused and hearing it everywhere 😭
Paul FitzGerald (5 months ago)
A currency
errrrrrrrrrwhat (6 months ago)
Princess very few, you basically have to trade bitcoin for cash on dedicated sites
Princess (6 months ago)
Vk Deen how do I get that money? And wtf that’s so stupid how can I buy stuff, living in the uk with bitcoin instead of the pound. And what websites even sells stuff for bitcoin.
Spiritus (6 months ago)
Bitcoin (capital B) is a protocol which allows a decentralised, trustless, timestamped ledger of transactions. bitcoin (lowercase b) is the currency used within the Bitcoin system. Or, in more simple terms, it's magic internet money.

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