Topic: Tomasz Kaye will make a Bitcoin Video (Read 6636 times)

'Bitcoin For The Intelligent Layperson. Part One: Context.' is online here: http://youtu.be/KHqfVRuLwCI

If the date is less than 2 weeks, the work is made harder.

Another rule in the feedback loop is the reward value. The block reward starts off at 50 bitcoins and divides in half every 210,000 blocks.

Backstory
In 2008 an anonymous person or group of people going by the name Satoshi Nakamoto wrote a paper describing the design of a digital currency called Bitcoin. On In January 3rd, 2009, Satoshi Nakamoto released the first Bitcoin client which used the new protocol described in the white paper, and very soon, people started running the software on their computer and buying and selling things using Bitcointhe first real-world transaction occurred (the famous million dollar Pizza).
Bitcoin facts
If you’ve heard about Bitcoin you’ll probably already know that the price of Bitcoins has been increasing quickly over the last year or so rapidly, and that it’sis volatile.
 
You’ll probably know that Bitcoin is a peer-to-peer system so itthat doesn't require any trust to be placed in a central authority. There are no servers to hack, no databases containing sensitive information that can be leaked. And there’s no one in control who governments and other powerful parties can strong-arm to get their way.
You might have understood that you don’t need anyone’s No permissionis required to start using Bitcoin, there are no forms to fill in. Anyone with a computer, an internet connection, and some free software, anywhere in the world can start accepting (and then sending)use Bitcoins.
One other well known fact is that the maximum number of Bitcoins that can ever exist is slightly lessHard-wired into the software are rules ensuring there can never be more than 21 Million Bitcoins. The rate that new coins are created is known in advance. This means that unlike fiat currencies issued by governments, no one has the ability to deliberately inflate the supply of, confiscate, or block Bitcoins payments.
The meaning of Bitcoin
The word Bitcoin refers to twodifferent things.The currency (unit of account) and the payment system that enables transactions.
A Bitcoin is a unit of account, analogous to a Euro or a Dollar. There will never be more than 21 million Bitcoins in the world, and each Bitcoin is divisible into a hundred million atomic units, called Satoshis.
Note that the software will happily send a small fraction of a bitcoin to any recipient, so an economy "running out" is never an issue with bitcoin.
Bitcoin is also used to refer to a public protocol.When refering to Tthe protocol. It can be thought of as a set of rules for how pieces of software--known as Bitcoin clients--must communicate with each other. A bitcoin client allows a person to send and receive Bitcoins. The clients work by sending messages to one another. If the messages passed between clients stick to the rules of the protocol, they’re forwarded on, spreading throughout the network.
Collectively we’ll call all these things the Bitcoin system. We’re going to look at the fundamental ideas behind how the Bitcoin system works.
Transactions and addresses
Bitcoins, and satoshis, are not reallyPhysical coins of course, but they’re not files on a computer either. They’re really numbers in a ledger. The bitcoin system uses a public ledger called the blockchain. The blockchain This contains a record of every Bitcoin transaction that has ever happened. The system operates similar to a Land Registry that determines who owns which piece of real-estate.
You can think of a transaction in the blockchain as a record that a certain amount of Bitcoins were sent from one Bitcoin address to another.
A Bitcoin address looks like this: 1K3p8wnV6bjGEk3ShyKxeiMBrCTTRQA4YE      (Don't worry, all common bitcoin software checks for typos!)
One person can have access to many Bitcoin addresses. In fact it's common to use a new address for each payment, it's free and helps maintain privacy. To make a Bitcoin payment to someone, you need to know an address of theirs.
At any moment, yYour Bitcoin balance is the combined total of all the Bitcoins assigned to addresses under your control. Bitcoin clients typically download the blockchain and scan the transaction history for you to figure out what your current Bitcoin balance is by checking the flow of funds into (and out of) all the addresses under your control. When a user sends Bitcoins to an address, behind the scenes his client creates a transaction , adds a digital signature and broadcasts it to the rest of the network for verification.
Sending money
So what stops a person from maliciously creating and broadcasting a transaction that sends Bitcoins from someone elses address, to one of his own?
Bitcoin addresses are designed to be public
We know that each Bitcoin user has many addresses. What this really means is that the user has the power to re-assign the funds at those addresses to any other valid Bitcoin address, in other words, they have the power to spend theose funds stored at those addresses.
Bitcoin addresses are designed to be public. People share them with others to request payment. Addresses might be publishedAccepting bitcoin payments is as simple as publishing an address on forums, on websites, or on printed material. Scanable barcodes (often on a phone screen) can help save typing too. Knowing a bitcoin address is enough information to send funds to it, but it’s not enough information to does not allow sending funds from that address anywhere else.
The reason you can’t send other people’s money to yourselfbehind this is that Bitcoin transactions must be prepared in a special way before they’re sent: they’re cryptographically signed.
Public key cryptography
A Bitcoin address is really a short representation ofs a code known as a public key. Each public key has an unique accompanying code called a private key. Bitcoin addresses (and the public keys they’re derived from) can safely be displayed to the world, but their corresponding private keys need to be kept secret. This is important because knowing a private key allows a person to spend the funds attached to the corresponding Bitcoin address.
By the way: Most of the time Bitcoin users don’t need to worry about this complexity because their Bitcoin clients automatically keep track of their receiving addresses, as well as their public and private keys. Typically a Bitcoin client stores all this information in an important file known as a Bitcoin wallet. This is the file that should be password protected and backed up in case of computer failure

In 2008 an anonymous person or group of people going by the name Satoshi Nakamoto wrote a paper describing the design of a digital currency called Bitcoin. Programmers wrote software that used the protocol Nakamoto described, and more and more people started buying and selling things using Bitcoin.

In 2008 an anonymous person or group of people going by the name Satoshi Nakamoto wrote a paper describing the design of a digital currency called Bitcoin. On January 3rd, 2009, Satoshi Nakamoto released the first Bitcoin client which used the protocol described in the white paper, and very soon, people started running the software on their computer and buying and selling things using Bitcoin.

And each Bitcoin is divisible into a hundred million atomic units, called Satoshi’s.

an a number known as the nonce.

If we repeatedly has the same

Ah cool! That's what I wanted to hear. Is there any place that will document the roadmap/timeline for this? i.e. ETA for the video?

Tomasz has gotten his project funded with bitcoins and will start working on the video.