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welcome back to the world of cryptos and
welcome back to the crypto corner
this week i've got some really good news
for you um
if we look at the market by the time i'm
recording this year the price of bitcoin
is at 13
428 which is equivalent to
2.3 percent increase in the last 24
hours and 14
in the last seven days i think that's
fantastic news and one reason why
i believe that is if we compare it to
the stock exchange the u.s stock
exchange
or the gold price then there is a
decoupling happening
um it is not confirmed yet that will
take some time but at least there is a
decoupling at the moment this is the
charge
chart since beginning of october
and the red line is the red curve
is the u.s stock exchange
the blue is the gold price and so you
see there's a significant gap
uh especially since yesterday where we
had a huge drop in the stock exchange
in the u.s stock exchange uh to bitcoin
so i think that's
that's great news it's to be expected
because it's a complete
different asset commodity and so let's
see what will happen
the other good news is uh paypal
paypal decided to get involved in
cryptocurrencies and so you can buy now
some cryptocurrencies on their platform
and the great news is because they have
got over 340 million
users and you can by using paypal
pay for services and goods and you can
now use
for example bitcoin to pay for services
and goods
but at least that they're offering this
year to this huge community is i think
fantastic news
also one that i have to take with a
smile
is our friends from jp morgan one of the
largest financial institutions in the
world
and in 2017 jamie dimon their ceo said
that bitcoin is a fraud and will blow up
joseph said that he if he finds somebody
in his organization
uh trading uh cryptocurrencies that
person will be fired on the spot
now like in politics things can change
significantly and dramatically and so
this is
uh happened uh this was published uh two
days ago
uh by j.p morgan where they are now
saying bitcoin has considerable upside
is it's better competes with gold as an
alternative currency
i find that fantastic news because the
organization
embedded in the old system like jp
morgan suddenly changes their opinion
180 degrees
is for me extremely bullish not
financial advice
but for me that's a bullish sign so
um yeah one thing i'd like to focus on
is it's a question that a lot of people
are asking
us in regards to private keys
and public keys so
i'd like to spend a few minutes on that
subject
and for that i pulled up a website
called ian callman.io because this is
uh uses um
the web the the content fantastically
well
and so there's somebody in bitcoin or
team
that came up with this process of how to
convert
uh a private key into a public key and
they expanded that and now a lot of
different cryptocurrencies are using the
same process
and that's why it's called bip 39 or bip
44
because it's bitcoin improvement
protocol but other
currencies are using that so i just gen
clicked on generated on 24 words
and so out of a repository uh the system
generated 24 words
and that those are the words that you
need to remember
when you generate a wallet for example
you
create a new wallet the wallet will uh
generate those 24 words and those are
the ones that you have to remember
because everything
derives from those 24 words so with
a little bit this little bit technical
here but from those 24 words
we deduct the private key from that
private key we deduct the public key and
that public key and then generates the
address
yeah so and the reason that is done is
that there is no way in the world that
you can get back to the private key
that's why
cryptocurrency is so secure yeah and so
what you do is you take the private key
you hash it that's a special
crypto cryptographic process and with
that you generate the public key
and the public key is hashed twice and
that generates the address
the reason that this is done is that
there might be future some computers
that are able to deduct from the public
key the private key
there it don't exist yet but we're
thinking
well ahead in the future and that's why
we are using the address as
the key that you send to other people
in case you want to resee some bitcoin
or so
so this is all the magic behind it
it's based on those 24 words those 24
words generate the private key the
private key generates the public key
and the public key generates the address
and address is what we use
and that set is used in many other
um ikea uh cryptocurrencies they use the
same
um same process
anyway that's it from me
i hope you enjoyed it i hope you learned
something um
thank you very much for watching please
leave a like it helps us
we need to grow and um yeah come back
next week
thank you very much for watching bye
thank you robert just a reminder we're
not
providing financial advice but only
sharing what's happening in the
cryptocurrency market
always remember that the cryptocurrency
markets are ever changing and
always volatile so you should only spend
what you can afford to lose
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you