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.
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.
The value of a bitcoin fluctuates constantly and is determined by market forces, such as supply and demand. The price of a bitcoin reached an all-time high of $1,165.
89 on November 29, 2013, before crashing to $600 by December 18th.
The value of a Bitcoin is determined by the market forces of supply and demand. The price of Bitcoin fluctuates constantly and is influenced by factors such as media hype and global events.
The best time to buy Bitcoin is when the price is low and the demand is high.