Hello bitcoin, goodbye hard cash. Unless you are already involved, crypto currencies like bitcoin can be a mystery. A “Bitcoin” is a digital token you can use to pay for things from people who accept them. The term “Bitcoin” also describes the payment system that supports Bitcoin tokens. Unlike payment networks like Visa or American Express, no single entity runs the Bitcoin network.
A decentralized computer network tracks all Bitcoin transactions. But because of the associated anonymity, the transactions are hard to trace. Confusion abounds. And that is exactly why it is the preferred currency of hackers.