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When a large number of people are making huge profits from their relatively small investments, heads turn.
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In this case, the drama is even greater because people around the world are making money off of another obscure form of money.
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Bitcoin... Let's start with what it is. Bitcoin is a digital currency. It's completely intangible.
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So unlike dollars, there aren't any bills or coins, and Bitcoin transactions happen digitally.
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Anonymously and without the help of any banks or middle men, you can already use it to book hotels, shop online and some restaurants like subway even accept Bitcoin.
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So you're probably wondering how Bitcoin gets printed or how you could send Bitcoin without the help of a bank.
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When you Venmo⁽¹⁾ your friends, there's a bank to oversee, approve, and log that transaction.
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Banks can also charge you fees, freeze your account and they can also be vulnerable to major data breaches.
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That just doesn't exist with Bitcoin. Instead, Bitcoin uses blockchain technology. It's what allows us to cut out that middle man and send money directly to each other.
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So instead of a bank monitoring every transaction and network of computers are verifying every transaction.