What Is Bitcoin in Simple Words
Photo from the web Bitcoin is digital money that you can send to anyone over the internet without using a bank. You store it in a digital wallet on your phone or computer instead of a wallet in your pocket. No company controls it, no government prints it, and no single person owns the network. Think of it like cash for the web. When you pay a friend five dollars in cash, no bank stands between you to check your account. Bitcoin works the same way, but it works across the world in just a few minutes. You can learn more about how buying and selling works in our guide on How Crypto Exchanges Work: A Beginner Guide . How Bitcoin Actually Works Most digital money today relies on banks. When you swipe a debit card at a grocery store, your bank subtracts money from your account and adds it to the store account. The bank keeps the main record book, which is called a ledger. They decide if your payment goes through, and they charge fees to keep that record book safe. Bitcoin does not h...