Definition
Bitcoin is a digital asset and decentralized payment protocol that exists only in electronic form. It uses a shared online record, called a blockchain, to track ownership and transfers of its native unit, BTC. Bitcoin operates without a central authority, relying on a distributed network of computers to validate and record transactions according to its open, public rules.
In Simple Terms
Bitcoin is a kind of internet money that is not controlled by any government or company. It lives on a shared online ledger that everyone can see. People can send and receive bitcoin using this system, and the rules for how it works are built into the network’s software.
Context and Usage
Bitcoin is commonly discussed in the context of digital currencies, online value storage, and blockchain-based networks. It appears on cryptocurrency exchanges, in financial market data, and in discussions about decentralized systems. The term can refer both to the BTC asset itself and to the underlying Bitcoin protocol and network that manage its creation and transfer.