What the Hell Is Bitcoin? Banking on What the hell is a bitcoin is a helpful, critical look at cryptocurrency.
Unless you’ve been completely avoiding the news—and in dumpster fire of America that is 2017, I can’t blame you—you’ve probably heard of Bitcoin. Then again, no one really seems to. In the simplest terms, Bitcoin is a virtual currency that exists entirely online. You can send and receive bitcoins in the same way you can Venmo your roommate beer money. But at the same time, the decentralized blockchain allows Bitcoin to ensure the money isn’t counterfeit without needing the backing of any government, banking institution, or other centralized authority. Why is this so important? January of 2009, right as the global financial system was collapsing.
Even now, many individuals and even countries haven’t fully recovered. What bitcoin enthusiasts want us to remember is that while Bitcoin contains plenty of risks, so does anything. Government currencies have been hyperinflated until they are useless. Technology like Bitcoin or cryptocurrency has the capacity to bring those people into the financial system. Tells the government where I am every second of the day, any time of the day. But it’s going to come off when I go to prison, I think.
While Bitcoin may potentially help poor people around the world, it’s actual history is full of money laundering, illegal drug purchases, and stolen millions. And that’s not even getting into the fact that we don’t know who even created it. That’s right, no one is sure at all who invented Bitcoin. Watch it before you invest yourself. Although please, whatever you do, don’t mortgage your house. Is Ben Simmons a Unicorn?
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