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. Its native unit is referred to by the ticker symbol BTC on exchanges and price charts.
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.