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.
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 price of Bitcoin has been decreasing today because of a variety of reasons. One reason is that the Chinese government has been cracking down on cryptocurrency exchanges. This has led to a decrease in demand for Bitcoin in China, which has caused the price to drop.
Another reason is that there has been a general decrease in demand for cryptocurrency as investors have become more cautious about investing in this volatile market. Lastly, the decrease in price could also be due to technical factors such as a sell-off by early investors who are taking profits after the recent run-up in prices.
Despite the reasons for the decrease in price today, Bitcoin remains a popular and widely used cryptocurrency with a growing ecosystem of businesses and services accepting it as payment.