Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.
Individual Bitcoins are created by computer code, with a maximum number than can exist of just under 21 million.
There are currently around 16 million in circulation.
Transactions are made without middle men, so there are no transaction fees and no need to give your real name.
More businesses are beginning to accept them and in some parts of the world you can even buy pizza with Bitcoins.
You can set up a virtual wallet websites like Blockchain to store, keep track and spend your digital money.
You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
It’s the first example of a growing category of money known as cryptocurrency.
Bitcoin is attractive to some users because of its anonymity, as well as its lack of government control.
The website Silk Road was closed in 2013 following raids by the FBI and other agencies amid allegations of drug dealing with authorities seizing millions of dollars worth of Bitcoin during the raids.
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