SEASON 1 - Ep.10 What’s Bitcoin?

Hi and welcome back to NoKiddingNews. I’m Bruno, and I’m here to keep you informed but also engaged.

Let’s start today’s episode with a simple question. If one of my aunts and uncles had decided to give me £1 in Bitcoin on the day I was born, guess what it would be worth today, ten years later? A jaw-dropping, shop-stopping, unbelievable £230,000!

After THAT, I bet you want to hear more about Bitcoin. What is it? How does it work? What are the risks?

First, the basics: Bitcoin is a digital currency. But what is a currency, you ask? And what does it mean that it’s digital?

A currency is a storage of value. Think about £5 note. It’s just a bit of plastic with some pretty pictures on it, but you accept it as payment because you know that you can trade that piece of plastic for goods in the future and other people will accept it too.

A currency, in the end, is a convention. Most modern currencies have no other value except for the backing of a government. These are called “legal tender”, which means that all prices have to be stated in that currency in a given country and people must accept it. In the past, old currency was backed by gold, but that is a loooong story which we can talk about another time.

And what does it mean that it’s “digital’? Well, digital currency means that it’s only available in digital or electronic form, not physical. Also, Bitcoin specifically is not backed by any government.

Let’s go to our guest Zac who has done some pretty amazing research for us …So Zac can you tell us where Bitcoin comes from and why it’s so valuable?

Listen to the full episode: