Bitcoin is a decentralized online payment system and the name of a digital currency. Payments by Bitcoin are encrypted. It is possible to send and receive Bitcoin without giving any personally identifying information.
The cryptography-based digital currency has been around since 2009. In order to pay with Bitcoin, you need an encrypted online wallet. You can purchase Bitcoin at special online exchanges. The exchange rate fluctuates daily and is based on supply and demand. The transfers are performed by a combination of computers over the Internet without a central coordinating body.
Sheila Warren is the World Economic Forum's head of blockchain and distributed ledger technology, the tech which makes cryptocurrencies such as Bitcoin possible. Speaking to DW at the WEF annual meeting at Davos, she explained why she feels Bitcoin — whether it is here to stay or not — will always be known as a trailblazer.