Is Bitcoin real money?
Yes, Bitcoin is technically real money. It is totally online, so you can’t get physical notes or coins. You can use it to buy things, but not many shops accept it just yet. Money expert Martin Lewis has even shared his tips on whether or not it’s worth buying.
Some businesses in the US, Canada, Australia, and the EU have started moving towards accepting Bitcoin – but there is a long way to go yet before it competes with our current form of currency. Bitcoin is banned in countries including China, Russia, and Vietnam as it is not considered a legitimate form of payment.
It is very high-risk, but some people have made a fortune from it.
However, the nature of it being virtual means that difficulties can part you from your money very easily.
For example, this man accidentally lost his hard drive containing £230 million he had culminated through Bitcoin, while this man who forgot the password for his £175 million cryptocurrency fortune has just two guesses left.