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.

This brings us to blockchain. What is blockchain? To simply describe this unstoppable technology, let’s call blockchain as the most important technology of today that is going to change not just our money, but our entire personal and business world.

Bitcoin was the “trendsetter”, the cryptocurrency that was made most famous from the get-go.  However, there are other currencies that are, some believe, better than Bitcoin and could be more valuable.  The video below by CBS News “Peter Thiel invests millions in bitcoin” shows how the technology of blockchain could determine the “winner” in the future. Like Blackberry, the smartphone that was one of top leaders the industry, Bitcoin may become the Blackberry of the cryptocurrency world, or it might maintain the lead to become the iPhone of today.  Whatever the future may hold for these currencies, millionaires are being made in the dot com, correction …. in the cryptocurrency race.