A 6-minute read for those confused or new to BitcoinIt\u2019s all over the news. You\u2019ve heard it\u2019s 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\u2019s not hard money, it\u2019s magic internet money, that it could go down to $0. Some even go so far as to say it\u2019s a giant Ponzi scheme.You are either in the know, or friends, family, and co-workers are talking to you about it. And it\u2019s not just that one annoying guy like it was in 2017. It seems like it\u2019s everyone.So\u2026 What the heck is Bitcoin?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 are distinguished as:1) a medium of exchange 2) a unit of account3) a store of valueOnce upon a time, money such as US Dollars were backed by an actual commodity, such as gold. One could exchange these slips of paper referred to as \u201cmoney\u201d for a certain amount of gold, silver, or another metal. This could even be tied to any other commodity, such as oil.This is not the case anymore. World currencies are issued by central banks and are not tied to any asset such as gold. One must have confidence in the country\u2019s government of the central bank and the ability\u2026<\/p>","protected":false},"excerpt":{"rendered":"
A 6-minute read for those confused or new to BitcoinIt\u2019s all over the news. You\u2019ve heard it\u2019s been going up in price, that it is volatile. [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4470"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=4470"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=4470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=4470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=4470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}