Bitcoins are a form of digital currency – cash that only exists online. Online businesses are starting to accept them as an alternative payment system for goods and services. Bitcoins can take days to process online but the BTM makes the process almost instantaneous. Users enter their online Bitcoin account, or “wallet.” That’s as easy as having the machine scan their smartphone screen. Then they insert cash to buy bitcoins that are stored digitally for later use.
As told by CTV, the term bitcoin is a bit of a misnomer. There's no actual coin. It only exists online. It’s a peer to peer network for transacting money. Bitcoins aren't regulated and their cash value can change dramatically, making them risky according to some.
A single bitcoin was worth around $13 in 2013m but is now going for well over $900. (You can purchase fractions.) Many are buying and holding them as an investment.
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