Bitcoin 101 with Brooks Clifford
In a nutshell, Bitcoin is complicated. Brooks shared with Wayzata Rotary several aspects of Bitcoin and answered questions about this virtual currency. Some highlights:There is a pre-determined finite amount of Bitcoins that will ever be created. That number is 21 million. Currently, there are 17.3 million in circulation.
One bitcoin, this week, is worth approximately $10,000.00. The currency is highly volatile so the value ranges can be rather dramatic.
There are actual Bitcoin ATMs around the USA.
Bitcoin allows a person to be their own banker, and is easy to use and travel with as one can access through their phone.
Mining bitcoins consumes a massive amount of electricity to run the network and is likened to mining gold and silver. It is expensive to do and that is a portion of determining the value of a bitcoin.
It takes approximately $3,000 in electricity to create one Bitcoin.
The IRS does have a schedule of how to tax Bitcoin.
While there was a lot shared, there is still a great deal to learn and understand about this Crypto currency!!