Bitcoin is, first and foremost, a secure space to make financial relationships with other people. This video clip, is, in my opinion, the best expression of what blockchain and by extension, bitcoin really is . Although Lei Yang doesn't mention relationships, most of the code is about finance and financial relationships, and it gets across the point, which is that, at its core, cryptocurrency is about security. It's about providing a way to enforce relationships in a world where we cannot rely on governments or corporations to provide fair enforcement.

Bitcoin's security is provided by the miner reward, in the form of new Bitcoin. If the miner reward didn't exist, or more importantly, got low enough, attackers would be able to arbitrarily rewrite the ledger of Bitcoin transactions, by gaining control of the computing power used to validate blocks of transactions. Such an attack recently happened to Monero.

Bitcoin's predictable miner reward schedule also produces the bubbles which follow after a halving.…