http://www.moneyweb.co.za/moneyweb-101-for-beginners/bitcoins-simplifiedWhat is Bitcoin?
It’s similar to the U.S. dollar, the euro or the Mexican peso - except that it isn’t controlled by any country; you can’t hold one; and you can’t buy many things with it right now. Some tech-savvy companies - notably blogging-tool maker WordPress - are starting to accept payments in Bitcoin.
While some enthusiasts have issued bills and coins that serve as physical proxies for the currency, Bitcoin was designed to be purely digital. You can’t go to an ATM and take out a Bitcoin, or put one in a cash register. Bitcoins live in online wallets, which are accessed via a computer. It’s more like a MP3 than a CD.
