Over the past few years, the internet has exploded with usage. Not only are games and social media more popular than ever, but a new form of internet currency has taken hold of the World Wide Web—the bitcoin. The bitcoing is growing more and more popular by the day, yet a lot of people do not know anything about it. Here are a few things to know about the newest form of virtual currency.

What Are Bitcoins?

Bitcoins are an online form of payment or a digital currency that can be used in various places on the internet. They are not directly synonymous with actual money though they can be bought for a fee and then used in online person to person private transactions. There is no middle ground or verification network so this currency has been classified as decentralized by the U.S. Treasury, since it cannot equate with normal currency payments.

How Are They Obtained?

Bitcoins can be obtained or gotten in a variety of ways. First of all, they can be bought for certain sums and work almost exactly like real money. They can be won as a prize for various games as well as traded and transferred between online users and are credited through an online source called the block chain. They are for online use only and cannot be transferred into real money.

Where Can They Be Spent?

Bitcoins can be spent on online games such as the Satoshi Slot game or even some new places such as Brawker which allows you to trade bitcoins for products and services. This is still a new practice so more and more options are coming available on the internet for the use of bitcoins. Because the value of the bitcoin goes up and down, it’s hard to say if it will ever become complete currency.

As you can see, there is a lot to learn about the new internet currency bitcoin. Bitcoins are a great way to perform internet transactions without releasing your bank account information and to win virtually at a ton of various internet games. If you are a big time internet game player, check out the use of bitcoins today.