Logo ccb

And but I’m gonna start with the first

one I’ll tell you how Bitcoin works okay

you ready

start your stopwatch here we go

that thousand dollars that I sent you is

broadcast out to a global network of

computers each using the highest level

of cryptography and all around the world

is a group of people called miner it’s

not young people like gold miners and

these miners have massive computing

power roughly twenty times the size of

Google globally biggest computing

resource in the world and these miners

do a lot of work to validate that

transaction using their computers and

every 10 minutes

kind of like the heartbeat of a network

a block gets created and that block

contains all of the transactions from

the last 10 minutes

the fact that I just sent you $1,000 is

in there but it ultimately could be the

fact that two people bought and sold a

stock or or registered a deed or got

married or or acquired a song or a light

bulb bought some power from a

distributed power source any transaction

and then the miners do a lot of work

with their computers to validate that

block and the first miner to validate

the block is paid some of the

cryptocurrency from that blockchain and

then and this is the important part that

block connects to the previous block and

the previous block with a digital wax

seal to create a chain of blogs and that

block is only valid if it references the

previous block and the previous block

and the previous blog so if I wanted to

hack that block take that $10,000 that I

sent you and send it to everybody in

this room thousand dollars if I wanted

to commit fraud

I’d have to hack that block plus the

previous block I’d have to hack

every transaction that ever occurred on

the history of that blockchain not just

on one computer using the highest level

of cryptography but across millions of

computers simultaneously at the exact

point in time well the most powerful

computing resource in the world is

watching me to make sure I don’t commit

fraud now I’m not going to say that’s

unhackable but this is infinitely more

secure as a computing environment than

what you have in your bank or your

government or your mining company in

Australia today that’s it block chain.