Bitcoin drive gains currency in Germany

When it was launched four years ago, few people took it seriously, but now the use of Bitcoin, the virtual payment system, is gaining ground.A growing number of businesses are accepting the digital currency as an alternative to cash.Al Jazeera's Nick Spicer reports from Berlin.

From: Al Jazeera English

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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...

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What is Bitcoin? - Overview

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Bitcoin is a cryptocurrency and a payment system. The system is peer-to-peer (P2P) and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the...

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