If too many peoplestarted using Bitcoin, it would stop working. And that's because those...
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If too many people
started using Bitcoin, it would stop working. And that's because those blocks that make up Bitcoin's
record keeping system, they just can't hold
very much information. They're small.
And you have to wait 10 minutes before
another block forms. So, when Bitcoin got popular, your transaction would be stuck in line for hours,
sometimes days. And since money needs
to work immediately, this was a disaster. Transaction times
are incredibly high
started using Bitcoin, it would stop working. And that's because those blocks that make up Bitcoin's
record keeping system, they just can't hold
very much information. They're small.
And you have to wait 10 minutes before
another block forms. So, when Bitcoin got popular, your transaction would be stuck in line for hours,
sometimes days. And since money needs
to work immediately, this was a disaster. Transaction times
are incredibly high
Full Transcript
00:00:01.000 --> 00:00:02.835
If too many people
started using Bitcoin,
00:00:02.835 --> 00:00:04.796
it would stop working.
00:00:05.755 --> 00:00:07.215
And that's because those blocks
00:00:07.215 --> 00:00:09.759
that make up Bitcoin's
record keeping system,
00:00:10.468 --> 00:00:13.304
they just can't hold
very much information.
00:00:13.304 --> 00:00:15.999
They're small.
And you have to wait
00:00:15.999 --> 00:00:16.974
10 minutes before
another block forms.
00:00:17.975 --> 00:00:19.727
So, when Bitcoin got popular,
00:00:19.727 --> 00:00:21.104
your transaction would be stuck
00:00:21.104 --> 00:00:24.023
in line for hours,
sometimes days.
00:00:24.023 --> 00:00:26.526
And since money needs
to work immediately,
00:00:26.526 --> 00:00:28.361
this was a disaster.
00:00:28.361 --> 00:00:30.196
Transaction times
are incredibly high.
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Movie Summary
Cullen Hoback investigates the origins of Bitcoin and its anonymous creator Satoshi Nakamoto, exploring the potential of this cryptocurrency on the global financial system and who could hold immense power if it became mainstream.
