I asked the question on my Facebook to see what people would say.
I received about 25 answers that included:
- That is internet money that criminals use.
- It is fake and I heard it crashed a few years ago.
- I mined it once, but found out it was a scam.
- One friend’s little brother gave a decent run down on a plot to steal money back from the government.
So, What is Bitcoin?
- Bitcoin Current Price: $6161 Total Market Cap: $102,749,801,750 as of 5 am PST 10/30/17
- Deployed in 2009, Bitcoin is a global digital monetary system which supports peer-to-peer exchanges of funds. Two users with access to a computer or a cell phone can exchange Bitcoin, regardless of location, national currency or access to a financial entity like a bank or clearing house.
- Like other currencies Bitcoin can be held, traded and purchased on International exchanges and is often held as an investment.
Bitcoin runs on a worldwide network of computers, making it difficult to edit,hack, regulate or shut down even by the largest banks or governments. There is no centralized ownership of the network.
- Many Nations embrace the use of Bitcoin and have Bitcoin Banks, ATMs, and Debit Cards, and it is commonly accepted in exchange for good and services.
- Bitcoin is not illegal in the USA
- Criminals do use Bitcoin, more often they use USD and other currencies.
Obviously now I am asking a more savvy crowd, what I am looking for are concise concept level answers to speak to those who do not have experience with Bitcoin.
