Bitcoin and the Black Hole


Welcome, welcome to One Minute Crypto!
I’m your host, Chronos, and today we’re going
to talk about a pretty strange concept: black
holes in cryptocurrency.
In physics, a black hole is a thing that is
so dense, nothing can escape its gravity.
It’s like a one-way door: once you’re in,
there’s no way out.
It sounds weird, but bitcoin addresses have
this concept, too: money goes in, and it can’t
come out.
Let me explain.
To create an address, you’re supposed to pick
a gigantic number to use as your private key.
You don’t share this number with anyone, because
knowing it gives you the ability to spend
the coins at the address you’re making.
Then, you calculate the public key, which
might look more familiar.
It’s safe to share this, because you can’t
figure out the private key from it — it’s
a one way conversion.
Let me say that again, because it’s important.
If you have the private key, you can spend
from that address, and you can calculate the
public key.
But if you only have the public key, you can
send money there, and that’s it.
So here comes the black hole: what if you
just make up a public key?
In this case, nobody has the private key.
You can send money to it, but nobody can get
it back, because you never started with a
private key when you were making it.
Weird!
One of the most famous addresses like this
is called the Bitcoin Eater, also known as
One Bitcoin Eater Address Dont Send f59 kuE.
It’s received a shocking 271 payments so far,
adding up to over 13 bitcoins, and nothing
has ever gotten out: that money is gone forever.
I don’t know about you, but I’d rather not
send my money into a black hole.
If you’re the same way, go ahead and click
“subscribe” below the video, and that should
keep you safe.
I’m Chronos.
Thanks for watching!

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