OffBeat

Don’t understand Bitcoin? This video explains it in less than 4 minutes

bitcoin art
Image Credit: Duncan Elms / Vimeo

The virtual currency Bitcoin is hot. In the past week, the price of a single Bitcoin has more than doubled and currently sits at about $240 on Mt. Gox, the largest Bitcoin exchange.

If you’re new to Bitcoin, you’ve probably got a lot of questions. How does it work? Who controls it? Where do I buy Bitcoins? Is it safe?

Luckily, the 3.5 minute video above is a great place to start. While the video doesn’t go into much detail on how to create Bitcoins through “mining” or how to store Bitcoins in a digital wallet, it at least offers a handy overview.

If you’re still hungry for more after watching the video, here are a few other resources to help you get in the know: