Bitcoin can be very confusing for those that are not familiar with the techy term.
It is a digital currency that is created and held electronically. Bitcoins aren’t printed, like dollars or euros or pounds – they’re produced by businesses, running computers all around the world, using software that solves mathematical problems. They operate independently of a central bank. Encryption is also used to regulate bitcoin units and the transfer of currency.
Experts say it the first example of a growing category of money known as cryptocurrency. Developed by a software developer called Satoshi Nakamoto, the idea was to produce a currency system that did not have any central authority and could be used to buy things electronically. It is also anonymous, users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
However, when your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever!