Get the facts on Bitcoin

Aloera Ostermann, Staff Writer

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  • A currency created in 2009 by an unknown person under the alias of Satoshi Nakamoto.
  • Can be used to buy merchandise anonymously
  • No credit card fees.
  • People often invest in them hoping to make a profit
  • Bitcoins are stored in a Bitcoin wallet, this is not insured by the FDIC, allows user to send and receive Bitcoins, pay for goods or save their money
    • Wallet can be stored on the cloud but it can be hacked and your money can be stolen but you don’t have insurance on it
    • If you keep the wallet on the computer you could delete them or a virus could destroy them
  • Each transaction is recorded but names are never revealed only a wallet ID.
    • Lets them buy of sell without being tracked
    • Has become a currency of choice for people buying drugs or other illegal things
  • Was worth less than a dollar in 2011
  • Has more than 13 million users nowadays
  • The price of the Bitcoin fluctuates so much that it is nearly impossible to put a value on it
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