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Financial expert breaks down bitcoin

Posted at 8:34 AM, Dec 21, 2017
and last updated 2017-12-21 08:56:55-05

LEE COUNTY, Fla.-- We are hearing a lot about something called bitcoin, and you may be wondering what it is and if you should buy it.

Local financial professional James Gallagher, owner of Waterstone Financial, is helping us understand it.

He says bitcoin started in 2009 and has been growing ever since. It's just one of over a thousand cryptocurrencies. The digital coding behind it is called block-chain technology.

Gallagher says block-chain technology will change the technology world. He says it is a much safer way to store data and the code has never been hacked.

Although it's secure, Gallagher says he can't advise anyone on the subject because bitcoin is not considered a currency.  

He says he knows people who have made millions, but they bought it a while ago. 

Gallagher says block-chain and cryptocurrency is here to stay, but no one knows what that means about the price of bitcoin.

For financial advice, go to Waterstone Financial