welcome to the best of WatchMojo in this
series we’re turning back the clock to
show you some great early videos from
the channel that you might have missed
it’s time to put your money where your
monitor is and while it doesn’t grow on
trees it does grow in your hard drives
welcome to watchmojo.com and today we’re
counting down our picks for the top ten
Bitcoin facts number 10 bitcoin basics
otherwise referred to as electronic
money or virtual currency bitcoin is a
peer-to-peer payment system that offers
a 21st century alternative to regular
brick-and-mortar banking a bitcoin is
something that most users will never see
and never touch beyond their computer
screens exchanges are made via wallets
software rather than the traditional
wallet in your back pocket and there
exists no central bank or authority so
the value of your bank balance is set
entirely by the supply and demand of the
market
number 9 buying things with bitcoins as
with all money it’s best if you’re able
to spend it it’s been gradual but there
are more and more commodities becoming
available to Bitcoin holders perhaps the
most high-profile acceptor of the
currency is Virgin Galactic their
upcoming space tourist flights are
purchasable if you prefer your transport
a little more traditional than
Lamborghini is the first motor company
to give the go-ahead and what car-stereo
would be complete without Spice Girl Mel
B she was the first musician to
recognize payments for her music
[Music]
number eight the numbers the Bitcoin
supply is finite production of bitcoins
is romantically called mining with
millions of dollars worth mined or
exchanged electronically each day every
Bitcoin transaction is verified using an
extremely complex algorithm and these
verifications are done by a large
network of mining computers competing
against each other when a miner
successfully verifies a transaction he
or she is rewarded with a small amount
of bitcoins this is also how new
bitcoins are introduced into the system
and mining is a lot of work globally the
network of mining computers is now over
250 times more powerful than the world’s
top 500 supercomputers combined number 7
the value with no thing to hold in your
hand the bitcoins value might seem
indecipherable and as a new concept it
does tend to fluctuate however in
general the value seems to be increasing
in November 2011 after a crash a Bitcoin
was worth $2 u.s. in November 2013 a
Bitcoin topped $1,000 US and value and
briefly was worth more than an ounce of
gold though its value has since fallen
just imagine the level of security when
the first Bitcoin cash machine opened in
Vancouver Canada the previous month
number 6 bitcoins and bankruptcy an old
saying says you have to speculate to
accumulate and there are speculators
aplenty when it comes to Bitcoin while
there are winners there are inevitably
losers – in February 2014 Mount GOx the
one-time largest Bitcoin exchange was
forced to file for bankruptcy protection
due to possible hacking theft or
mishandling that cost them in excess of
four hundred and fifty million dollars
bitcoin is a currency that can lose up
to 80 percent of its value in seconds so
mount GOx was in very big trouble
very quickly number 5 banning the
bitcoin probably because it subverts the
traditional banking system and works
outside government regulation
coin is outlawed in many countries
around the world and is heavily frowned
upon by many others in July 2013 Tylan
became the first country to completely
ban the currency though they later
relaxed the ruling and China with its
higher global profile banned banks from
trading bitcoins
in December of the same year the US
Treasury has also flexed its monetary
muscles by shutting down a physical
Bitcoin production company in 2013
number 4
know your limits the number of bitcoins
that can exist is limited to 21 million
and the production rate is scheduled to
be halved every four years to ensure
that the value of a Bitcoin is not lost
this means that supply will run out
around 20 140 and although miners will
no longer be rewarded with new bitcoins
they will still be paid for their
efforts through transaction fees as it
stands today over a century before the
deadline roughly 64 percent of bitcoins
sit unused in their respective accounts
appreciating and depreciating with time
number 3 WikiLeaks the notorious
organization WikiLeaks relies very
heavily upon this futuristic form of
finance in mid-2011 the nonprofit
whistleblower group began using Bitcoin
as a method of processing donations
because other money transfer companies
wouldn’t deal with them to become so
dependent on something so unpredictable
is perhaps not the wisest of moves but
so far using the cryptocurrency hasn’t
done a lot of harm to the media profile
of Julian Assange and company watching
the world change as a result of your
work
priceless number two Silk Road the
equally infamous Silk Road website used
bitcoins as its form of currency a
black-market trading site that
specialized in illegal drugs and goods
as well as some more reputable products
it provided browsers with anonymity and
made its money using bitcoins when
alleged site founder Ross Ulbricht was
arrested his estimated fortune was so
inconceivable that it’s believed that
well over half remains unaccounted for
as a side note the name of all bricks
alter-ego Dread Pirate Roberts was
lifted from the movie The Princess Bride
go figure
before we unveil our top pick here are a
few honorable mentions
[Music]
[Music]
number one bitcoin beginnings Satoshi
Nakamoto is the person or persons behind
Bitcoin launching the software in 2009
Nakamoto past majority control on two
scientists Gavin Andresen
in late 2010 and and recent comments
capture Bitcoin perfectly he says it’s
like better gold than gold nakamoto’s
believed to be in possession of 1
million bitcoins equivalent to 1.1
billion u.s. dollars but his name is
probably a pseudonym the real identity
of Satoshi Nakamoto is unknown it’s been
suggested that electronics companies
Samsung Toshiba Nakamichi and Motorola
are the founders but there’s been no
confirmation
it’s a mystery for the modern world do
you agree with our list which Bitcoin
fact did we forget for more valuable top
10s published every day be sure to
subscribe to watchmojo.com do you agree
with our picks check out these other
great clips from WatchMojo and subscribe
for new videos every day
