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Bitcoin Basics (Part 1) - "Explained For Beginners"

6967 ratings | 510955 views
Get Rocky's free Bitcoin course here - https://chrisdunn.com/free-bitcoin-course This Bitcoin basics video series will explain Bitcoin for beginners. You'll learn how Bitcoin works, and how to make money with Bitcoin. Many people are looking to mine bitcoin or trading bitcoin for profits. As a professional trader, my goal is to help you learn how to understand the opportunities and risks with the crypto-currency markets. Click here to subscribe to my channel - http://www.youtube.com/chrisdunntv Check out my website for tips on how to build wealth, travel the world, and live an incredible life - http://www.chrisdunn.com/
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Text Comments (634)
Christina Joseph (1 day ago)
0.00002642 so how much is this
Solowsh Army (3 days ago)
My concerns are the possibilities of hackers that can steal your bitcoins from your bitcoin wallet? I hear that might be a risk. Thank you.
imran khan (5 days ago)
I will like to start bitcoin how are my to start thank you
Eric Faulkenberry (7 days ago)
Awesome video!
Sam Dameron (7 days ago)
Okay does that mean that the IRS can't tax you on bitcoin when you get a check from them?
Beryl Kimpton (10 days ago)
PS - Please get to grips, which takes hard work, with your chosen regulated Exchange's 'Education Systems', using 'demos' with your chosen Exchange mentor, before driving onto the live trading platform highway without the right driving tools and knowledge. That's like driving a car with no controls, right?
Siva N (12 days ago)
Bitcoin value is reduce for coming days.
Andrew Paint (15 days ago)
There's a more profitable way to profit from bitcoin: build mining machines and sell them.
Beryl Kimpton (16 days ago)
Hi - I have just done a thorough search, like I am sure a great deal of people have, of all of the 'suggested' Exchanges 'Chris Dunn' mentions on Wiki that you can track with the websites he provides. Lol, they have all been hacked and still owe customers money, are hiding it (more than likely) , have "lost customer funds" (ha, ha) and or, are not coming forth when approached and the etcs, if not diving, or have already dived, into liquidation. Seriously, admit that unless a regulated system is in place - NOW - the only ones benefiting are who? You decide...LOL x. LostCoin might be a better title for this alleged area for potential gain.
Yadira Diaz (17 days ago)
If someone ask me for be a part on his miner and ask me for my password wallet but she say needs to be empty it’s this is right or is a spam fraud ?
Phil Towns (18 days ago)
i mine with Mr Logan shippy and i earn very profitably. He is the best teacher in cryptocurrency right now
Sara Loren (18 days ago)
450$ is what i made in a day with his strategy ...i highly recommend him
Shawn Gedeon (18 days ago)
i will like to start with $1000 really saving up for that
Timothy Nelsen (18 days ago)
had to chill till i withdraw and now i can say this is real...real success. Am happy to be part of this
belle soriano (20 days ago)
I'd go for EDUCATION TOKEN iI'm sure this will rise among other upcoming coins
Mc Taker (1 month ago)
I've come across a lot of negative press which misled a lot. to be sincere I invest purely on fundamentals and having a proper risk management system in place, as the entry point is key. my investment has grown consistently using a strategy that was developed by Headwayanalysis putting together experience and knowledge obtained from years of trading. I'm currently Using H.W.A PHOENIX CLOUD which has risk reduction.
Sikarepo Leko (1 month ago)
Thanks much,,so how to join if you don't have a computer and where will you buy the pools if you live at the rural area?
david mark (1 month ago)
For any minor or major hacking,bitcoin top up,and to redeem your lost bitcoin dm @globalhacker132 he is the best,most effective and efficient hacker yet, He helped me redeem my lost bitcoin. He provides the most reliable service the best service so far.
Peter Kamara (1 month ago)
I don't get this..'6.5 billion ppledon't have access to banking services!' yet I understand we are about 6 billion pple in the world! someone make me understand here!
david mark (1 month ago)
For any minor or major hacking,bitcoin top up,and to redeem your lost bitcoin dm @globalhacker132 he is the best,most effective and efficient hacker yet, He helped me redeem my lost bitcoin. He provides the most reliable service the best service so far.
Tia Ville (1 month ago)
Do you know if purchasing btc through a third party app is still anonymous? I would like to know..
david mark (1 month ago)
For any minor or major hacking,bitcoin top up,and to redeem your lost bitcoin dm @globalhacker132 he is the best,most effective and efficient hacker yet, He helped me redeem my lost bitcoin. He provides the most reliable service the best service so far.
churchill mutabes (1 month ago)
Dunn hi, you explain this bitcoin business very well,am in Africa ,kenya in particular ,if i was to join ;will i join in your company?if yes,how? ,then how much will i start with(money), kindly advice
AvatAds (1 month ago)
I am in bitcoin since 2012. And this is the most complete and comprehensive video explaining bitcoin. A+++
Bitcoin Bob Says (1 month ago)
Thank you, Chris. As always relevant and practical information. Is your course only for beginners? Thank you, Bob
Genevieve Araniador (1 month ago)
I have a question. I am a beginner now I didn't know much about bitcoin as a result now my account in bitcoin become negative in balance. Will I be able to recover from the negative balance? Can someone give me advice......
