NEW YORK (CBSNewYork) — If you’ve seen the news about Bitcoin lately, you’re probably wondering whether it’s a scam, a craze or if it’s here to stay.
The answer may be a bit of each, but Bitcoin is increasingly finding its way into everyday life, reports CBS2’s cyber security expert Siobhan Gorman.READ MORE: New York City Rolls Out $100 Incentive For Getting Vaccinated As CDC Report Warns Delta Variant As Contagious As Chicken Pox
So what is Bitcoin? It’s is a digital currency, often called a cryptocurrency, that can be used like other assets to purchase goods and services.
The term cryptocurrency can sound suspicious, but it just means the currency has additional security that makes it hard to counterfeit.
Bitcoin runs on a technology called blockchain, which stores records of each Bitcoin transaction on a distributed network, or ledger system, that makes it very tough to hack.READ MORE: Broadway Vaccine Mandate: Audiences Must Be Vaccinated And Masked; Performers, Crew And Staff Required To Be Vaccinated
If you buy Bitcoin, or any cryptocurrency, you do need to make sure that you’re doing it safely. You can store it on a physical device, like a USB drive, so it can’t be swiped online.
And if you store your Bitcoin in an online wallet, make sure you take security precautions like strong passwords and two-factor authentication, which requires two forms of verification to access your account.MORE NEWS: Man Suffers Broken Nose In Alleged Anti-Asian Attack At Midtown Subway Station
It’s OK to try out cryptocurrency if you’re careful but make sure to take the same online security precautions as you would for other types of digital accounts.