What is bitcoin? An explanation about the hype taking over the internet

What is Bitcoin? (12-20-17)

It is taking over the internet. You may have heard of it by now. It is called Bitcoin. But what exactly is it?

It's a crypto-currency. It is essentially a digital form of value. It is accepted all across the globe, too. 

Shawn Widdicombe is a local bitcoin enthusiast. He invests in bitcoin. Every day, he activates his computer on one of Bitcoin's servers. 

"It's really hard to say exactly what it is because nobody really knows who created it. It is just a computer algorithm that everybody believes has value," said Widdicombe.

His machine races others across the world to solve complex algorithms. If it wins, he earns Bitcoin. 

"It's a gamble.  The biggest thing I can push is do not invest or put in more than you can afford to," said Widdicombe.

Bitcoin soared more than 1,800 percent just in 2017. Many experts still warn people to be cautious because what goes up can also go down. You can lose money, just like you can gain it.

"Unfortunately what I had to risk might not have been worth the reward. Which is kind of sad to say, but a lot of people are in the same boat, you know? Bills come first," said Widdicombe.

© 2018 KREM-TV


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