What is Bitcoin?

What is Bitcoin?

Have you heard that Bitcoin is going mainstream, but don’t exactly know what that means? Do you want to understand what Bitcoin is? Here’s the textbook definition from Bitcoin.org:

“Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.”

If you’d like a more visual explanation of Bitcoin, this video provides a good answer:

 

 

In summary, Bitcoin is a new form of digital currency that is not under the control of banks; it is a peer-to-peer payment system that is global in nature and not the creation of any single nation or government.


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