Bitcoins are electronic money that can be used to buy things on the Internet. The more Bitcoins people buy, the higher their value becomes. Governments can use Bitcoins to make taxes digital and avoid tax evasion. Bitcoin is also an investment vehicle for investors looking to get in on the ground floor.
There are many people who have heard of Bitcoin, but don’t know exactly what it is or how it works.
Bitcoin is a decentralized digital currency that is not controlled by any central bank or government. Unlike traditional currencies, Bitcoin has no real value in terms of paper and metal, but the price of a bitcoin is determined by supply and demand. Bitcoins are created through a process called mining which groups together transactions made without any central authority or bank, forming a public ledger known as the blockchain.