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 digital or virtual form of currency that uses cryptography for security.
• Blockchain: A distributed, decentralized, public ledger of all cryptocurrency transactions that have ever taken place.
• Wallet: A digital tool that allows users to store, send, and receive cryptocurrency.
• Mining: The process of verifying and adding transactions to the blockchain, typically done by specialized computers.
• Exchange: A platform where users can buy, sell, and trade cryptocurrencies.
• Private Key: A secret code that allows users to access their cryptocurrency wallet and make transactions.
• Public Key: A code that functions as an address for receiving cryptocurrency.

It is important to understand these key terms in order to navigate the world of cryptocurrency effectively and securely.