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Question: What exactly is a Bitcoin?
The word Bitcoin has two definitions.
You may have heard of bitcoin as an online currency. That’s bitcoin with a lowercase “b,” and a bitcoin is 1 unit of this currency, which exists only as data that cannot be duplicated.
You don’t keep your bitcoins in a bank, but in computer programs and phone apps called wallets.
Bitcoin is not produced by, nor bound to, any country. Nowadays, you can use bitcoin to buy almost anything, just as you would with Dollars or Euros.
Bitcoin, with an uppercase B, refers to the payment network & protocol that contains the bitcoin currency. The Bitcoin network enables this currency to be sent anywhere around the world instantly.
One way to think of the Bitcoin network is as an extremely secure, giant database that exists everywhere in the world, and can’t be turned off.
Many believe that all of humanity’s important documents will one day be kept in the Bitcoin network, because nothing else is as safe or accessible.
Together, the Bitcoin network and currency provide us with a very unique and powerful new money; one that acts more like cash than credit or debit cards do.
Paying for something in bitcoin requires no information about you at all, because it is like handing a merchant paper bills. They instantly receive your money without need for any middle men, clearing houses, long processing times, nor even fees.
Paying for something in bitcoin is like handing a merchant paper bills, and requires no information about you at all. The merchant instantly receives your money without need for any middle men, clearing houses, long processing times, nor even fees.