The Basics of How Bitcoin Works – Bitcoin Breakout

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In this episode we discuss how bitcoin actually works, why it works and why it is the hardest money ever created. We discuss the genesis of bitcoin and its developer, Satoshi. We discuss common myths from shit coines as to “What Satoshi wanted” and how it is a flawed appeal to authority fallacy.

I explain why the claim that mining is “solving complex math problems” is absolutely not what mining is. How bitcoin is really backed by “security” and why if you don’t have bitcoin in your portfolio right now you are really missing out on an opportunity that will never come again in your lifetime.

Join me Today to Discuss…

Peer to peer payment system with need for a trusted 3rd party
No need for a trusted party doesn’t mean there can’t be one
Brute Force not Math
- How network difficulty is adjusted – https://www.blockchain.com/charts/difficulty
- How SHA256 works https://demoblockchain.org/hash
- How Blockchains work – https://andersbrownworth.com/blockchain/
The concept of absolute scarcity (only happens once)
What Satoshi Wanted
- Digital peer to peer payments
- Privacy but public record of all transactions on chain
- Rule by consensus
- The ability to run a node with common hardware

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* The Bitcoin Breakout is a production of The Survival Podcast