Bitcoin (a type of money that is completely virtual)

We’ve seen Bitcoin hit multiple new all-time high prices over the past year — followed by big drops — and more institutional buy-in from major companies. Ethereum, the second-biggest cryptocurrency, notched its own new all-time high late last year as well. U.S. government officials and the Biden administration have increasingly expressed interest in new regulations for cryptocurrency.

All the while, people’s interest in crypto has skyrocketed: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.  

In many ways, 2021 was a “breakthrough,” says Dave Abner, head of global development at Gemini, a popular cryptocurrency exchange. “There’s tremendous focus and attention being paid to [the crypto industry].”
Bitcoin is more than a cryptocurrency used as a payment or for investors to hold and hope for value increases. There is an entire ecosystem at work behind a cryptocurrency. There are many of these ecosystems working on the internet today, but because Bitcoin was the first, it's essential to understand what makes it work and how.

Learn what's going on behind the scenes in the Bitcoin network to help you further your understanding of this digital phenomenon and how it influences the world's finances.