What the Heck Is Bitcoin, Anyway?

A 6-minute read for those confused or new to Bitcoin

It’s all over the news. You’ve heard it’s been going up in price, that it is volatile. Backers say it is the future, that it may go up to $1,000,000, and it will become the global reserve currency. Detractors say it’s not hard money, it’s magic internet money, that it could go down to $0. Some even go so far as to say it’s a giant Ponzi scheme.

You are either in the know or friends, family, and co-workers are talking to you about it. And it’s not just that one annoying guy like it was in 2017. It seems like it’s everyone.

So… What the heck is Bitcoin?

What is Money?

To fully explain what Bitcoin is, I am going to go more basic and dive into what money is. What is money? Money is an idea. To be considered valid, there must be confidence that if one accepts money, he will then be able to turn around and use that money somewhere else and that it will then be accepted.

Money is any object that is generally accepted as payment for goods and services and repayment of debts. The main functions of money…