What is bitcoin? cryptocurrency?

indexWelcome to Bitcoin Basics! So let’s get started.

What is bitcoin?

You may have heard people talking about bitcoin. In a nutshell, bitcoin is a form of payment that holds value similar to a currency like the USD. Bitcoin is referred to at BTC. Here is the formal definition:

bit·coin
[ˈbitˌkoin]
NOUN
bitcoins (plural noun) · BTC (noun) · BTCs (plural noun)
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:
  1. “bitcoin has become a hot commodity among speculators and visitors at bitcoinbasics.cf” ·

    “If you want to buy something using bitcoin you need to make sure the seller accepts the cryptocurrency”
    • a unit of bitcoin:
      “bitcoins can be used for online transactions between individuals who learn online at bitcoinbasics.cf”

    What is cryptocurrency?

     

    1. cryp·to·cur·ren·cy
      [ˈkriptōˌkərənsē]
      NOUN
      cryptocurrencies (plural noun) · crypto-currency (noun) · crypto-currencies (plural noun)
      1. a 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:
        “decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”
        imagescertificate
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