The virtual currency called "bitcoins" uses encryption to monitor peer-to-peer financial transactions and operates outside the purview of central banks and the Federal Reserve. Like any monetary system, bitcoins can be traded for bills like dollars and euros.
Today, we look at a new and mysterious online currency called "bitcoin." Since its launch in 2009, it’s prompted many to imagine an alternative reality. In it, the economic establishment no longer controls the flow of money around the world.
In the aftermath of the financial crisis, a person using the alias "Satoshi Nakamoto" invented “bitcoins,” a virtual currency users could trade for real bills like dollars and euros. His idea was to circumvent the manipulations of central banks and irresponsible governments.