GREENVILLE, N.C. (WNCT) — Bitcoin is currently the most popular form of cryptocurrency. Now it’s starting to become more accessible in North Carolina, but there are questions over whether it is more of a risk than a reward.
Bitcoin is a digital currency founded in 2008. There are 21 million bitcoins in the world, meaning it’s a fixed and limited form of currency that should hold its value steady.
People keep track of transactions through an online ledger called block chain. It is anonymous. Only the transaction history can be seen through the online ledger.
Supporters highlight the fact that it’s decentralized, meaning there are no third parties involved, like banks or governments. They call it the future of currency. Some experts warn the currency is too volatile for the average person to look into.
You’re able to move Bitcoin from any phone, from any computer to another one around the world. So people use it as a medium of exchange for payments and remittances as well.
Neil Bergquist, Co-Founder/CEO CoinMe
It is hard to imagine that if you go to a car dealership and you want to put the down payment in ten thousand dollars, in Bitcoin, by the time you walk out the door, it’s worth 20 percent more or 10 percent less.
Haiyong Liu, chair of the East Carolina University Economic Department
You can “mine” Bitcoin by solving complex algorithms, or by buying it now at some Harris Teeter and Food Lion locations through the Coinstar and MoneyGram kiosks.