What Are Bitcoins, and How do They Really Work on the Internet?

Over the past year, words like “Bitcoin” and “cryptocurrency” have gone from being obscure tech jargon to finding their way into the vernacular. You probably know that Bitcoin is an online form of money, but what actually is it, and how does it work? Bitcoin is the most well-known of many forms of online money, called “cryptocurrencies.” Cryptocurrencies are virtual, meaning that transactions and trading take place online. They use what’s called decentralized control; there is no central mecha