Bitcoin is a digital currency that is created through “mining” and recently reached its highest value at more than $3,500 per bitcoin. But what is it, exactly?
Wences Casares, founder of bitcoin wallet startup Xapo, joined Tuesday’s “The Glenn Beck Radio Program” to explain what makes bitcoin unique and why the average person doesn’t need to struggle with understanding it.
The important thing to remember is that you can use and understand bitcoin without truly understanding all of its mechanics. Casares compared bitcoin to the internet, something that many people use without fully comprehending how the technology works. He also listed three things “that did not exist before bitcoin existed” and make the digital currency unique.
First of all, bitcoin is not under the jurisdiction of any one country or military force.
“Nobody can control it,” Casares said. “Not me, not any group of people, not any company, not any country, not any army.”
Unlike regular money, bitcoin was developed to reach a finite amount; there will never be more than 21 million bitcoin in the world. The third quality that makes bitcoin unique is that it gives you the ability to send currency instantly to anyone in the world. “No one can keep you from acquiring some bitcoin,” Casares explained.
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