series we’re turning back the clock to
show you some great early videos from
the channel that you might have missed
it’s time to put your money where your
monitor is and while it doesn’t grow on
trees it does grow in your hard drives
welcome to watchmojo.com and today we’re
counting down our picks for the top ten
Bitcoin facts number 10 bitcoin basics
otherwise referred to as electronic
money or virtual currency bitcoin is a
peer-to-peer payment system that offers
a 21st century alternative to regular
brick-and-mortar banking a bitcoin is
something that most users will never see
and never touch beyond their computer
screens exchanges are made via wallets
software rather than the traditional
wallet in your back pocket and there
exists no central bank or authority so
the value of your bank balance is set
entirely by the supply and demand of the
market
number 9 buying things with bitcoins as
with all money it’s best if you’re able
to spend it it’s been gradual but there
are more and more commodities becoming
available to Bitcoin holders perhaps the
most high-profile acceptor of the
currency is Virgin Galactic their
upcoming space tourist flights are
purchasable if you prefer your transport
a little more traditional than
Lamborghini is the first motor company
to give the go-ahead and what car-stereo
would be complete without Spice Girl Mel
B she was the first musician to
recognize payments for her music
[Music]
number eight the numbers the Bitcoin
supply is finite production of bitcoins
is romantically called mining with
millions of dollars worth mined or
exchanged electronically each day every
Bitcoin transaction is verified using an
extremely complex algorithm and these
verifications are done by a large
network of mining computers competing
against each other when a miner
successfully verifies a transaction he
or she is rewarded with a small amount
of bitcoins this is also how new
bitcoins are introduced into the system
and mining is a lot of work globally the
network of mining computers is now over
250 times more powerful than the world’s
top 500 supercomputers combined number 7
the value with no thing to hold in your
hand the bitcoins value might seem
indecipherable and as a new concept it
does tend to fluctuate however in
general the value seems to be increasing
in November 2011 after a crash a Bitcoin
was worth $2 u.s. in November 2013 a
Bitcoin topped $1,000 US and value and
briefly was worth more than an ounce of
gold though its value has since fallen
just imagine the level of security when
the first Bitcoin cash machine opened in
Vancouver Canada the previous month
number 6 bitcoins and bankruptcy an old
saying says you have to speculate to
accumulate and there are speculators
aplenty when it comes to Bitcoin while
there are winners there are inevitably
losers – in February 2014 Mount GOx the
one-time largest Bitcoin exchange was
forced to file for bankruptcy protection
due to possible hacking theft or
mishandling that cost them in excess of
four hundred and fifty million dollars
bitcoin is a currency that can lose up
to 80 percent of its value in seconds so
mount GOx was in very big trouble
very quickly number 5 banning the
bitcoin probably because it subverts the
traditional banking system and works
outside government regulation
coin is outlawed in many countries
around the world and is heavily frowned
upon by many others in July 2013 Tylan
became the first country to completely
ban the currency though they later
relaxed the ruling and China with its
higher global profile banned banks from
trading bitcoins
in December of the same year the US
Treasury has also flexed its monetary
muscles by shutting down a physical
Bitcoin production company in 2013
number 4
know your limits the number of bitcoins
that can exist is limited to 21 million
and the production rate is scheduled to
be halved every four years to ensure
that the value of a Bitcoin is not lost
this means that supply will run out
around 20 140 and although miners will
no longer be rewarded with new bitcoins
they will still be paid for their
efforts through transaction fees as it
stands today over a century before the
deadline roughly 64 percent of bitcoins
sit unused in their respective accounts
appreciating and depreciating with time
number 3 WikiLeaks the notorious
organization WikiLeaks relies very
heavily upon this futuristic form of
finance in mid-2011 the nonprofit
whistleblower group began using Bitcoin
as a method of processing donations
because other money transfer companies
wouldn’t deal with them to become so
dependent on something so unpredictable
is perhaps not the wisest of moves but
so far using the cryptocurrency hasn’t
done a lot of harm to the media profile
of Julian Assange and company watching
the world change as a result of your
work
priceless number two Silk Road the
equally infamous Silk Road website used
bitcoins as its form of currency a
black-market trading site that
specialized in illegal drugs and goods
as well as some more reputable products
it provided browsers with anonymity and
made its money using bitcoins when
alleged site founder Ross Ulbricht was
arrested his estimated fortune was so
inconceivable that it’s believed that
well over half remains unaccounted for
as a side note the name of all bricks
alter-ego Dread Pirate Roberts was
lifted from the movie The Princess Bride
go figure
before we unveil our top pick here are a
few honorable mentions
[Music]
[Music]
number one bitcoin beginnings Satoshi
Nakamoto is the person or persons behind
Bitcoin launching the software in 2009
Nakamoto past majority control on two
scientists Gavin Andresen
in late 2010 and and recent comments
capture Bitcoin perfectly he says it’s
like better gold than gold nakamoto’s
believed to be in possession of 1
million bitcoins equivalent to 1.1
billion u.s. dollars but his name is
probably a pseudonym the real identity
of Satoshi Nakamoto is unknown it’s been
suggested that electronics companies
Samsung Toshiba Nakamichi and Motorola
are the founders but there’s been no
confirmation
it’s a mystery for the modern world do
you agree with our list which Bitcoin
fact did we forget for more valuable top
10s published every day be sure to
subscribe to watchmojo.com do you agree
with our picks check out these other
great clips from WatchMojo and subscribe
for new videos every day
Please follow and like us: