How Bitcoin Works Under the Hood

Рет қаралды 3,150,084

11 жыл бұрын

A somewhat technical explanation of how Bitcoin works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most exciting projects coming out (Ethereum, etc): app.pluralsight.com/library/c...
Lots of demos on how to buy, send, store (hardware, paper wallet). how to use javascript to send bitcoin. How to create Ethereum Smart Contract, much more.
If you'd like to support the creation of additional content, here's a bitcoin/lightning donation address: bit.ly/2NldSYA
fiat support: / curiousinventor
Shorter 5 min introduction: • The Essence of How Bit...
Written version: www.imponderablethings.com/201...
Arabic translation by Ahmad Alloush
Spanish caption translation by Borja Rodrigo, zordycorak@gmail.com, DFJWgXdBCoQqo4noF4fyVhVp8R6V62XdJx
Russian caption translation by Alexandra Miklyukova
Italian voice over: • Come Funzionano i Bitcoin
Italian captions translated by Simone Falcini, 1H5KdCnBooxfqpXtyQBBAKKRU7MkCZCVCe

Пікірлер: 892

@cyrusadkisson6864 9 жыл бұрын

0:10 overview, 1:38 sending money, 3:45 txns and ledger detail, 6:19 complex txns, 7:40 anonymity, 9:20 txn security, 10:50 ordering of txns, 11:02 blockchain, 12:10 crypto hash, 13:37 end of chain insecurity, 14:05 double spend attacks, 16:00 why double spend is hard to pull off, 17:45 mining, 18:30 txn fees, 19:00 mining pools, 21:11 recap

@CuriousInventor 10 жыл бұрын

hello "free" bitcoin spammers: I am moderating comments, so why don't we save each other some time? Speaking of saving time, here's a 5 min summary version: kzfaq.info/get/bejne/qpt6erSJqLrJY5c.html

@mridularul1 7 жыл бұрын

you're the first person to have explained such a complex system in such a simple way .. thankyou for this vid !

@Ocenteno70 10 жыл бұрын

yeeeeeah......I'm gonna have to watch this again.

@JanBruunAndersen 10 жыл бұрын

Thank you, thank you, thank you! Finally an explanation of how Bitcoin works that makes sense for paranoid programmer like me. No hand-waving, no vague references to wallets and apps and exchanges. Just the facts with enough detail to make sense, and without drowning in mathematical details.

@Mellbourn 10 жыл бұрын

Interesting

@AppliedScience 11 жыл бұрын

Thank you! This is the clearest, most complete overview of how Bitcoin works that I've ever seen. Nice work, indeed!

@SebastiaanvanderHeide 9 жыл бұрын

Thanks for uploading this, I've been watching quite a bit about Bitcoin and this is the most in depth video I've found yet. Must have taken quite a bit of research to get all of this figured out.

@CuriousInventor 9 жыл бұрын

months and months :) glad it helped.

@patrik5123 7 жыл бұрын

Would the successful invention of quantum computing become problematic to bitcoin security?

@relcluse 10 жыл бұрын

Next time: how Bitcoin works IN the Hood

@EvilSpeculator 8 жыл бұрын

That was brilliant and in little over 20 minutes answered a ton of questions I couldn't find an answer for in weeks of reading BC related articles/tutorials. Thanks so much for putting this together!

@Pedro-un3mk 2 жыл бұрын

Awesome video-lecture! Even after 8 years, for me, at least, is pure gold still! To be able to brilliantly summarize the complexity of the subject in 20 minutes, certainly required some 20 x 10^3 minutes of dedication and love to the matter. Thank you for sharing this masterpiece! Warmest Regards

@imstillw8ing 8 жыл бұрын

This went way over my head. But I kept listening anyways.

@xGeeFx 7 жыл бұрын

Just a small nitpicky note: Addresses in Bitcoin are not exactly the public key. They are hashes of the public key of an address in base58

@Viemexis 10 жыл бұрын

Best explanation of bitcoin I have yet seen. Explanations either tend to be extremely simplistic (which was nice as an introduction) or extremely long and rambling explanations of cryptography.