Sikarepo Leko (1 month ago)
This is really good to hear this, more interesting I need some more information about bitcoin?
Andy Peterson (1 month ago)
Sikarepo Leko what more do you want to know?
Tj Roberts (1 month ago)
Not seeing this video in 2014 has kept me a poor man.
Shahzad Mansoor (1 month ago)
I watched this video over 10 times.
Josip Burjan (1 month ago)
churchill mutabes (1 month ago)
Darna Bedwell (1 month ago)
Although the video is dated its still good info. Thank you for making things more understandable. Glad I found your channel.
Goldn Messi (1 month ago)
SCAM = vague, unknown, more questions than answers, mystery, no guarrentee insurance or protection. Life is too short to gamble on a total unknown. As an American you guys should be glad that the $$DOLLAR$$ is the all mighty reserve currency and thank the USA gov for it. Don't be ungreatful dogs and talk down dollar. If you are so worried of currencies, just invest in real tangiable assets (house, business, properties) that creates income. No matter the unites of currencies, gold, bitcoin #@#, your assets' values will be in demand that will create INCOME, be it whatever units of currencies (income is the real undenialbe value of the time). And DON'T over think, too much thinking of problems, dooms day is a desease. Think positive, think good, and good happens. Class is dismissed, lol : )
sebastian harvey (1 month ago)
The video seems to be informative with nice idea ,but i have tried so many mining systerm ,even with the video i doesn't make any amount of Bitcoin rather i keep on loosing ,but you can give a try to Mr johns systerm to see how profitable it working for me now .you can contact him ([email protected])
John M Christopher (1 month ago)
I can show you how Bitcoin can work for you and can earn up to 10000$ per day.
Sean Napper (2 months ago)
Hi, Chris Just started watching some of your videos on youtube that you published in December 2013 which were great and easy to follow what you were talking about. What I would like to know have you're published any recent videos about Bitcoin as the market trade of Bitcoin has changed a lot since 2013 with the introduction of Auto Trading Software. I am trying to find out a bit more about Bitcoin trade so I don't make the same mistake I previously made with trading Stocks with fly by night stockbrokers that have vanished. Any help would be appreciated, Cheers Sean
Ivey Rey (2 months ago)
You did an amazing job explaining this 👍🏼👍🏼So I’m still i but confused And I still want to invest and make money ? Is it still ok too?
Andy Peterson (1 month ago)
Ivey Rey Yes of course you can invest as you want... I would advice you buy Bitcoin
Valentina Boshnyak (2 months ago)
Thank you so much for your video, it’s just great and clear explanation... keep post your videos !
Mark Green (2 months ago)
For investment this exchange is quite acceptable, HitBTC offers very favorable trading conditions. There is also an affiliate program for those who have no experience in trading.
Really appreciating the more advanced information you've all been providing recently.The only ICO I am keeping an eye on is SciDex. They are creating a new marketspace for scientific data. As an engineer I totally support and want them to succeed!
cassidra cheek (2 months ago)
Is it too late to get involved?
Andy Peterson (1 month ago)
cassidra cheek No not at all The Door is always working open To new investors
CryptoLearnAU (2 months ago)
What is Bitcoin? It's a movement that will revolutionise our monetary system and solves the problems of paper and fiat currency.
Maria Mthethwa (3 months ago)
Thank you very good explanation
Tai Le (3 months ago)
No such thing as easy money all this shit is a scam
Joe Lalino (3 months ago)
Good series but seriously OUTDATED!
AVLRECORDS (3 months ago)
its not too late, 1 MILLION satoshi bitcoins is only about 60 euros atm *MEANS BITCOIN MILLIONAIR FOR CHEAP* its a matter of time before dollar collapse and bitcoin will rocket 1000x higher
Richard Lomakin (3 months ago)
Hi Chris, I`m new to Cryptocurrencies. Recently I came across RAINBOW Currency. They have this SAFEZONE and BLOCKCHAIN. Is this another Cryptocurrency following in the footsteps of Bitcoin? Looking forward to your comments.I appreciate your videos and your professionalism.
mrdave2112 (3 months ago)
Essentially, here is a scam and no one knows who started it. That is brilliant. How does he know that there is no central location governed by any country? Every person controls bitcoin? That right there tells you it is bull. If everyone controls bitcoin, any one person could instantly shut it down if they control it, right? I am done; this has scam written all over it. Scams do make people at the top tons of money; good luck.
Lacey (3 months ago)
GIDEON O. ABUNOW (3 months ago)
Though very encompassing, your lectures are so detailed. Oh My God, I have a lot more to gain From you PLEASE REMAIN MY MENTOR. I am heading a team of potential BITCOIN traders and with you we all ca be much more fruitful. Thanks
Maureen Eugene (3 months ago)
Good job you are really doing but have you heard of Education token (LEDU coin) and how they are paying their project creators in cash and in coin.
emnor koeng (3 months ago)
You should'nt show your face in the video the whole presentation, otherwise it will be an awesome video...
emnor koeng (3 months ago)
Really really awesome.. tq bro
Micheal Onesmo (4 months ago)
Can I also join bitcoin in Africa and how do I join?
Andy Peterson (1 month ago)
Micheal Onesmo Yes of course you can Where in Africa are you?
Eternal Blissed (4 months ago)
Excellent video! so clear and easy to understand.thank you
Rod Smith (4 months ago)
Chris Dunn, you are the MAN!!!!!!
Gerard Nitunga (4 months ago)
Bitcoin rocks the financial world
Gerard Nitunga (4 months ago)
Bitcoin rocks the financial worl
Aidan M-ova (4 months ago)
https://goo.gl/oHjFVp Profitable investments, guaranteed income in the short term, daily payments.
Refreshing Water (5 months ago)
Lmao only like 500 it’s like 8000 now
Andrea Marshall (5 months ago)
This Is a Foolproof, Detailed Driven System That Is Guaranteed To Make You Money CLICK THE LINK BELOW... http://6ad6abtaelk4g-dgis1djgp6q2.anyimage.io/4f4l
Dev19Feb (5 months ago)
Justin Skariah (5 months ago)
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Rebecca Jones (5 months ago)
youre Awesome. So helpful! thank you
poojasethi1 (5 months ago)
you make it so simple to understand... no other video on bitcoin did this for me.. thank you for sharing
Jey orcel (5 months ago)
Pasi Kuikkanen (5 months ago)
Who sent sathoshi btc 1QBuJ2A2wVb1yEYWAteaM4zeCqfZJsNRLq
jose alves (5 months ago)
najmar gmcks (5 months ago)
OK byee
najmar gmcks (5 months ago)
So give me your number
najmar gmcks (5 months ago)
I also learn the bitcoin so please guide me
Isaac Kendall (4 months ago)
najmar gmcks how are you? Have you started learning about bitcoins?
titi sosa (5 months ago)
minar bitcoin gratis,,, oportunidad- https://computta.com/?ref=237025
zolianu007 (5 months ago)
Can those bitcoins be redeemable for real dollar?
JonathanAnon (5 months ago)
Is that Michael Bublé?
Curtis Walton (5 months ago)
To be a true independent currency, doesn't Bitcoin need to be untethered from the Dollar? Right now people are using Bitcoin to earn more dollars. To be a currency, shouldn't I be using Bitcoin to earn more Bitcoin only?
precious treasure (5 months ago)
Thank u, explanation understood.
Frans Msibi (5 months ago)
should've seen this earlier.... i mean wow i feel like im already late.
Paul Son (5 months ago)
ZipSnipe (5 months ago)
Besides my question below let me add that no one figures in the A.I. element to BitCoin .Let me elaborate with some well known facts. The World Bank and the Federal Reserve would love to see the elimination of physical cash. Next we have BitCoin created out of thin air by the mysterious Satoshi Nakamoto. Bitcoin is hack proof.......well not exactly, so while Bitcoin grows so does the technology of known A.I. development grows also. Note keyword" known". A A.I. could hack Bitcoin, and a A.I. could have created Bitcoin. A Central Bank controlled A.I. could have created Bitcoin in an effort to rid the world of hard cash, something banks and government taxing agencies would love. Hell a A.I. most likely controls the Central Bank and all your conspiracy organizations that you can conjure. Now that being said I move very cautiously with Bitcoin investment, I for one do not want to see the removal of hard cash it would be the end of my business and many small businesses like mine. I do think Bitcoin is here to stay but would advise all to do thorough research and don't invest more money than you can throw away, in other words if you can't afford to lose a $1000 dollars than don't invest until you can.
Just A Seeker (5 months ago)
You absolutely have a valid point. It's all maintained by computers and technology is moving so fast it's hard to keep up. Right now computers are smarter than humans could ever hope to be. As it is right now the US could not even function without them. That kind of scary.
ZipSnipe (5 months ago)
First off great video and thank you for your knowledge. Question Why is there a limit on the amount of bitcoins that can be mined? What creates that limit and can it ever be changed?
