What is bitcoin

[9jaflick]

Bitcoin is a virtual or cryptocurrency that is accepted worldwide. Bitcoin is a digital payment system. Bitcoins work without a single administrator or a central repository. Therefore, Bitcoins are known as world’s first decentralized digital currency.
An unknown programmer or their group invented Bitcoin as software and released it in the world as open source software in the year 2009. Bitcoin is a peer to peer system. No intermediary is needed to execute Bitcoins transactions between users. All Bitcoin transactions are verified in a public distributed ledger known as Blockchain. Verification of transactions is done by network nodes.

Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don’t understand why they should make an effort to use it.
Bitcoin was one of the biggest leaps in technology since the inception of the Internet, hailing the new era of digital money, disrupting industries and financial institutions as well as introducing a new social paradigm where transparency and trust are the default value.

On The Importance Of Bitcoin
Transactions are fast, secure and global. Bitcoins enable people to maintain their records without the fear against breach in Data privacy. The main benefit is that people can create ‘N’ number of bitcoin wallets. It is not mandatory for the people to show their identities during business transactions thereby the users can maintain their finances private. Whereas in a Bank the Identity has to be revealed by the user during any kind of transaction.

[vnnbot]

Bitcoin is a digital money,thru computer or in your phone with internet you can transact easily.It is the first cryptocurrency in the world.Bitcoin is a new currency. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used also to pay bills and But much of the hype is about getting rich by trading it. The price of bitcoin increase if the demand also increase.

[levvv]

This is the most asked question to me lately. Already, all of my friends know about my activity with cryptocurrency and I constantly have to talk about it.  I tell only the most general information that can be easily found in Google.

If your friend just heard about bitcoin, yeah they will ask you what is it.
from my personal opinion bitcoin is a digital currency, not only as a currency, but as an investment too.
it is the first decentralized digital currency.

[sopromat]

Bitcoin is a currency that can not be controlled by anyone unless we just follow the rules of the game because bitcoin is easy to get and easy for transactions wherever possible, so I'm happy to follow the bitcoin and I'm sure bitcoin can change the world full of bitcoin sometime in the future.

[james23]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

Bitcoin is the king of all coins it is an electronic currency a cashless digital high tech of currency  you can  use it for payment buying receiving

[warkop121]

which I know bitcoin is the currency of the future. Bitcoin is also called crypto currency which is a digital payment tool. Bitcoin is a plat form where we can get what we want we need to focus and stay patient as we do and believe me bitcoin will sway in the future too so for me bitcoin is my whole life because it is digital currency and currency digital is the need of the digital world.

[mi56374100]

What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.

Bitcoin was an irreversible invention, and for the first time in the digital world, it created something that was not replicable, not centralised.

Bitcoin is a currency system that is completely out of the bank and runs on the Internet. Even government law enforcement agencies cannot seize or confiscate bitcoin. Unless the Internet is completely shut down, the bitcoin network cannot be blocked. In the currency system, you can really master your money, rather than through Banks indirectly to master your money, for the first time in human history to use technical means to ensure the private property is inviolable.