What Is Bitcoin? Bitcoin is the first-ever decentralized global digital currency. Among other things, this means that it is entirely computerized and doesn’t exist in a physical form. Bitcoin can be sent quickly and securely from anywhere in the world, and you only need an internet connection. Its price is determined by the free market, subject to supply and demand. Built on a decentralized network, it operates free of any central control, including but not limited to bank or government oversight. It relies on open-source and peer-to-peer software and cryptography. Known as blockchain, this technology is also fully transparent and immutable. Any changes to it can only happen following a majority consensus. The consensus algorithm that powers Bitcoin’s blockchain (also called distributed ledger technology) is called Proof of Work. The cryptocurrency can be stored in digital addresses that are spread throughout the Internet. To mak...
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