The price of Bitcoin went up 800% since January 2020. It now trades in excess of $56000 (as of June 1, 2021). We know that Bitcoin is a "cryptocurrency". But what is that? In this discussion, I want

The price of Bitcoin went up 800% since January 2020. It now trades in excess of $56000 (as of June 1, 2021). 

We know that Bitcoin is a "cryptocurrency". But what is that? In this discussion, I want you to explain it to me as if I am completely unfamiliar with it. Simplify it for me, please. You can also give value judgments (is it a good thing?), or do some forecasting (will it become very popular?), but you must explain things simply.

Please do your own research, but do watch this segment of a John Oliver Show from two years ago. Please do not mind, it has some salty language, but one can learn a lot from it. Please write 250 word discussion 

www.youtube.com/watch?v=g6iDZspbRMg