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A Beginner’s Guide to Bitcoin

Looking for a general understand of ‘what’ bitcoin is, ‘what’ gives it value and ‘where’ it comes from? This is the video for you. As the topic of bitcoin and cryptocurrency gets hotter and hotter, I wanted to put something together so that those new traders can be brought up to speed as efficiently as possible in their journey of learning how to trade bitcoin.

If I Were to Trade Bitcoin and Crptocurrencies… – http://claytrader.com/videos/trade-bitcoin-cryptocurrencies/

My Thoughts on Cryptocurrency (Bitcoin, Ethereum, etc.) – http://claytrader.com/videos/thoughts-cryptocurrency-bitcoin-ethereum-etc/

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Total beginner to Bitcoin?Good.This video is exactly for you.Right off the get go, beginner's guide.This assumes that you're just,yeah, I've heard of cryptocurrencies.I've heard of Bitcoin, but I, that's pretty much it.I've heard of it.I don't know much else about it.This is the video for you.If you're sitting there saying, hey, look,is this video gonna, when I'm done with it,I'm gonna be making millions of dollars per week trading?No, no, that's not what this is about.I don't need any people showing up in the comments section,oh, click bait.No, no, no, this is just, fair warning.You can turn it off right now.I'm not offended.But if you just have no idea what any of this really is,perfect, this is the video for you.Let's break it down from just the very kind ofroot word of things and we'll go from there.So first part, currency.Currency is just a form of money.All different countries have their own form of currency.The United States has the dollar.Japan has the yen.The European Union has the euro.You know, the United Kingdom, England, has the pound.Those are just all different currencies,or in other words, types of money.So currency is just a type of money.But what I wanna focus on here is the word crypto.So what exactly does crypto mean?Let me get the definition up there,then we'll talk about it.Now that we have crypto up here, what does that mean?A combining form meaning hidden or secret.That probably is like, okay, that helps me zero.All right, so, let's break it down.Let's look at combining form,and this will mean a little bit more sensewhen we get to the whole mining part of things.But just keep in mind mining form, and secret.Yeah, that's okay, it'll work.But I'm just gonna eliminate that.The main thing that I wanna focus on here, though,is once again hidden.Combining form and hidden,and that's where the whole currency is coming from,which leads into, okay, well, yeah,okay Clay, that's, I get it.It's a currency.It's a form of money, but still,where is cryptocurrency coming from?Why does it have value?Well, let's address that real quick.Why does it have value?Simply put, what does value come from?Right here.Value equals belief.Guess I'm kind of broke.I have a dollar though.Is this worth anything?No, it's not.Well, I don't know.If I took this to the recycle company maybe I could geta half a penny because it's paper.It's got some ink on it.So no, this is not worth anything.But you're saying, what are you talking about Clay?That's a dollar bill, that's worth a dollar.Why is that worth a dollar?Because you believe it is.Why do you believe it is?Well, because it's backed by the United States of America,and that's what's giving this actually value.So that is where value comes from.What is value actually defined as other than belief?What can value get you?Let's see.I remember the days when this, dollar matinees.I could go to the movie theater.Here, take a dollar,and that would get me some sort of service, right?I would be able to see a movie.So that's what value does.It gets you some sort of product or service.So you're saying, well, okay, I get it.But how does Bitcoin have any sort of value?Where is all this belief coming from?You know, that's kind of a good question,but there's enough belief out there nowwhere Bitcoin, as a currency, as a form of valuein terms of getting a product or a service, is out there.Now, not everybody takes Bitcoin,but there's more and more merchants and suchthat are starting to take it.Why?It's just why, it's pretty much why it's kind of anamazing story, why it's such a phenomenon.Because people are believing it.And more and more people are believing in it,and that's why prices, at least at the time of the recordingof this video, have gone up and up and upbecause the more people that believe in something,the more value that it has.And of course, the less people that believe,well, then that's how prices are fluctuated in the market.So how, why are people believing?Why, hey, that's the million-dollar question.That's what makes it such a phenomenon in itself.But the point being, is enough people do believein cryptocurrency, particularly Bitcoin,where it does now have value.So that is where the value is coming from,it's just strictly enough people are believing in it,are supporting it as some sort of meansto purchase products and services.But where exactly is it coming from?How is it being created?The good old US of A, we have probably a printing pressdown in the basement of the White Houseand we just spit out money left and right.Not really, it's all, like, which is kinda scary,you just press a button, hey, there we go,I just created a million dollars.But how is Bitcoin actually created?Well, created isn't necessarily the word to use.What needs to be used is mining.So instead of mining for gold, silver, diamonds.You are mining for Bitcoin.So how exactly is this mining working?Well, let's come back here with combining forms.And the combining form here is you just have,and this is gonna be a good time, let's see,I'm gonna go back to school here.So we have for you Calculus fans out there,and I'm just totally making this up,I'm not even sure if this even makes any sense anymore,but the summation and