Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
NOTE: WARNING: Buying Bitcoin in Canada can be risky. Investing in cryptocurrencies carries a high degree of risk and may not be suitable for all investors. Before deciding to buy Bitcoin, you should carefully consider your investment objectives, level of experience, and risk appetite. You should also be aware of the potential pitfalls associated with buying Bitcoin or other cryptocurrencies, including the potential for loss of capital due to market volatility, hacking and scams. If you are considering buying Bitcoin in Canada, please consult a qualified financial advisor before making any decisions.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.