Bitcoin is a digital currency created after the crash of the real estate market in January 2009. It is a system that follows the ideas set out in the white paper prepared by a mysterious person or group, alias Satoshi Nakamoto. The identity of the person or people who created the technology is still a mystery. Bitcoin promises to charge lower transaction fees than traditional online payment mechanisms. Bitcoin is operated by a decentralized authority unlike the currencies issued by the governments of the countries.

Bitcoin has no physical counterpart, but the balances held with all Bitcoin transactions in a (public) log where everyone has transparent access is verified with tremendous computing power. Bitcoins are not issued or sponsored by any bank or government. Individual bitcoins are not valuable as a commodity. Despite not being a legal payment instrument, high popularity in Bitcoin charts trigger the launch of hundreds of other virtual currencies which are commonly known as Altcoins.