What is BitCoin?

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On this edition of Ask the Pro new host Robert Syslo Jr. interviews Bit Coin expert Tom McMurrain. The only way digital currency will be adopted is if it speaks in a language people understand. When the internet first came out there were new terms. AOL did a good job of translating them Tom’s goal is to get people to understand what the new currency is. We use it on a daily basis, we just use different forms of it. What is bitcoin? It’s better to experience it than explain. Go to setupcoinwallet.com and do a small transaction. You’ll see it’s just sending value to each other. In ways it’s almost like a stock. Imagine watching your currency grow. It’s like the 1965 mustang. There is a finite amount of them. Digital currency is the same. Each digital coin has a specific number that is unique, just like each dollar bill has a unique serial number. Everything we do in value has a serial number attached. Bitcoin has 21 million serial numbers. It’s like beach front real estate—they aren’t making any more of it. As the community around Bit Coin has grown the value of each coin has grown. As the community grows around any finite asset, that asset will grow in value. The advantages to using Bit Coin over using a credit card if you are a business is that with credit cards you pay 3% transaction fee, with Bit Coin only 1%. Plus, there are no chargebacks, and much quicker fund transfers. Bit Coin can also be used as a hedge against the inflation of the dollar. It’s bankless banking, much like how Email disrupted the postoffice and broke the value chain of the post office by not needing a stamp to send a letter, Bit Coin is sending money without using a bank. That’s disruptive to the banks. It’s getting rid of the middle man and giving you more control of your money. Control your finances. For more visit Thecoinprofit.info