Bitcoin Explained in 5 Minutes | What Is Bitcoin ? | Introduction to Bitcoin | Simplilearn

This video on "Bitcoin Explained in 5 Minutes" will help you understand what is Bitcoin, how it came into existence and how it is believed to be a perfect replacement of current financial system around the world. This video will give you an Introduction to Bitcoin, its concepts and will help you understand how Bitcoin Cryptocurrency is used for making transactions on Blockchain Technology. It will also give you an idea over how Bitcoin is different from other centralized banks and our fiat currency. At the end of this video, all your questions related to bitcoin will be cleared.

00:00 Introduction To Bitcoin
00:22 Drawbacks of Centralized Financial Institutions
01:28 What Is Bitcoin?
02:10 Benefits of Bitcoin
03:08 Working of Bitcoin
03:36 Example of People Using Bitcoin
03:58 Quiz
04:30 Is it safe to use Bitcoin?

Don't forget to take the quiz at 03:58 ! Comment below what you think is the right answer!
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What Is Bitcoin?
Bitcoin is a cryptocurrency that enables transparent and decentralized peer-to-peer transactions taking place on its Blockchain Technology. Bitcoin is designed to be an alternative to national currencies and intends only to be a medium of exchange and value storage. It comprises features like a public ledger, immutability, and high transparency, making it a great platform. It uses the SHA256 hashing algorithm for mining its block in the blockchain network.

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To know about cryptocurrency and Blockchain, visit: https://www.simplilearn.com/blockchain-certification-training-course?utm_campaign=Bitcoinin5minutes&utm_medium=Description&utm_source=youtube

About Simplilearn Blockchain Certification Training:
Simplilearn’s Blockchain Certification Training has been designed for developers who want to decipher the global craze surrounding Blockchain, Bitcoin and cryptocurrencies. You’ll learn the core structure and technical mechanisms of Bitcoin, Ethereum, Hyperledger and Multichain Blockchain platforms, use the latest tools to build Blockchain applications, set up your own private Blockchain, deploy smart contracts on Ethereum and gain practical experience with real-world projects.

Why learn Blockchain?
Blockchain technology is the brainchild of Satoshi Nakamoto, which enables digital information to be distributed. A network of computing nodes makes up the Blockchain. Durability, robustness, success rate, transparency, incorruptibility are some of the enticing characteristics of Blockchain. By design, Blockchain is a decentralized technology which is used by a global network of the computer to manage Bitcoin transactions easily.

After completing this course, you will be able to:
1. Apply Bitcoin and Blockchain concepts in business situations
2. Build compelling Blockchain applications using the Ethereum Blockchain
3. Design, test and deploy secure Smart Contracts
4. Use the latest version of Ethereum development tools (Web3 v1.0)
5. Develop Hyperledger Blockchain applications using Composer Framework
6. Model the Blockchain applications using Composer modeling language
7. Develop front-end (client) applications using Composer API
8. Leverage Composer REST Server to design a web-based Blockchain solution
9. Design Hyperledger Fabric Composer Business Network 10.
10. Understand the true purpose and capabilities of Ethereum and Solidity
11. See practical examples of Blockchain and mining
12. Describe the various components of Hyperledger Fabric Technology (Peers, Orderer, MSP, CA)

🔥Free Blockchain Developer Course with Completion Certificate: https://www.simplilearn.com/learn-blockchain-basics-skillup?utm_campaign=Bitcoinin5minutes&utm_medium=Description&utm_source=youtube

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