What are Bitcoins?

Media

ORONO - You may have heard of the Bitcoin. It's the first online global currency that doesn't have an exchange rate, or use a central bank.

In 2008, the Bitcoin was born.  The first online currency that doesn't use a central bank to send money from person to person.

So why is it becoming popular? That's the question Nory Jones' E-Commerce class has been trying to answer.

Today, one Bitcoin is valued at just under $795 U.S. But that rate is constantly fluctuating.

As each one is created it becomes increasingly difficult to make subsequent Bitcoins, and only 21 million can exist. Meaning their value will grow.

Those with digital wallets should be careful to protect their private encryption key, as the risk that comes with the anonymous online currency can show itself.

Some may question the legitimacy of Bitcoins, as they are being used globally, creating a new form of currency that many countries' governments aren't too pleased with.

Erin Thomas

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Erin joined the ABC-7 and FOX Bangor news team in February 2012. She was born and raised in Presque Isle, Maine where she attended Presque Isle High School.  While in college Erin interned in the WVII news room before working as a Production Assistant.  In May of 2012, Erin received her Bachelor of Arts in Journalism from the University of Maine, along with a minor in Anthropology.  When she's not out covering local news, Erin enjoys running, skiing, visiting with family and friends, and traveling around this beautiful state.  She is especially interested in outdoor adventure so if you have a story idea, send it her way!

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