What exactly is Bitcoin?

Bitcoin is a new form of money: revolutionary, decentralized, neutral and voluntary. To put it simply: bitcoins are digital money and you can use them just as you would with Euros or Dollars. You can use it to buy goods, exchange them with one another, receive them in exchange for a service, speculate with them or exchange them again for, for example, Euros. And those are just a few of the almost countless applications.

Bitcoin is what they call a “cryptcocurrency” it is a digital decentralized currency unit whose exchange rate fluctuates on the open market. Bitcoins are traded for traditional currencies such as the euro at special trade shows, or can be used for value transfer or make payments. The bitcoin can be compared with the euro or the dollar but differs in a few important areas. Unlike traditional currencies, bitcoins are completely digital, so there are no physical coins. The blockchain contains all transactions with associated dates, times and their owners.