What actually is Bitcoin?

Bitcoin is a digital currency that operates on a decentralised network.

Every Bitcoin transaction is recorded in a public log and users can remain anonymous in the network with encrypted keys.

Transactions can be made with no middlemen – meaning there is no need to go through a bank.

There is no government, financial institution or central authority that owns the decentralised Bitcoin system.

This means there is no need for account numbers, names or any other identifying features that connects Bitcoins to its owners.

People can buy or sell anything without it being traced back to them.