Bitcoin: What You Need to Know
What is Bitcoin?
Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
How Does Bitcoin Work?
Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. Transactions are recorded in a public list called the blockchain. Mining bitcoins requires solving complex mathematical problems.
Is Bitcoin Legal?
Bitcoin is legal in many countries. In the US, Bitcoin and other cryptocurrencies are recognized as commodities by the Commodity Futures Trading Commission.
Should You Invest in Bitcoin?
As with any investment, it’s important to do your research and understand the risks involved before investing in Bitcoin.