then, yeah, we have,I forget what these are called but I think thatmakes it positive, then we have the square root,then you can throw numbers over here.And then, I don't know, let's just divide this byx times y, and then you gotta divide that by thesquare root of five squared, and then you have todivide all this by pi times two, divided by four.'kay, there we go.So this is a combining of a whole bunch of just stuff,but what this is really getting at is there is some sort ofcomplex math problem.Complex number problem.AKA, you don't know the answer to it.You have to figure it out.So it's hidden, right?It is hidden, and you need to try to figure out a solution.Well, I should say, if you want a Bitcoin.If you want to create a Bitcoin,you need to be able to figure that out.Now you may be thinking, well, Clay,I do not have a degree in mathematics.I don't have anything of that sort.Well, the people that are working on this complex problemsare gonna be just computers.You could probably call 'em supercomputers,but some people, I mean, you can see, and they just havehallways and hallways full of computersthat are trying to crack these complex math problems.Again, don't leave in the comments section,Clay, that's mathematically impossible.I don't even know what that means, okay,I just made it up and I was having fun.But it's supposed to represent a complex issuethat's hidden and it's combining a bunch of things,and when you combine this stuff, it's just,you know think about cryptotography,and other words where crypto is within the root word.But that's what's going on,and computers are trying to solve these.If they do solve them, then a Bitcoin is created.And these are not, like, you know, I don't know,the quadratic formula where even I couldprobably still figure that one out.No, these are very, very, did I say very, complex problems.So it's not like Bitcoins are coming into creationall over the place over and over again.There's a very structured manner behind it,but that is how they are figured out.And I'm not going to go into the history of how thiswas all created, but somebody very smart created it,blockchain technology is the term of it.And, again, why do people believe in this stuff?Hey, that's what makes it a phenomenon.It's crazy, but it's working, and I'm sure people couldtell you why it's believing, 'cause the technology is thereand more and more people are believing the technology.And that is why, but as far as why has itcaught on as much as it has?Well, that's just what makes some people say it's a bubble,other people say it's here to stay.So I don't know, your opinion, that's up to you.But as far as what a cryptocurrency is,and in this case Bitcoin, there are lots of other Bitcoins,or other cryptocurrencies out there.So whether you replace Bitcoin with one of the othercurrencies, there seems to be a new one every week.That is what's going on here.It is just a digital currency that has been formedby computers, algorithms, big complex problems thatwhen they're solved, it creates a form of that currency.And why is the belief there?Where is all the value coming from?Well, valuing comes from enough people have faith in it,and when people have faith in something,they are willing to believe in itand offer products and services for it.I guess for me personally, as of a few weeks ago,we started to accept Bitcoin on claytrader.com.So chalk me up in the believer.Because I'm a believer, I take value in it,and I accept it as a form of payment.So that's a real-world example.Why do I personally believe in it?I don't know, I guess because enough other people do nowso I'm just jumping on the bandwagon,and sure, that doesn't make me a pioneer,but, hey, it is what it is.But there's a little real world example of howBitcoin has expanded out a little bit more.I now accept it, like I said, as payment for coursesand the chatroom and all that.So that is what Bitcoin is.I realize this was not how to trade it or anything like thatbut this is how it all breaks down.So don't be intimidated by this.It's just a form of money that's been formedthrough all these processes and now that enough peoplebelieve in it, it does have value associated with it.But again, value is gonna shift with belief.The more belief, the higher the value.If all of a sudden less people and more and more people,let's say, start to not believe in it,well then values are gonna go down,and that's just basic supply and demand.But hopefully this helps, and if you enjoyed this,click that like button.If you'd like for me to do more Bitcoin videos,then definitely click the like button,leave comments down below,and throw out questions that you havethat maybe I can help answer with some more futureBitcoin cryptocurrency-type videos.But hopefully this helps you out,and now you have a good idea of what exactly is acryptocurrency and where it all comes from.If you are out there trading alone currently,and maybe are in the market looking for a community to jointo assist you in your trading or to just help you,give you another set of eyeballs,then I do have a private trading community where you cantrade alongside me and other experienced tradersso what you see popping up on the screen right nowis both an information link,so if you click on the inner circle one,that is going to take you to the page where Iexplain all the details of what exactly comewith the community, both the chatroom and the newsletter,and then the other image that has popped upis a behind the scenes tour where you can seeexactly what is going to be contained within the community.I take you through, like I said, a behind the scenes tourof everything and that way you'll knowprecisely what you are getting when you join.So definitely check that stuff out if you are interestedand thinking about wanting to join a communityand let me know if you have any questions.

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How to Kill Your Stress, Fear, and Frustration as a Trader