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There's 100 pennies so in a bitcoin it's whatever the value is, if somebody says i need 10 bucks from you, however much percentage of a bitcoinly transfer. julie: people get transferred with banks because there's hidden service fees and if you don't actually watch checking account like a hawk and use debit card like myself which is my visa, if i don't actually check which i will be honest i don't have time to actually look at every month at all the service fees, if you go and check there are service fees there. what about with bitcoin. you're in charge of your money, are you paying fees for th...

>> bill coin futures set to begin trading for the first time tomorrow evening. digital currency has been rallying at phenomenal speed this year. deidre bolton has details. >> bitcoin launched in 2009 after the global credit crisis when many people lost faith in government and the financial system. from a practical standpoint bitcoin is digital currency, no government guarantying it, no central bank printing it. it is peer-to peer software system that mimics what cash does in the physical world. every bitcoin is signed in open ledger constantly updated across every participating computer's prog...

First of all in laymen terms what is bitcoin? >> it is digital cash. it is what is called crypto currency. it is something that is sort of in the ether of the world. you buy a bitcoin you will not get an actual coin that you take, you will get a percentage of something that has value to it. julie: okay, you take your money out of your bank and you put it in an account with bitcoin? >> right, you would go to bitcoin exchange, kind of the same way you go to a bank and you'd open bank account and put cash in it and the bank would take care of your cash and make sure that it was safe. with bitcoin...

Block chains, imagine ten people in the room and they all have ledger and you walk in and say i have $100 and they say that's correct, all of them say that, that's what sort of keeps it safe is the transparent layer of security where it's all these little bits of information all have the same bits of information that sort of proof you are who you are. julie: you don't have to worry about your money being hacked into because that's a concern as well that somebody could hack into your "and take your cash. >> somebody could hack into bitcoin exchange and create problems -- julie: but chase is goi...

Are also issues about it. there's a lot more put onto you as the users to secure bitcoins and the bank is responsible for all your money and you are responsible for bit coins, element that is make it more secure but also a lot more responsibility put on the user to ensure that. >> there are few venders that accept bitcoin in exchange for a physical good such as a bowl of french onion soup. a lot of people will say do you take bitcoin and they will say, what's bitcoin. as long as you can find somebody else who is willing to accept bitcoin in exchange as a payment, yeah, you can use it to exchan...