On Bitcoin Investment Sites 2018 – in South Africa have become a very well known and popular question over time. OK, so what’s Bitcoin?
It’s not an actual coin, it’s “cryptocurrency,” a digital form of payment that is produced (“mined”) by lots of people worldwide. It allows peer-to-peer transactions instantly, worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to be a pseudonym), who designed the algorithm and introduced it in 2009. His true identity remains a mystery.
This currency is not backed by a tangible commodity (such as gold or silver); bitcoins are traded online which makes them a commodity in themselves.
Bitcoin is an open-source product, accessible by anyone who is a user. All you need is an email address, Internet access, and money to get started.
Is Bitcoin A Good Investment?
Bitcoin is mined on a distributed computer network of users running specialized software; the network solves certain mathematical proofs, and searches for a particular data sequence (“block”) that produces a particular pattern when the BTC trading is applied to it. A match produces a bitcoin. It’s complex and time- and energy-consuming.
Only 21 million bitcoins are ever to be mined (about 11 million are currently in circulation). The math problems the network computers solve get progressively more difficult to keep the mining operations and supply in check.
This network also validates all the transactions through cryptography.
How Does Bitcoins work?
Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoins. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.
There are smartphone apps for conducting mobile Bitcoin transactions and Bitcoins exchanges are populating the Internet.
How is Bitcoin valued?
Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment’s bank account. It was announced in January 2014 that two Las Vegas hotel-casinos will accept Bitcoin payments at the front desk, in their restaurants, and in the gift shop.
It sounds good – so what’s the catch?
Business owners should consider issues of participation, security and cost.
• A relatively small number of ordinary consumers and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to make participation easier.
• It’s the Internet, so hackers are threats to the exchanges. The Economist reported that a Bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins was stolen from users’ online vaults. Bitcoins can be stolen like other currency, so vigilant network, server and database security is paramount.
How Much To Invest In Bitcoin
• Users must carefully safeguard their bitcoin wallets which contain their private keys. Secure backups or printouts are crucial.
• Bitcoin is not regulated or insured by the US government so there is no insurance for your account if the exchange goes out of business or is robbed by hackers.
• Bitcoins are relatively expensive. Current rates and selling prices are available on the online exchanges.
The virtual currency is not yet universal but it is gaining market awareness and acceptance. A business may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.
Are you thinking about accepting Bitcoin? Do you already use it? Share your thoughts and experiences with us.
Looking for a Bitcoin Buying Guide? Wondering where to start? People have a lot of misconceptions about bitcoin – the very first widely known and accepted cryptocurrency worldwide.
A lot of people think for example that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia.com to Dell and even Subway accepting payments in bitcoin now.
Buy Bitcoin Instantly With Debit Card
Well, bitcoin has a lot of benefits over other currencies. For example, you can send bitcoins to someone as payment without having to go through the bank middleman (and get hit with extra fees). It’s also much faster than sending money via a bank wire or transfer. You can send bitcoins to someone and have them receiving the coins in seconds.
With all of this, it’s no surprise that many people are now trying to buy bitcoin for the first time. However it’s not as easy as going to your bank and withdrawing bitcoins – or going to a store and plunking down some hard-earned cash for bitcoin.
The system works a bit differently than that. This Bitcoin Buying Guide will go over a few things you need to know before you buy – so you can buy safely and securely.
Take your time and research the different places to buy before you decide. Factors to consider include coin prices, extra fees, method of payment and customer service.
Lets Learn Bitcoin Trading in South Africa
Once you’ve found a place to buy, get your funds ready (i.e. you may send a wire transfer or use your Visa to fund your account). Then wait for a good price. (Bitcoin prices are always fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.
Once your order is filled and you have your coins, you’ll want to send them to your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see them show up in your wallet within minutes to an hour (depending on how fast the seller sends them out).
Voila, you are now a bitcoin owner. You can now send coins to pay for other goods and services, or hang on to them for a rainy day.
One last thing to remember: bitcoin is still in its infancy. There are huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.
Bitcoin Investment Sites 2018 – in South Africa ?
For someone not familiar with Bitcoin, the first question that comes to mind is, "What is Bitcoin?" And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.
The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value.
The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be "virtual gold" and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.
Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, "miners" use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.
A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years.
The Bitcoin exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world's financial marketplace. A popular company to receive the most current rate in Bitcoin valuation is XE. They show Bitcoin to USD valuation and also the complete Bitcoin price chart, the Bitcoin value chart and the Bitcoin to USD chart. If you ask, "How much is one Bitcoin?" you will always know from their continuously updated charts.