@ciao716 10 жыл бұрын

i'm writing an essay, for my finals, on bitcoin, finally a good resource where all information are gathered, simply, and summarized efficiently :)

@LeakyWicks 10 жыл бұрын

So much packed in 20 minutes yet so well explained. Nicely done.

@walktothebeach 10 жыл бұрын

Outstanding. So concise. Rapidly presented and without flaws or vocal pauses (the "ums","ahs", and "ers"). Just great.

@mfricke1947 10 жыл бұрын

This is a brilliant exposition-accurate and brief with not a word wasted. Congratulations (and thanks).

@MrAustinValentine 8 жыл бұрын

i think my brain broke....

@chopcooey 8 жыл бұрын

omg this system is so intelligent and also great explanation; mind = blown

@iSuperGeek 10 жыл бұрын

Simply the best educational video. I've been referring my friends to this video when they ask what Bitcoins are.

7 жыл бұрын

amazing video. very descriptive. The other several videos i saw , gave me more questions , while all answering same questions . Thank you

@lucasashbaugh7818 10 жыл бұрын

This was an awesome explanation, you did an excellent job taking my understanding from beginner to intermediate. Thanks!

@matthew9677 7 жыл бұрын

This video is amazing. It answered so many of questions and provides a understandable yet in depth explain of bitcoin. Thank you for this awesome video.

@CuriousInventor 10 жыл бұрын

thanks! LOTS of editing and rewriting went into whittling it down to be as concise as possible.

@DoubleBob 10 жыл бұрын

One video. Instant subscribed. Awesome. I love the love for detail and the cool examples.

@sandyeyles 10 жыл бұрын

And when they shut down the electrical grid???????????

@AllanAquinoVieira 10 жыл бұрын

Thank you for the video, great simplified explanation of several very complex complex subjects involved in Bitcoin. It made my life so much easier in explaining the workings of BTC to my non technological inclined friends, and family.

@NoamHalpert 9 жыл бұрын

quality video.. your detail and patience in explaining is tremendous .. its not something many people have

@nicolastaub4593 9 жыл бұрын

As Dan Kaminsky once said: "The first time you think you understand it, you don't". I felt exactly the same way, but after following your explanations for a few time, I finally got the principle idea.. :) Thanks for the good explanation! ;)

@fernandosecchi9716 8 жыл бұрын

Great video. I've been around bitcoin for a long time. took several courses and nothing have been more revealing than this tutorial. Probably I have a background already to fully understand it. Any way, sooner or later this video is a must in the comprehension of bitcoin. My sincere gratitude.

@dsloan4242 10 жыл бұрын

This is a great video in regards to bitcoin, He provides a through explanation alongside a good presentation. It's worth watching the full version, but if you are short on time and need the quickie, the summary starts around 21:15.

@frankkyne8945 8 жыл бұрын

This is by far THE best explanation of how blockchain and bitcoin work. Thank you!

@tikkj 8 жыл бұрын

Extremely useful and informative, thank you :). Now I finally know wtf blockchain technology is and how it can apply to areas outside of bitcoin.

@UsaqMadiq 8 жыл бұрын

The best explanation I have come across after much searching...Thanks!

@Dushku 10 жыл бұрын

Thank you very much for taking the time to explain this. Plus, you did it in a very straightforward, yet understandable way. Back when I first considered getting into BTC, they were worth about $33. I had numerous reasons for "erring on the side of safety" and part of it was a simple lack of understanding of how it could be safe and anonymous.

@FakeButt 9 жыл бұрын

Thank you very much! I watched several videos that failed to explain the concept but yours was exceptionally informational and moderately easy to follow and understand. I may re-watch it later to learn more :)

@buschtoens 9 жыл бұрын

Absolutely great and reasonably detailed introduction to Bitcoins. Well done!

@wenwei-li2668 10 жыл бұрын

Very clear. By the first part of the video, I understand two points about Bitcoin: a. how one transanction is confirmed; b. how one person is trusted to own enough bitcoins for payment; It is a pity that I have no enought time to watch the whole video.Hope I can finish it later.

@FurryMurry7 10 жыл бұрын

Thank you for this video! I've been trying to learn what bitcoin is for ever but it was always too difficult to understand. Your video makes it SUPER EASY to understand how bitcoin works!!! Thank you soo much! I love you!!!! :D

@gdhorning166 10 жыл бұрын

Very helpful and thorough enough for a serious beginner to understand what is going on.

