Can anyone explain.What is it like? Paypal?
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Bitcoin is actually its own currency, like the dollar or euro or pound, except that it's international in nature, isn't issued by any government, and only exists online (called a crypto currency).
You can buy and sell bitcoin the exact same way you can buy or sell dollars/euros or any other currency, but here's the difference: bitcoin's not governed by any country's set of laws, so you can buy it, sell it, and move it much more quickly and cheaply than you can move other forms of money. Whereas it might take you 3 days to send a wire of dollars to a sportsbook (or to get your payout from that sportsbook); you can get both of those done in an hour w/ bitcoin.
Bitcoin's price is determined by the same bid/ask system that establishes the value of any other currency, except since it's new and since there's new users joining the bitcoin universe every day, demand has greatly outstripped supply, which has driven the price of bitcoin up 100% in the last 3 months and 400% in the last year, making it an excellent investment all by itself. http://www.coindesk.com/price/
If you're interested in buying Bitcoin, that's getting easier every day. There's now about 4 different methods of purchase, each w/ different prices and different levels of anonymity associated with them. If you're interested in obtaining some, just say the word, and I'd be happy to walk you through your options.Comment