A Singapore firm, Bitcoin Exchange, is setting up the first bitcoin ATM here in April.

And before you put all your cash into the machine, here is what you should know about bitcoin.

1. "Bitcoin" is the first decentralised digital currency

2. Bitcoins are digital coins you can send through the internet

3. Bitcoins have a number of advantages: They are transferred directly from person-to-person via the Internet without going through a bank or clearing house

4. Fees are much lower

5. Use them in every country

6. Account cannot be frozen

7. No prerequisites or arbitrary limits

8. Bitcoins are generated all over the Internet by anybody running a free application called a bitcoin miner

9. Mining requires a certain amount of work for each block of coins

10. This amount is automatically adjusted by the network such that bitcoins are always created at a predictable and limited rate (scarcity)

11. Your bitcoins are stored in your digital wallet, which looks familiar to online banking

12. When you transfer bitcoins, an electronic signature is added

13. After a few minutes, the transaction is verified by a miner, and permanently and anonymously stored in the network

14. The bitcoin's software is completely open source and anybody can review the code

15. Bitcoin is changing finance the same way the web changed publishing

16. Currency exchanges exist where you can trade your bitcoins for dollars

17. Bitcoins are good for small businesses and freelancers to get noticed

18. Bitcoins can be used to buy stuff

Read more about the Bitcoin ATM hitting Singapore's shores this April

Stills and facts about bitcoin from this video

Top photo from here