What is Bitcoin? Coinbase CEO Shares a Quick and Easy Explanation

What is Bitcoin? Coinbase CEO Shares a Quick and Easy Explanation

Have you been feeling Crypto Curious? Join Brian Armstrong, CEO of Coinbase as he explains some bitcoin basics, and how cryptocurrencies can create an open financial system for the world.

– What is Bitcoin?
– Who invented Bitcoin?
– What impact can Bitcoin have on our lives, and the global economy?

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Full transcripts:
What is bitcoin?

There’s a lot of confusion out there, but it’s actually really simple.

Bitcoin is just digital money, on the internet. You can send it to anyone, anywhere in the world, and it’s basically just a way to transfer value.

So who invented Bitcoin? The answer is nobody knows. In 2008 there was a computer science paper that was published under the pseudonym Satoshi Nakamoto and to date nobody has figured out who this person or group of people are that wrote down this idea but at its heart it was fundamentally a breakthrough in computer science.

It solved a problem that to date had not been solved, which was how do you transfer value between two people on the internet without any trusted intermediary in the middle?

..and when they solved that it had really wide reaching implications for the world because our Financial system today is made up of intermediaries all over the world: banks, Credit card companies, lending companies, governments.

If the world had an open financial system where anybody could send payments between each other without trusted intermediaries weā€™d have a world that was more free, had more innovation, more efficiency, and more equality of opportunity.

Personally I got really excited about Bitcoin because if the world had one universal currency that ran on the internet I think it could really help people I think thereā€™d be more innovation thereā€™d be a more global economy, and thereā€™d be a level playing field for everyone around the world to access it.

Updated: Wednesday, September 12th 2018