The Greatest Bitcoin of ALL TIME

Bitcoin explained If you

have a family member who doesn't quite

understand cryptocurrency, send him or her this, they'll thank you

I'm having the opportunity to speak with you today, my name is Peter van Valkenberg

and I'm the Research Director at the Money Center, an

independent non-profit organization focused on

public policy issues affecting

cryptocurrencies and public blockchain

networks

What is Bitcoin

What Bitcoin is The world's first

cryptocurrency, it works because of

the world's first public blockchain

network

What Bitcoin does It is

Simple It allows you

to send and receive value to anyone in the world with just a computer and

an internet connection

Now why it's revolutionary

Because unlike other

tools for sending money over the internet, it works

without trusting a middleman,

there's no company in the middle, which

means Bitcoin is the world's first

public digital payments infrastructure,

and by public I just mean available to

everyone to use rather than own For any single entity,

Now we have public infrastructure for email websites information,

called the internet,

but the only public payment

infrastructure we have is cash (like

paper money), and

it was only usable in face-to-face transactions before Bitcoin. If you wanted to

pay someone remotely over the phone or the internet,

then you couldn't use the public

infrastructure, you would rely on

private banks opening their books and adding

a ledger entry that would debit you and

credit the person you paid if

you both didn't do that. If you couldn't use the same bank very well,

then Bitcoin would have multiple banks and

multiple ledger entries between them.

The ledger is a public

blockchain, and anyone can

add an entry to that ledger to transfer their

bitcoins to anyone else and anyone,

regardless of nationality, race,

religious beliefs, sex, gender, or creditworthiness,

can create a

bitcoin address completely free of charge in order to receive payments

digitally.

Bitcoin is the world’s first globally

usable public currency. Is it

perfect?

Email wasn’t either when it was invented in 1972.

Bitcoin isn’t the best currency in all ways

margin, well, it’s not accepted everywhere, it’s not often used for quotes,

it’s not always a stable

store of value, but it’s working, and

the fact that it works without a trusted intermediary is in itself

amazing, it’s a

breakthrough in computer science, and

will be just as important for freedom

and human flourishing,

the birth of the Internet

and Bitcoin is just the beginning,

if we can replace private payment

infrastructure, then we can also replace

other private bottlenecks to human interaction,

now

why are we building more public

infrastructure? We embraced

blockchains instead of corporate

intermediaries Why we should tolerate

their inefficiencies and work to make

them better Why we should hope

that the pioneers of this technology are in

the United States rather than fleeing overseas

For the simple reason that corporate

intermediaries provide today’s

critical but private

infrastructure As they get smaller and

more powerful, their failures

are increasingly criticized by their critics,

so that, due to the Equifax breach, about half of all Americans’ 143 million Social Security

numbers were exposed to hackers, and the

Swift network has forwarded

hundreds of millions of dollars in fraudulent information.

As member banks in

Bangladesh, Vietnam, Ecuador, and

Russia have been hacked, the

FBI suspects that the

largest of the hacks was carried out by North Korea.

The Biggest Electronic Bank Robbery in History In fact, it was the biggest bank robbery in history in October 2016, when an estimated 1.2 million internet-connected devices were hacked and turned into a botnet, rendering prominent websites in Europe and North America, including CNN and Fox, unavailable for hours. News from the New York Times and the Wall Street Journal More and more physical machines are being connected to the internet to enhance their functionality, and they do so through servers owned and maintained by private and trusted intermediaries (the so-called IoT pacemakers in St. Jude’s case). Hospitals

Hacked, Trending Baby Monitors

Hacked, Jeeps

Hacked so that they

can be commandeered remotely and

driven off the road,

Now these vulnerabilities are inevitable in

systems where there are single points of failure, but

it doesn’t matter if the

point of failure is a company or

government, then there shouldn’t be

single points of failure,

Before

the Internet, if you wanted to deliver

a message, you had to go through

one of three TV broadcasters or

a handful of newspapers

Private enterprise is essential, but

no critical infrastructure should rely on

one or two The Internet eliminated

single points of failure in

communications infrastructure and set off a wave of competition among new media companies on

public railroads Blockchain

can similarly disintermediate critical

payments and IoT infrastructure,

The technology is not yet ready to

answer all these questions, but it

is our best hope,

just as in the 1990s Just like the internet of the 1990s, we

need a liberal pro-innovation policy to

ensure that these innovations

flourish in the United States for the benefit and safety of all Americans, and here’s a

segment just to expand on that,

Former U.S.

Acting Comptroller of the Currency Brian Brooks

explains the difference between web 1, web

2, and crypto web 3. So

The characteristics of web 1 If people

remember their original AOL account being able to

view a set of non-interactive content in a carefully curated walled garden, but presented to you on AOL,

just like Time magazine used to show

you the articles they wanted you to see inside their magazine was just something you

could see on your screen

The innovation of web 2 was

that all of a sudden you could not only read content

but you could write content, and that’s when the blogosphere became a big thing

People remember this from the late 90s to the early 2000s

Of course, the reason the internet was centralized

was that all of this activity was monetized by

a very small number of companies. Facebook

is the chairman,

the chairwoman mentioned Google and

two or three other companies, the difference with Web 3 is the ability to own

the actual network, which is what the crypto

assets themselves represent is an ownership stake in the underlying network,

so when you hear people talk about

layer 1 tokens, for example, what they mean is,

this is the reward you get for providing

computing power for maintaining the Ledger network,

one and two are done by Google,

so now people in my hometown of Pueblo, Colorado

can actually own the Ethereum

network, but they can't own

the internet owned by Google and some other

companies, which is

crypto projects are focused on allowing people to

directly own the network that owns the native assets that support it,

which is the essence of decentralization, where the token holders

are the ones who control the assets,

not Google token holders, because

our language here these

are all digital assets, they are the key to

opening up the ledger for you to participate,

so describe to us how these

digital assets fit into this

internet revolution web 3. So the

concept is that you have some kind of

application layer tokens and you have

protocol layer tokens, so if I'm a

owner of Bitcoin, let's say I'm a

miner of Bitcoin, the person who actually creates

Bitcoin, Bitcoin is the reward I

get for the work I do to keep

the network running, which allows me to

own a part of the Bitcoin blockchain

or take the more

easier to understand Ethereum, where Ether represents

an ownership stake in the network, but on top of

that network are

the various applications built on the network,

just like the apps on your phone depend on

the existing underlying network that makes your phone run, so people

will make judgments about which network

is likely to win, and they will invest in

tokens in that network, just like

you invest in Google stock,

because you think Google is growing in order to

expand access to the original internet,

and here's the difference, you can

vote on what happens to the future of a proof-of-stake

network, for example, you can

get rewards with proof-of-work tokens,

for maintaining

a ledger like Bitcoin, but the real information What happens on the decentralized internet is determined by investors, while what happens on the main internet is determined by Twitter, Facebook, Google, and a few other companies.