Most people have heard of the term Bitcoin but don't have a clear idea of what it really is. Simply defined, Bitcoin is a decentralized, peer to peer, digital currency system, designed to give online users the ability to process transactions via digital unit of exchange known as Bitcoins. In other words, it is a virtual currency.
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The Bitcoin system was created in the year 2009 by an undisclosed programmer(s). Since then, Bitcoin has garnered huge attention as well as controversy as an alternative to US dollar, Euros and commodity currencies such as gold and silver.
A private network of computers connected by a shared program is used to carry out transactions and process payments in Bitcoin. The creation of Bitcoins are based on increasingly complex mathematical algorithms and its purchase is made with standard national money currencies. Users of Bitcoin can access their coins with their smart phones or computers.