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What is Bitcoin?
Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto.
The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin.
Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.
Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger.
Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins.
Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services.
Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.
Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors.
The European Banking Authority has warned that bitcoin lacks consumer protections.
Unlike credit cards, any fees are paid by the purchaser not the vendor.
Bitcoins can be stolen and chargebacks are impossible.
Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.
Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities.
In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time.
The US is considered bitcoin-friendly compared to other governments.
In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.
Bitcoin has emerged as one of the hottest investments around.
Now, as Bitcoin trading continues to evolve, it is also being linked up with another hot investment market, Forex, which involves the trading of currencies.
While Bitcoin itself aims to be a currency, there are some important differences between Bitcoin trading and traditional Forex trading.
Forex trading refers to the trading of currencies. In a globalized world, companies and organizations must be able to quickly exchange currencies in order to facilitate global operations and purchases.
A large company like General Electric can have operations in literally dozens of countries. This means that General Electric must be able to quickly access various currencies in order to pay local staff and make purchases, among other things
The Forex market is the largest and most liquid investment market in the world. Most of the traders are large institutions, corporations, and governments who conduct trading to facilitate their various operations.
Some investors, however, also trade in Forex with the goal of making money off of fluctuating exchange rates.
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