To be honest, despite all of the hype and buzz surrounding this digital currency (whose price doubled to $266 and back to double digits in the space of a couple of weeks), I'm not really sure what it's all about either!
Definition: Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. (Source)
If that didn't help, hopefully this slideshow from Business Insider will.
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