Electronically Sign Simple Cash Receipt Made Easy

Electronically sign simple cash receipt

welcome back to another youtube video and in today's video i will be talking about what is bitcoin we're starting from scratch and we're answering the third most searched google word today what is bitcoin if you're afraid that will be likely to be too complicated using complex terms don't here at business 3 we help each other to make money online but even though you don't have a professional education you'll be able to recognize it all after this lesson you'll know more about bitcoin and it's operating the 99 of the population before i start talking about bitcoin i would like to go back to basics and clarify the meaning of money so what is money specifically money represents value if i do a job for you you're going to give me money in return for the value i provided to you i can then use this to obtain value from somebody else for something to show value customers need to trust it's valuable and stay this way for the foreseeable future something occurred and the trust changed from trusting something to someone allow me a moment to explain so people found it too difficult carrying around bars of gold so this was when paper money invented itself it would work by a government or banking institution offering to take your borrower gold let's say totaling a thousand dollars and in exchange for the bank will give the customer receipt certificates which are called bills amounting to one thousand dollars not only did people find that these pieces of paper are more comfortable to carry around than gold but you could spend two dollars on a cup of coffee and there will be no need to cut your gold if you want your gold back no problem go to the bank and take a thousand dollars in bills to redeem the physical form of money which is the gold bar and so the paper started its journey as we see today and we use it for everyday purchases as time went on the relationship between the paper receipt and gold started to break down to explain in detail what led us away from using gold is complicated but to put it simply governments inform citizens themselves that they'd be responsible for the value of the paper money basically let's just forget about gold and use paper to trade instead so customers continued to trade with receipts backed by nothing of the value besides the government's promise so it all comes down to people trusting the government and this is how fiat money as we know it today was created latin for the word fiat means by degree meaning dollars euros pounds or any other currency created by a government has a value simply because they order it to it's called legal tender and you've probably heard this word as a customer legal tender must be accepted if offered as a payment to a business which are advertising goods and services the value of the money we see today comes from the legal status given to it by government we now trust someone rather than something in this case it's the government so the drawbacks of using fiat money is that it's centralized centralized means that there is a government or authority that controls issues and distributes it it is not limited by quantity the bank or government can print money and inflate the currency supply whenever needed printing money may sound like a solution to countries that are in debt but what you're doing is flooding the market with more dollars as the value drops so your own money is virtually worthless when prices rise it's not the prices are rising it's the purchasing power of your money is falling in simple terms you require more dollars to purchase something which used to cost less fiat money is now in place so the move to digital money is simple there is a central authority that issues money so why not create a digital currency and let that let that authority have control today we see centralized currencies through paypal wire transfers bank transfers and many more methods of payments in this digital area then let's say that money today was digital if i was to have a file and it contained one dollar what has to stop me from duplicating it one billion times and obtaining one billion dollars nothing it's what no it's what's known in the financial industry as the double spend issue banks banks use what's known as a centralized solution where a ledger is kept on their machine that keeps track of who owns what every individual has an account and this ledger is responsible for maintaining a tally of every budget banks rely on this technology and most customers trust the bank with their money so it's centralized and controlled by the authority you might not even realize this but there have been numerous efforts to develop to develop an alternative digital currency type still none of them have been likely to succeed in addressing the issue of double spending without needing a central authority anytime you give someone leverage of the supply of money you grant them influence and this causes free significant issues corruption power corrupts and the ultimate control destroys correctly when banking institutions have a license to produce cash or wealth they effectively regulate financial value distribution granting them virtually infinite leverage a little illustration of how authority breeze corruption could be seen in the wells fargo case workers illegally generated millions of fraudulent personal banking accounts to artificially boost their income stream without their clients knowing about it for years if a government's purpose is not matched with the customers it controls this is known as mismanagement of the funds printing many notes to rescue a financial institution from failing has occurred in the year of 2008 the concern with printing legal tender is that it causes inflation and