Bitcoin is a digital currency that was started in 2009. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. Today’s market cap for all bitcoinin circulation exceeds $7 billion. It is a digital representation of currency with no actual tangible representation. Bitcoin, commonly abbreviated as BTC or XBT, is distributed worldwide, (also called cryptocurrency). Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, its open-source, public, owned by no one and open for everybody to take part. “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy.” Amazon, Virgin Galactic, eBay, Subway are just some examples of retailers that have jumped on the Bitcoin bandwagon. Its value is derived by the number of people adopting it and pouring their money into the BTC ecosystem. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment.