bitcoin definition

What is a Bitcoin and how does it work?

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.

What does Bitcoin mean?

Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. ... Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.

What is Bitcoin used for?

Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items from people and companies that accept bitcoin as payment, but it differs in several key ways from traditional currencies.

Is Bitcoin a money?

To say a bitcoin is not a unit of account is to say an abacus is not a calculating machine. Bitcoin and cryptocurrency is money. The only question is whether it is money with enough benefits to be used. It's not actually unique.