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Part 4 | The Birth of Cryptocurrency | Crypto Crash Course

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yes and we're rolling welcome to video four of this video series breaking down the blockchain and cryptocurrency and over the last three videos you've got good understanding of what the block chain is as a digital record keeper and a constant verifying of the network and then the decentralized way that it comes to a consensus with computers all around the world generate in and talking to one another to verify the system and make sure everything is accountable then the last video we talked about cryptocurrency beans all monetary system being able to send and receive the value with no third-party authorities and being able to exchange it all in a decentralized trusted and secure way so we've got that down and in this video i kind of want to talk about why cryptocurrency and bitcoin was even created in the first place what was the motivation so bitcoin was created 2009 and it was the first of its kind with the birth of the blockchain and it really came after the 2008 financial crash which her a lot of people and a lot of trust was misplaced within the system and a lot of people's bank accounts got her lost a lot of money and not and things of that nature so when bitcoin was created was really done with the mindset to put people in a place where they could have more control of their money and create this peer-to-peer payment network that didn't need any of these central authorities or third pies that that just kind of screw the lot of people over and I think traditionally when we're talking about money and if we're and if the average person has a large sum of money they're automatically going to put it into a bank account but let's say i have ten thousand dollars and I put it in a bank what happens so let's have $10,000 ok and i put in a bank account maybe I just wanted the savings account they gave me give me a little bit interested on every yet so what happens with that is the bank then is legally allowed to low 19 to ninety-five percent of that money out for home mortgages for car loans for business loans for derivatives market money whatever it maybe they can do what they want with it with their investments and get returns are probably going to be higher than what i'm getting at my savings account as that's how banks work and we've seen in the crisis and even a lot of other countries crisis like Cyprus and Greece where people haven't been able to withdraw money or there's been a certain limitation on how much they could withdraw you can this being put into a bank account is really just a promise that the bank is giving giving you back and that promise isn't always fulfilled as we've seen in different countries where risky behavior the risky investments have been implemented by the banks trying to make money and it hasn't happened and the customer and the average person get screwed over so in light of the creation of Bitcoin cryptocurrency it really puts the average person back in the driving CEO of their own money and have having in a secure account that isn't a bank account but is a digital full of being able to send and receive money and buy and sell things that is very very powerful and allows certain people you know is different looking at this from I've live in the us

currently i'm from the UK and people in these countries are in the same situations is some of the people who are in countries of crisis and currency crisis who are looking for a way out and bit coin and crypto currency is becoming that haven because of the decentralize open trusted way that is stores and exchanges volume so that's kind of where cryptocurrency came from and a little bit of the value within it and people are seeing it as if a video for the video 5 i'm going to go a little bit further into this and the disruption that cryptocurrency is made in the financial sector and look a couple other industries that bitch shut up by companies doing some of the similar things that we've talked about here in a really positive way so I'm Matt Sherriff I'll see you in the next video stay tuned and keep your plugging away of this congratulations on making it this far and i'll see you on the next one

About the Author Dancake

Hey hey hey. It's Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that's why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.