Bitcoin Basics: What it Is and How it Works (Motiongraphic) Virtual currency Bitcoin has been making headlines recently. Don't worry if you still don't know what it's all about. This motiongraphic breaks it down.

By Kathleen Davis

Opinions expressed by BIZ Experiences contributors are their own.

Before you can make up your mind on investment opportunities or the potential to accept bitcoins for online payments, you need to understand just what this new currency is and how it works. While it may seem like this digital-only currency sprung out of nowhere a few months ago, Bitcoin was originally developed in 2008.

In a nutshell, Bitcoin is a decentralized, anonymous, digital-only currency. When first introduced, you could buy over 1,000 bitcoins for $1. The value has skyrocketed since then, and one Bitcoin is now worth just over $100 (click here for a Bitcoin currency convertor).
Related: A Look at 'Bitcoin' Currency

For a primer on how bitcoins work, check out the motiongraphic from eBay Deals.

Source for motiongraphic: wiki maintained by the Bitcoin community

Kathleen Davis is the former associate editor at BIZ Experiences.com.

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