Page 8 - January The Scoop

NEWS FROM IT:

Bitcoin: An Innovative Payment Network and a New Kind of Money!

1. The value of Bitcoin has risen over 2061% over the past year, from $750 to $16,830 per
coin.

2. Bitcoin is a cryptocurrency developed to be used as a form of decentralized currency
(countries and banks cannot control it).

3. Revolutionary Blockchain technology is behind Bitcoin, it consists of blocks of transactions
which are heavily encrypted and once verified cannot be changed, these transactions
create a ledger. The data they contain is easily shared across a network of computers.
Banks and brokerages are investing heavily in this technology, they will be able to
purchase investment products and move money between accounts instantly, manually
auditing will no longer be necessary.

4. Bitcoin is created by “miners” who solve a cryptographic puzzle to add to the chain, SHA-
256 for those with inquiring minds. For their work, they are rewarded in bitcoin.

5. Bitcoin is not the only cryptocurrency using blockchain technology, some of the most
popular are Etherum, Lite Coin and BitCash.

6. Cryptocurrency is similar to cash in that is can be spent, lost or stolen. Unlike bank
transactions, once your bitcoin is sent to someone, the transaction is not reversible.
There are currently 100 Coinsource Bitcoin ATMs scattered throughout Georgia. Retailers
such as Overstock.com, Subway, Tesla, Square, New Egg, Shopify and Microsoft accept
Bitcoin and other cryptocurrencies. There is also an app for retailers that will instantly
sell the bitcoins and deposit the proceeds into a checking account.