Breaking down bitcoin

FOX 10's John Hook talks to Clinical Associate Professor of Finance Geoffrey Smith about cryptocurrency on the station's Newsmaker Sunday show.

Watch and learn about digital currency in this news segment on Fox 10 Jan. 8, 2018:

Bitcoin is a digital currency. The advantage of it is that it's a distributed ledger. What that simply means is that the recordkeeping is done globally on the internet. There are people called miners that are responsible for keeping track of these transactions, making sure the transactions are valid, and providing recordkeeping of the transactions. Instead of having a traditional bank, which keeps track of these transactions, or your credit card for example that keeps track of your transactions, it's a currency that's tracked on a distributed ledger across the internet. It's totally invisible and anonymous. It's hard to track who is undertaking the transactions.&nbsp

— Clinical Associate Professor of Finance Geoffrey Smith.