What is Bitcoin?

data-reactid=”.p6wqxpo612.1.4.2.0.0.0.$12″>Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency – is a type of money that is completely virtual.

data-reactid=”.p6wqxpo612.1.4.2.0.0.0.$13″>It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.

data-reactid=”.p6wqxpo612.1.4.2.0.0.0.$14″>However, some companies are beginning to buy into its growing influence.

data-reactid=”.p6wqxpo612.1.4.2.0.0.0.$15″>In October last year, for example, the online payment service, PayPal, announced that it would be allowing its customers to buy and sell Bitcoin.

data-reactid=”.p6wqxpo612.1.4.2.0.0.0.$16″>The physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them. Source.