Perianne Boring : (2) " Investors need to understand the risk of individual exchanges before trusting their funds with them. " - Perianne Boring " Bitcoin has been described as a decentralized, peer-to-peer virtual currency that is used like money – it can be exchanged for traditional currencies such as the U.S. dollar or used to purchase goods or services, usually online. Unlike traditional currencies, Bitcoin operates without central authority or banks and is not backed by any government. " - Perianne Boring