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!!