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The simplest explanation of bitcoin is that it is electronic money. Bitcoin is a form of digital currency, it is decentralised, and created and held electronically. No one controls it. Bitcoins aren’t printed, like US$, €, £, and South African Rand (ZAR).
Bitcoin is a cryptocurrency. It may be described as a virtual currency or a digital currency – it is a completely virtual version of money, and each Bitcoin is a computer file stored in a “digital wallet”.
Bitcoin transactions are recorded in a public list called the Blockchain. Basically, it is an online type of cash, and can be exchanged for FIAT currency (money), goods or services.
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