BITCOIN

A decentralized digital currency that enables low-cost payments without the need for central authorities and issuers. Bitcoin is a peer-to-peer (P2P) currency system created in open source C++ programming code. Bitcoins can be accessed from anywhere in the world with an internet connection. Once a user has Bitcoins, they are stored in a digital wallet. Bitcoins can then be sent to anyone else who has a Bitcoin address. Bitcoin was developed in 2009 and based on the works of an individual or group of individuals known as Satoshi Nakamoto.

Bitcoin transactions occur quickly in the online environment without central authorities. The value of Bitcoins fluctuates against other currencies and conversion to and from other currencies can be performed at specific online exchange services. As of August 2011, there were more than 7 million Bitcoins in existence. Bitcoins hardcoding limits the total number of Bitcoins to be "released" to 21 million. As a decentralized and unregulated currency, there has been concern that Bitcoin is used in black market transactions.