A digital currency, which consists of cryptographic proofs-of-work, that can be literally, verifiably, and securely transferred the over the internet from a buyer's bitcoin client (app/ software) to a seller's client without the aid of a mutually trusted third party (e.g. paypal or a bank, who traditionally collects a fee for this trust).
Example Sentence : Western Union will charge you almost 5% to transfer $20,000 to India. They won't even let you do it in a single transfer since it is too big, and they'll hit you with an unfavorable exchange rate. Why don't you just send your vendor some bitcoin?
by cfaulk 2020-11-20 01:40:13

Also Known By:

BTC


Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. 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. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

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