Bitcoin is an alternative currency produced out of thin air by burning up graphic cards and wasting the equivalent of a 10000 persons village annual electricity consumption every day.

It is mainly used for tax evasion, pyramid/ponzi schemes and the procurement of drugs and/or child pornography. It is currently slated to replace all other world currencies in the next 10 to 20 years coinciding with the abolishment of all government and the rise of the anarcho-libertarian rule.

This may sound like I'm joking, but I'm not.