While many people are curious about cryptocurrencies, not a lot of them actually understand them very well. Some people have heard of Bitcoin but do not know what it is all about. “What is Bitcoin?” can be considered the number 1 question in the crypto world.
To help people to understand better how this works, the CEO of Coinbase, Brian Armstrong, has started a new series of videos, Crypto Curious. The first episode is entitled “What Is Bitcoin? Coinbase CEO Shares a Quick and Easy Explanation”.
“What Is Bitcoin?”
In the video, Armstrong explains that Bitcoin is basically digital money on the internet that you can send to anyone. It is a way to transfer value that was invented in 2008 by Satoshi Nakamoto, a pseudonym for a figure which nobody knows who is.
Satoshi invented the blockchain and Bitcoin and solved the problem to send value between two people online without any trusted intermediary. This system, according to Armstrong can be used to not need intermediaries of the financial system like banks, credit card and lending companies anymore (or even governments). Basically, it is an open financial system and can be used as a global coin.
Coinbase is the largest cryptocurrency exchange in the United States, so it is natural that it wants to spread Bitcoin and crypto awareness, especially when associated with its brand. While the company is huge, it is fair to say that it has been facing some tough times with the current bear market that the whole industry is facing and the video is part of a larger effort to get more customers interested.