- Producer/Writer: Joanes Prosper
- Editor/Writer: Stacey Peterson
- Director of Photography: Caroline Stucky
- Voice-over: Gesley Alexis
- Logo Graphic: Yahor Marozau
- Sound Mixer: Evan Joseph
You’ve probably heard the word Bitcoin popping up more and more in conversations and maybe even as an online payment option. But, what is it really? Where did it come from and should you care?
Bitcoin was introduced to the world on January 3rd 2009, after the 2008 financial collapse.
It was created by an entrepreneur, who went by the name Satoshi Nakamoto, as a new peer-to-peer electronic cash system that did not require a bank or a middleman as an administrator. Thus, making it the first decentralized monetary system.
To explain it plainly, Bitcoin is an encrypted digital currency, also known as a cryptocurrency, that allows individuals to send money, in the form of digital coins, to each other through the internet.
Bitcoin purchases and transactions are verified through a technology called Blockchain. Unlike our current system which relies on banks to approve all digital transactions, Blockchain technology relies on a network of open computers to confirm the legitimacy of someone’s coins. Once the computers approve, transactions are completed.
So why should you care?
People are turning to Bitcoin as a new form of currency which does not require a middleman or an institution to govern transactions and dictate value. In theory, this should make it a more honest way of doing business with each other. Like cash and other forms of payment, you can use Bitcoin to shop online, book hotels, buy food at select restaurants and now even purchase a home.
If you’re a business, it gives you the ability to remove the middleman from your transactions and can be helpful in reducing your banking and processing fees for online purchases made on your site or store.
Even with these benefits though, there are still a lot of unknowns about the security of Bitcoin and its future. For now, it’s definitely worth keeping on your radar. And, if your going to invest into bitcoin, do so responsibly and take risk you can afford.