GlossaryBeginner
Bitcoin
The first cryptocurrency, created to allow direct digital payments without a central authority.
Bitcoin is a digital currency created in 2009 that runs on its own blockchain. It was designed to let people send value directly to one another without relying on a bank or other central intermediary.
New bitcoin is issued to participants, called miners, who use computing power to help secure the network and validate transactions under a consensus process known as proof of work.
Examples
- A person can send bitcoin to another person's wallet address anywhere in the world.
- Bitcoin is one specific application built using blockchain technology, not the same thing as blockchain itself.