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 currency that uses cryptography for security.
• Blockchain: A distributed, decentralized, public ledger that records all transactions made with a particular cryptocurrency.
• Wallet: A digital storage tool that allows users to store, send, and receive cryptocurrency.
• Mining: The process of validating transactions and adding them to the blockchain ledger.
• Peer-to-peer: A decentralized communications model where each party has equal power and responsibility.