Similar questions that come up in this area relate to the bitcoin rate history, the bitcoin price chart live, the bitcoin to dollar exchange rate, the bitcoin dollar chart and the bitcoin 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions.
Regarding Bitcoin cash, ie. to get USD from selling Bitcoin, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process.
Bitcoin projected value is a subject often discussed. In January of 2015 the price of one bitcoin was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000.
Bitcoin Investment Sites 2018 – in South Africa
hey what's up guys in this video I'mgonna go ahead and show you how to earn free bitcoin I'm going to show you threedifferent ways you can earn free bitcoins so go ahead watch the fullvideo and if you have any questions put them in the comments below I'll be theresponds in a video form or just simply respond to your comments if the commentis simple if the question is simple enough I should say and make sure youput your Bitcoin address in the comment section below I'm gonna pick one luckywinner every single week and give $10 worth of Bitcoin always so let's goahead that's dive in let's do this hey what'sup guys welcome back so yeah in this video I'm gonna show you how to earnfree Bitcoin there's three different ways as you can see it to my right wehave three different platforms basically what I'm gonna do I'm gonnashow you each platform how your Eva earn free Bitcoin and the Bitcoin that I'veearned through each platform so let's go ahead let's get started okay so withfree Bitcoin it's a website it's a free platform you're actually able to earn afree Bitcoin every 60 minutes this is my favorite website I'm gonna show you howto use it and how much I've earned and another neat part of this website it hasan option to gamble what you've been earning so there's like this little gamethat you play I think it's called high end low yudice Campbell how much youwant to win you either win or you lose it's a lot of people win a lot of moneyI'm not gonna play that game I'm just gonna go ahead and just keep what I earnand typically I just thought transfer it over to my wallet and then they alsohave weekly lottery drawings and they do have me crisis so let's go ahead let'stake a look at the free Bitcoin platform okay so we want to go to a free bit CEOdot I in free Bitcoin and this is how the website looks like it's a up it'sfairly simple if you want to earn your freeBitcoin you want to go to free Bitcoin and then what you want to do is enteryour ketchup as I think that's how you pronounce it you just want to make sureyou're not some bot so answer your CAPTCHA and once you roll that's whenyou get your Satoshi Satoshi just in case if you're not sure what it's aToshi is that's just a one decimal being Bitcoin so let's go ahead let's roll andI earned twelve Satoshi's so that's pretty cool and with this website youhave the option to roll every 59 minutes and the great thing about this they dohave different levels of how much you're able to pay out so depending on whatnumber you land on you're either going to get between twelve satoshis up towhat's what's this number 1 million 180 2033 satoshis and if you want to see howmuch that is in u.
dollars let's go ahead and convert that that should befun not really let's go ahead and do this Ilove to use currency dot Co just in case if you want to learn just in case if youwant to exchange or convert your your currency so what I'm gonna do I'm goingto convert it from Bitcoin and what I do I basically put in my currency so I putBTC two US dollars paste that in there convert it so yep the highest pea thehighest payout is two hundred and eight dollars so you can get that within anhour's so just make sure you leave this browser open and you should be able tocollect your free Bitcoin what I do I have this little check mark right hereit says place sounds when your timer runs out so that way it reminds you whenit's time to get your free Bitcoin and as you can see over here this is my mybalance so I have 67 Satoshi keep in mind a heritage transferwhat I did earn into my wallet I keep that over in my bit connect wallet butanyways I'm not gonna get into that but you you should be able to see herbalance right here so that's one way you can earn free Bitcoin on this platformanother way you can do is once you earn your feed Bitcoin you can go over tomultiply Bitcoin and this is a game that you can play it's called high and lowI'm not gonna play it it's a very simple game you should you can be able toresearch it online just to see how to play high and low there's like differenttactics I don't play this just because I don't want to risk when I lose once Ihave a certain amount of Satoshi or Bitcoin I go ahead and just transfer itover to my wallet another way to do it is by referrals so whenever someoneclicks on your link for free Bitcoin and whenever they roll whenever they playthe lottery whenever they play high and low would you actually get a percentageof those sorts of the Satoshi and on top of that you get a 25% increase yep Wowit even says right there we also pay a 25% referral commission on any interestearned by your referrals so that's pretty cool oh my and I'm back sorryabout that I was having some technical difficulties my computer shut off on meand now I'm back taking like 30 minutes to recover everything but um this is anX portion this is the lottery so they do have a lottery you're enteredautomatically so every time you're rolling you're gonna get two freebitcoins I mean two free lottery tickets and this happens every week so right nowfirst prize for the week would be let's go ahead and do a little conversion soif you're lucky holy-moly you can actually get $11,000so that's the lottery I have yet to play or I have yet to win anything I shouldsay cuz it automatically plays for you every week and you do a heavy referraltab over here I'm gonna gives you more informationon your commission rates so that is free Bitcoin I do have a link in thedescription