[Music] 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 [Applause]