What Is Bitcoin?

[Ermpunk]

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating 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"
Origin

early 21st century: from bit4 + coin

[guanguan852]

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

[enemi777]

I read that Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

[SaveMyBtc]

I read that Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

Is it still a good choice to mine Bitcoins? Or do only big companies success?

[Cloud27]

Bitcoin is a digital currency that needs a digital wallet with a digital address. Transported digitally through the internet and traded digitally via digital currency exchange.

[daringdiscovered]

Bitcoin is a cryptocurrency that could be use as an "online money" but it is not the money like fiat, bitcoin is more better than fiat in many ways, you could easily transact using bitcoin than using fiat, you are going through many confirmations on fiat, that is why bitcoin is more preferable than fiat, that is what could bitcoin do. Bitcoin does have a lot of potential than fiat, bitcoin is the future money, and I guess that is how it should be define.

[dimastegar]

Bitcoin is the magical currency. Something of value, without form, and no weight, with Blockchain modern technology Which is decentralized.

[gidaahmad]

For me, Bitcoin is "One For All" currency. Because Bitcoin can be convert to All currency. This is just my opinion.

[Rj Manik]

Bitcoin is a online money.it's transaction system in wallet to wallet.

[rachelia13]

As I know bitcoin is a digital currency and one of the quickest and most profitable investments, easy to gain profit but also high risk

[Kakmakr]

Bitcoin is the FIRST solution to the Byzantine Generals problem.  You can read more about this problem here :
https://en.wikipedia.org/wiki/Byzantine_fault_tolerance#Byzantine_Generals.27_Problem

The bitcoin network works in parallel to generate a chain of Hashcash style proof-of-work. The proof-of-work chain is the key to overcome Byzantine failures and to reach a coherent global view of the system state.

Problem solved. ^smile^

[stevemic]

a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

[bololord]

As i know bitcoin is a worldwide cryptocurrency and digital payment invented by satoshi nakamoto . bitcoin can use all of people even if you are rich or poor . and this bitcoin release in 2009 and i think  bitcoin is our future money .

[Labay]

Bitcoin for me is only like the money that we were use but it has an improvement and bitcoin is the job of others because using bitcoin you can earn money.

[FrankNoland]

A peer to peer virtual currency which is decentralised and having monetary value

[Phyton76]

I personally know quite a bit about Bitcoin. However, this thread is for the community here. The idea is every post should contain NEW info which hasn't previously been posted in this thread.

For example, I will start with the obvious: Bitcoin is internet money

Is this a perfect explanation? Of course not. This is where you come in.

Please post the most detailed aspects about Bitcoin you know, without repeating any info previously posted in this thread.

The idea is as we scroll down, the discussion should get continually more complicated as we dig further into the technology, development, history, etc.

Make sense?

So I will repeat the starting point: Bitcoin is internet money

Bitcoin is an online electronic money that is a very useful thing for us.Bitcoin can change your financial status using the less of your time and the less of your effort.Bitcoin can be a source of income for you and your family.

[Tahsin Kabir Kollol]

As I know Bitcoin is a digital currency that created and held electronically.Bitcoins are not printed and produced by using  software.It the first example of cryptocurrency. It is decentralized. You can buy anything using Bitcoin.

[danggoron]

Bitcoin is the currency of the digital age, which answers the challenges of the latest technological developments in the field of buying and selling.


That is the simple meaning of bitcoin in my opinion

[DU18]

Bitcoin is the successful first crypto currency which network is big.You can send bitcoin anywhere in the world and none can trace you.Bitcoins price is so high that makes bitcoin more strong.

[Lamisa asfiya]

Bitcoin is Internet currency. It needs a wallet and Internet connection. bitcoin is so much profitable. so,people can earn extra  income from it.