What is Bitcoin and why is it used?

[12motor]

I've heard of Bitcoin before and all I know about it is that it's basically electronic currency. But is that all it is? What is the difference between Bitcoin and just using your credit card or using PayPal? Why do people use Bitcoin? What's the point of it when you can use other methods of payment to get real money?

[Carter]

Bitcoin
wallstreetdaily.com/Bitcoins
Should You Invest in Bitcoin? Learn its' Fatal Flaw Now.

That answer it?

[Scott]

Anonymity. That is the idea of bitcoin. Credit cards and other forms of electronic money are easy to link to a person. Bitcoins would be like turning U.S. currency to the euro, its just another form of currency. People use it to pay for things without the risk of losing personal info.

[Brandon]

Yes it is electric currency and the purpose for it is for people not needing to open up bank accounts and that eliminates the risk of bank fraud scandals but the new risk is now people probably could hack into you account and steal your money so idk how to look at the situation of this

[Jordan]

Bitcoin is a new type of currency. Think of it like gold or silver in the trading world except It's something that has value too but can only be used over the internet.

I believe Bitcoins are safter because they cannot be cashed in for real life money. They stay on the web and remain on the web for virtual use.

[Shirley]

It is a digital currency that is created and exchanged independently of any government or bank. The currency is generated through a computer program and can be converted into cash after being deposited into virtual wallets. It exists through an open-source software program and its supply is controlled by a computer algorithm. Once you download and run the Bitcoin client software, it connects over the Internet to the decentralized network of all Bitcoin users and also generates a pair of unique, mathematically linked keys, which you'll need to exchange Bitcoins with any other client. One key is private and kept hidden on your computer. The other is public and a version of it dubbed a Bitcoin address is given to other people so they can send you Bitcoins.