Video: What is BitCoin?
Jamey Tucker explains BitCoin.
Fri, 01 Dec 2017 17:44:04 +0000What is BitCoin?Jamey Tucker explains BitCoin.http://chic.clipsyndicate.com/video/playlist/12503/7196428?cpt=8&wpid=2637WAAY ABC Huntsville, ALyou've probably heard of this virtual currancy called bit coin... it's made a lot of people very, very rich. it hit $11,000 each this week...but what is it? w e asked our tech guy reporter jamey tucker for a bit of an explanation of bitcoin...and if we should even care. the first time i did a story on bitcoin, it was around $40. if i had purchased a thousand dollars worth of bitcoin in 2012, it would be worth over 845- thousand dollars. but back then, few people dreamed this virtual currency would go as high as it has today. i've gotten a lot of questions about this on facebook, the main question: what is a bitcoin? it isn't a real coin or anything you hold in your hand. it's virtual money used to buy things online. "bitcoin is a unit, a currency that you can use on this network, right? i can send you bitcoin for goods and services rendered. i can do that instantly, we don't have to be next to each other. we can be anywhere in the world." people keep their bitcoin in a 'virtual wallet'. when they buy something, the money is transferred immediately to the seller's virtual wallet. it's all anonymous, no one knows who's buying or selling. it's also untraceable. so for much of its existence, bitcoin is how people buy things on the dark web. illegal drugs, guns, stolen credit cards. you can also purchase e-gift cards that can be used on ebay, overstock.com and several other online retailers. the price is going up because more people want bitcoin. there's a cap of 21-million bitcoin. it's not backed by any bank or government.this is where they come from: bitcoin miners. "they're computing a task of a certain difficulty, in order to provide integrity to the bitcoin network." these super-computers solving almost impossible match equations earn 25 bitcoin for each answer. the other question i get is "can you trade bitcoin for cash?" yes you can. there are atm's across the country where you buy bitcoin and it gets deposited in a virtual wallet you can access through an app. you cash-in or sell bitcoin online. i know this sounds crazy to you, but some analysts believe it's the future. a kentucky police chief saw