Get the facts on Bitcoin
December 12, 2017
- 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
