Bitcoin is a digital currency that exists in the Internet and is used globally. It is not issued by any institution, bank or government. Since transactions do not need to go through any intermediaries, the cost is much lower than that of other electronic payments. Bitcoin supports peer-to-peer transfer, and the transaction process is encrypted, but each transaction will be recorded in an open, transparent book to ensure that the transaction is secure. Bitcoin is a cheaper, safer and faster tool compared with a credit card or international telegraphic transfer.