@hansgoed2 10 жыл бұрын

Great explanation! Bitcoins have been keeping me busy for quite some time now, but I never really understood how they worked under the hood. Thank you very much!

@ViceroyoftheDiptera 2 жыл бұрын

This was excellent. Clearest no-nonsense explanation I've seen.

@LibertySpeak 9 жыл бұрын

This is just what I have been looking for, I'm finally wrapping my head around the blockchain. Thanks so much! :)

@GuilhermeFurst 10 жыл бұрын

My brain hurts, but it is indeed explicative ;)

@CuriousInventor 11 жыл бұрын

Sure, I'll work on that. Until then, the complete text is on the blog link in the description.

@ryanwdavies1 10 жыл бұрын

Thank you for producing such an excellent summary.

@aratin8 8 жыл бұрын

Thanks for this good video. Its a shame too many people are so ignorant they think its a ponzi scheme.

@mfratto 9 жыл бұрын

Very nice explanation. I'm referencing this video and your blog post as required reading for my class. Thanks.

@TomGeller 10 жыл бұрын

Excellently done! You cleared up some things I wasn't sure of. Thank you. Sending a small tip.

@NickGore 7 жыл бұрын

I'm still confused but more informed than before lol Thank you for the great, detailed break down!

@vandresv 10 жыл бұрын

Thank you very much. From 0 to a pretty good idea of the whole thing. Great video!

@aatheus 10 жыл бұрын

Great explanation of the BitCoin system! I had wondered how the transactions actually got bundled up into blocks, and so on.

@JohnS-mq2mu 9 жыл бұрын

Thank you. That was some brilliant and dedicated work putting this video together.

@dragonmining7004 7 жыл бұрын

Fantastic work! Dragon Mining recognizes this as a useful and informative video. 20 minutes worth watching if you're looking for an easy to understand technical explanation of how Bitcoin works.

@Kei3th1424 10 жыл бұрын

wow.. so many IT terms i didn't understand but somehow i sat watching the whole 22.25 minute. A very good video. Congratulations CuriousInventor. you may have my Like. and a subscriber.

@davidczu 8 жыл бұрын

Fantastic explanation. Very clear and quite concise. Now it's time to head to the math books to go deeper. Thank you very much!

@marcostviera 9 жыл бұрын

I have to say that this video is a very amazing piece of wide explanation. There is a few information for begginers that expose the bitcoin system as found in this video.

@Seb-de 10 жыл бұрын

Thanks to your video, I finally understood Bitcoins in detail. Very good video.

@ShadowJaPa 10 жыл бұрын

Thanks Bro! I'm not well versed in computing so It'd be impossible to fully understand bitcoin. BUT you gave me a hell of a big picture!

@RandomBro5 9 жыл бұрын

Thank you so much! :D I'm working on a project for school about Bitcoin, and your video's have been very helpful!

@surearrow 10 жыл бұрын

If you are no longer confused, then you obviously don't understand bitcoins.

@rafacassau 2 жыл бұрын

That's the best technical explanation I ever seen, thank you so much!

@TheChangingWays 9 жыл бұрын

An excellent explanation of how Bitcoin works. Definitely worth watching.

@Maknopono 10 жыл бұрын

Profile Paper on Bitcoin. Sub Question 1 is just a typed version of this video. Thanks for the information!!!

@Ultramoose 10 жыл бұрын

this actually answered all my questions about bitcoins. and very succinctly.

@lleuk 10 жыл бұрын

This is a fantastic explanation of what Bitcoin is, and how it works.

@giancarlo3000 10 жыл бұрын

I feel stupid. I watched the video twice and my head is still spinning

@bradr-86 10 жыл бұрын

Best explanation of the system ever. You've done well!

@adriancardona9184 7 жыл бұрын

messages won't affect ledgers if the message is sent by the receiver of the money right?

@TheCrazyInventor 10 жыл бұрын

Very clear explanation, thank you. I'll need to watch it a few more times before I understand how the block chain works, though. Some very complex stuff going on here.

