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You were what Music hi welcome to another Confusion videos Bitcoin huh the significance bitcoin and what it represents indifferent depending on whom you ask some see it as a currency others see it as an asset class to invest in and others still view it as a wealth transfer from the old monetary system to the new monetary system legally it#39’s not even clear to regulators what Bitcoin should be classed as despite this there's been huge mania around the cryptographiccurrency recently so what is it roughly speaking Bitcoin is a new form of secure currency that doesn't#39’t need bank government agency or only middleman to operate the people within the system just carry out transactions among themselves in what's called decentralized network or blockchain if you want to know more about the inner workings of Bitcoin I have a finance playlist where I talk to some experts inhere respective fields in the video titled Bitcoin versus normal currency things are about to change talked about how Bitcoin and other cryptocurrencies work and how there are reaction to the mismanagement of central banking and the debt based economic system I recommend watching those foursome background knowledge before continuing with this video also shout-out to those who messaged me saying they watched those videos and have made a small fortune since Enjoyed hearing his stories today it'just going to be a fun little video about the size and rapid growth bitcoin one of the fastest growing assets in all history firstly how many bitcoins are there will only ever be 21 million bitcoins in existence currently 16million of those 21 million coins have been given out into circulation when bitcoins market crossed 100 billion dollars in October 2017 it had market value larger than Goldman Sachs Morgan Stanley bhp and Netflix bitcoins market cap today is over 300 billion dollars at the time of writing and it'currently around seventeen thousand dollars a coin their#39’s no way of knowing where it's going to be by the time you watch this, but we'll just go with those numbers for now here#39’s a chart fromMarketWatchputting Bitcoin into perspective right now it's about 40% the size of Apple and72% the size of Amazon but Bitcoindoesn'’t compare to gold at only about 3×of that asset or the value of the totals dollars in circulation bitcoins current market cap is bigger than the GDP of Ireland and Pakistan and the energy consumption to mine bitcoins globally is more than all of these countries it takes a staggering 14,000kilowatt hours to mine one Bitcoin since its start in 2009 Bitcoin is the sixth most circulated currency in the world#39’s estimated that about fourteen million people around the world holdBitcoin there are 13 million users Coinbase the biggest Bitcoin exchange and that#39’ve tripled their users since the start of the year in fact at some points during December Coinbase assigning up 200,000 people per day Winklevoss twins yes the very same ones who claimed that Mark...
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