Is Bitcoin Backed By Energy?

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In this video, I argue that Bitcoin is not backed by anything, though it is certainly "secured" or protected by Bitcoin miners and the general hash rate of the network-- which provide protection from malicious chain rewrites.

Bitcoin miners help to secure the Bitcoin blockchain by making it time-consuming and expensive to rewrite blocks in the blockchain. This security is provided by the combination of highly efficient hashing hardware plus electricity, as well as certain economic incentives.

At the end of the video, I discuss various things that 51% attacks by malicious Bitcoin miners cannot do:

1) They cannot change the consensus rules
2) They cannot print up fake Bitcoin
3) They cannot steal your Bitcoin

They can only attack the tip of the blockchain and cause temporary problems.

If you attack Bitcoin and lose, it only strengthens the network and helps to deter future attackers.

Not investment advice! Consult a financial advisor.

Should Bitcoin Be Backed By Something?
   • Should Bitcoin Be Backed By Something?  

US dollar used to be backed by gold, but no longer:
https://en.wikipedia.org/wiki/Gold_st...
https://en.wikipedia.org/wiki/File:Us...
https://www.federalreserve.gov/faqs/c...

SHA-256 hashing calculator:
https://emn178.github.io/online-tools...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#bitcoinmining

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