You’ve probably read about or heard the term Bitcoin but what exactly does it mean?
Bitcoin is a form of virtual currency that can only be exchanged electronically. You can’t fill your pockets with Bitcoin or write a paper check for it.
Unlike currency issued by countries, Bitcoin isn’t backed by a government. It’s a completely anonymous system, no ID required. That’s also why ransomware attackers often demand to be paid with it.
Bitcoin was originally earned by “mining” which means people solved a complicated math problem to earn it. People then began to trade bitcoin much in the way stocks are traded and the value of Bitcoin is determined by the market for it. These days, you don’t have to mine your own, you can buy and sell cryptocurrencies on apps and websites.
Bitcoin and other electronic currencies are called cryptocurrencies because they’re encrypted and virtually impossible to counterfeit.
One Bitcoin is currently trading for around $37,000 U.S. Dollars.