go ahead sign up start earning free Bitcoin every hour andhopefully you're one of those lucky people that does win the biggest payoutin that one hour alright let's go on and move on to the next okay next we havecoinbase this is actually my favorite wallets but this you're able to buyyou're able to buy and sell Bitcoin you're able to hold Bitcoin and you'reable transfer Bitcoin it's completely free to sign up once you buy $100 worthof Bitcoin you get $10 worth of Bitcoin for freeumm this is beginner friendly so if you don't have a wallet go with coinbasesign up it's free you have you really don't have nothing to lose if you'regonna buy Bitcoin and on top of that you do get unlimited free Bitcoin this isthis actually came to a surprise for me I wasn't really pushing for Commission Iended up dropping the link to coin base on a Facebook group just to kind of testit out and well what did I put I ended up advertising it has just the freewallet because there was somebody in a Facebook group that was asking questionsabout where to get a wallet I give him my link I knew I had a referral code butthen again I wasn't really pushing for it he didn't sign up it was actuallysomeone else that saw that link so I did get a commission off of that and yeahyou do have the option and get free unlimited bitcoins so I just want to goahead and just show you proof that um I did earn ten dollars with a free Bitcoinwhen someone's it sign up under me I got this a couple days ago this is actuallyuh two weeks ago the day after Christmas and basically this is how the emaillooks like it just tells you you received some Satoshi I see Satoshiversus Bitcoin because it's not a full Bitcoin it's a fraction of it but I gotthese send me ten dollars and yeah thank yous in forI think already thinking what am i videos before and yep this is yourreferrals okay so I'm pretty sure wondering how do I get my ten dollarswithout referring somebody what you're gonna do you're gonna go to coinbaseyou're going to sign up for coinbase and then once you're signed up once you'veadded your payment method you're gonna go over to buy and sell and you're let'ssee what does it say over here BTC binds unavailable bitcoin purchases aretemporarily unavailable we apologize for the convenience so that is new to meI've never seen that before that I'm pretty sure that's more of a once in awhile thing they're probably doing some maintenance but regardless let's goahead and pretend that that message is not there let's dismiss it bye-byeand what we're gonna do we're gonna answer how much we wanna buy a brandanswer one hundred dollars you don't have to buy a hundred dollars it can belike five dollars ten dollars whatever the case may be but we're talking abouthow to get free Bitcoin in order to get the free Bitcoin you need to buy hundreddollars worth so you buy your hundred dollars you receive it in your accountthen you'll receive an email letting you know that you receive your ten dollarsworth of free Bitcoin and I'm gonna go ahead and show you another strategy onhow to earn free Bitcoin with coinbase once you have your profiles set upyou're gonna go ahead and click on your profile and click on invite friends guyswith cryptocurrency it is booming a lot of people think it's just the bubble andif it is a bubble that bubble is not going to burstwell for years many many years to come so get on itstart makes you make sure you're investing in Bitcoin and if your friendsand family if they're interested in Bitcoin you can share this link let mesee where it's at oh look it's letting me know I've Ireferred one person okay so this is gonna be your link you could share it onFacebook Twitter Instagram tumblr reddits whatever the case may be anyforums that you might be a part of but what I like to do well how I earn myfirst Commission my only Commission that I had to have from last week or twoweeks ago I went to a Facebook group and it was like make money at a home type ofgroup someone was wanting to know information about getting a Bitcoinwallet I referred him to coinbase I knew I could get this refer I didn't reallypush for it locked it in the group the dude didn't sign up for it it wasactually Zen I don't even know who Zen is but think he's in for signing up butthat's one of the easiest ways to probably earn free Bitcoin with coinbasekeep in mind guys I didn't push for no I didn't push for no commissions referralsI just think it lets me link there so if you actually push for commissions forreferrals or whatever I'm pretty sure you can get a decent amount okay so thisone's my ultimate ultimate ultimate favorites platform I think I'm in lovewith this platform I'm always on it every single day so this is bid connectso it's big connect so you're able to earn 1 to 2 percent interest daily on adaily basis yes daily I'm going to show you how muchI've been making I started seven days ago yes seven days ago its beginnerfriendly meaning you really don't need to know too much about cryptocurrencyall you need to know about this website it has a volatility software and youdon't even know what you don't even need to know what that means you can justgoogle it research it on the side but basically this system works your moneyfor you and you get paid out every single dayso yes it's daily passive income and honestly its financial freedom one ofthe reasons why I did join bit connect is because I saw a lot of broke peoplepeople that didn't really have much money people that only had like twohundred dollars in their bank account they went from being broke to going onvacation so even in villages like even quitting their jobs guys you need toYouTube big connect reviews look at different people look at their resultslook at the success it is very real let's go ahead and dive into big connectokay this is the bit connect platform as you can see over here this is my lendingwallet what this is this is the wallet that I have to receive all my dailyinterest that I do make off of big connect so so far in the past seven daysI've made $6.
