What is Bitcoin?

Bitcoin is a peer-to-peer payment-system that lets anyone send money instantlyand securely between any two people in the world.

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All over the world people are trading millions of dollars worth of Bitcoin every day with no brokers, payment processors, banks, or credit card companies getting in the way and taking a fee.

Bitcoin works because it is completely distributed, and relies on trust in a mathematical algorithm, and not in a bank.

The Bitcoin network is made up of regular people, who run so-called 'bitcoin miners', basically powerful specialised computers, to process transactions and ensure there is no double-counting. In this way no bank or payment processor is required between parties.

Bitcoin can be bought and sold for other fiat currencies, that is currencies whose value is regulated by a state, government, or bank. This video will give you an overview of Bitcoin and how it works.

More information

The official Bitcoin FAQ is a goldmine of answers to commonly asked Bitcoin questions.

Also the Bitcoin Stackexchange forum is a great place to ask questions and look up answers.

Bit2Bit sources its Bitcoin from Bitstamp

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