We once read an article about what to say when your parents ask you about Bitcoin and it makes sense that even though we’ve been hearing about Bitcoin for years, the concept may not be understood by everybody. The article explains, “Well, it’s like money in that it has value and you can use it to buy goods and services. It’s also like a stock because the value fluctuates based on supply and demand. Unlike stock, there are no dividends, just whatever the bitcoin is worth on a given day.”
A common question that follows the explanation usually seeks to uncover where you find Bitcoins. Bitcoins are virtual and can be accessed from your computer, which acts as a “wallet.” A global system is used to update everyone’s holdings and a sophisticated computer system is used to help track the money. The money is not backed by any government and isn’t regulated like other currency.
