While you can buy Bitcoin on a dedicated exchange in return for conventional currency, you may decide that youâ€™d like to take the leap and start mining Bitcoin for yourself. The cryptocurrency is seen as advantageous due to its anonymity, transparency, lack of transfer fees and speed, and a growing number of retailers are now starting to accept the money as payment in return for their goods and services. This network of users also processes all transactions made with the currency, making Bitcoin function as its own payment network.

Instead, Bitcoins are â€œminedâ€ by a network of users that anyone can join, who compete among each other to create new currency by using computing power to solve complex mathematical equations. Unlike conventional money, Bitcoin is decentralized, with no single institution or country having control over it. Essentially, Bitcoin is the worldâ€™s leading cryptocurrency:Â a digital currency, created and stored electronically. Bitcoin is a term youâ€™re most likely familiar with by now, even if youâ€™re not entirely sure of all of its intricacies.

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