Convertible Virtual Currency

What's the most confusing way to explain Bitcoin?

If you said: "It’s a convertible virtual currency,” you win a prize.

The digital currency known as Bitcoin is considered “convertible” because it can be exchanged on the market for real money, or currency. Although it isn’t necessarily recognized as legal tender, market mechanisms make it possible to trade one Bitcoin for the going market rate in dollars through online cryptocurrency exchanges like Coinbase or Bitstamp.

Not all cryptocurrencies or virtual currencies fit this category, since they can’t be exchanged directly for dollars. Non-convertible virtual currencies might need to be converted to a token that can be converted into Bitcoin before an investor can obtain dollars.