Economists define money as a store of value, a medium of exchange, and a unit of account. Bitcoin is peer-to-peer electronic “money” that is valuable because of the monetary autonomy it brings to its users.
– Transactions are permissionless and borderless. Storage on a distributed ledger permits anyone to verify a transaction securely.– Does not need any identification to use. As long as you control your private keys, you own the funds.
What you hear about in the news are exchange hacks. Remember, bitcoin exchanges are not FDIC insured banks. When you store your coins in any location besides your private wallet, it is akin to leaving your money on the front porch.