Bitcoin confounds lawmakers as they try to figure out what it is and how it should be regulated the bitcoin foundation notes that bitcoin is an innovative payment network and a new kind of money. Bitcoin refers to two things bitcoin is a payment network similar to mastercard or paypal and bitcoins the currency are the medium of exchange on the bitcoin payment network bitcoin is a global currency which is traded person to person without any need for a bank in the middle is bitcoin real money. Bitcoin is a cryptocurrency created in 2009 marketplaces called bitcoin exchanges allow people to buy or sell bitcoins using different currencies bitcoin is a new currency that was created . Bitcoin and other cryptocurrencies can also be money people say some forms of money such as bitcoin or us dollars are not backed by anything but thats not true. The short answer bitcoin is money just a little better and cheaper than the alternatives if you dont understand money you cannot understand bitcoin for most of us money is the us dollar the fiat currency of the united states issued by the federal reserve and maintained by the commercial banking system
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