Understand Bitcoin in 8 Minutes

So do you know what a blockchain is what Is blockchain technology what are the Differences between Bitcoin ethereum and A bunch of other cryptocurrencies what Is a Bitcoin wallet what what is an Exchange why don't you break this down Simply for people like me that don't Fully understand this is one of the best Bitcoin explanations of all time here to Break it all down micro strategy CEO Michael sailor is with us watching just 8 minutes will literally make you an Expert all right from a distance I have Been following you I have been studying You so if you have a friend or family Member that doesn't quite understand Bitcoin send him or her this they will Thank you why don't you break this down Simply for people like me that don't Fully understand It okay well let's start with the basic Principle people came to the United States for two things property and Freedom and Bitcoin represents property And freedom to 8 billion people Satoshi Created a computer program that would Run in a distributed Fashion on Computers all around the earth and that Program creates 21 million virtual coins In Cyberspace the way it works is he Created perfect digital gold on an open Monetary Network and so that means if You wanted to save

$1,000 and you wanted to have it beyond The reach of a company a CEO a Government a bank and you wanted to have Have personal custody of it you could Have that with Bitcoin Bitcoin is a Technical solution to give 8 billion People property rights if I I can I can Own $100 in my hand as easily as I can Own a billion dollars and uh we've never Had that in history of the human race so What does it mean to El Salvador well at El Salvador you have a bunch of people That don't have a bank and they don't Have assets and they don't have access To Wall Street so when uh when their Relatives remit money back to El Salvador they lose 10% of their money Through money transfer agents once they Get the money they lose 10 to 20% of its Value a year because they're storing it In a currency not in an asset the Exciting thing about Bitcoin is Bitcoin Lets you save your money in an asset That goes up in value and it lets you Move that asset at the speed of light All around the planet and what the President of El Salvador realized is Using the Bitcoin Network they could cut A billion dollars of cost and Remittances every year to their people They could puts on the world's first Digital monetary Network and instead of Their people losing 10 to 20% of their Value a year and 10% when they move it

They're going to actually make money and They're going to be able to move that Value around for free Michael let me ask You this I mean because you talk a lot About the history of sound money um and And other cryptocurrencies but you Really think it's Bitcoin you think Bitcoin is the breakout for a reason why Over say ethereum or any other One Bitcoin is the dominant crypto asset Network it's the oldest it's the Strongest it's the most secure and it Was engineered to do one thing well Which is to keep track of 21 million Virtual coins in cyberspace uh the other Cryptos are applications and application Networks are focused upon functionality Or performance Bitcoin is optimized for For durability Integrity security if I Want to store a billion dollars for a Thousand years I don't want a lot of Bells and whistles on it I just want to Know it's secure and nobody's going to Change it so why Bitcoin because because Satoshi started with a model of gold and He got rid of all the defects of gold if You took gold and you said you can't Mine anymore you can't use it for Jewelry and nobody can reh hypothecate It or short it and you could take Personal custody of it in your head and No one can steal it from you you would Have a better gold and so Bitcoin is Designed to be that long-term store of

Value and of course humans have been Looking for a way to store their life Force in a store of value for thousands And thousands of years it's it's kind of Part of the human dream what do you say To to critics that that worry that it Will lose all of its value or what do You say you know clearly governments um Some seem to be dead set against this What do you say to Them um well first of all it's the most Successful technology in our lifetimes Uh it's grown faster and more powerful Either Google or Facebook or apple or Amazon uh and it's it's a a network and An asset that's uh held by about 150 Million people and we're adding 2 Million people a week so other than the Dollar and the Euro it's the most widely Held monetary asset in the world and uh And there's every indication that nation States are embracing it uh Jerome pal Says it's a digital asset Christina Lagard says it's a digital asset uh the Head of the SEC taught a class on it I Think that people understand it's it's Not a threat to the Dollar by the way uh What's going to happen is the US dollar Is going to be the world Reserve Currency and it's going to run on Billions and billions of mobile devices And the digital asset that underlines Underlies that currency is going to be Bitcoin wow um I will tell you I my

Friends got me addicted I'm I'm a Student I'm learning I'm still in the on The first chapter of sort of like uh Cryptocurrency for dummies but I can't Read enough of it I love reading your Stuff now if you have a specific Bitcoin Or crypto question that wasn't answered In today's video comment down below Let's all check the comments now I will Be answering but let's talk about your Existing Holdings as I mentioned in the Intro now worth around 10 billion you Have paper gains of about 70% or so Which a lot of people uh would like to See that sort of return at any point Would you sell when would it make sense To take profits There well I I famously said I'm going To be buying the top forever uh Bitcoin Is is the exit strategy it is the the uh Strongest asset and by the way if you're Looking for a great place to buy sell or Trade crypto join me on buybit now and Enjoy up to $30,000 in rewards Just for Participating with referral code altcoin Daily link down below and obviously that Is a tiered system so deposit and trade More to elevate your VIP status and Unlock higher tier rewards link down Below check it out which one's the best Crypto asset well Bitcoin is the best Crypto asset okay what's the second best There is no second best there is no Second best crypto asset there's a

Crypto asset it's called Bitcoin right Right there is no second best okay it's Not it's not like Google and Facebook It's not like apple and Amazon yeah we We can debate apple or Amazon what's Better they both look like Tech Monopolies to me they both look pretty Good on the other hand Bitcoin Or no Bitcoin bitcoin's crypto asset This entire idea of like 60% dominance Is ridiculous stupid right like It's stupid it's not 60% dominant it's Like 96% or 95% dominant right the thing if you Compare it as a crypto asset to a like Kind of proof of work crypto Network Right that's meant to be a store of Value you know you're lucky if you find If you can scrape together 5% of other Stuff in the last bucket so there is no Real competit and like always see you Tomorrow