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. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.

Key Crypto Terms:

• Cryptocurrency: Digital or virtual currencies that use cryptography for security.
• Blockchain: A decentralized, distributed ledger that records transactions across a network of computers.
• Wallet: A digital tool to store, send, and receive cryptocurrencies.
• Mining: The process of validating transactions and adding them to the public ledger (blockchain).
• Exchange: Platforms where users can buy, sell, and trade cryptocurrencies.
• Private Key: A secret code that allows the owner to access their cryptocurrency wallet.
• Public Key: An address used to receive cryptocurrency transactions.

Understanding these key terms can help you navigate the world of cryptocurrencies, including Bitcoin, and make informed decisions about your investments and transactions.