You can’t touch bitcoin, you can’t see it, and it doesn’t actually physically exist. News 13 spoke with two Western Carolina University professors to find out why people believe so strongly in the cryptocurrency.

Trautman said blockchain is a digital transaction record, like a digital ledger. People view bitcoin as more mainstream now, but it didn’t start that way.

“The bitcoin currency gained prominence several years ago for its use, particularly in black market operations, for the purchase of drugs, guns, armaments, death for hire, and that was where the notoriety came in,” Trautman said. “You first get a virtual wallet to hold your virtual bitcoin,” Dr. Taft Dorman, a WCU assistant professor of finance, said.

In December the vale of one bitcoin reached almost $20,000. Now one bitcoin equals about $9,000.

“As we know, the price has fluctuated extensively. If we actually look at it, and compare it with the general financial markets, the price is fluctuating dramatically, more than the general financial markets,” Dr. Dorman said. Read more from…

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