Where can I buy Bitcoin Stock?
What is this company Bitcoin, and why is it in the news? How can I buy shares in the company? In this short video, shot in east Pompano Beach, I discuss .... well ...
What's up party people, Chris DeRose here, Community director of the Counter Party Association. Today I got a fun one for you who watch the channel, and for those who haven't been watching the channel that much, and this is your first, sort of like, exposure to me, this is probably for you. But this is the question we've gotten, so I feel like we should answer it. Where could I but Bitcoin stock? Okay, so everyone has to start somewhere, and I think that for many people, this is where they start. And this is good of a place as any, it's a fine enough question. So the thing you have to understand about Bitcoin is that it is not a company.
And that's really important, so I'm going to say it again. Bitcoin is not a company, Bitcoin is not a product. Bitcoin doesn't even have a center. Bitcoin is a protocol. It's a protocol in the internet the same way e-mail is a protocol on the internet. It's a protocol in the same way H-T-T-P- and perhaps to a lesser degree, H- T- M- L- is a protocol.
So when you ask how to buy shares to Bitcoin, it doesn't really apply. So now you're probably confused because you probably have hear crazy things, like the C- E- O- of Bitcoin is Satoshi Nakamoto and nobody knows who he is. A lot of those things are completely false, so if you hear something like that, it's just wrong. One other reason we do this is to correct these sorts of misconceptions. And when you hear of people buying Bitcoin, they're quite literally buying what is in many ways, a currency or a money. In the same way that maybe you bought euro, you bought dollars.
But now you're probably thinking like, "well there's not center, so how do you printing this?" Well that's the big part of what's so magical about Bitcoin. This is a protocol that produces these Bitcoin as part of the protocol and it is a system that does this in a very organic way. There's a set of formula and a set of routines. The computers participate in producing these Bitcoin. And when people buy Bitcoin, they're buying the results of these routines and these algorithms. There will only be 21 million of these printed.
I have another video on that, you can watch it. So when you're buying a Bitcoin, you're buying a share of that number. The supply is mathematically deflationary which means that on any given year, on average, there will be fewer Bitcoin produced than the year before. And it is a money supply that release at an algorithmic rate. The minors in the network are the people who perform the network administration. And in exchange for that administration, they are awarded with Bitcoin.
That's the sort of genesis origin of these things. The network more or less spontaneously produces them or less, every 10 minutes, currently at the time of this recording, there's 25 Bitcoin every 10 minutes. Around 2016 there's going to be 12 and a half, and there after a couple of years, it will be six and a quarter, etc., etc. So when these minors produce these genesis coins, they own them and what minors often do, they sell them. Now you don't have to know a minor in order to buy a Bitcoin, there are exchanges that receive these Bitcoin, there's a number of them.
Bitstamp is a very common exchange and it works in a way that most exchanges do, but if you're new to Bitcoin, stay away from that. I would recommend Coinbase, Circle, there are many others out there, and I apologize for the people that I left out of this video. There are many good ones, just do a little research. And you could buy these Bitcoins at the market price. The market price changes a lot. It's just a market place.
So the same way that gold changes price, Bitcoin changes price based on the supply and demand. But to the notions that there are shares, that's not entirely accurate. There are some people that said Bitcoin performs a lot of these in finance terms like a mid-cap stock or some such thing, and maybe there's some truth to that. But certain, it isn't a company, it's not a publicly traded company. And what people buying are these scares resources that are probably more like a commodity than any other traditional finance term. And that's the just.
That's what Bitcoin is. That's how you participate in the network. Look for it on my other videos on where to spend them and why they're important and what you can do with these commodities. All these things are probably new to you if you're watching this video. So I highly recommend that you look into it. Then certainly too, look into Counter Party, like we'll show you how to get a nice knowledge of Bitcoin.
Look at some of the stuff that you could with it. Counter Party is what I'm very involved in, there're other projects that are very good as well. You could look forward to seeing many innovations in the computer space, in the financial space, in the social economics about [inaudible 00:04:23] of the world as result of this really exciting new commodity and tool. It's called Bitcoin, that's that. If you're new to the channel, please subscribe and start watching my videos. You'll get lots of questions answered, and I hopefully have some nice resource for you.
And if you have questions, I'm sure you have plenty, don't be shy about asking, I love answering these things. My e-mail address is firstname.lastname@example.org and on Twitter, I'm @DeRoseTech. So subscribe to the channel, e-mail your questions, and thanks for watching. Later guys.