In this lecture we are going to talk about the differences of Bitcoin and blockchain and what they basically mean imagine you have a best friend called Bob and he is on vacation in Hawaii one day he calls you and asks for some money because he spent all of it partying last night why the hell does he go to.
Hawaii when he doesn’t have any money right anyway he’s stupid but still he’s your best friend after all and you should serve him some money at these ten bucks.
Now evening at where you live.
You probably won’t be able to find a bank to send the money right now so you will have to wait for the morning and then you will either broast your bank’s.
Website or mobile app or you will directly go to the branch to give the order physically either way after confirming your money transfer it will take about one to three days for your money to be transferred because in.
Reality your bank is probably not directly connected to the Bank of Hawaii so it has to reach out to another bank that has a direct connection to Bank of Hawaii finally if everything goes smooth your transaction will be confirmed after days passing by and thank will charge you the amount of approximately ten to.
Thirty dollars why so much goes there are so many intermediaries in this transaction and banks always try to rip you off to the extent they hm anyway in the end your money will finally be transferred.
To your friend in Hawaii but of course after waiting for three days it would require a miracle for your friend to be still alive hopefully he found the rod and went fishing the other way around this whole process is sending your money in Bitcoin which is a cryptocurrency.
Created in 2009 by a person or group with the nickname Satoshi Nakamoto the process of sending money in bitcoins is smooth you send them from your account to Bob’s account with just one click and it must takes 10 to 20 minutes for the transaction to be confirmed Rober the cost for this transaction will be run only $1 or 50 cents most of the time however it is still possible for the confirmation time to be longer and cost to be highest sometimes.
Depending on the network congestion actually this course and waiting time increases when everyone wants to make Bitcoin transaction at the same time and eventually it most happens when the Bitcoin prices are going up and everyone is trying to buy.
Some anyway Bitcoin also does not belong to end it authority such as central bank of a country and is available 24/7 so it is a great and popular alternative for payments blockchain on the other hand is the technology that Bitcoin has built upon this technology is used to store every transaction made within the network in a public ledger safe and secure grunting any later change in the information once it is stored also blockchain is maintained by multiple computers connected to the network from.
Many locations in the world making it a decentralized and trustless system in contrast with centralized systems such as banking in which the banks have control over every transaction due to its usefulness blockchain can be used in a wide variety of applications from the sale of the house to presidential elections we’ll have an important effect in our future life for sure on the other hand Bitcoin will also continue to.
Facilitate our payments and help us transfer our money faster cheaper and safer however bitcoin.
Is not the only cryptocurrency built on a blockchain but instead there are over the thousands of others out there that have various users and in the next lectures we will cover what they are that’s it guys thank you so much for watching this video if you have any questions feel free to post a message and I will be sure to answer as fast as possible I hope you enjoyed the video and if you did.
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