Bitcoin is a virtual currency that allows users to transfer funds to other individuals, and to a growing number of businesses, with no transfer costs. The value of a bitcoin is based on a mathematical algorithm, and that value as fluctuated quite a bit in recent weeks. Bitcoin has brought interest of venture capitalists, and people with money to hide, as it is almost anonymous since transactions cannot be traced to an individual.
First, here is a newbie description of Bitcoin directly from their website:
As a new user, you only need to choose a wallet that you will install on your computer or on your mobile phone. Once you have your wallet installed, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose one of your Bitcoin addresses to your friends so that they can pay you or vice versa, you can pay your friends if they give you their addresses. In fact, this is pretty similar to how email works. So all that is left to do at this point is to get some bitcoins and to keep them safe. In order to start using Bitcoin, you are not required to understand the technical details.
Bitcoin Wallet is a free mobile app for Android and BlackBerry users. Here is the description they provide:
With this app you always have your Bitcoins with you, in your pocket! You can send payments simply by scanning a QR-code or by touching two phones together (NFC). Bitcoin Wallet is designed to be easy to use and reliable, while also being secure and fast.
Lots of people are getting on the Bitcoin train these days — try it yourself with Bitcoin Wallet.