63 and if you haven't watched my first video day one but theyconnected go ahead go back to videos watch it and you'll kind of understandwhat bit connect is I'm not gonna go too in depth because this is not a bitconnect to review this is just a different ways to make a free Bitcoin solet's go ahead and dive in so it big connect basically it's a it's a platformthat works your money for you what you do you put Bitcoin you put Bitcoin inthe Bitcoin wallet for be connect and did what I like to do I like to transferthat Bitcoin for my coinbase wallet transfer it to my bit connect wallet andthen you want to go ahead and purchase or exchange bit connect bit Connect isjust a different type of currency so there's Bitcoin there's like coinsaetherium ripple there there's just so many different types of currency butwith big connects and this is my favorite one my second favorite currencyso you'll go ahead and exchange your Bitcoin to be connect and then once youexchange a bit connect it turns into value so what I'm gonna do I basicallyland the connect money the minimum would be $100 and off of this investment thatyou're giving them you're actually getting one back one to two percentI've actually been receiving more than one percent on on a daily basis and sofar I've lent two hundred dollars and I just wanted to go ahead and show you howmuch I've been making every single day so just imagine what you'll end getslends out for about two hundred and ninety nine days depending on how muchyou're lending let me just go back really quick I'm gonna click on lens abit connect so right here tells you a few runs between 100 to 1000 dollarsthis will be released after two hundred ninety nine days keep in mind you'reyou're getting paid every single day but your capital will be released by thisway this way this day so you're making basically like a dollar or a little overa dollar every single day for $299 I mean two hundred ninety nine days butI'm keep in mind that um you do have the option to reinvest so when you reinvestwhat happens you're your balance keeps growing it keeps growing it keepsgrowing and a lot of people think this is some sort of a Ponzi scheme this is apyramid or whatever it's really not I want you to do your research don'tjust take my word for it but um a lot of people they're starting to get a lot offinancial freedom off a big connect and once again if cryptocurrency if it is abubble it's not gonna burst for many many many many years to comewhy because there's just so much available people have in mind all theavailable bitcoins that's available and you're probably thinking what the hellare you talking about I'm not gonna go to it this is a free Bitcoin videos solet's go ahead and see how much I've been making so I go to transactions andthen after are this loads I'm gonna go to London wallet and as you can see myfirst initial investment was a hundred dollars and after that day - I made 91cents 10 cents 82 cents a dollar twenty seven forty cents that's all 51 and thenI'm like okay this is this is making me some good money so let me go ahead andinvest another hundred dollars so I did that and it looks like I'm getting paidtwice now since there's two active loans I'm eating paid twice a day now so todayI made 81 cents and well I made to 81 sons and oh my goodness I'm horriblewith math so times two so today I made a dollar sixty-two so keep in mind themore you you invest the more you're gonna make and you really don't have toreinvest your whole money you can just reinvest your profits so if you justwant to start with the hundred dollars let it there let us sit thereonce you get $10 go ahead and reinvest it and that's my bill I'll be right backand you're probably wondering how is all of this how is all of that all of thishow is that earning free Bitcoin well what you're gonna do once you get yourlending wallet let's say you have like one thousand dollars you want to just goahead just cash out you're gonna transfer it it's gonna transfer as bigconnect and then what you're gonna do you're going to exchange your bitconnects your Bitcoin so technically you're getting your free Bitcoin fromwhatever you've earned and then from there on you can just go ahead andtransfer it over to coinbase or your or any other platform and withdraw it as UScurrency so you think that what you're able to spend your money and another wayis to give referrals so there's a referral program with big Canucks and Ibelieve with every person that you do refer you get a 7% let's see itokay and thanks to the magic of the internet I did find this on Google sothe structure tab it connects referral program is spaced on levels in order foryou to participate in big connects referral program you must have activeloans as a user each level has a particular Commission payout issued bybid connect to users who have referred people to the platform there's a totalof seven levels of the connects referral program so meaning if someone were tosign up under you if they were to put a loan out you're gonna get seven percentoff of that loan let's say someone signs up under them so let's say that personlends $100 you're gonna get three percent off of that loan so as you cansee you can this this can accumulate really really really fast so that is bigconnect that is a referral program and there you have it those are three waysto earn free Bitcoin what do you need to do next you need to take action I haveall the links provided in the description below thank god that freeBitcoin platform is completely free go take advantage of it get your freeBitcoin every 60 minutes if you have any questions go ahead put them in thecomments below but yes take action make mistakes getmessy I sound like Miss Frizzle and I really don't give up hey guys what's upthank you for checking out this video if you like what you see and if you want tosee more videos like this go ahead and subscribe and like this video.
