What is Bitcoin? - News, Weather, Sports, Toledo, OH

What is Bitcoin?

(Source: WTOL) (Source: WTOL)
  • Special ReportsMore>>

  • In the air: Just how germy are those hand dryers in public bathrooms?

    In the air: Just how germy are those hand dryers in public bathrooms?

    Monday, June 25 2018 5:45 PM EDT2018-06-25 21:45:19 GMT
    You probably do it without any thought, put your hands under the dryer after washing your hands at a public restroom. Have you every thought about what exactly is being blown onto your hands? Think about it, every time you flush, fecal bacteria may be shooting up into the air. In a recent national study, scientists say from there, it goes into the hand dryer and onto your hands.  "Just wash my hands, put them under there. Don't really give it no thought," Toledo resid...More >>
    You probably do it without any thought, put your hands under the dryer after washing your hands at a public restroom. Have you every thought about what exactly is being blown onto your hands? Think about it, every time you flush, fecal bacteria may be shooting up into the air. In a recent national study, scientists say from there, it goes into the hand dryer and onto your hands.  "Just wash my hands, put them under there. Don't really give it no thought," Toledo resid...More >>
  • The path to a debt-free education? Save early and often

    The path to a debt-free education? Save early and often

    Friday, June 15 2018 6:10 PM EDT2018-06-15 22:10:31 GMT

    Jonathan Sagaser is one of millions of American parents working to send his kids to college. "We had the inspiration to do it early on," he says. Jon and his wife own Sebastiano's Italian restaurant in South Toledo. Their three children, age six, four and two spend a lot of time there as the couple sometimes works 60 to 80 hours a week as small business owners. They plan to pay for half of each of their children's education. "I guess we just want to give them a little b...

    More >>

    Jonathan Sagaser is one of millions of American parents working to send his kids to college. "We had the inspiration to do it early on," he says. Jon and his wife own Sebastiano's Italian restaurant in South Toledo. Their three children, age six, four and two spend a lot of time there as the couple sometimes works 60 to 80 hours a week as small business owners. They plan to pay for half of each of their children's education. "I guess we just want to give them a little b...

    More >>
  • Day tripping: Have an adventure without busting your budget

    Day tripping: Have an adventure without busting your budget

    Tuesday, June 12 2018 10:40 AM EDT2018-06-12 14:40:18 GMT
    (Source: WTOL)(Source: WTOL)

    We're all familiar with our fantastic metroparks, the Toledo Zoo and the Toledo Museum of Art. We have our staples, but if you're up for an adventure this summer, and need to watch your wallet, you need ideas and advice. “The more you can be out and about doing things, the less time they're spending in front of a tablet or a TV,” said Jen Sherwin.  Between nieces and nephews, babysitting, and her own child, Sherwin has finding things to do down to a science.

    More >>

    We're all familiar with our fantastic metroparks, the Toledo Zoo and the Toledo Museum of Art. We have our staples, but if you're up for an adventure this summer, and need to watch your wallet, you need ideas and advice. “The more you can be out and about doing things, the less time they're spending in front of a tablet or a TV,” said Jen Sherwin.  Between nieces and nephews, babysitting, and her own child, Sherwin has finding things to do down to a science.

    More >>
TOLEDO, OH (WTOL) -

Bitcoin is one form of cryptocurrency or digital money.

In fact, there are about 1,500 cryptocurrencies.

A Toledo area investor names a few, "Bitcoin, Eutherium, Litecoin, Ripple, Stellar, Miota, Digicoin, Dogecoin."

An anonymous person or group named Satoshi Nakamoto created Bitcoin. In 2010, its highest price for the year was $.39. Today, it is trading for about $8,000, drawing investors like Chris Stutzman.

"You would see growth of 500 percent or 1,000 percent. These numbers are scary and just as fast as they can go up they can go down," Stutzman said.

Cryptocurrency and Bitcoin are not actual coins, gold in color like they are often portrayed. Think of it more like blocks on a chain, or a block chain.

The value is based on supply and demand, which makes it extremely volitile and just as attractive.

People who got in on it early are getting extremely rich.

Take for instance, the story of bankrupt rapper 50 Cent who remembered he had received Bitcoin years ago and recently cashed it in for $8 million.

"There's nothing more painful I think for folks than seeing their friends getting rich, right," Cleves Delp asked.

Delp's company, TDC Companies, manages nearly $6 billion in client investments.

He is not ready to recommend buying cryptocurrency. However, he says, it is something you need to investigate.

"Although it's different, it's not new," Delp said.

Delp compares the shock of cryptocurrency to some of today's most stable investments in their infancy.

"This isn't the first time there's been this notion of this kind of an investment," Delps explained. "As an example, gold and silver not too long ago went through the same kind of rage. Before that, it was oil and gas."

Delp says cryptocurrency is here to stay, much like self driving cars and online shopping.

"The world will continue to change and evolve and if you're not open to that, you're going to get run over and this is just the emerging of something that's new and different," Delp said.

Experts say the government does not like new and different and has been struggling to regulate the asset.

The SEC and Treasury Department have issued a number of bulletins on the topic.

Still, it is not enough to keep investors away.

"It's at the bottom of the mountain," Stutzman said. "It's on it's way up."

Unlike cash, it is not managed by any government or bank. With cryptocurrency, you are your own bank.

"This just gives more power to the individuals where if I want to give you five dollars, why does a bank, why does one large institution or even the government need to be involved in that," Bruce Cartwright, a "Millennial" Delps has tasked with investigating cryptocurrency so TDC can inform clients, asked.

People also like the anonymity because they can trade Bitcoin or make purchases without their names being revealed, protecting against identity theft.

However, that anonymous exchange also allows for criminal activity, like Silk Road, an online marketplace in which drugs were bought and sold using cryptocurrency, landing its operator in prison for life.

"Cash is the number one way to do illegal activity and that's always going to happen," Cartwright pointed out.

While some retailers do accept Bitcoin, you are not able just yet to visit your favorite fast food chain using Bitcoin.

However, experts do believe the block chain digital payment will be main stream in the future.

Follow WTOL:  

Download our app here

Copyright 2018 WTOL. All rights reserved.

  • Headlines from Lucas, Wood, Ottawa, Fulton & Monroe CountiesNewsMore>>

  • Glass City zombies? 'Toledo' sign seen during 'Walking Dead' season 9 preview

    Glass City zombies? 'Toledo' sign seen during 'Walking Dead' season 9 preview

    Friday, July 20 2018 12:29 PM EDT2018-07-20 16:29:48 GMT

    The Adams Street Zombie Crawl could get a LOT more crowded if a "Walking Dead" season nine trailer is accurate. A signpost that appears during the trailer shows arrows pointing to HQ, Oceanside, Alexandria, Sanctuary and ... Toledo. The season nine trailer was released at the San Diego Comic-Con on Thursday. There isn't much known about what the next season will bring, but the teaser seems to indicate that there is a new survivor settlement called Toledo. In the original...

    More >>

    The Adams Street Zombie Crawl could get a LOT more crowded if a "Walking Dead" season nine trailer is accurate. A signpost that appears during the trailer shows arrows pointing to HQ, Oceanside, Alexandria, Sanctuary and ... Toledo. The season nine trailer was released at the San Diego Comic-Con on Thursday. There isn't much known about what the next season will bring, but the teaser seems to indicate that there is a new survivor settlement called Toledo. In the original...

    More >>
  • Saddles stolen from Dusty Boots horse camp

    Saddles stolen from Dusty Boots horse camp

    Friday, July 20 2018 12:16 PM EDT2018-07-20 16:16:06 GMT
    (Source: WTOL)(Source: WTOL)
    (Source: WTOL)(Source: WTOL)

    Dusty Boots in Weston, Ohio uses hippotherapy to help riders with coordination, balance and strength through the movement of the horse.

    More >>

    Dusty Boots in Weston, Ohio uses hippotherapy to help riders with coordination, balance and strength through the movement of the horse.

    More >>
  • All city pools closed Friday

    All city pools closed Friday

    Friday, July 20 2018 11:53 AM EDT2018-07-20 15:53:09 GMT

    The city announced that all pools will be closed today due to the rain and forecast storms. 

    More >>

    The city announced that all pools will be closed today due to the rain and forecast storms. 

    More >>
Powered by Frankly