Newsminute Economics: #4 Bouncy Bitcoin

Hi, I’m Professor Tigger, and today on the Newsminute Economics show, we’re going to talk about Bitcoin, a currency that can’t get predicted by man.

Bitcoin is a cryptocurrency - a digital currency created, exchanged, and kept safe via codebreaking. It is valuable, with yesterday “bouncing” to a new high of nearly $58,000, because it is rare, like gold. Just like mining gold, you need to “mine” Bitcoin, cracking complicated codes using super-powerful computer hardware. Counterfeiting and stealing it is close to impossible since every transaction gets publicly documented. Even though it is a sometimes good investment, it is also unfriendly to the environment due to mining computers burning extra fossil fuels. But that can change if cleaner energy sources get used.

Overall, you can’t say Bitcoin is good or bad for the environment, just like you can’t predict its bouncing price. So if you want to get some, buy it instead of mining it because as of now, the environment wouldn’t be too happy!