How Bitcoin Works – Computerphile

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Digital currency, how does it work, what’s a data miner and will Bitcoin last? We asked Professor Ross Anderson of the University of Cambridge Computer Laboratory.

The Problem with BitCoin: COMING SOON
Chip & PIN Fraud: https://youtu.be/Ks0SOn8hjG8
Computer – Raspberry Pi Zero: https://youtu.be/WR0ghM3U0M4
Why Computers Use Binary: https://youtu.be/thrx3SBEpL8
Public Key Cryptography: https://youtu.be/GSIDS_lvRv4

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This video was filmed and edited by Sean Riley.

Computer Science at the University of Nottingham: http://bit.ly/nottscomputer

Computerphile is a sister project to Brady Haran’s Numberphile. More at http://www.bradyharan.com

21 COMMENTS

  1. Don't get me wrong here. A Salman Rushdie look-alike with a book titled "Al-Qaeda" in the background talking about bitcoins – way too much controversy for an innocent +computerphile video. You must have made it up the list of NSA's blacklist.

  2. 3000+ years ago, Egyptian pharaohs forced thousands of slaves to give their manpower to build the pyramids so they could paint on their walls pictures of their cats… now 3000+ years later, we've sort of replaced everything; block sandstones with block-chains, pharaohs with entrepreneurs, leather whips with fiberoptic cables, etc., but the cats are still there – clearer, fluffier, and more aloof than ever.

  3. In this world, where everyone is so concerned about every nanogram of CO2… has anyone thought about calculating the emission footprint of Bitcoins? Seems to me it's quite a dirty currency with all the mining. (decide for yourself, if it's a pun or not 🙂 )

  4. When the bitcoin payout next gets halved, the miners with the highest electricity costs and/or least efficient mining machines will drop out of mining, which will reduce the global hash rate. The difficulty algorithms that determine the conditions for finding a successful hash are dependent on the global hash rate – they auto-adjust the difficulty to keep the payouts at a roughly constant interval (approximate 6 per hour, if memory serves). A drop in the hash rate will decrease the difficulty, leading to less work per unit of computing to solve the hash. Miners with cheap electricity and power-efficient mining rigs will continue to turn a profit on mining.

  5. If miners are used to secure the network, would halving the reward of a new block make the system less secure? With a smaller reward, the total processing power (rather the amount of money invested in processing power since computers continually become more efficient) should decrease, making it potentially easier for a single party to gain majority control. What is stopping complete centralization in the future when the reward is minuscule?

    Thanks in advance. I really want to know :)

  6. […] Like000000000or copy the linkDigital currency, how does it work, what’s a data miner and will Bitcoin last? We asked Professor Ross Anderson of the University of Cambridge Computer Laboratory. The Problem with BitCoin: COMING SOON Chip & PIN Fraud: https://youtu.be/Ks0SOn8hjG8 Computer – Raspberry Pi Zero: https://youtu.be/WR0ghM3U0M4 Why Computers Use Binary: https://youtu.be/thrx3SBEpL8 Public Key Cryptography: https://youtu.be/GSIDS_lvRv4  […]

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