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 Entrepreneur 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 Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Fans of Costco's $1.50 Hot Dog Combo Are In for a Big Surprise

Costco CEO Ron Vachris announced a change that's coming soon to the company's food courts.

Business News

'Nobody Ever Gave Me Anything': More Boomers Say They're Not Transferring Wealth to Family Until They're Dead

A new survey from Charles Schwab found boomers are more hesitant to distribute their wealth than other generations.

Leadership

How a Mindfulness Practice Can Help You Beat Tech Overwhelm

This article explores how mindfulness can transform your tech choices, ensuring technology serves your business goals without adding unnecessary complexity.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Instagram Is Offering TikTok Creators Up to $50,000 Per Month For Exclusive Content

Leaked deals show that there are strict terms to receiving the money.

Business News

Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced

Uber CEO Dara Khosrowshahi says the jobs of human drivers are safe for the next decade, but after that, another type of driver will take over.