Bitcoin is a cryptocurrency, a form of electronic cash. It 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: Investing in Bitcoin is highly speculative and carries a large amount of risk. Due to its decentralized nature and lack of regulation, Bitcoin is an illiquid asset and can be difficult to convert into cash or other assets. Investors should be aware of the high volatility, lack of liquidity, and potential for loss when considering investing in Bitcoin.
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.
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