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Bitcoin is a digital currency that uses free open source, peer-to-peer technology that allows instant worldwide payments at a very low cost. This virtual currency enables pseudo-anonymous online payments and was necessary for Silk Road purchases. The emerging alternative websites also make use of Bitcoin
To use Bitcoins, you will first need to choose an online ‘wallet’ to install on your computer or mobile phone.
Upon installation, your wallet will generate a Bitcoin address, and allow you to purchase (and perhaps spend) your first Bitcoins in an anonymous way.