Basics Of Bitcoin (And Cryptocurrency) - How It Works...And How To Get Started FAST! @TenTonOnline

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Show Notes:

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- Bitcoin (BTC): bc1q64gkflztynv6000386mxmyvzetr5j5puh4fn5y
- Ethereum (ETH): 0xD4a88C6b48e9cee2bcD882c31dEfdf20A9A40256
- Ripple (XRP): rGyaatxMPKJ5FYmwoZj4z5FE6Wn4dxPmje
- Litecoin (LTC): LeCgqyJLDYiJgrdyaGmDFLjEZz63jdTZSQ

- Examples of cryptocurrency exchanges include Coinbase (https://www.coinbase.com/) and Blockchain.info (https://www.blockchain.com)

- Software crypto wallets that you can choose from include Exodus (https://www.exodus.io/), Atomic Wallet (https://atomicwallet.io/), Electrum (https://electrum.org), and many others.

- If you'd like to go with a hardware crypto wallet, take a look at KeepKey (https://shapeshift.com/keepkey), Trezor (https://trezor.io/), or Ledger (https://www.ledger.com/). Of course, there are others to choose from too.

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Transcription:

what is bitcoin and how does it work

If you don't know much about bitcoin or cryptocurrencies or how the heck all this stuff works, but if you're really interested in at least understanding how this stuff works, then keep watching -- you're definitely in the right spot!

Now normally I'm making videos and tutorials about online business, building an audience online and all this stuff. That said, bitcoin and cryptocurrencies are certainly related to online business and earning an income for yourself online...and who knows exactly where all this stuff'll lead to in the coming years.

So the idea behind this video is to break everything down and simplify everything as much as possible for you to wrap your head around. We'll talk about the various components that are involved here, and how you can buy your first bitcoins and other cryptocurrencies.

Really, all this stuff is not nearly as complicated as you might be thinking. I've worked hard and done my best to simplify and compartmentalize this stuff as much as possible. That said, because there's so many moving parts, you may want to go through this video more than once just so you get your head wrapped around it all. So on that note, let's get started...

Okay first up, there are five components to getting started with crypto and bitcoin: First, understanding what cryptocurrencies really are, then understanding what blockchain is, next cryptocurrency exchanges, cryptocurrency wallets, and finally, there's private keys.

Let's start with understanding what cryptocurrencies are. You probably have a pretty good idea of what cryptocurrencies are here -- after all, you're watching this video which means you already have some interest, right?

But if you're unsure, a cryptocurrency is simply a digital online currency. Cryptocurrencies aren't denominated in traditional currencies like US dollars. Instead they're denominated in...well...their cryptocurrency!

The whole idea behind crypto is anonymous, decentralized currency...which is a very interesting idea.

As for Bitcoin, it's just one of hundreds of cryptocurrencies that you can hold and exchange. Ethereum, Litecoin, and Libra are examples of other cryptocurrencies...but again, there are hundreds. Bitcoin was the first cryptocurrency and it's the most popular.

Okay now next, we need to talk briefly about the technology behind cryptocurrencies -- and that's what blockchain is all about. So blockchain is the technology that cryptocurrencies are built with.

Blockchain technology can be used and built upon in all sorts of different ways...like digital contracts, agreements, software development...and blockchain can be used in ways that we haven't even thought of yet.

As I understand, the blockchain is comprised of nodes. A node can run on a computer, a web server, a raspberry pi device...whatever...and every node on the network contains a complete history of all transactions that have occurred on that specific blockchain, which are all updated simultaneously.

And there are thousands and thousands of nodes worldwide. This makes fraud and theft very, very difficult, if not impossible -- it's completely decentralized and every node is accountable to all other nodes.

So this is what makes cryptocurrencies so appealing -- decentralization, security, and anonymity.

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