What Is Bitcoin? Meaning & Example
Definition
Bitcoin is the first and best-known cryptocurrency, designed as decentralized digital money with a fixed maximum supply. It uses proof of work to secure its network.
Related terms
A cryptocurrency is a digital asset that uses cryptography and a blockchain to record ownership and transfers. Most are not issued by governments and can be very volatile.
HalvingA halving is a scheduled event that cuts the reward for mining new blocks in half. It slows the rate at which new coins enter circulation.
Proof of WorkProof of work is a consensus method where miners spend computing energy to earn the right to add blocks. It makes attacking the network very expensive.
What is Bitcoin?
Bitcoin is the first and best-known cryptocurrency, designed as decentralized digital money with a fixed maximum supply. It uses proof of work to secure its network.
Can you give an example of Bitcoin?
Bitcoin's supply schedule is cut in a halving roughly every four years, slowing the creation of new coins.