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A review of how bitcoin works as it reaches a value of $13,000

Credit: WKBT
Published on June 26, 2019 -

A review of how bitcoin works as it reaches a value of $13,000

"This is one of the inventions that in fifty years or so people are going to look back at the printing press, electricity, the internet and bitcoin."

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A review of how bitcoin works as it reaches a value of $13,000

A coin you can't hold, and is worth more than 10- thousand- dollars.

While it may sound like a riddle, it's very real, and some believe bitcoin is the way transactions will be made in the future.

News 8's alec giannakopoulos has details on how bitcoin works.

Bitcoin continues to gain in value...and it's a sign that the 10 year old crypto- currency is not going anywhere.

With the digital currency continuing to gain in popularity and value, i met an expert to get a better understanding of what bitcoin is.

"what is bitcon?

"it's some kind of online money that you can use to buy things."

"i haven't looked much into it to be honest."

"i feel like it's... i don't know."

With a lot of confusion of what bitcoin is and how it works, i asked the co-founder of the coulee region bitcoin exchange zachary daniel.

"this is one of the inventions that in fifty years or so people are going to look back at the printing press, electricity, the internet and bitcoin."

Bitcoin is an internet- based currency.

Bitcoins are created by a computer network that no one can own or interfere with.

"bitcoin is a decentraliz ed currency."

Decentralized means no bank or company is in charge of bitcoin.

It's open to the people, by the people.

"just that freedom of your money that i can send it when i want, where i want, and how i want."

The computer network that makes bitcoin will stop at a certain number, keeping the coins scarce.

Because the coins are scarce and could be a currency to anyone with an internet connection, they've attracted a high value, at 2 o'clock today one bitcoin is valued over 13- thousand- dollars.

That value fluctuated up and down for the last few years, and many like to treat bitcoin like a stock, buying low and selling high.

"i know it's a good investment" but daniel thinks that having a currency that can be used globally, without a bank involved, and with data open to the public might be the way of the future.

"there isn't really any amount of dollars that i wouldn't pay for bitcoin i think it's that valuable."

Cryptocurrenci es like bitcoin are still a pretty new concept, and many who work in bitcoin are still trying to understand it...so if you have any questions, the coulee region bitcoin exchange offers free information on how bitcoin works.

There are many crypto currencies like bitcoin out there, with facebook announcing a currency of their own last

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