SyMoncey

 - Hey guys, If you bought a single bitcoin a year ago you would've paid just under $1000 for it. However, if you wanna sell that same bitcoin today it is worth over $17,000. Which really begs the question, What exactly is a bitcoin?   The idea is that this is a  virtual currency  that isn't backed by anything physical. It's important to know that this isn't a stock. It is a currency. Now mind you, it's a little bit different than something like a U.S. euro, or the  yen  , or  dollar , which are all backed by specific countries. But the same idea still applies here. And the reason for bitcoin skyrocketing in value is that because everyone wants to take bitcoin in their hands. So how does this work? Well, something like cash, which is printed by the government and can put it in my hand, depends on something known as "Block-chain". A simple way to understand this is to imagine a ledger. Every time anyone buys or sells bitcoin is recorded in this led