By now, you’ve probably heard of Bitcoin - maybe you’ve even bought some of your own. But what is Bitcoin, really? And what it is it about this decentralized digital currency that elicits such strong feelings in its supporters and skeptics?
In this video, we take a look at the hype and truth behind the original cryptocurrency, and give you some insights that will help you understand its appeal.
In essence, Bitcoin is a type of digital token that can be sent electronically through a peer-to-peer network.
Like other cryptocurrencies, Bitcoin doesn’t rely on banks to verify transactions, but rather a type of shared public ledger called a blockchain to ensure transactions are legit.
This blockchain is distributed across a decentralized network that prevents fraud by using a ton of computing power to verify each transaction.
Bitcoin isn’t just a new type of currency - it’s a whole new way of looking at currency. And anyone can buy and sell Bitcoin - you’ll just need an exchange and a digital or hardware wallet for storing your crypto.
While using Bitcoin isn’t widely accepted just yet, every day more and more merchants are accepting it in exchange for goods and services. Just be aware that the value of a single Bitcoin can change pretty dramatically in ... pretty much no time at all.
Click the link below to learn more about cryptocurrencies and how they can help you expand your financial journey:
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The statements in this video do not constitute investment advice or any other advice on financial services, financial instruments, financial products, or digital assets. They are intended to provide general information. The statements in this video do not constitute an offer to conclude a contract for the purchase or sale of financial instruments and financial products or an invitation to submit such an offer and to buy or sell any particular digital asset. Cryptocurrencies are subject to high fluctuations in value. A decline in value or a complete loss are possible at any time. The loss of access to data and passwords can also lead to a complete loss.
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