The real value of bitcoin and crypto currency technology - The Blockchain explained

Bitcoin in five minutes: Blockchain technology will drastically change our lives. In the coming years, the technology behind crypto currencies such as Bitcoin will inevitably and radically change the role of traditional trusted parties such as banks, accountants, notaries, and governments. The animated video about Bitcoin that was released today on http://bitcoinproperly.org is the first to specifically address the technology behind Bitcoin: the Blockchain. Within five minutes, it is explained how the essential functions of the “trusted third party” can be automatized through the Blockchain as well as what the implications of this are. From Bitcoin hype to Blockchain revolution: an internet of trust. With the arrival of crypto currencies such as Bitcoin, everyone around the world can trade with each other without any involvement from traditional third parties such as banks, notaries, accountants, and governments. Trade is a fundamental pillar of our economy and society, and traditional trusted parties play a crucial role in this. The technology behind Bitcoin making all this possible – the Blockchain – ensures that the essential functions of the “trusted third party’, are fully automatized through the internet. This way, these functions are as freely available, accessible, and programmable as the internet itself. The animated video, available in both Dutch and English, explains how this works, also mentioning practical applications. The implications are clear: in the coming years, the role of the traditional trusted parties will inevitably and drastically change, strongly impacting our daily lives. The creators of this animated video invite its viewers to think about and discuss the fundamental and radical innovations made possible by crypto currencies. Rutger van Zuidam ecommerce entrepreneur and founder of IntoBitcoin.com: “The Netherlands have all the assets to become Europe’s Silicon Valley of financial technology. It is possible for the Netherlands to position itself favourably in comparison to the US and UK, who are currently still ahead. The technology behind crypto currencies like Bitcoin plays an essential role in leveraging these opportunities. We hope that the animated video about the technology behind crypto currencies will positively affect this development.” Lykle de Vries: ”Bitcoin is not the new money for internet,but it is the new internet for money, value and ownership in all forms. Crypto currencies like Bitcoin are the next step in the emancipation of all world citizens, and can help create a new dynamic for democracy, society and economy.” About the creators The animated video is a non-profit initiative by designers Patrick Loonstra (www.patrickloonstra.nl) and Sebas van den Brink (sebasvandenbrink.nl) and entrepreneurs Lykle de Vries (ThesisOne.com) and Rutger van Zuidam (Senanga.net, IntoBitcoin.com).

Comments

1. I'm sure some genius MIT type of students will find a way to "abuse" the bitcoin system.
2. How are transaction disputes handled? If I sell you a product or service and you claim it was never received? The payment and transaction were already processed on the ledger.
3. ERGO!
4. Visit Site BLOCKHAIN ? http://newblockchain.net/wordpress?aff=954
5. Does this mean that in many years (more than a lifetime probably), accountants, notaries and banks won't be that useful anymroe?
6. This is astonishing. I know this sounds Cliche, but what a time to be alive. So all these "middlemen" services would go out of business?
7. So the currency is handled by one big network called Blockchain ?, and everyone will be aware of all transactions , and also is created by one anonymous programmer , I mean what the hell ?, so people must be willing to change their economy spendings by an anonymous programmer creator?, probably I'm having the whole idea wrong but if not, this currency is aiming for disaster, and how do you know if this anonymous programmer is just staying in the shadows for just seeing his plan is working accordingly to its original idea ? .
8. what would happen if all miners decide to shut down their computers? would that be the death of bitcoin? how can you guarantee this won't occur?
   
   if you take the example of bit torrent, if 10 people are hosting 'movie x' and they all uninstall bit torrent. You can't get the file anymore
9. damn... so the future will literally work like the scifi steam punk ish pure automation society. Where every little thing just happens by itself (ex that vending machine). and humans kinda just...wonder around and try to invent jobs that fits new arising problems i suppose...i wonder how long that will take. maybe id even still be alive :o that would be sick. scary. but sick.
10. If it's electronic, it can be corrupted. Who' s selling the software and follow the money.
11. Great, mind blowing!
12. enjoy)
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13. Mind blown! but still kinda scary. This sounds to me like giving Corporate America and Big Brother that gift they've been nagging Santa about every year. Complete and unhindered access to and control of every aspect of peoples financial life. For example, this could give employers the power to calculate, on average, how much they think you should spend on, Housing, Food, Entertainment then they come up with an estimate and a reason to pay you less. not only that they also budget for you and then enforce that budget. Think of it like food stamps. now you will have house stamps, car stamps, electricity stamps, cable tv and internet stamps all locked in by programming from your employer. lol... well probably wont happen like that... but it could.
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15. I'm so upset I'm only getting into it now.. BU node going up soon.
16. http://bit.ly/ethereum-trade_ethtrade
17. Does the open ledger invade right to privacy? I don't fully understand, but like would my neighbor who also uses bitcoins know that I spent all my money on gummy bears? Stupid example, can someone clarify this
18. Hello, I'm wishing to use this video for an educational offering of our company. I was wondering who I'd need to talk to get the approval. This is the best video out there on blockchain. Thanks.
19. Bitcoin is currency digitel and real time..you can apply it through my link. Tq.
20. Amazing video, thanks so much for such clarity.