If you’ve been paying attention to the news this week you may have heard about something called bitcoin rising in value to over $11,000. You may have then wondered, what the heck is a bitcoin?
Bitcoin is a cryptocurrency, meaning that it acts as a digital form of money not bound to central repository like currency from a nation. It was the first decentralized (meaning all transactions are peer to peer – no banks) digital currency and remains by far the most lucrative and popular even as similar options have emerged in recent years. It can be ‘mined’ by using specialized software, though at this point that process is so laboriously slow that is of no use to the average person.
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