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Bitcoin is a cryptocurrency, or a type of digital currency that can be securely exchanged over internet platforms.
Bitcoin is used by nearly 25 million people worldwide and is largely believed the be the most popular cryptocurrency.
HOW DOES BITCOIN WORK?
The digital currency is worth nearly $6,500 as of March 31, according to Google. It was worth nearly $10,000 in February.
A Bitcoin logo is displayed on an ATM in Hong Kong. (AP Photo/Kin Cheung, File)
Consumers can use Bitcoin to buy goods and services. Alternatively, Bitcoin can be traded for profit.
US GOVERNMENT AUCTIONING 4,000 BITCOIN WORTH $39M RECOVERED FROM CRIMINAL CASES
All transactions and balances are recorded on a digital public ledger called a blockchain. Blockchains act as a list of records that contain data information like timestamps and transaction history.
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Cryptocurrencies are also decentralized, meaning they are not controlled by any specific government or central banking system, unlike cash or debit and credit cards. They are instead controlled by users and computer algorithms.
Other popular cryptocurrencies include Ethereum, XRP, Tether, Litecoin, Monero and EOS. Even Facebook announced plans to start a cryptocurrency called Libra — an idea that came under strong government scrutiny and quickly lost support.
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This post contains material from a previous FOX Business article.