The World Of Bitcoin Economics | Science Friday

You may have heard of Bitcoin, the virtual cryptocurrency created by programmers to disrupt and decentralize our current banking system and provide security for monetary transactions. Since the virtual currency was created eight years ago, it seemed to stay in the hands of high-tech communities. But recently the cryptocurrency has been gaining worth. This summer the value of one Bitcoin jumped up to $5,000.

[Customize your cryptocurrency with altcoins.]

Economist Garrick Hileman from the Cambridge Centre for Alternative Finance at University of Cambridge breaks down what caused this increase in Bitcoin’s value, and what role the currency might play in future markets. Plus, journalist Morgen Peck visited a virtual Bitcoin mining facility in Inner Mongolia, and joins Ira to talk about why Asia has become a hotspot for the cryptocurrency. 

How do blockchains work? Peck explains the technology behind Bitcoin on IEEE Spectrum.