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Are Bitcoins Becoming the Next Big Thing?

This+picture+is+at+a+convenience+store.+Bitcoins+have+grown+to+have+their+own+ATM.+You+can+log+into+your+bitcoin+wallet%2C+take+out+money%2C+and+do+pretty+much+everything+like+a+regular+ATM.
This picture is at a convenience store. Bitcoins have grown to have their own ATM. You can log into your bitcoin wallet, take out money, and do pretty much everything like a regular ATM.

This picture is at a convenience store. Bitcoins have grown to have their own ATM. You can log into your bitcoin wallet, take out money, and do pretty much everything like a regular ATM.

This picture is at a convenience store. Bitcoins have grown to have their own ATM. You can log into your bitcoin wallet, take out money, and do pretty much everything like a regular ATM.

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Nowadays, everyone is talking and investing in bitcoins. A bitcoin is a type of cryptocurrency.  There are many different cryptocurrencies. The most known are Bitcoin and Ethereum. A cryptocurrency is a currency that is on technology. It is like the dollar bill except you don’t have a physical copy of it. Currency is people agreeing on what something is worth because a dollar bill would just a piece of paper. The same thing is with cryptocurrency.

Bitcoin is one type of cryptocurrency. The goal of bitcoin is to be able to transfer bitcoins without having to go through many banks to make things more convenient. You can transfer money my mobile apps or computers. For example, if you wanted to send money to Spain, your would have to be charged because it goes through many banks to get to the final location. Through bitcoin, your money goes straight to the location. They have made a system in which it verifies that you have used your bitcoin to keep track of what you have left. The transfer usually takes about a few days. You can purchase bitcoins in marketplaces called “bitcoin exchanges.” Security is a concern because they were hacked back in 2016 and lost millions of dollars. Another problem is that they are not ensured by the FDIC. The government doesn’t have control over bitcoin and can’t help if there is a problem.

Bitcoins are now very popular. They have increased in value. The problem is that bitcoins tend to fluctuate in price very much. We only know the creator called himself/herself Satoshi Nakomato. We do not know who they are, so technically we are placing our money in the hands of a stranger. In California there is a Lamborghini store that accepts bitcoin. A teenager became a millionaire from investing his money in bitcoin. The future of bitcoins is very unpredictable. Countries like China, Japan, and Australia have banned using bitcoin from their country. The government is worked up about tax and their power over the currency. Investing in bitcoins is like buying the lottery. You don’t know what will happen.

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Are Bitcoins Becoming the Next Big Thing?