The Basics

Google’s definition: bit·coin /ˈbitˌkoin/noun a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank. "bitcoin has become a hot commodity among speculators" a unit of bitcoin. "bitcoins can be used for online transactions between individuals" Wikipedia’s definition: bit·coin Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.[8]