essentially undermines the worth of citizens money one drastic illustration is venezuela where the government pumps so much money into the economy that its value has fallen so much that people no longer count but weigh it down instead all control is being given to the government or bank at any moment the government could or the government or the bank could suspend your account and block your access to your hard-earned money and if you are a person who only uses cash the government will revoke the legal rights of your funds just like india did many years ago until 2009 starting an improvement over the existing banking system appeared to be a losing cause but then everything changed for the better a text was written online in the year of 2008 by a man calling himself the sushi nakamura motto the file known more commonly as the white paper proposed a way to build network for decentralized currency and this is the largest crypto we've been hearing about bitcoin the scheme intended to produce electronic currency that would fix the issue of double spend with no need for a centralized power at its heart bitcoin is a decentralized blockchain with no centralized government so what does this complicated term really imply bitcoin on the other hand is a clear ledger at a certain moment in time i can glance into the database and see all the financial transactions which are happening it's hard to distinguish who owns the bitcoin and which person transacted it indicates indicates that bitcoin which is a type of cryptocurrency is anonymous everything is open accessible and retrievable but you still can't see the person behind the transaction so let's illustrate this with an example and you can see the image on my screen we can see that somebody that held bitcoin sent over 10 000 bitcoins to an address in may 2010 there isn't one computer holding the ledger with bitcoin any machine that takes part in the system is keeping a copy of the ledger which is more commonly known in the crypto world as blockchain so if you wanted to hack it you'll have to plan how to take down thousands of machines that are storing a copy and constantly updating it this suggests there's nothing real in bitcoin which you can physically touch there are no real coins or banknotes just lines of transactions and transfers owning bitcoins means that you only have the ability to access a specific address in the leisure and transfer the currency to another address or withdraw bitcoin to fear since digital money has entered the modern era we now have an improvement over the existing system bitcoin is a type of currency in which no government or bank can regulate considering the days before the world wide web how centralized sharing of communication was essentially if you needed knowledge you might get it from a couple of the big companies like bbc news thinking the development of the internet knowledge is decentralized and you can connect and absorb this knowledge from around the world by clicking a button bitcoin is the internet of finance providing a digital alternative to money so bitcoin compared to banks using bitcoin you and you only have the ability to access your money no bank or government will freeze or confiscate any funds from your account it's free to everybody bitcoin is opening up virtual finance to 2.5 billion people worldwide who do not have connections to the current economic systems these individuals are unbanked because of where they are living or their personal circumstances however nowadays with a smartphone and a tap of a button no permission is required to start exchanging with bitcoin so who accepts bitcoin well today many online and offline retail is welcome bitcoin there are also bitcoin debit cards that allow you to pay for your bitcoin balance at almost any shop however the path to recognition from the rest of the population is a long one how does bitcoin work well in summary bitcoin functions by modifying the transaction report also known as the blockchain network each machine that contributes to the bitcoin blockchain keeps a copy of this leisure and confirms it any transaction that goes through it so bitcoin has worth mainly since investors can exchange their money for it in other words someone finds it interesting and wishes to purchase it from somebody else at this precise point bitcoin was gaining value whenever individuals refer to the price of bitcoin they are essentially pointing to the price of the previous exchange on a particular trading site like coinbase for example put simply if more investors try to buy bitcoin i.e demand is increasing then the crypto price is rising if few customers try to buy bitcoin demand falling they won't want to spend as much for the pacific coin the value of bitcoin will decrease so can bitcoin be converted to cash yes bitcoin can be converted to cash in a few ways but one that has been growing popular amongst investors is the ability to withdraw cold hard cash from an atm using a bitcoin atm card if you want to convert the crypto to fiat many exchange platforms can offer this service with two of my favorites being coinbase and crypto.com my conclusion when you learn more about bitcoin than the majority investors around you it wasn't that hard was it bitcoin was built with one simple goal to let investors have a private and safe way to reclaim their money ownership in 2009 there was a money revolution and in today's era we see the money changing as we know it if you have any questions please don't hesitate to ask below in the comments and i'll be more than happy to help but thank you very much for watching today's video if you haven't already done show please can you hit the subscribe button turn on notifications hit the like button hit the share button and i will see you in my next video thank you