SO! – What Is Bitcoin?

SO WHAT IS A BIT COIN?

THE STORIES OF DRAMATIC SUCCESSES ARE INTOXICATING I PUT MORE THAN $1000 IN THIS MACHINE. Reporter: HE MAKES REGULAR VISITS TO THIS BIT COIN ATM.

ONCE THEY GO UP, I SELL BACK TO MY BANK AND MAKE PROFIT.

Reporter: HE HAS A GRASP ON SOMETHING THAT MOST PEOPLE DON’T. I KNOW IT’S ONLINE MONEY. BASICALLY, ELECTRONIC MONEY, I GUESS IS IT USABLE AT McDONALD’S?

Reporter: THE FIRST THING YOU HAVE TO UNDERSTAND IS THAT WHILE THERE WERE BIT COIN IMAGES OUT THERE AND OTHER CRYPTO CURRENCIES, IT’S NOT LIKE CASH. IT EXISTS IN THE EITHER OF THE INTERNET. BIT COIN’S AND IT TOOK CURRENCY EXIST ONLY TO THE EXTENT THAT I BELIEVE IN THEM AND YOU BELIEVE IN THEM. NOW WE HAVE TWO, THREE, FOUR IF WE CAN GET THE BELIEVERS INTO THIS MODEL, NOW WE’VE GOT VALUE BETWEEN EACH OTHER.

THAT IS THE EXTENT OF IT.

CRYPTO CURRENCY CAN BE USED BETWEEN YOU AND A SELLER ON THE NET. OTHERWISE, YOUR CURRENCY STAYS IN THE INTERNET UNTIL YOU CHOOSE TO CASH IT OUT. I TRANSFER FUNDS FROM MY BIT COIN ACCOUNT TO MY REGULAR ACCOUNT IN THE BANK.

THEY ARE THE DEFINITION OF VOLATILE AND RISKY. BIT COIN’S HAD NO CALL IT — VALUE AND THEN THEY WENT UP TO $20,000 A COIN. SOMETIMES I WAKE UP IN THE MIDDLE OF THE NIGHT AND A LOOK.

As found on Youtube