What is Bitcoin?

[jrod]

I know it is a type of currency but that is all I know. What is the benefit of it and how does it work?

 

[liftsiron]

It's fucked and losing value, I would just advise staying away from it. It's a completely virtual currency and is easy to steal.

 

[Khaleesi_7]

http://money.cnn.com/infographic/technology/what-is-bitcoin/

Check the site above, there's a lot of useful information...Hope this helps!

 

[jrod]

Ok so, if I have one bitcoin that is like $550. What if I'm buying something that is equivalent to $300 but they only take bitcoin? Do they deduct a percentage of my "coin"?