Explainer: What is Bicoin and how do you buy it? The virtual currency known as Bitcoin took a step away from the margins of the financial system Monday, as the U.S. Senate homeland security and governmental affairs committee set aside a good chunk of the afternoon for testimony on whether the private - and largely anonymous - payment system requires special regulatory scrutiny. It was the first time a congressional committee had conducted hearings on digital currencies. Read the full story. So what is Bitcoin, how is it "farmed" and how do you buy it? Read the full explanation below.