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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.
El Salvador is the first country to accept Bitcoin as legal tender, despite widespread domestic skepticism and international warnings of risks for consumers. President Nayib Bukele says the move will give many Salvadorans access to banking services for the first time and save some $400 million in fees on remittances from abroad every year.