cannot be counterfeited, cannot be censored, cannot be seized or frozen, can be transmitted anywhere in the world as information, can be verified independently by anyone who receives it and is not controlled by anyone.

Let's get started with Bitcoin basics. In October of 2008, on an obscure anonymous mailing list called the Cipherpunk list, an anonymous participant using the pseudonym Satoshi Nakamoto announced the publication of a paper and said, I think I have solved a problem in computer science.

I have found a way to create a system of electronic cache that is direct between people, peer-to-peer, as we use the term in computer science.

In this system of electronic cache, I've written a white paper and I have implemented it in software, and on that day, Satoshi Nakamoto published the white paper.

Satoshi Nakamoto then published software and invited people to participate in running a network, and this gives you the first hint as to how Bitcoin works.

Bitcoin is software. Bitcoin is an application among other things. You download this application, you run it on your computer.

You can run it on a laptop, you can run it on a desktop, preferably on a computer that's permanently connected to the internet.

And if you run this program, it reaches out on the internet and it finds other people running this program. It doesn't reach out to specific people.

It creates a random mesh network, what we call a peer-to-peer network, where every participant in the system is equal.

There's no special computer, they're all just talking to each other. It creates what in network terms we would call a crowd. So randomly reaches out and connects to various other computers running the Bitcoin software, and together they create a network, and that network is used to exchange and propagate transactions.

These transactions are encoded in a digital format. They contain information about the transfer of value and the authorization to transfer value between participants.

Nobody controls this network, and this is a critical concept. You can be running one of these computers, you do not control this network.

You run one of these applications, it connects to other people, and you run another one of these applications and it talks Bitcoin to the other computers that are talking Bitcoin, but no one is in control.

That network started on January 3rd, 2009, and on that day, the world changed.

For the first time in the history of money, in the history of trust, in the history of institutions, in the history of humanity, a system that is completely independent of authority, is completely independent of institutions.

A system that develops trust as the result of collaboration, communication, and computation through cryptography was born.

This system allows people to exchange value, to transmit money, and this money is called Bitcoin. So Bitcoin is the application, it's the software that you run on your computer that communicates with all of the other computers running the Bitcoin software.

Bitcoin is the name of the network that runs the Bitcoin network, which is the collection of all of these computers, some six and a half thousand of them around the world.

Anywhere there is internet are the ones we know that advertise their presence, several thousand more that don't, and tens of thousands that simply listen onto this network without actively participating.

The Bitcoin network, and all of this is an infrastructure that is used to create and transmit value in the form of transactions expressed in a new currency, the Bitcoin currency.

And the Bitcoin currency is unlike any other form of money we have ever seen before. First of all as a form of money.

It does not exist in physical form. Over thousands of years, money has become a more abstract form of value.

You start with very, very tangible forms of value, commodities, a goat, a banana, a pineapple. These are very poor forms of money because you can eat them and they rot or die and they can be lost.

They're not very good forms of money because they are the thing of value. We went from that to gold, precious metals, and stamped coins.

These are better forms of money because you cannot eat them, they do not die or rot, they do not represent the value itself, they are not the value, and this is an interesting concept.

Money is not the valuable thing itself, money is the thing you exchange for the valuable thing itself.

It is simply a symbol, an abstraction. It represents something that can be carried, that I can give to someone tomorrow, and they will probably give me bananas.

That future promise of value is the essence of money. So the essence of money is the ability to have an abstract token that in itself is immutable, unforgeable, eternal, maintains its value, and represents the exchange of value in the future as a promise.

And over time, these things have become less and less physical and more and more abstract.

Why? Because people don't like changing. And if you tell someone, I'm not going to give you bananas for the work you did.

I'm going to give you a shiny gold coin, but don't worry, you can use this to get bananas.

They look at you and they say, I've always had bananas for my work. I think I would like to have bananas, not this yellow thing.

100 years later, they now believe the yellow thing is valuable, and then you tell them, now I'm going to give you a piece of paper instead of the yellow thing, but don't worry, you can still convert this into bananas.

And most people say, I don't think that's real money.

I want the yellow thing. And the world moves on and eventually we change. You won't get the piece of paper either. You won't get the coin. You will go and look at numbers on a page or on a web page and that represents the amount you have in the bank.

But don't worry, you can still use that to acquire food products, services.

It really is money. You can't touch it, you can't see it. It's just a number.

And finally, we arrive at Bitcoin. Bitcoin has no physical form. It doesn't exist in any way. It is entirely intangible. It cannot be touched. It is simply a digital form of money, but it is a digital form of money that is entirely different from everything we've seen before.

What it does that is different, it is not a form of money that is recorded in the database or records of a company.

It is not a digital form of money that represents a debt owed to a central bank or government.

It is not a digital form of money that has been issued by a sovereign, a central bank, a nation, a king.

It is a form of digital money that has been issued through complex and energy intensive computation on the Internet, is recorded simultaneously on every computer that participates in the Bitcoin network, is validated independently by every computer that participates in the Bitcoin Network, cannot be forged, cannot be counterfeited, cannot be censored, cannot be seized or frozen, can be transmitted anywhere in the world as information, can be verified independently by anyone who receives it and is not controlled by anyone.

Its value is not controlled, its issuance is not controlled, its ownership is not controlled.

It is direct from one person to another person with no intermediaries. When you use Bitcoin, you see an application on your mobile device or on your desktop.

This application tells you you have three Bitcoin. It allows you to enter the address of a recipient, which is a number just like an email address.

It allows you to select an amount of Bitcoin you wish to transact, and when you click Send on your application, it uses the digital signature and private key that is embedded in your device to create and sign a transaction that is advertised to the entire Bitcoin Network and says, I have transferred this value, and then the entire network now knows that this value belongs to someone else.

They don't know who this someone else is.

Nobody knows when you do a Bitcoin transaction. It is not related or attached to identity. You do not need to create an account. You do not need to register.

You do not need to provide ID or name or location or address, age, gender, race, religion, nationality, nothing, which is bizarre because we've never had that in any legal system in the world.

In Bitcoin, a software agent that is not owned by anyone through the use of cryptography can own and transact in Bitcoin internationally.

This creates some very interesting and also very disturbing possibilities for the future. Artificial intelligence systems can own and control money without any living human being involved.

You can have corporations that have no directors, no living humans in control, that are controlled entirely by software.

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비트코인에 대한 가장 완벽한 프레젠테이션. 10년 전에 이 영상을 봤더라면...

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