Bitcoin: What To Buy With Bitcoins?
- Hi, Ken Mcelroy here.
With all the noise outthere on cryptocurrency and bitcoin, etc.
, here's what I think about bitcoin, and what you need to understand.
It's not a company.
It's a currency.
It's like trying to catch a falling knife or a rising knife, Imean that's all it is.
If you're trying to time something, it is a little bit of gambling.
Now I understand it'ssexy, things are coming out all the time, and it's higher each day, and whenever I've seen anything like this, it always ends in disaster.
And that's why I liketo stick with assets.
Now could I make a lotof money in bitcoin? Probably, but do I want to? No, I want to invest inassets that produce cashflow.
I talk about cashflow versuscapital gains, all the time.
It's no different thanbuying a house at one price and hoping it goes up.
That's not a strategy,that's luck, that gambling.
So that's my position on bitcoin.
If you wanna invest,invest for the long-term, and invest in solid assetsthat produce cashflow.
And if you wanna learn how to do that, come to KenMcElroy.
Comfor a lot more videos.
How Much To Invest In Bitcoin
Bitcoin is a virtual currency. It doesn't exist in the kind of physical form that the currency & coin we're used to exist in. It doesn't even exist in a form as physical as Monopoly money. It's electrons - not molecules.
But consider how much cash you personally handle. You get a paycheck that you take to the bank - or it's autodeposited without you even seeing the paper that it's not printed on. You then use a debit card (or a checkbook, if you're old school) to access those funds. At best, you see 10% of it in a cash form in your pocket or in your pocketbook. So, it turns out that 90% of the funds that you manage are virtual - electrons in a spreadsheet or database.
But wait - those are U.S. funds (or those of whatever country you hail from), safe in the bank and guaranteed by the full faith of the FDIC up to about $250K per account, right? Well, not exactly. Your financial institution may only required to keep 10% of its deposits on deposit. In some cases, it's less. It lends the rest of your money out to other people for up to 30 years. It charges them for the loan, and charges you for the privilege of letting them lend it out.
How does money get created?
Your bank gets to create money by lending it out.
Say you deposit $1,000 with your bank. They then lend out $900 of it. Suddenly you have $1000 and someone else has $900. Magically, there's $1900 floating around where before there was only a grand.
Now say your bank instead lends 900 of your dollars to another bank. That bank in turn lends $810 to another bank, which then lends $720 to a customer. Poof! $3,430 in an instant - almost $2500 created out of nothing - as long as the bank follows your government's central bank rules.
Creation of Bitcoin is as different from bank funds' creation as cash is from electrons. It is not controlled by a government's central bank, but rather by consensus of its users and nodes. It is not created by a limited mint in a building, but rather by distributed open source software and computing. And it requires a form of actual work for creation. More on that shortly.
How can I spend it?
There are hundreds of merchants of all sizes that take BitCoin in payment, from cafes to auto dealerships. There's even a BitCoin ATM in Vancouver, British Columbia for converting your BTC to cash in Vancouver, BC.
Money has had a long history - millennia in length. Somewhat recent legend tells us that Manhattan Island was bought for wampum - seashells & the like. In the early years of the United States, different banks printed their own currency. On a recent visit to Salt Spring Island in British Columbia, I spent currency that was only good on the lovely island. The common theme amongst these was a trust agreement amongst its users that that particular currency held value. Sometimes that value was tied directly to something solid and physical, like gold. In 1900 the U.S. tied its currency directly to gold (the "Gold Standard") and in 1971, ended that tie.
Now currency is traded like any other commodity, although a particular country's currency value can be propped up or diminished through actions of their central bank. BitCoin is an alternate currency that is also traded and its value, like that of other commodities, is determined through trade, but is not held up or diminished by the action of any bank, but rather directly by the actions of its users. Its supply is limited and known however, and (unlike physical currency) so is the history of every single BitCoin. Its perceived value, like all other currency, is based on its utility and trust.
As a form of currency, BitCoin not exactly a new thing in Creation, but it certainly is a new way for money to be created.