00:16so Bitcoin is a concept or technology based on a white paper that was written in 2009 so
00:22approaching eight years ago now and it spoke about the idea of having a decentralized ledger
00:26of transactions that meant people could transact value effectively as a currency without needing
00:31an intermediary and the way that it worked was it had an algorithm where a bunch of computers could
00:37participate and could mine and by doing that they're using their computing power to basically
00:42validate and verify transactions and add them to the blockchain and the blockchain is literally
00:47a series of blocks there every 10 minutes with bitcoin of each transactions that have been
00:50verified at any point in time this white paper was produced open source community developed it
00:55and kind of issued it around them it's been around since then it's been iterating since then there've
00:59been some improvements to it it's quite difficult to improve because you need consensus from the
01:03miners from the people who are developing it and from the people who are transacting and using it
01:06as of three four years ago i guess you started seeing a lot of altcoins come about and altcoins
01:10basically take that core concept of bitcoin and they make changes to it one of the first was litecoin
01:15and now you've got like your bitcoin cashes your bitcoin gold which are about six 12 months old
01:19and they're forks of this system which is basically they go i'm taking bitcoin to date we're gonna at
01:23point in time make some changes and from here on this is how the network works and the people who
01:28mine that the mining the computers they basically are people who control them they basically then
01:32choose which blockchain they're going to keep working on and they'll choose multiple wherever
01:37the fees are the best in the last sort of then three years we've started to see some sort of
01:40smart
01:41contract platforms on top of bitcoin so bitcoin is purely transactional and most of the other
01:45cryptocurrencies are transactional you can send and receive transactions but there's not much
01:48else you can do on it a lot of the innovation now is around smart contracts so having rules on
01:53top
01:53of that if this then that people are using that then to do token sales which is when they use
01:59a
01:59smart contract to issue basically tokens which is another kind of cryptocurrency that sits on top of
02:04a smart contract platform so in terms of why it's getting so much interest now i mean it's basically just
02:09it's market as more and more people look at the space they start to pay attention as people start
02:13to make massive profits on it because the price is ridiculous and market capitalization today is
02:18about 750 billion us you know two months ago it was 200 billion a year ago it would have been
02:23about
02:24103 years ago it was maybe 20. that interest and investment in the space is then driving further
02:28investment a lot of that investment is going to things that are basically scams whether they're
02:33intentional scams or just poorly thought through concepts but a lot of that's also going to some
02:37very interesting software development and these innovations are then starting to trigger additional
02:41ones and then people are starting to get more exposure to other ideas and from a technology
02:46standpoint it's got so so far to go the technology is very immature the oldest smart contract
02:51platform is two and a half years old you know there's a lot of stuff going to be happening in
02:53the next year or two from a technology standpoint that's really interesting
02:56that's really interesting
02:58you
02:59you
02:59you
03:08you
03:08you
03:08you
03:08you
03:10you
