[00:00] When money is easy to make, society begins to break. So how do we make money that's easy to carry but hard to create? Well, one solution is Bitcoin. Back in 2008, I became fed up with government money.
[00:14] With the corruption, the manipulation. So I created a digital currency. Digital money that can be sent directly from one person to another without any bank or government involved. And the best part? It's hard money.
[00:26] It's the hardest money ever invented! Bitcoin is very hard to make more of. Each new coin gets added to the supply only after a computer works very hard to solve a math problem, where there's no shortcut and solving it costs a lot of energy and time.
[00:40] Okay, but if it's on a computer, can't I just copy and paste? Not with Bitcoin. You see, there's a public record of every Bitcoin ever created. It's called the blockchain.
[00:54] It's like a puzzle, and each Bitcoin has its own unique shape. And because everyone has a copy of the public record, if someone tries to fake a Bitcoin, it won't fit the puzzle and will be rejected by the network before anyone can use it.
[01:11] That's why Bitcoin is so safe from criminals and the government. You said criminals twice. And unlike dollars, which can be printed endlessly, there will only ever be 21 million Bitcoin. It's almost impossible to inflate.
[01:24] The only way to get it is to earn it or buy it from someone who has No offense but if you control Bitcoin couldn you manipulate it just like the government I don control it No one person does It controlled by a public network of
[01:38] Bitcoin users that anyone can join. So if someone wanted to change something in Bitcoin's code, they would need to get the majority of the millions of Bitcoin users to agree to it, or the change doesn't happen. And when has the majority of us agreed on anything?
[01:52] One white toilet paper is garbage! Touché. Wow, I didn't know made-up money could make so much cents. Today, millions of people send Bitcoin instantly and cheaply to each other around the world without any bank or government involved. And because Bitcoin is hard money you can't just
[02:07] print more of, the more people who use it, the more valuable it becomes. Emily, if we take Lyle's Bitcoin, we could be rich. I could pay for college entirely. You could outsource your movie and pay to have your name in the credits. Slow down. I'm not saying that Bitcoin will make you rich quick
[02:23] or even at all. Right now, only about 1% of the world owns Bitcoin. And because it's still being adopted, some days it goes up and even down. Also, investments not potentially lucrative can be risky.
[02:35] Only invest what you're willing to lose. We know. Wow, I think I get it. Good money should be easy to use but hard to create. And because Bitcoin is digital, it's fast and cheap to use. And the blockchain makes it hard to inflate.
[02:49] Thanks, Mr. Satoshi. What? Mr. Satoshi? He's gone? Or was he ever even here?