[2015-09-11] ET: All you need to know about Bitcoin

All you need to know about Bitcoin

http://economictimes.indiatimes.com/news/international/business/all-you-need-to-know-about-bitcoin/articleshow/48910867.cms

Q. What is it?

A. Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency like the US dollar or the euro, it has no central bank and is not backed by any government.

Instead, its community of users control and regulate it. Advocates say this makes it an efficient alternative to traditional currencies, because it is not subject to the whims of a state that may wish to devalue its money to inflate away debt, for example.

Just like other currencies, Bitcoins can be exchanged for goods and services -- or for other currencies -- provided the other party is willing to accept them.