Bitcoin is a digital currency invented in 2009 by a cryptographic expert who went by the pseudonym, Satoshi Nakamoto, but whose true identity remains unknown.
This currency exists only in computers, minted at a regular rate by a network of machines around the world, and it's value isn't regulated by any government. The currency, like its creator, clings to the shadows.
#Bitcoins are like cash in that they aren't tied to your identity, and transactions made with bitcoin sate irreversible and untraceable.
In the past, if you wanted to pay for certain unmentionable services rendered, you'd have to get a fancy briefcase, fill it with bills, then take a long, dangerous trip with your stash.
Bitcoin allows you to transfer money to someone online, instantly, for free. As a result, it's perfect for the black market - a couple of years ago, it became a media sensation when #Gawker reported on its use as the central currency on Silk Road, a site that sold virtually any drug in the world.
Lately, Bitcoin has also been hailed as an emerging global safe haven, a place for nervous people and panicky gold-bug types to store their wealth away from the prying reach of financial regulators.
bit.ly/MyCryptoCash
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