Bitcoin: All You Need to Know as Virtual Money Gets Real

Bitcoin: All You Need to Know as Virtual Money Gets Real

By Kimberly Warner-Cohen, wallstcheatsheet.com

Maybe you dismissed digital currency after all the strange headlines. Perhaps from the start Bitcoin seemed too complex and you skimmed past the topic. But as congressmen use bitcoin ATMs on Capitol Hill, retailers like Overstock.com (NASDAQ:OSTK) begin accepting bitcoins for payment and venture capital investments in cryptocurrency soar, it’s clear digital currency isn’t fading out just yet. Here are some basic questions, answered, that can help get you up to speed.

What Exactly Is Bitcoin? Bitcoin is the name of a digital currency system that is also referred to as cryptocurrency as it relies on cryptography for creation and transfer. Bitcoin with a lower case “b” doubles as a generalized term for digital currency. Bitcoins can be obtained by purchase through an exchange or via transfer into a user’s digital wallet.

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