Over 300 million people have used cryptocurrency, and this number is expected to continue growing. However, not everyone really understands crypto, but the video “But how does bitcoin actually work?” by “3Blue1Brown” helps explain the fundamentals of crypto, specifically Bitcoin, the first crypto. It covers the following basic topics: public ledgers, digital signatures, cryptographic hash functions, proof of work, the blockchain, decentralized consensus, computational power, and mining. Yet this is all done with examples that are clear-cut and easy to understand.
The use of examples relating to real-life transactions is a critical part of the author’s description of how Bitcoin works. The author cleverly establishes the example and then incrementally adds to it to help the viewer understand the whole picture of the crypto model. Overall, the example used in the video beautifully conveys the specifics of Bitcoin, and this is why this video is so good at explaining the basics of Bitcoin.
But how does Bitcoin actually work?
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