The parties are each issued an e-receipt, and the transaction is recorded in a public ledger known as the Block Chain. It is worth noting that the wallets are not insured by the FDIC.
The Block Chain site, blockchain.info, has a Wall Street-like feel to it. There is a rotating ticker of the most recent BTC purchases and amounts; bitcoin news; and other bitcoin-related links. The information is logged largely based on wallet ID numbers to maintain anonymity.
Bitcoin is just one of the digital currencies that is currently available. Other versions go by names such as PeerCoin, LiteCoin and Dogecoin.
There are plenty of YouTube videos and sites available online that explain the bitcoin. I’ve probably watched and/or read through a dozen sources, but I still find this concept a difficult one to grasp. If you’ve used bitcoin before, let me know what you think. You can reach me at email@example.com. I’d love to hear some real life feedback about it. A penny – I mean a fraction of a bitcoin – for your thoughts!