SAN DIEGO -- About 20 Bitcoin ATM's have popped up in San Diego County in the last few months, pointing to the growing popularity of the so-called cryptocurrency.
But what exactly is a cryptocurrency? FOX 5 reporter Jaime Chambers went to a Cryptocurrency Meetup in San Marcos and came back with these five things you should know about Bitcoin before you buy any.
- Bitcoin is a non-governmental currency that is traded without a central bank.
- The idea was originally launched 9 years ago by a mysterious creator under a false identity, but even with all the mystery, Bitcoin is by most accounts thriving.
- Bitcoin can be purchased like a commodity or can be acquired by computers mining theoretical codes that correspond to a specific Bitcoin. (This takes a lot of computing power)
- Investing in Bitcoin has made hundreds of people millionaires, but the cryptocurrency is extremely volatile.
- Bitcoin was originally priced at a few cents a coin but has also traded as high as $20,000 a coin.
The San Diego Bitcoin Meetup has nearly 1,500 members. The group meets the first Thursday of every month. You can learn more about the group on their Meetup page.