Bitcoin explained: How do cryptocurrencies work? – BBC News

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An estimated £3-4 billion is being laundered via cryptocurrencies in Europe every year, the director of Europol has told the BBC.
It comes as the Shadow Treasury Minister, Alison McGovern, says much speedier regulation is needed.
But what are cryptocurrencies? Spencer Kelly explains all.

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Comments

Marvin Brago says:

I don't know words how to describe Mr DAVID GEORGE. This man is really good in bitcoin mining, this man can mine out 0.050BTC every48 hours GOD bless you sir
You contact him to see for your self(Davidgeorgemike200 @ gmail.com)

Giraffe Rider says:

this is where all the black money is hidden

mbadshah0077 says:

What a waste of electricity

superbly random says:

Bitcoin for example has
a numeric limit of 21 million. We are fast approaching that limit. When there wouldn't be any reward to be given away, why would the ledgers still work? How will they recoup their expenses (electricity, hardwares etc)?

David mallam Yahoten says:

Hello everyone please look into God and Jesus and flat earth thank you

devilorchard says:

You forgot to mention 10hrs+ required for transaction

VampyrumFerox says:

Nice, you just snagged that sweet stuffed penguin for $225,000 USD. Will you be my financial advisor?

mangesh burange says:

Superbly explained

scig gler says:



go to 1:12 look at the guy in the background lol

tomgreen877 says:

if your interested in joining coinbase to start purchasing bitcoin…. use this referral link , purchase $100 worth of bitcoin and you will recieve a bonus $10 or £7. www.coinbase.com/join/5a82fefbceefde034a0689bf

Anton Do says:

Europol is wrong. that is just the total of transactions. It is unknown how much of that is used for moneylaundring. And because it is traceable it would be a bad idea anyway.

anindya yamdagni says:

Lot and lot of graphics cards

Kumar Mithilesh says:

So why we need bitcoin , we can do it with the current system of money, just removing banks and keeping computers to maintain the ledger. Or the number shown in our account when we open it online, That's also a crytocurrency until it got changed to hard notes.

Chris Sullivan says:

Here's how it works, get a bunch of rubes to buy into your Kool-Aid, hype it, then short-it. Also, it provides a great tool for criminals, terrorists, and rogue states to shift money around and make money. Bit-Coin is an exercise in the futility of libertarianism.

John Villagonzalo says:

true but the problem with bitcoin is their high miner's fee nowadays. hope the lightning network works someday

Leadweight2 says:

I finally get it!

Matthew Dance says:

The BBC should Close , that was pathetically poor .

Tawny Owl says:

BLACK MIRROR

Josh says:

1/ COPYRIGHTS of crypto-tech definitely has monetary value;
2/ SOFTWARE (btc/eth/ltc) is a product;
3/ PRODUCT outside of financial system is barter;
4/ BARTER is non-currency swaps of wholly-own assets (e-coins, codes);
5/ ASSETS that SWAP outside of financial system shall not have MONETARY VALUE and therefore not TAXABLE.

Given the nature of these softwares (btc/eth/ltc) are designed, they are not very different than the AVATARS we barter in computer games. Have no purpose no function and no MONETARY-VALUE outside the virtuality.

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