What is Bitcoin?
Bitcoin (abbreviated as BTC) is an electronic payment system in which virtual "money" (bitcoins) circulates. Do you have VISA or Mastercard plastic cards? Both Visa and Mastercard are also electronic payment systems. However, they use the currency we are accustomed to such as dollars and euros, and all transactions are processed by banks. These currencies are called fiat currencies. The Bitcoin system uses cryptocurrency, a purely digital currency that is not tied to any global bank or economy of any country. It has its own value (rate), which is determined by demand.