Bitcoin uses peer-to-peer technology to operate with no
central authority or banks; managing transactions and the issuing of bitcoins
is carried out collectively by the network. Bitcoin is open-source; its design
is public, nobody owns or controls Bitcoin and everyone can take part. Through
many of its unique properties, Bitcoin allows exciting uses that could not be
covered by any previous payment system.
Definition: Bitcoin is a cryptocurrency, a form of
electronic cash. 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 blockchain network without the need for intermediaries.