What is Bitcoin?

Updated: Jul 13

Your Easy Guide

What is Bitcoin?

We are really getting into it now.

We've already knocked off what the blockchain is, and covered in a bit more depth the wonderful world of cryptocurrency. So what's next?

Well, how about something we've already touched upon quite a bit in this series? Bitcoin itself.

If cryptocurrencies are vehicles driving wealth and flexibility for their users, well then Bitcoin is Mercedes-Benz.

• It was there before the rest.

• It is arguably the most famous.

• And it performs better than most.

Just like a Mercedes-Benz!

Note that we said "better than most" here. Bitcoin is a superstar in the world of crypto, but it's not necessarily the best choice for investors.

But before we get into this thorny question, let's begin with the basics. What is Bitcoin?

What is Bitcoin exactly?

What is Bitcoin?

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Bitcoin is a cryptocurrency.

You know this already.

Bitcoin is probably the best-known cryptocurrency around.

You know this already, too. In fact, this is probably why you are here.

Bitcoin is a blockchain-based cryptocurrency that was the first of its kind, and has provided that blueprint for most cryptocurrencies that have come since.

This is more like it. Let's examine this a bit further.

Quick must-know facts about Bitcoin

  1. Bitcoin is the name of the network.

  2. Bitcoin is also the name of the coin that is traded on the network – although this may be represented in the form BTC.

  3. Transactions on the network are written into blocks that are