Mike Campen (5 months ago)
I love you. I played a mmorpg when I was a teenager where I absolutely feel in love with what was referred to as "merchanting". I was able to become one of the most richest and powerful person in the game quickly due to these same exact simple tactics. No body could understand how I could become rich so fast which boggled my mind because all I would is would watch the market group people into categories (like rich poor average) then do the opposite of what everyone else did. I loved studying the people and trying to predict what they would do in the near future. Then doing it while they are doing something else. So then I can sell those items once they inflate. Eventually I got so rich I could completely inflate or deflate the market haha. I loved it. I finally found my purpose in life and what I want to do.
Indrajeet Khandait (5 months ago)
you were so right chris..Respect
buttegowda (5 months ago)
Thanks a bitcoin for educating on this
Shadi Hassoun (6 months ago)
Beautifully and simply explained. Very professional approach. Thank you so much
neel reddy (6 months ago)
This is one of the most educate videos I ever seen. Clear and precise . Commendable work
Liz A (6 months ago)
You really know how to teach. Thank you verry much. You make it clear.
Anthok Budi (6 months ago)
The parabolic advance in $BTC was challenged last night but it withstood the attack. The Parabola, if (BIG IF) it remains intact, projects to $25,000 by the end of january. For those in need of trading strategy, you can contact my friend and trading partner Rob "[email protected] .com . Mention my name to him and he'll definitely help you make $2000 everyday with his strategy. You are welcome
EpochTheDon-aka- TReeGHz (6 months ago)
how to buy bitcoin coupled with investment strategies for beginners https://youtu.be/d6bmoWNT5r0
Jesus Sanchez (6 months ago)
I really want to encourage others getting started into bitcoin and cryptocurrencies to visit www.howtobuybitcoins.guide for some really good advice and insight on how to buy bitcoins cheap and more.
FJ 89 (6 months ago)
FemaleObserver (6 months ago)
you're very generous with your knowledge as we are most benefitted than by other videos made by others; how can we say thank you enough for having a great mind, and a great heart
Dj Lakhany (6 months ago)
This is an explanation that’s pretty cool for beginners. However, let me put this right. It is much more to learn in order to understand this correctly. I have learned from the BEST ICO Consultant, as it’s not common guide or all that kind of thing, but it’s complete knowledge, it makes this guy standout on the list. I know many might already know who I am talking about, but just for those who might not be aware of this genius. I am talking about Michael from On-Chain. It’s no rocket science that this guy is the ULTIMATE when it comes to guidance whether for beginners or ICO owners. Check out https://on-chain.io?r=Lifechanger
Alex Glover (5 months ago)
Dj Lakhany h
Chillipepper (6 months ago)
Excellent video. Thanks 🤩
protektosafe (6 months ago)
For a better presentation, you can get GIANT mouse cursor. That is, you can exchange that "arrow" that the mouse points to for a BIGGER "arrow."
Adrian perez Ramirez (6 months ago)
One of the few people in crypto world who will put the interests of the community before his own! Principles vs short term gains. the principle strategy of Mr Rob Beyer will help you buy and gain safe bitcoin and other cryptos you wish in about 37% payment of the units needed. it gives you a good pecentage of profit with a right prediction platform to buy and sell easily. contact (rbfx @ beyertrades .com)
Myo Thiha (6 months ago)
Watching in Dec 2017 . You must be millionaire by now . Thanks for the basics.
dana g (6 months ago)
Thanks for a very clear explanation! 😁👍
Creative Destroyer (6 months ago)
Creative Destroyer (6 months ago)
Between @8:36 to @9:36 all the things mentioned are outweighing drawbacks if you are conservative investor.
Jacek ON (6 months ago)
if someone want to start buying bitcoins and other crypto coins, I recommend this exchange: https://www.binance.com/?ref=12317368 good luck ( ͡° ͜ʖ ͡° )
Geezle Puss (6 months ago)
I don't think the governments are printing money so much as just creating it as numbers in computers.
mable doyle (6 months ago)
Thanks this help me see how BITCOIN WORK.
edgaras neviadomskis (6 months ago)
Best Bitcoin paid webs, paid instant try it you be happy with this!!! http://bitfun.co/?ref=341757D039CC http://bonusbitcoin.co/?ref=297A5088F14E
Dr m (6 months ago)
It’s funny I’m watching this on 20th December 2017, current price over $4000/coin
Will (6 months ago)
i could listen to this guy talk all day
R (6 months ago)
If only I'd known about these videos! I had heard of Bitcoin on Uk BBC show 'Click' in June 2013 but was far too risk averse back then. Only recently has a switch been flicked in my brain and now I realise volatility = opportunity and not only risk.

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The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.