All you Need to Know
Bitcoin is a decentralized, peer-to-peer, "cryptocurrency" system designed to allow online users to process transactions through digital units of exchange called Bitcoins. Started in 2009 by a mysterious programmer, Bitcoin has generated plenty of interest and controversy as a "third" type of currency and an alternative to government flat currencies like the U.S. dollar or the euro or pure commodity currencies like gold or silver coins.
Bitcoin payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a "blockchain" on each computer that updates and informs all accounts.