Welcome to Julesz.net news. My name is Rob and today I want to show you the best Explanation I've ever heard as to what Bitcoin is how it operates and how it's going to perform in the future and to do that I'm going to need help from this is Peter von Balkenberg and he's a research director over at Coin Center and Coin Center is based in Washington DC. It's the leading non-profit research and Advocacy Center focused on the public policy issues based in crypto and decentralized computing The mission is to defend the rights of individuals to build and use free and open crypto networks They do this by producing and publishing policy research Educating policy makers, which they're going to show you how they do that and the media about crypto advocating for sound Public policy and by engaging in litigation to defend digital civil liberty. So it would take a look here That right there is Peter on the right hand side And he's testified before Congress and I want to make to make mention that he is sitting right next to Dr. Robini and you may know him as Dr. Doom who this guy is pretty negative on Crypto specifically Bitcoin digital assets and just all around negative guy about it has to do with With economies and digital assets and Monetary policy and everything you can think of this guy is right next to Peter So I was very impressed with the way that Peter stated this explanation as the Bitcoin and I'm going to show you this This quick snippet is about six minutes long and I encourage you to share this with your family and friends and the people who don't understand Like what is Bitcoin is this a scam is this gonna be around for quite some time? What really is it? What does it do and it's perfectly laid out here by the gentleman here? So just take a listen and I'll be back after the video Chairman Crapo ranking member brown members of the committee Thank you for the opportunity to speak with you today My name is Peter van Volkenberg and I'm the director of research at coin center an independent nonprofit focused on the public policy issues affecting cryptocurrency and public blockchain networks What is Bitcoin? Bitcoin is the world's first cryptocurrency and it works because of the world's first public blockchain network What does Bitcoin do? It's simple. It lets you send and receive value To and from anyone in the world using nothing more than a computer and an internet connection Now why is it revolutionary? Because unlike every other tool for sending money over the internet it works without the need to trust a middleman The lack of any corporation in between means that Bitcoin is the world's first public digital payments infrastructure and by public I simply mean Available to all and not owned by any single entity Now we have public infrastructure for information for websites for email. It's called the internet But the only public payments infrastructure that we have is cash as in paper money and it only works in face-to-face transactions Before Bitcoin if you wanted to pay someone remotely over the phone or the internet then you could not use public infrastructure you would rely on a private bank to open their books and Add a ledger entry that debits you and credits the person you're paying and if you both don't use the same bank Well then there'll be multiple banks and multiple ledger entries in between With Bitcoin the ledger is the public blockchain and Anyone can add an entry to that ledger transferring their bitcoins to someone else and anyone regardless of their nationality race religion Gender sex or credit worthiness can for absolutely no cost create a Bitcoin address in order to receive payments digitally Bitcoin is the world's first globally accessible public money Is it perfect? No Neither was email when it was invented in 1972 Bitcoin's not the best money on every margin It's not yet accepted everywhere It's not used often to quote prices and it's not always a stable store of value But it is working and the mere fact that it works without trusted intermediaries is amazing It's a computer science breakthrough and it will be as significant for freedom prosperity and human flourishing as the birth of the internet and Bitcoin is just the beginning If we can replace private payments infrastructure then we can replace other private choke points to human interaction as well Now Why should we want to build more public infrastructure? Why should we embrace blockchains over corporate intermediaries? Why should we tolerate their inefficiencies and work to make them better? Why should we want the pioneers of this technology here in the United States and not fleeing overseas? a simple reason Because the corporate intermediaries providing today's critical but privately owned infrastructure are becoming fewer larger and more powerful and their failures are in credence increasingly grave So roughly half of all Americans 143 million people had their social security numbers exposed to hackers because of a breach at Equifax The Swift network has relayed hundreds of millions of dollars in fraudulent transactions because of hacked member banks in Bangladesh Vietnam Ecuador and Russia the FBI suspects now that the largest of these hacks was perpetrated by North Korea Corrupt low-level employees at an Indian bank Poonjob National were able to fraudulently certify Swift messages stealing 1.8 billion dollars It's the largest electronic bank robbery in history. In fact, it's the largest bank robbery in history in October 2016 an estimated 1.2 million internet connected devices were hacked and turned into a bot net that for several hours made prominent websites unavailable across Europe and North America including CNN and Fox News the New York Times and the Wall Street Journal increasingly Physical machines are being connected to the internet to augment their capabilities They're wired through servers that are owned and maintained by private and trusted intermediaries the so-called internet of things pacemakers from St. Jude's hospital have been hacked Baby monitors from trend net have been hacked and Jeeps from Jeep have been hacked to the point where they can be remotely Commandeered and driven off the road Now those vulnerabilities are inescapable in systems that have single points of failure It doesn't matter if the point of failure is a corporation or if it's a government There shouldn't be a single point of failure Similar choke points existed before the internet if you wanted to deliver a message You'd have to go through one of three Television broadcasters or a handful of newspapers Private corporations are essential, but no critical infrastructure should rely on one or two The internet removed single points of failure in communications infrastructure and ushered in a wave of competition among new media corporations building on top of its public rails Blockchains can similarly disintermediate critical payments and IoT infrastructure The technology is not yet ready to answer all of those questions today, but it is our best hope and As with the internet in the 1990s, we need a light-touch Pro-innovation policy to ensure that these innovations flourish in America for the benefit and security of all Americans Great so over that made sense. I got to tell you I probably listened to that about ten times Perfect way to explain what Bitcoin is how it all works and of course what's gonna happen in the future as we progress and move forward and the last thing I will say is this There was a good explanation as to as far as like new technologies specifically Bitcoin and and moving into the next century and it talks about in the early days of Mankind we discovered steel iron ore and all those things and the first we when we first discovered it We didn't really know what to do with it then we figured out well put it on will make Arrowheads will make swords will make shields then moving forward Okay, well, maybe we'll make this into a sighting and actually in the buildings Don't make in the cars then moving forward to figure out maybe we can make this into Some fabric for space shuttles or other vehicles and then moving forward who knows what we're gonna use steel with so I think it's the same thing with Crypto Bitcoin digital assets It's a great technology. We're trying to figure out exactly where everything fits in And it's gonna look a lot different from today than as as we move forward into the next 10 20 50 years So that's it for today So if you liked today's video give it a thumbs up all consider subscribing All things we talk about on this channel mostly news at its time sensitive and a couple of education pieces And that's it. So thanks so much. I appreciate it and I'll see you on the next one You