- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/190207141811-01-bitcoin-file.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/190207141811-01-bitcoin-file.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
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Updated 7:57 AM EDT, Wed March 17, 2021
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A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England.
Bitcoin has an energy problem
03:10 - Source: CNNBusiness
Cryptocurrency, Blockchain and NFTs 16 videos
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Updated 7:57 AM EDT, Wed March 17, 2021
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A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England.
Bitcoin has an energy problem
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Updated 7:57 AM EDT, Wed March 17, 2021
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Binance Markets Now
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Updated 7:57 AM EDT, Wed March 17, 2021
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Updated 7:57 AM EDT, Wed March 17, 2021
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Updated 7:57 AM EDT, Wed March 17, 2021
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US Microsoft founder, Co-Chairman of the Bill & Melinda Gates Foundation, Bill Gates, poses for a picture on October 9, 2019, in Lyon, central eastern France, during the funding conference of Global Fund to Fight AIDS, Tuberculosis and Malaria. - The Global Fund to Fight AIDS, Tuberculosis and Malaria on October 9, 2019, opened a drive to raise $14 billion to fight a global epidemics but face an uphill battle in the face of donor fatigue. The fund has asked for $14 billion, an amount it says would help save 16 million lives, avert "234 million infections" and place the world back on track to meet the UN objective of ending the epidemics of HIV/AIDS, tuberculosis and malaria within 10 years. (Photo by JEFF PACHOUD / AFP) (Photo by JEFF PACHOUD/AFP via Getty Images)
Video: Bill Gates mocks Bored Ape NFT's
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Updated 7:57 AM EDT, Wed March 17, 2021
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Bitcoins with US tax form 1040. Golden Bitcoin on tax form. Tax form pay concept
Here's why bitcoin's drop has investors worried
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Updated 7:57 AM EDT, Wed March 17, 2021
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A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England.
Stablecoins faltering amid crypto market volatility
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Updated 7:57 AM EDT, Wed March 17, 2021
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bitcoin mining washington watt dnt
A quarter of all the electricity in this county is powering Bitcoin mining
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Updated 7:57 AM EDT, Wed March 17, 2021
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Internet cables and power cables at a bitcoin mine in Sichuan Province, China, on September 27, 2016.
Bitcoin's carbon footprint is growing larger. Here's why.
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Updated 7:57 AM EDT, Wed March 17, 2021
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Coins representing crypto currency of bitcoin, ethereum, litecoin, monero, ripple, dash, on a dark background, a pattern of coins. Business, finance and technology concept.
Cryptocurrencies take Hollywood, sports and politics by storm
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Updated 7:57 AM EDT, Wed March 17, 2021
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Sen. Brown on cryptocurrency: Fraud, scams and outright theft
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Updated 7:57 AM EDT, Wed March 17, 2021
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bitcoin couple hack arrest Ilya Lichtenstein Heather Morgan
DOJ seizes $3.6 billion tied to New York couple's bitcoin hack
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Updated 7:57 AM EDT, Wed March 17, 2021
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ben mckenzie crypto
TV star has new role: Crypto critic
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Updated 7:57 AM EDT, Wed March 17, 2021
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The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)
Crypto.com buys Staples Center naming rights
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Updated 7:57 AM EDT, Wed March 17, 2021
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04 Bitcoin FILE
Crypto: The future of money or the biggest scam?
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Updated 7:57 AM EDT, Wed March 17, 2021
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JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)
Jamie Dimon blasts bitcoin as 'worthless'
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- Source: CNNBusiness
New York CNN Business  — 

After years of skepticism, bitcoin is finally gaining mainstream credibility.

Tesla (TSLA) is now accepting bitcoin as payment, and disclosed it had purchased $1.5 billion in the cryptocurrency as part of its cash holdings. Meanwhile, Uber (UBER) and Mastercard (MA) also said they plan to start accepting bitcoin. BNY Mellon and BlackRock are looking into bitcoin. And Jay Z and Twitter CEO Jack Dorsey announced they establishing a bitcoin development fund.

There is speculation that as more financial institutions invest in bitcoin, more companies will join. Some investors believe that it could be a good hedge against inflation and a weak dollar. The Federal Reserve cut interest rates in March 2020, severely weakening the US dollar and shooting up the price of bitcoin.

So if you’ve been ignoring bitcoin thinking it might just be a financial fad, now’s the time to start paying attention. Here’s what you need to know.

What is bitcoin?

Bitcoin is a cryptocurrency created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are anonymous and are made with no brokers or intermediaries.

You can’t physically use bitcoin – it’s a digital currency. And it’s decentralized, meaning that it isn’t controlled by a bank or government.

At this very moment it can be used everywhere from Overstock.com to PayPal – and that list is expanding quickly.

A lot of people also see bitcoin as a good investment. And that’s certainly been true this week, considering that bitcoin surpassed $60,000 this week. In January, the cryptocurrency hit records of over $40,000.

Where can I buy bitcoin?

Bitcoin is 100% digital. Marketplaces called “bitcoin exchanges” allow?people to buy?or sell bitcoins?using different traditional currencies. Coinbase is a leading exchange, along with Coinmama, CEX.IO and Gemini.

Where do I keep my bitcoin?

Bitcoin is stored in a digital wallet, which is either on the cloud or your computer. It’s like having a virtual bank account. But unlike bank accounts, stored bitcoin isn’t insured by the FDIC.

Wait, what does Elon Musk have to do with this?

Elon Musk, CEO of Tesla and SpaceX, has a history of tweeting support for assets and sending their value soaring, and the world’s richest man is very big bitcoin booster.

“I think [bitcoin] is on the verge of getting broad acceptance by conventional finance people,” Musk said in a recent interview on the audio-only social app Clubhouse.

Not long after that he formalized Tesla’s relationship with the crypto, the corporate announcements started flowing.

Is bitcoin safe?

The cryptocurrency is highly volatile, and therefore very risky. For example, in January bitcoin’s value rose to $42,000, fell to $30,000, then rose again to $40,000 – all in the course of one week.

And there some inherent dangers to a digital currency: A hacked server, a deleted file or a lost password could mean the funds are lost forever.

-— CNN’s Paul R. La Monica, Chris Isidore, Tal Yellin and Hanna Ziady contributed to this report.