[2015-12-09] ET: What is bitcoin? A look at the digital currency Read more at:

What is bitcoin? A look at the digital currency

http://economictimes.indiatimes.com/news/international/business/what-is-bitcoin-a-look-at-the-digital-currency/articleshow/50112809.cms

Q: What's a bitcoin?
A: Bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks, credit card issuers or other third parties. As a result, this exotic new form of money has become popular with libertarians as well as tech enthusiasts, speculators _ and criminals. Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next.

Q: So why is bitcoin in the news again?
A: Technology publications Wired and Gizmodo published reports this week claiming an Australian businessman is bitcoin's likely inventor. The Australian Federal Police said the search Wednesday was related to a tax investigation and not recent media reports on bitcoin.