Although created in 2009, the popularity and value of the crypto currency Bitcoin skyrocketed in 2017, making its worth almost match the price of gold.
Though Bitcoin is a worldwide phenomenon and accessible to anyone with a computer, it is mysterious in its concept, leaving people wondering what it truly is.
Simply put, Bitcoin is an online, anonymous currency used to complete transactions without any middlemen, such as banks. They are not tied to a specific country and cannot be tracked.
“It’s for the ultimate secret shopper since it’s completely anonymous,” said Jacqueline Brome, freshman undeclared major.
Uses for Bitcoin vary drastically. Anyone can use Bitcoin to purchase normal, everyday items online. On the other hand, many people use bitcoins to make secret, anonymous transactions to buy drugs or other illegal items on the dark web. Some investors even purchase bitcoins, then sell them when their value goes up to make more virtual money, like stocks.
“If you have someone whose morals are in line and use bitcoin as a currency or a form of investment, then I think it’s positive for the global economy,” said Timothy Roe, Jr., freshman computer science major.
Bitcoins are incredibly complex in concept because of the value of its currency and the usage of it. There are various forum sites dedicated to bitcoins and even contests created to win them.
They are a worldwide phenomenon that many people can hardly grasp, yet the obsession still lingers across the nation.