What is Bitcoin

America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence.

That works out to over $25 in fees annually for every adult American.

Despite public outcry, banks show no sign of scaling back on fees. The big three banks collected nearly $300 million more in ATM and overdraft fees in 2016 than they did in 2015“.

– by Heather Long @byHeatherLong CNNMoney – February 22, 2017: 11:27 AM ET

So … what is bitcoin?

For now, we can think of Bitcoin as money recorded on a secure and encrypted ledger.

This ledger (called “blockchain”) is decentralized, meaning it is not controlled by the central banks or any other organizations. Therefore, Bitcoin is decentralized money.