@LolFishFail 10 жыл бұрын

I'm extremely new to bitcoins and this pretty much answered my security questions. In reality, it looks like bitcoins are more secure than any other form of transaction, which is pretty neat.

@aplacefaraway 10 жыл бұрын

this is the best explanation I've found on youtube

@brianb2644 10 жыл бұрын

This is the first video I have watched that helped me actually understand what bitcoin is completely. Extremely helpful. Thank you so much.

@jedharrisonmoore 10 жыл бұрын

Thank you very much! I will share this with everyone I know interested in bitcoin. To me at least, it was extremely well explained!

@bhavikmerchant920 10 жыл бұрын

superb, clear presentation of a complex phenomena. Thanks a lot!

@henryp7416 10 жыл бұрын

BEST bit coin tutorial EVER! Well done and perfectly explained. Thank you

@Hoophy 10 жыл бұрын

great video. very informative and you explain this very well to a noob like me with no background in programming and has trouble counting to 10

@Game4Prestige 10 жыл бұрын

Thanks for teaching me bit coin because I've been hearing about it a lot and I finally understand.

@fredericksetjadiningrat9517 10 жыл бұрын

Excellence video. I gained an insight of the matter. Thanks!

@JayakrishnanNairOmana 8 жыл бұрын

So what happens when quantum computing comes along that will make it effortlessly fast for anyone with one to compute the hash for the blockchain so computational complexity alone cannot be used as a trust metric?

@JaySmith-wk8yq 10 жыл бұрын

Amazing description, good job.

@CuriousInventor 10 жыл бұрын

That's more of a whole series of videos :) The elliptic curve version is a harder-to-understand flavor of RSA cryptography (ie, start there). Elliptic curve version gets away with smaller keys than RSA for same security. In both, public and private keys are generated at the same time. Both are based on math that's easier to do one way than the other. ex: multiplying is easier than factoring. good luck! I do NOT understand either fully.

@masterbjohnson2 10 жыл бұрын

Quality Video. Very helpful for explaining the maths.

@NERRRRRRRRRRRRRRRRRD 10 жыл бұрын

who the hell made all this possible

@FaraazSulaiman 10 жыл бұрын

Thank you for your explanation. Very clear and easy to understand :)

@sunny_disposition 10 жыл бұрын

Hey thanks for your efforts curiousinventor. This was a breakthrough in my understanding of btc.

@CuriousInventor 11 жыл бұрын

of course! address is in the desc now.

@SpiceAndFox 11 жыл бұрын

Great video! A small correction for 18:23: The last Bitcoin will most likely be mined earlier than 2140 due to the increasing network power and the delay of the difficulty adjustments.

@databaseexpert 10 жыл бұрын

The BEST explanation yet! THANK YOU!

@LukasFrimerTholander 10 жыл бұрын

This was so good, and very good explained. Keep up the good work

@rGGdom 10 жыл бұрын

Excellent video, thanks for the info.

@vacacow86 8 жыл бұрын

Awesome work. I want to donate btc to you. Should i send btc to the address provided below "my address" ? Let me know. Thanks.

@CuriousInventor 8 жыл бұрын

+Lucas Cavolo yes, thank you very much!

@todddonaldson7974 2 жыл бұрын

Thank you! That was the best explanation I have seen yet!

@GopiSundharam 10 жыл бұрын

One of the best video explanation on Bitcoin. Impressive.

@FreshThreadShop 10 жыл бұрын

Great video, exactly what I have been looking for! Appreciate your time making this!

@winterbreeze23 10 жыл бұрын

Thanks for the great video! I was a bit lost in the blocks chain part, but I gained much more understanding in general! Does everyone who uses bitcoins understand the concepts? While there is no centralised regulation, there has to be a core group that is in charge of the entire system right? Does bitcoin still stand to appreciate in near future?

@CuriousInventor 11 жыл бұрын

thanks! I added a correction annotation to the video.

@HiAdrian 10 жыл бұрын

This presentation explains it really well, thanks!

@CuriousInventor 11 жыл бұрын

if you google "bitcoin scaling" there are lots of articles on this. Some nodes can choose to rely on others to keep a record of every transaction. Also, after a spent txn is far back in the block chain, you can discard the details of it and keep only a summary hash. The orig. bitcoin paper talks about this compression.