Bitcoin is just a virtual currency. It's like paypal but it has a value to it. Depending on supply and demand, bitcoin prices rise and fall (just like stocks) you buy btc, with real money just like depositing into paypal and then can send/receive, buy, sell etc.

I believe you can retrieve them in VERY small quantities (depending on the rig and finance available) by mining them. This means you rig solves mathematical equations and sends them to the master server. You receive bitcoin in return

I may be thinking of something else so correct me if I am wrong.

Sys wrote I believe you can retrieve them in VERY small quantities (depending on the rig and finance available) by mining them. This means you rig solves mathematical equations and sends them to the master server. You receive bitcoin in return

I may be thinking of something else so correct me if I am wrong.

You can, rigs are hella expensive. $500 per rig, you need high power to server the rig. If you can pay that plus rig and all profit will come months later. To have commercial rigs (hundred of them) you can do well...

Don't waste your time with Bitcoins unless you have the money to start out.

Basically, Bitcoins are real. Not in a sense of you can take it to a store and use it. It's all online. However, they are becoming more popular. They are still hard to get, depeding on what you're using to collect them. As people have said above, it takes power to collect them. The better your rig, the faster you get them. Though, Bitcoin mining has a high chance or ruining whatever rig you're using, if you push it.

As of now, I believe, 1 Bitcoin equals roughly $450 USD.

Bitcoin is mostly an anonymous currency as well. Often used to purchase... illegal things..

Well what backs their value, like how the U.S. Backs USD with gold. Who's to say idgaf about Bitcoin, will it then lose its value. Also what are these mathematical equations and who benefits from them being solved?