Keiser Report: Russell Brand (min 8.40 to min 12.30)
https://www.youtube.com/watch?v=hiaEGox0BmE#t=785Q: Russell Brand asks why are cryptocurrencies called
cryptoA: It is all about being able to send units of currency from one address to another.
Cryptography is the math that allows you to sign a transaction with your private key without having to reveal it and still so that all others can verify you did indeed signed it with the private key you own. Your address follows mathematically and computationally from your private key, but importantly, the reverse doesn't. That is, if you have only the address you cannot know its corresponding private key.
Q: Is it based on a resource?
A: It is as if the balances associated with each address are all written on a public ledger distributed and accessible to all. And as if the more computer power is devoted to the network the more the font size and boldness of these registers increase making it more easy to achieve a consensus agreement because the letters become much more visible.
The resources are only for the units of currency to enter circulation in the balance sheets, given as rewards for the computer power devoted, and help make the letters and registers of the distributed database and software more bold and visible. And impossible to refute.
See my youtube video production:
United Colors of Bitcoin.
