What is Bitcoin? Key crypto terms and what they mean

Bitcoin 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 network without the need for intermediaries.

Key Crypto Terms

• Cryptocurrency: A virtual or digital form of money that uses cryptography for security.
• Blockchain: A decentralized, distributed ledger that records transactions across multiple computers in a secure, tamper-proof way.
• Wallet: A digital storage device that allows users to store, send, and receive cryptocurrencies.
• Mining: The process of confirming transactions and adding them to the blockchain through solving complex mathematical puzzles.
• Private Key: A secret code that allows a user to access and manage their cryptocurrency holdings.
• Public Key: A unique code that allows users to receive cryptocurrency payments.
• Exchange: A platform where users can buy, sell, and trade cryptocurrencies.
• Wallet Address: A unique identifier that allows users to send and receive cryptocurrencies.