Is Bitcoin a cryptocurrency? – Fox Business

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Bitcoinis a cryptocurrency, or a type of digital currency that can be securely exchanged over internet platforms.

Bitcoin is used by nearly25 millionpeople worldwide and islargely believed the be the most popularcryptocurrency.

HOW DOES BITCOIN WORK?

The digital currency is worth nearly $6,500as of March 31, according to Google. It was worth nearly $10,000 in February.

A Bitcoin logo is displayed on an ATM in Hong Kong. (AP Photo/Kin Cheung, File)

Consumers can use Bitcoin to buygoods and services. Alternatively, Bitcoin can be traded for profit.

US GOVERNMENT AUCTIONING 4,000 BITCOIN WORTH $39M RECOVERED FROM CRIMINAL CASES

All transactions and balances are recorded on a digital public ledger called a blockchain. Blockchainsact asa list of records that contain data informationlike timestamps and transaction history.

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Cryptocurrencies are also decentralized, meaning they are not controlled by any specific government or central banking system, unlike cash or debit and credit cards. They are insteadcontrolled by users and computer algorithms.

Other popular cryptocurrencies include Ethereum, XRP, Tether, Litecoin, Monero and EOS. EvenFacebookannounced plans to start a cryptocurrency called Libra --- an idea that came under strong government scrutiny andquicklylostsupport.

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This post contains material from a previous FOX Business article.

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Is Bitcoin a cryptocurrency? - Fox Business