You may have heard the term “bitcoin” being thrown around a lot, especially lately. But many do not understand what it actually means.
Satoshi Nakamoto, an alias for an unknown person, created Bitcoin back in 2009 as an alternative currency. You can use bitcoins to purchase items, book flights, and for other reasons all without involving a bank. They are no credit card fees involved with them either, which makes them enticing for small businesses.
Bitcoins are purchased through a marketplace, and they can be transferred between people through mobile devices. Bitcoins are created through a “mining” process where complex math problems are solved to create more and more for people to buy and sell.
Hopefully that introduction to bitcoins helps clear up any confusion you may have had!
Image via Forbes.
