The BIS, which is often dubbed the central bank of central banks, released a chapter from its upcoming annual report on Sunday dismissing bitcoin as “a poor substitute for the solid institutional backing of money. 12 million on the blockchain equivalent bitcoin 24 x 7 Beanie Babies.
Bitcoin keeps coming back in the headlines. With any Bitcoin price change making news and keeping investors guessing. In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Bitcoin is divorced from governments and central banks. It’s organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place.
Every time anyone buys or sells bitcoin, the swap gets logged. Several hundred of these back-and-forths make up a block. No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins. True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker, cheaper, and more reliable form of payment than money tied to individual countries.