What is Bitcoin?
Updated: Oct 22, 2020
This can already be considered a decade-old question - What is Bitcoin?
Well for me, Bitcoin is simply a "Digital Currency".
Now I won't elaborate by myself, there are already countless articles out there that answers this question. I will just quote this definition from Investopedia, its site of which I find has the most extensive and properly compiled explanation to Bitcoin:
"Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins."
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